VANCOUVER, B.C.
– November 03, 2008 – Housing price reductions
across Greater Vancouver over the last six months have eliminated
price gains witnessed in the first quarter of 2008.
The Real Estate Board of Greater Vancouver
(REBGV) reports that residential benchmark prices, as calculated
by the MLSLink Housing Price Index®, declined 8.8 per
cent between May and October 2008, resulting in a 3.9 per
cent year-to-date price reduction for detached, attached
and apartment properties in Greater Vancouver between Octobers
2007 and 2008. In May 2008, the overall residential benchmark
price was $568,411, compared to $518,668 in October 2008.
“Home sales are not keeping pace
with the positive economic conditions in BC,” said
REBGV president, Dave Watt. “That’s a direct
result of a loss of consumer confidence in the overall market.
Accordingly, today’s housing market is characterized
by moderating home prices and wide selection. It’s
definitely a buyer’s market.”
Residential property sales in Greater
Vancouver declined 55 per cent in October 2008 to 1,364
from the 3,028 sales recorded in October 2007.
Active listings totalled 19,257 in
October 2008, a three per cent decline from the 19,852 active
listings reported in September 2008. New listings for detached,
attached and apartment properties increased one per cent
to 4,867 in October 2008 compared to October 2007, when
4,819 new units were listed.
Sales of detached properties in October
2008 declined 56.5 per cent to 493 from the 1,133 sales
recorded during the same period in 2007. The benchmark price
for detached properties declined 4.7 per cent from October
2007 to $695,962. Since May 2008, the benchmark price for
a detached property in Greater Vancouver has declined 9.8
per cent.
Sales of apartment properties in October
2008 declined 52.7 per cent to 647, compared to 1,368 sales
in October 2007. The benchmark price of an apartment property
declined 3.5 per cent from October 2007 to $358,359. Since
May 2008, the benchmark price for an apartment property
in Greater Vancouver has declined eight per cent.
Attached property sales in
October 2008 are down 57.5 per cent to 224, compared with
the 527 sales in October 2007. The benchmark price of an
attached unit declined 1.4 per cent in Greater Vancouver
between October 2007 and 2008 to $448,152. Since May 2008,
the benchmark price for an attached property in Greater
Vancouver has declined 6.4 per cent.
