For the sixth consecutive month, new
listings for detached, attached and apartment properties
declined in Greater Vancouver, down 33.7 per cent to 4,649
in April 2009 compared to April 2008, when 7,010 new units
were listed. The total number of property listings on the
Multiple Listing Service® (MLS®), while slightly
down compared to last month, remains unchanged compared
to the same period in 2008.
The Real Estate Board of Greater Vancouver
(REBGV) reports that residential property sales in Greater
Vancouver totalled 2,963 in April 2009, a decline of eight
per cent from the 3,218 sales recorded in April 2008, and
an increase of 31 per cent compared to last month.
“We’re seeing greater balance
in the housing market, as evidenced by a strong sales to
active listings ratio of over 19 per cent,” Scott
Russell, REBGV president said. “The result is a relatively
stable market in which homes are being realistically priced.”
“The bridge between buyer demand
and housing supply is continuing to narrow, which, as we
see, helps bring stability to home prices,” he said.
“The trends in our housing market over the last couple
of months offer a much more comfortable, historically normal
set of conditions.”
Sales of detached properties declined
eight per cent to 1,190 from the 1,293 detached sales recorded
during the same period in 2008. The benchmark price, as
calculated by the MLSLink Housing Price Index®, for
detached properties declined 12.2 per cent from April 2008
to $675,268.
Sales of apartment properties in April
2009 declined 10.5 per cent to 1,179, compared to 1,317
sales in April 2008. The benchmark price of an apartment
property declined 12.6 per cent from April 2008 to $340,203.
Attached property sales in April 2009
are down 2.3 per cent to 594, compared with the 608 sales
in April 2008. The benchmark price of an attached unit decreased
9.7 per cent between April 2008 and 2009 to $431,759.
Bright spots in Greater Vancouver in
April 2009 compared to April 2008:
Detached:
Vancouver West ..........up 59.5 per cent (193 units sold
from 121)
Attached:
Port Coquitlam ................up 69.6 per cent (39 units
sold from 23)
Richmond ....................up 17.9 per cent (132 units
sold from 112)
Vancouver West .................up 46.3 per cent (98 units
sold from 67)
Apartments:
North Vancouver ...............up 29.2 per cent (84 units
sold from 65)
