VANCOUVER, B.C.
– September 02, 2009 – The number of home sales
in Greater Vancouver increased significantly last month compared
to August 2008 and moved closer in line with the active summer
months experienced between 2003 and 2007.
The Real Estate Board of Greater Vancouver
(REBGV) reports that residential property sales in Greater
Vancouver increased 119.5 per cent in August 2009 to 3,441
from the 1,568 sales recorded in August 2008 and increased
1.7 per cent compared to August 2007.
New listings for detached, attached
and apartment properties increased 4.9 per cent to 4,544
in August 2009 compared to August 2008 when 4,331 new units
were listed. Total active listings in Greater Vancouver
currently sit at 11,937, down 33 per cent from August 2008.
“The return of confidence to
our market has brought a high volume of home sales over
the last few months and has also made determining home prices
a little more challenging,” said Scott Russell, REBGV
president. “The number of residential home sales this
summer has been comparable to activity seen in the five
years preceding 2008. While that’s great news, from
the variations in activity we’re seeing across areas
I’d say the market is still trying to find its own
balance.”
Since the beginning of the year, the
MLSLink® Housing Price Index (HPI) benchmark price for
all residential properties in Greater Vancouver has increased
11.4 per cent to $539,600 from $484,211. However, home prices
compared to August 2008 levels are down 1.1 per cent.
Sales of detached properties in August
2009 increased 155.5 per cent to 1,367 from the 535 units
sold during the same period in 2008. The benchmark price,
as calculated by the MLSLink Housing Price Index®, for
detached properties declined 0.7 per cent from August 2008
to $732,656.
Sales of apartment properties increased
97.8 per cent last month to 1,464, compared to the 740 sales
in August 2008. The benchmark price of an apartment property
declined 1.4 per cent from August 2008 to $369,263.
Attached property sales in August 2009
increased 108.2 per cent to 610, compared with the 293 sales
during the same month in 2008. The benchmark price of an
attached unit declined 0.9 per cent between August 2008
and 2009 to $459,159.
