News Release
2007 residential housing sales rank second all-time
VANCOUVER, B.C. -- January 3, 2008 – Residential housing sales for 2007 are the second highest ever recorded by the
Real Estate Board of Greater Vancouver (REBGV). The REBGV reports that residential attached, detached and apartment
property sales totalled 38,050 between January 1 and December 31, 2007. This marks a 7.2 per cent increase from 2006 and a
6.1 per cent decrease from 2005, the record-setting year with 40,530 sales.
“The continued strength of the real estate market is a reflection of the economic vitality seen throughout the province. With
overall wages on the rise and unemployment in decline, buyers and sellers are left with a healthy and strong climate in which
to operate,” says REBGV president Brian Naphtali.
Sales of apartment properties in 2007 increased 9.1 per cent to 16,456, compared with 15,088 sales in 2006, according to
data from the Multiple Listings Service® (MLS®). Sales of attached units climbed 7.7 per cent to 6,799, compared with 6,310
sales in 2006. Detached property sales increased 4.9 per cent in 2007 to 14,795, compared with sales of 14,108 in 2006.
Overall, new listings for detached, attached and apartment properties increased 4 per cent in 2007 to 54,945 units, compared
to the 52,818 listed in 2006.
The aggregate residential sales in December 2007 climbed to 1,897, a 12.5 per cent increase over the 1,686 December sales
in 2006. These numbers are in contrast to each of the first five years of the decade where December sales exceeded 2,000.
Sales of apartment properties in December 2007 rose 21.6 per cent to 901, compared to 741 sales in December 2006. The
benchmark price, as calculated by the MLSLink Housing Price Index®, of an apartment property increased 14.4 per cent from
December 2006 to $377,579.
Attached property sales in December 2007 rose 1.6 per cent to 317, compared with 312 sales in December 2006. The
benchmark price of an attached unit increased 11.4 per cent from December 2006 to $456,941
December’s sales for detached properties increased 7.3 per cent to 679 in 2007, up from the 633 detached units sold in the
same period of 2006. The December benchmark price for detached properties increased 13.5 per cent from December 2006 to
$730,399.
Bright spots in Greater Vancouver in December 2007 compared to December 2006:
DETACHED:
Richmond........................... up 57.4 per cent (107 units sold up from 68)
Sunshine Coast..................... up 51.9 per cent (41 units sold up from 27)
ATTACHED:
Burnaby................................ up 61.1 per cent (58 units sold up from 36)
APARTMENTS:
Burnaby.............................. up 17.5 per cent (114 units sold up from 97)
North Vancouver...................... up 50 per cent (66 units sold up from 44)
Port Moody/Belcarra ............ up 91.7 per cent (23 units sold up from 12)
Vancouver East................... up 72.6 per cent (107 units sold up from 62)
Download the full market report and stats from the "Market / Blog" page on my website.
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