VANCOUVER, B.C. – February
03, 2009 – The first month of 2009 saw a continued
reduction in the number of homes listed for sale in Greater
Vancouver, while sales volumes in January were the lowest
for that month since the early 1980s.
The Real Estate Board of Greater Vancouver
(REBGV) reports that sales of detached, attached and apartment
properties declined 58.1 per cent in January 2009 to 762
from the 1,819 sales recorded in January 2008.
New listings for detached, attached
and apartment properties declined 20.9 per cent to 3,700
in January 2009 compared to January 2008, when 4,675 new
units were listed. Total active listings in Greater Vancouver
currently sit at 13,966, down nearly 6,000 listings from
October 2008.
Overall residential benchmark prices,
as calculated by the MLSLink Housing Price Index®, declined
10.9 per cent to $489,007 between Januarys 2008 and 2009.
“Home sales and consumer confi
dence are at a low point at the moment, but the long-term
strength and security of our housing market are beyond the
reach of the economic clouds of today,” Dave Watt,
REBGV president said.
“Today’s short-term conditions
are creating long-term opportunities. Buying opportunities
have not been this strong in a decade, with low interest
rates, broad selection and more affordable prices,”
Watt said.
Sales of detached properties declined
54.4 per cent to 292 from the 641 detached sales recorded
during the same period in 2008. The benchmark price for
detached properties declined 11.2 per cent to $659,638 in
January 2009 compared to $742,490 January 2008.
Sales of apartment properties in January
2009 declined 58 per cent to 361, compared to 860 sales
in January 2008. The benchmark price of an apartment property
declined 11.6 per cent to $334,602 compared to $378,336
in January 2008.
Attached property sales in January
2009 were down 65.7 per cent to 109, compared with the 318
sales in January 2008. The benchmark price of an attached
unit declined 8.1 per cent to $425,309 compared to $462,627
in January 2008.
