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
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.
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
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.”
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.
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.
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.
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.