News Release
FOR IMMEDIATE RELEASE:
Home prices adapt to affordability demands
VANCOUVER,
B.C. – September 2, 2008 – The Real Estate Board of Greater Vancouver
(REBGV) reports that residential property sales in Greater Vancouver
declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales
recorded in September 2007.
New
listings for detached, attached and apartment properties increased 28.8
per cent to 6,142 in September 2008 compared to September 2007, when
4,770 new units were listed.
“After
five years of unprecedented increases, housing prices are beginning to
realign,” REBGV president, Dave Watt said. “Although the economic
situation in the United States has affected consumer confidence
globally, the consensus view remains that our local housing market is
underpinned by solid economic fundamentals.”
Sales
of detached properties in September 2008 declined 50.3 per cent to 546
from the 1,099 units sold during the same period in 2007. The benchmark
price, as calculated by the MLSLink Housing Price Index®, for detached
properties declined 1.6 per cent from September 2007 to $726,331. Since
May 2008, the benchmark price for a detached property in Greater
Vancouver has declined 5.8 per cent.
Sales
of apartment properties declined 35.1 per cent last month to 764,
compared to 1,177 sales in September 2007. The benchmark price of an
apartment property declined 0.7 per cent from September 2007 to
$369,062. Since May 2008, the benchmark price for an apartment property
in Greater Vancouver has declined 5.2 per cent.
Attached
property sales in September 2008 decreased 41.9 per cent to 450,
compared with the 775 sales in June 2007. The benchmark price of an
attached unit increased 7.6 per cent between June 2007 and 2008 to
$476,585. Since May 2008, the benchmark price for an attached property
in Greater Vancouver has declined 3 per cent.
Complete report at http://www.davidvalente.com , click on the "Market / Blog" tab. Linked at the top of the page.
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