VANCOUVER, B.C.
– September 03, 2008 – The Real Estate Board of
Greater Vancouver (REBGV) reports that residential property
sales in Greater Vancouver totalled 1,568 in August 2008,
a decline of 53.7 per cent from the 3,384 sales in August
2007, and a 47.7 per cent reduction from the 2,998 sales recorded
in August 2006.
New listings for detached, attached and apartment properties
declined 1.7 per cent to 4,331 in August 2008 compared to
August 2007, when 4,408 new units were listed.
“In August, properties on average remained on the market
longer than we’ve seen in recent years,” REBGV
president, Dave Watt said. “As the market heads into
the traditionally more active fall season, we have begun to
see property listings recede and prices moderate.”
Sales of detached properties declined 58.5 per cent to 535
in August 2008 from the 1,288 detached sales recorded during
the same period in 2007. The benchmark price, as calculated
by the MLSLink Housing Price Index®, for detached properties
rose 1.6 per cent from August 2007 to $737,985. Since May
2008, the benchmark price for a detached property in Greater
Vancouver has declined 4.3 per cent.
Sales of apartment properties in August 2008 declined 50.8
per cent to 740, compared to 1,504 sales in August 2007. The
benchmark price of an apartment property increased 1.7 per
cent from August 2007 to $374,366. Since May 2008, the benchmark
price for an apartment property in Greater Vancouver has declined
3.9 per cent.
Attached property sales in August 2008 are down 50.5 per cent
to 293, compared with the 592 sales in August 2007. The benchmark
price of an attached unit increased 3.8 per cent in Greater
Vancouver between August 2007 and 2008 to $463,433. Since
May 2008, the benchmark price for an attached property in
Greater Vancouver has declined 3.2 per cent.
