August 4, 2010
Homebuyers and sellers less active in July
most Julys over the past decade, with residential sales, prices, and
the number of homes listed for sale trending downward in recent
number of residential property sales in Greater Vancouver totalled
2,255 in July 2010. This represents a 45.2 per cent decline from the
4,114 sales in July 2009, the highest selling July ever recorded, and
a 24.1 per cent decline compared to June 2010.
per cent increase over the 2,174 residential sales in July 2008, a
41.8 per cent decline compared to July 2007’s 3,873 sales, and a
17.5 per cent decline compared to July 2006’s 2,732 sales.
we’ve begun to see a levelling of home prices from the record highs
seen in the spring, creating greater affordability,” Jake Moldowan,
REBGV president said. “Activity in today’s marketplace is clearly
trending in favour of buyers.”
The number of properties listed for sale on the market has been
trending downward since spring, with 4,138 new listings in July
compared to April’s peak of 7,648. New listings for detached,
attached and apartment properties in Greater Vancouver on the Multiple
Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared
to July 2009, when 5,041 properties were listed for sale.
declined 6.5 per cent compared to last month and increased 33 per cent
compared to July 2009.
average, 45 days to sell their property, which is a historically
healthy timeframe for people on both sides of a transaction,”
the all-time high reached in April when the residential benchmark
price was $593,419. Over the last 12 months, the MLSLink® Housing
Price Index (HPI) benchmark price for all residential properties in
Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from
$528,821 in July 2009.
43.7 per cent from the 1,614 detached sales recorded in July 2009 and
a 9.8 per cent increase from the 827 units sold in July 2008. The
benchmark price for detached properties increased 11.5 per cent from
July 2009 to $793,193.
42.7 per cent compared to the 1,708 sales in July 2009 and an increase
of 1.3 per cent compared to the 966 sales in July 2008.The benchmark
price of an apartment property increased 6.2 per cent from July 2009
Attached property sales in July 2010 totalled 368, a decline of 53.5
per cent compared to the 792 sales in July 2009 and a 3.4 per cent
decline from the 381 attached properties sold in July 2008. The
benchmark price of an attached unit increased 8.6 per cent between
July 2009 and 2010 to $490,995.