FOR IMMEDIATE RELEASE:
Summer lull sees properties stay on market
B.C. – September 3, 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.
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.
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.”
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.
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.
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.
of August 31, 2008, active residential listings totalled 17,950 in
Greater Vancouver, a 6.2 per cent decline from the 19,138 active
listings seen on July 31, 2008.