September Stats From Real Estate Board of Greater Vancouver


News Release

FOR IMMEDIATE RELEASE

For more information please contact:

Craig Munn, Assistant Manager, Communications

Real Estate Board of Greater Vancouver

Phone: (604) 730-3146 Fax: (604) 730-3102

E-mail: cmunn@rebgv.org

also available at ! www.realtylink.org

Housing market factors indicate stability in recent months

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

September home sales in Greater Vancouver were consistent with activity

!"#$%&#&'(!$"#)$*+,&'-#.$#/%(%0.1#23!0#!0#.3'#4&0.#*$".35$6'&5*$".3#-')7!"'#8'96'#0''"#!"#.3!0#),.'($&:#0!")'#/+&!71;#

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.

-30-

The real estate industry is a key economic driver in British Columbia. In 2009, 35,669 homes changed hands in the Board’s area. The total dollar

volume of residential sales transacted through the MLS® system in Greater Vancouver totalled $21.19 billion in 2009 and generated $1.49 billion

in spin-off activity. The Real Estate Board of Greater Vancouver is an association representing more than 10,000 REALTORS® and their compa-

nies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and

buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.