From The Real Estate Board of Greater Vancouver:
FOR IMMEDIATE RELEASE
also available at www.realtylink.org
Strong demand carries into late fall
VANCOUVER, B.C. – December 2, 2009
the Greater Vancouver housing market remains well above seasonal norms.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties
in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however,
remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential
benchmark price sat at $568,411.
“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to
the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater
Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels
than ever before.”
The REBGV reports that residential property sales in November were the third highest volume ever recorded in
Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per
cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the
3,704 sales recorded in October 2009.
“We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction
in the number of homes listed for sale, which is normal as we head into the holiday season,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,653 in November
2009. This represents a 21.3 per cent increase compared to November 2008 when 3,012 new units were listed,
and a 26.6 per cent decline compared to October 2009 when 4,977 properties were listed on the Multiple Listing
Service® (MLS®) in Greater Vancouver.
At 11,039, the total number of property listings on the MLS® decreased 8.6 per cent in November compared to
last month and declined 39 per cent from this time last year.
In contrast to this year, note that November 2008 was the lowest selling November in Greater Vancouver in 27
Sales of detached properties increased 261.5 per cent to 1,164 from the 322 detached sales recorded during the
same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached
properties increased 13.6 per cent from November 2008 to $757,209.
Sales of apartment properties in November 2009 increased 240.5 per cent to 1,396 compared to 410 sales in
November 2008. The benchmark price of an apartment property increased 11.6 per cent from November 2008 to
Attached property sales in November 2009 are up 268.3 per cent to 523, compared with the 142 sales in November
2008. The benchmark price of an attached unit increased 10.2 per cent between Novembers 2008 and 2009 to
– Home values continued to edge upward in November as demand in