Vancouver September 2010 News Release
Buyer’s market conditions continue in Greater Vancouver
Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.
From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.
New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.
“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home,” Jake Moldowan, REBGV president said. “The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.”
Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.9 per cent to $576,597 in August 2010 from $539,600 in August 2009.
“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said.
Sales of detached properties in August 2010 reached 893, a decrease of 34.7 per cent from the 1,367 detached sales recorded in August 2009 and a 66.9 per cent increase from the 535 units sold in August 2008. The benchmark price for detached properties increased 8.5 per cent from August 2009 to $795,076.
Sales of apartment properties reached 935 in August 2010, a decline of 36.1 per cent compared to the 1,464 sales in August 2009 and an increase of 26.4 per cent compared to the 740 sales in August 2008.The benchmark price of an apartment property increased 4.5 per cent from August 2009 to $385,968.
Attached property sales in August 2010 totalled 374, a decline of 38.7 per cent compared to the 610 sales in August 2009 and a 27.6 per cent increase from the 293 attached properties sold in August 2008. The benchmark price of an attached unit increased 6.6 per cent between August 2009 and 2010 to $489,511.Activity steady to start the summer season.
Click here for more Greater Vancouver Real Estate News and Stats.
Homebuyers and sellers less active in July
Wednesday, August 4, 2010VANCOUVER, BC - Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.
Activity steady to start the summer season
Tuesday, July 6, 2010VANCOUVER, BC – The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.
May market offers buyers greater selection
Friday, June 4, 2010VANCOUVER, BC – The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.
Home buyer and seller activity increases in busy spring market
Tuesday, May 4, 2010VANCOUVER, BC – The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.
Home listings rise to start the spring season
Wednesday, April 7, 2010VANCOUVER, BC - A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.
VANCOUVER, B.C. – July 5, 2010 – The Greater Vancouver housing market experienced steady activity to begin
the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009,
which was the second highest selling June on record.
“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably
slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.
Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that
month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline
compared to the previous month’s sales totals.
“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan
said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months
and demand remains at a healthy level for this traditionally quieter time of year.”
New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase
compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when
7,014 properties were added to the MLS®.
At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month,
and is up 32 per cent compared to this time last year.
“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease
back from the record high numbers seen in April,” Moldowan said.
Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties
in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.
Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales
recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for
detached properties increased 13.4 per cent from June 2009 to $795,025.
Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in
June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment
property increased 9.7 per cent from June 2009 to $391,528.
Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009
and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached
unit increased 11.6 per cent between June 2009 and 2010 to $492,861.
The Real Estate industry is a key economic driver in British Columbia. In 2009, 35,669 homes changed hands in the Board's area,
generating $1.49 billion in spin-off activity. The Real Estate Board of Greater Vancouver is an association representing more than
9,800 REALTORS® and their companies.
The Board provides a variety of member services, including the Multiple Listing Service®.
For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For the full report please visit: www.rebgv.org/monthly-reports/june-2010
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