Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that residential attached, detached and apartment property sales totalled 1,819 in January 2008, an increase of 0.7 per cent over the 1,806 total residential sales in January 2007 and a 5.5 per cent decline from the 1, 924 sales recorded in January 2006.
New listings for detached, attached and apartment properties climbed 14.9 per cent in January 2008, compared to the 4,067 units listed in January 2007. In contrast to January 2006, new listings from this January rose more dramatically, up 34.7 per cent.
“With new listings outpacing sales increases to start the year, it appears the market is heading toward more balance,” says REBGV president Brian Naphtali. “The result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision.”
Sales of apartment properties in January 2008 rose 11.7 per cent to 860, compared to 695 sales in January 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, of an apartment property increased 13.8 per cent from January 2007 to $378,336.
“It was clearly on the strength of apartment sales that overall residential sales figures increased in January,” says Naphtali. “There’s clearly been a trend over the past decade toward growth in the high density condo market. Townhome sales have continued to be steady, and detached homes remain a popular choice. But more and more consumers are purchasing apartments.”
Attached property sales in January 2008 declined 6.7 per cent to 318, compared with the 341 sales from January 2007. The benchmark price of an attached unit increased 12.4 per cent from January 2007 to $462,627.
January 2008 sales for detached properties decreased 7.8 per cent to 641, from the 695 detached units sold over the same period in 2007. The January benchmark price for detached properties rose 15.7 per cent from January 2007 to $742,490.
Bright spots in Greater Vancouver in January 2008 compared to January 2007:
South Delta up 57.8 per cent (30 units sold up from 19)
Port Moody/Belcarra up 70 per cent (17 units sold up from 10)
New Westminster up 200 per cent (12 units sold up from 4)
Port Coquitlam up 53.8 per cent (20 units sold up from 13)
Burnaby up 14 per cent (98 units sold, up from 86
Coquitlam up 72.7 per cent (57 units sold, up from 33)
North Vancouver up 21.2 per cent (63 units sold up from 52)
Richmond up 30.1 per cent (121 units sold up from 93)
New Westminster up 17.4 per cent (54 units sold up from 46)
For more information please contact:
Craig Munn, Assistant Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146