VANCOUVER, B.C.
– August 5, 2009 – The Greater Vancouver housing
market gained further momentum in July with record sales levels
and a continued strengthening of home prices.
The Real Estate Board of Greater
Vancouver (REBGV) reports that the number of residential
property sales in Greater Vancouver totaled 4,114 in July
2009, becoming the highest volume of sales ever recorded
within the REBGV for that month, outpacing the 4,023 sales
in July 2003, which is the only other year that July sales
exceeded the 4,000 mark.
Since the beginning of the year, the
MLSLink® Housing Price Index (HPI) benchmark price for
all residential properties in Greater Vancouver has increased
9.2 per cent to $528,821 from $484,211. However, home prices
compared to July 2008 levels are down 5 per cent.
“Home sales this summer are seasonally
higher than normal, which is due in large part to the price
correction that has taken place in the last year and low
interest rates,” Scott Russell, REBGV president said.
“Although wellpriced listings and lower-to mid-range
priced properties remain in the highest demand across Greater
Vancouver, recent activity from first-time buyers is beginning
to boost demand in the “move-up” segment of
the market.”
New listings for detached, attached
and apartment properties declined in Greater Vancouver,
down 17.4 per cent to 5,041 in July 2009 compared to July
2008, when 6,104 new units were listed. At 12,482, the total
number of property listings on the Multiple Listing Service®
(MLS®) declined 5.8 per cent compared to last month
and 34 per cent compared to July 2008.
“It is currently taking, on average,
48 days for a home to sell in the region. Today’s
market activity differs by area and property type and it’s
important to tap into local housing market expertise to
understand why some properties are attracting multiple offers,
while others are not moving,” Russell said.
July 2009 home sales declined 3.4 per
cent compared to June 2009, but are up 89.2 per cent when
measured against the 2,174 sales recorded in July 2008.
Sales of detached properties in July
increased 95.2 per cent to 1,614 from the 827 detached sales
recorded during the same period in 2008. The HPI benchmark
price for detached properties declined 5.5 per cent from
July 2008 to $711,702. Since the beginning of the year,
the benchmark price for detached properties in Greater Vancouver
has increased 9.8 per cent.
Sales of apartment properties in July
2009 increased 76.8 per cent to 1,708, compared to 966 sales
in July 2008. The benchmark price of an apartment property
declined 4.3 per cent from July 2008 to $365,291. Since
the beginning of the year, the benchmark price for apartment
properties in Greater Vancouver has increased 9.6 per cent.
Attached property sales in
July 2009 are up 107.9 per cent to792, compared with the
381 sales in July 2008. The benchmark price of an attached
unit decreased 4.6 per cent between July 2008 and 2009 to
$452,085. Since the beginning of the year, the benchmark
price for attached properties in Greater Vancouver has increased
6.8 per cent.
Bright spots in Greater
Vancouver in July 2009 compared to July 2008:
DETACHED:
Burnaby up 121.7 per cent (153 units
sold from 69)
North Vancouver up 53.3 per
cent (115 units sold from 75)
Maple Ridge/Pitt Meadows up
60 per cent (160 units sold from 100)
Richmond up 140.2 per cent
(221 units sold from 92)
Vancouver East up 66.4 per
cent (208 units sold from 125)
Port Coquitlam up 236.4 per
cent (74 units sold from 22)
Vancouver West up 104.5 per
cent (180 units sold from 88)
South Delta up 203.1 per cent
(97 units sold from 32)
West Vancouver up 108.1 per
cent (77 units sold from 37)
Sunshine Coast up 60.5 per
cent (69 units sold from 43)
ATTACHED:
Burnaby up 123.3 per cent (134 units
sold from 60)
Maple Ridge/Pitt Meadows up
77.7 per cent (64 units sold from 36)
North Vancouver up 70 per
cent (51 units sold from 30)
Vancouver West up 110 per cent (105
units sold from 50)
Richmond up 152.1 per cent
(179 units sold from 71)
Vancouver East up 195.8 per cent (71
units sold from 24)
Port Coquitlam up 117.6 per
cent (37 units sold from 17)
Maple Ridge/Pitt Meadows up 77.7 per
cent (64 units sold from 36)
Coquitlam up 88.2 per cent (64 units
sold from 34)
APARTMENTS:
Burnaby up 72.8 per cent (235 units
sold from 136)
North Vancouver up 47.9 per cent (105
units sold from 71)
Richmond up 85.5 per cent (230 units
sold from 124)
Vancouver East up 64.2 per cent (179
units sold from 109)
Vancouver West up 94 per cent (584
units sold from 301)
New Westminster up 70.6 per cent (116
units sold from 68)
Coquitlam up 62.3 per cent (86 units
sold from 53)
Port Moody/Belcarra up 138.1 per cent
(50 units sold from 21)
