Metro Vancouver Housing Prices Draw Back
VANCOUVER, B.C. Aug 5, 2008 — As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back in the last two months, from the record highs experienced in early 2008.
Since May 2008, housing prices, as calculated by the MLSLirik 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.
The 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.
"We're 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 president; DaveWatt. "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"
Residential 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.
New 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.
The 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 spinoffs. Total dollar volume of residential sales set anew 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 9,500 RE ALTORS . The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®.
For more information on Real Estate Sales / Statistics and Buying or Selling a Home, contact Don or Patty Klassen at (604) 240-9079 or E-Mail at
homes@donandpatty.com.