VANCOUVER, B.C.
– October 2, 2008 – The Real Estate Board of Greater
Vancouver (REBGV) reports that residential property sales
in Greater Vancouver declined 42.9 per cent in September 2008
to 1,585 from the 2,776 sales recorded in September 2007.
New listings for detached, attached and apartment properties
increased 28.8 per cent to 6,142 in September 2008 compared
to September 2007, when 4,770 new units were listed.
“After five years of unprecedented increases, housing
prices are beginning to realign,” REBGV president, Dave
Watt said. “Although the economic situation in the United
States has affected consumer confidence globally, the consensus
view remains that our local housing market is underpinned
by solid economic fundamentals.”
Sales of detached properties in September 2008 declined 50.3
per cent to 546 from the 1,099 units sold during the same
period in 2007. The benchmark price, as calculated by the
MLSLink Housing Price Index®, for detached properties
declined 1.6 per cent from September 2007 to $726,331. Since
May 2008, the benchmark price for a detached property in Greater
Vancouver has declined 5.8 per cent.
Sales of apartment properties declined 35.1 per
cent last month to 764, compared to 1,177 sales in September
2007. The benchmark price of an apartment property declined
0.7 per cent from September 2007 to $369,062. Since May
2008, the benchmark price for an apartment property in Greater
Vancouver has declined 5.2 per cent.
Attached property
sales in September 2008 decreased 45 per cent to 275, compared
with the 500 sales in September 2007. The benchmark price
of an attached unit increased 2.5 per cent between September
2007 and 2008 to $464,478. Since May 2008, the benchmark price
for an attached property in Greater Vancouver has declined
3 per cent.
