Vancouver August 2009 Real Estate Market Stats

Market momentum carries into August

VANCOUVER, B.C. – September 2, 2009

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.

– The number of home sales in Greater Vancouver increased

Blog Archives

Tags