VANCOUVER, B.C. – September 2, 2009 – The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 percent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 percent compared to August 2007.
New listings for detached, attached and apartment properties increased 4.9 percent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 percent from August 2008.
“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 percent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.
Sales of detached properties in August 2009 increased 155.5 percent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 percent from August 2008 to $732,656.
Sales of apartment properties increased 97.8 percent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 percent from August 2008 to $369,263.