October 4, 2010
Housing market factors indicate stability in recent months
September home sales in Greater Vancouver were consistent with
activity experienced in the preceding two months across most
The Real Estate Board of Greater Vancouver (REBGV) reports that the
number of residential property sales in Greater Vancouver totalled
2,220 in September 2010. This represents a 0.8 per cent increase
compared to August 2010 and 37.6 per cent decline from the 3,559 sales
in September 2009.
In comparison, last monthâ€™s residential sales represent a 40.1 per
cent increase over the 1,585 residential sales in September 2008, a 20
per cent decline compared to September 2007â€™s 2,776 sales, and an
11.9 per cent decline compared to September 2006â€™s 2,519 sales.
â€œWeâ€™ve seen fewer properties coming on to the market over the last
three months. This trend, combined with the continued attraction of
low interest rates, is likely having the effect of less downward
pressure on home prices,â€ Jake Moldowan, REBGV president said.
Since spring, housing prices in the region have trended slightly
downward, with a decrease of 2.7 per cent compared to the all-time
high reached in April when the MLSLinkÂ® Housing Price Index (HPI)
residential benchmark price was $593,419. The overall benchmark price
for all residential properties in Greater Vancouver over the last 12
months has increased 5.5 per cent to $577,174 in September 2010 from
$547,092 in September 2009. The current price remains consistent with
last month, rising just 0.1 per cent between August and September
Total active property listings posted on the Multiple Listing
ServiceÂ® (MLSÂ®) in Greater Vancouver currently sit at 15,401,
basically unchanged compared to last month and a 22 per cent increase
from September 2009. Over the last three months, active listings in
the region have declined12.3 per cent.
New residential property listings posted in September declined 17.6
per cent to 4,731 compared to September 2009 when 5,746 new units were
â€œWe saw signs of more stability in our marketplace last month than
we have seen since spring based on a variety of indicators that we
look at each month,â€ Moldowan said. â€œAt 56 days, it took, on
average, three days less to sell a home in our region compared to
August. This is the first month-over-month decline weâ€™ve seen in
this category since April.â€
Sales of detached properties in September 2010 reached 866, a decrease
of 39.1 per cent from the 1,423 detached sales recorded in September
2009, and a 58.6 per cent increase from the 546 units sold in
September 2008. The benchmark price for detached properties increased
6.7 per cent from September 2009 to $790,992.
Sales of apartment properties reached 971 in September 2010, a decline
of 34.7 per cent compared to the 1,489 sales in September 2009, and an
increase of 27.1 per cent compared to the 764 sales in September
2008.The benchmark price of an apartment property increased 3.7 per
cent from September 2009 to $388,373.
Attached property sales in September 2010 totalled 383, a decline of
40.1 per cent compared to the 647 sales in September 2009, and a 39.3
per cent increase from the 275 attached properties sold in September
2008. The benchmark price of an attached unit increased 5.2 per cent
between September 2009 and 2010 to $490,385.