Vancouver Real Estate Market Sales in August Continues Strong

September 2nd, 2009 Categories: Real Estate

Just released from REBGV

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 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007. New listings for detached, attached and apartment properties increased 4.9 per cent 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 per cent 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 per cent 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 per cent 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 per cent from August 2008 to $732,656.Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263. Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.

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This entry was posted on Wednesday, September 2nd, 2009 at 1:44 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Florida Homes Real Estate Magazine said:

I believe this to be positive for both Canadians and Americans as we are both experiencing a “boom” in our markets and it is helping out tremendously.

Also, after reading your post and realizing that it was not just here that there was an improvement I wanted to see the stats so I went to my local Sarasota Association of Realtors website and read up on some of our local real estate statistics; These are a few things I picked up on that show more good news in our near future:

• Inventory levels continued to decline and are now at its lowest point in more than 5 years.

• Pending sales have now exceeded the 500 level for the 19th consecutive month and the 800 level for the fifth straight month.

• The statistic is a strong indicator for the next two or three months of sales, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month.

From what I have read the Sarasota area is up a great deal compared to other Florida markets. I am excited to see the upcoming few months in a positive respect and hope it does well in Canada as well.

# 3 September 2009 at 5:44 pm