VANCOUVER, B.C. – October 4, 2010 –
experienced in the preceding two months across most categories.
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 month’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 2007’s 2,776 sales, and an 11.9 per cent decline compared
to September 2006’s 2,519 sales.
“We’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,” 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 MLSLink® 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 2010.
Total active property listings posted on the Multiple Listing Service® (MLS®) 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 listed.
“We 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,” Moldowan said. “At 56 days, it took, on average, three days less to sell a home