FOR IMMEDIATE RELEASE:
Month-over-month housing prices retreat from record highs
B.C. – Aug 5, 2008 – As property listings continue to outpace sales,
Greater Vancouver housing prices have drawn back, the last two months,
from the record highs experienced in early 2008.
May 2008, housing prices, as calculated by the MLSLink Housing Price
Index®, across each residential category have declined. Detached
properties in Greater Vancouver declined 2.3 per cent through June and
July 2008, while attached were down 1 per cent and apartment properties
2 per cent over the same period.
overall benchmark price for all residential properties in Greater
Vancouver has declined 2.1 per cent since the end of May 2008, from
$568,411 to $556,605 in July 2008.
seeing more price reductions in properties listed on the market, which
is having a levelling impact on the housing price increases experienced
at the end of last year and into the first quarter of 2008,” said Real
Estate Board of Greater Vancouver (REBGV) president, Dave Watt. “There
was a slight decline in the total active listings on the market in July
compared to June, which is a welcomed departure from recent trends.”
property sales in Greater Vancouver declined 43.9 per cent in July 2008
to 2,174 from the 3,873 sales recorded in July 2007.
listings for detached, attached and apartment properties increased 24
per cent to 6,104 in July 2008 compared to July 2007, when 4,924 new
units were listed.
of detached properties in July 2008 declined 44.2 per cent to 827 from
the 1,483 units sold during the same period in 20070. The benchmark
price for detached properties is up 5.4 per cent from July 2007 to
of apartment properties declined 42.3 per cent last month to 966,
compared to 1,674 sales in July 2007. The benchmark price of an
apartment property increased 4.7 per cent from July 2007 to $381,687.
property sales in July 2008 decreased 46.8 per cent to 381, compared
with the 716 sales in July 2007. The benchmark price of an attached
unit increased 5.7 per cent between July 2007 and 2008 to $473,953.
Real Estate industry is a key economic driver in British Columbia. In
2007, 38,050 homes changed hands in the Board's area generating $1.065
billion in spin-offs. Total dollar volume of residential sales set a
new record at $22.25 billion and total dollar volume of all sales set a
record at $22.77 billion. The Real Estate Board of Greater Vancouver is
an association representing more than 9,600 REALTORS®. The Real Estate
Board provides a variety of membership services, including the Multiple