Monthly Market Report
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The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.
“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”
New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.
“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.
July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.
Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.
Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.
Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.
Bright spots in Greater Vancouver in July 2009 compared to July 2008:
|Burnaby||up 121.7 per cent (153 units sold from 69)|
|North Vancouver||up 55.3 per cent (115 units sold from 75)|
|Maple Ridge/Pitt Meadows||up 60 per cent (160 units sold from 100)|
|Richmond||up 140.2 per cent (221 units sold from 92)|
|Vancouver East||up 66.4 per cent (208 units sold from 125)|
|Port Coquitlam||up 236.4 per cent (74 units sold from 22)|
|Vancouver West||up 104.5 per cent (180 units sold from 88)|
|South Delta||up 203.1 per cent (97 units sold from 32)|
|West Vancouver||up 108.1 per cent (77 units sold from 37)|
|Sunshine Coast||up 60.5 per cent (69 units sold from 43)|
|Burnaby||up 123.3 per cent (134 units sold from 60)|
Maple Ridge/Pitt Meadows
|up 77.7 per cent (64 units sold from 36)|
|North Vancouver||up 70 per cent (51 units sold from 30)|
|Vancouver West||up 110 per cent (105 units sold from 50)|
|Richmond||up 152.1 per cent (179 units sold from 71)|
|Vancouver East||up 195.8 per cent (71 units sold from 24)|
|Port Coquitlam||up 117.6 per cent (37 units sold from 17)|
|Coquitlam||up 88.2 per cent (64 units sold from 34)|
|Burnaby||up 72.8 per cent (235 units sold from 136)|
|North Vancouver||up 47.9 per cent (105 units sold from 71)|
|up 85.5 per cent (230 units sold from 124)|
|Vancouver East||up 64.2 per cent (179 units sold from 109)|
|Vancouver West||up 94 per cent (584 units sold from 301)|
|New Westminster||up 70.6 per cent (116 units sold from 68)|
|Coquitlam||up 62.3 per cent (86 units sold from 53)|
|Port Moody/Belcarra||up 138.1 per cent (50 units sold from 21)|
Note: The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).
The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.
For more information please contact:
Craig Munn, Assistant Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146