News Release
FOR IMMEDIATE RELEASE
Buyer activity brings greater stability to the housing market
housing market has entered a more moderate and balanced state.
For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancou-
ver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number
of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains un-
changed compared to the same period in 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled
2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent
compared to last month.
.We.re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per
cent,. Scott Russell, REBGV president said. .The result is a relatively stable market in which homes are being realistically
priced.
.The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability
to home prices,. he said. .The trends in our housing market over the last couple of months offer a much more comfortable,
historically normal set of conditions..
Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same
period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined
12.2 per cent from April 2008 to $675,268.
Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The
benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.
Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The bench-
mark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.
Bright spots in Greater
Detached:
Vancouver West ..........up 59.5 per cent (193 units sold from 121)
Attached:
Vancouver West .................up 46.3 per cent (98 units sold from 67)
Apartments:
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The Real Estate industry is a key economic driver in
generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400
REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For
more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org
www.davidvalente.com