RSS

VANCOUVER, B.C. – December 2, 2008 – November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.
 
In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.
 
Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.
 
“Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt. “For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years.
 
“The local real estate market is not immune to the current economic challenges globally; however, Canada’s disciplined lending structure has kept the mortgage landscape steady in these uncertain times.”
 
New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.
 
Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to 666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.
 
Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.
 
Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.
Read
Categories:   Ambleside, West Vancouver Real Estate | Bayridge, West Vancouver Real Estate | Boyd Park, Richmond Real Estate | Brighouse South, Richmond Real Estate | Brighouse, Richmond Real Estate | British Properties, West Vancouver Real Estate | Caulfeild, West Vancouver Real Estate | Cedar Hills, North Surrey Real Estate | Cedardale, West Vancouver Real Estate | Central Lonsdale, North Vancouver Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | Chartwell, West Vancouver Real Estate | Clayton, Cloverdale Real Estate | Cloverdale BC, Cloverdale | Cloverdale BC, Cloverdale Real Estate | Coal Harbour, Vancouver West | Coal Harbour, Vancouver West Real Estate | Collingwood VE, Vancouver East | Collingwood VE, Vancouver East Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | Cypress Park Estates, West Vancouver Real Estate | Deer Lake, Burnaby South Real Estate | Downtown VE, Vancouver East | Downtown VW, Vancouver West | Downtown VW, Vancouver West Real Estate | Dunbar, Vancouver West | Dunbar, Vancouver West Real Estate | Dundarave, West Vancouver Real Estate | Eagle Harbour, West Vancouver Real Estate | Edgemont, North Vancouver Real Estate | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West | False Creek, Vancouver West Real Estate | Fraserview VE, Vancouver East Real Estate | Gleneagles, West Vancouver Real Estate | Glenmore, West Vancouver | Glenmore, West Vancouver Real Estate | Glenwood PQ | Glenwood PQ, Port Coquitlam Real Estate | Greentree Village, Burnaby South Real Estate | Guildford, North Surrey | Hastings, Vancouver East Real Estate | Kerrisdale, Vancouver West Real Estate | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Lower Lonsdale, North Vancouver Real Estate | Maillardville, Coquitlam Real Estate | Mary Hill, Port Coquitlam Real Estate | Mission BC, Mission Real Estate | Montecito, Burnaby North Real Estate | Morgan Creek, South Surrey White Rock Real Estate | Mosquito Creek, North Vancouver Real Estate | Mount Pleasant VE, Vancouver East | Mount Pleasant VE, Vancouver East Real Estate | North Saanich Real Estate | North Vancouver | Northlands, North Vancouver Real Estate | ON - Okanagan North, North Okanagan Real Estate | Port Moody Centre, Port Moody Real Estate | Port Moody, Port Moody Centre | Queen Mary Park Surrey, Surrey Real Estate | Queens, West Vancouver Real Estate | Riverwood, Port Coquitlam Real Estate | Sapperton, New Westminster Real Estate | South Slope, Burnaby South Real Estate | Steveston South, Richmond Real Estate | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Upper Lonsdale, North Vancouver Real Estate | Vancouver | Vancouver Heights, Burnaby North Real Estate | Victoria VE, Vancouver East Real Estate | West End VW, Vancouver West Real Estate | West Vancouver Real Estate | Westmount WV, West Vancouver Real Estate | Whalley, North Surrey | Whalley, North Surrey Real Estate | Whistler, Whistler Real Estate | Whitby Estates, West Vancouver Real Estate | Willoughby Heights, Langley Real Estate | Yaletown, Vancouver West Real Estate
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.