Vancouver Market Analysis July 2008
August 8th, 2008 Categories: Real Estate News, Vancouver Real Estate
The REBGV reports that Greater Vancouver prices have drawn back, the last two months, from the record highs experienced in early 2008.
Since May 2008 housing prices have declined. Detached properties in the GVA declined 2.1% since the end of May 2008 from $568,411 to $556,605 in July.
We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008.
Residential property sales in GVA declined 43.9% in July to 2,174 from the 3,873 sales recorded a year prior. The decline is equal to June 2008 versus June 2007.
New listings for detached, attached and condo properties increased 24% to 6,104 in July compared to a year ago, when 4,924 new units were listed.
Sales of detached properties declined 44.2% to 827 from 1,483 units compared to the same period in 2007 and down from 1,203 from May 2008. The benchmark price rose 5.4% from July 2007 to $753,165.
Sales of apartment properties in July 2008 declined 42.3% to 966 compared to July 2007 and down from 1,244 in May’08 and 1,057 in June’08. The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property increased 4.7% from July 2007 to $381,687.
Attached property sales in July 2008 decreased 46.8% to 381 compared with July 2007. and down from 555 in May 2008 and 450 in June’08. The benchmark price of an attached unit increased 5.7% from July 2007 to $473,953
VANCOUVER WEST STATS
Jul2008 Jul2007 Jun2008 YTD2008 YTD2007
Units Sold 437 833 498 3771 5199
Median Selling Price
Condos: $425,000 $427,500 $445,000 $445,000 $407,000
Attached: $735,500 $695,000 $683,500 $721,000 $665,000
Det’d: $1,326,500 $1,415,000 $1,549,000 $1,495,000 $1,320,000
Active Listings
Jul2008 Jun2008 Jul2007
Condos: 848 892 700
Attached: 163 162 105
Detached: 289 337 214
TOTAL 1300 1391 1019
MARKET REFLECTIONS FOR VANCOUVER (WEST SIDE)
The condo listings increased by a large number in April and May but decreased in June and decreased 6% again in July, remaining about 30% higher than a year ago. Vancouver west side townhome listings are flat and remain 50% higher than a year ago. Vancouver West side houses are down substantially from June but still 35% higher than a year ago.
Vancouver Median West Side prices are flat in condos, up for townhomes and down for homes.
Average Days on Market for condos are 36 (up from 31 last month) houses 51 (up from 41 last month) townhomes and duplexes 31 (up from 29 last month).
Vancouver West detached price increased 5.3% from a year ago (down from 9.5% last month) attached increased 5.7% (up from4.9% last month) and condos increased 3.5% (down from8% last month)
Over the past 5 years, Vancouver West detached prices have increased 98.2%, attached 100.9.% and condos 86.6%.
The best appreciation for houses over the last year, in the Greater Vancouver area, is Squamish at 29.2%. The best value is on the Sunshine Coast.
The best appreciation for townhomes over the last year, in the Greater Vancouver area, is South Delta at 18.4%. The best value is Maple Ridge.
The best appreciation for condos over the last year, in the Greater Vancouver area, is South Delta at 12.2%. The best value is Port Coquitlam.
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CMHC predict a 6% rise in prices in 2008. BC Credit Union are predicting a whopping 10-12% increase in Vancouver prices for 2008 and another 5-6% in 2009. Royal LePage predict 3% increase in 2008. Ozzie Jurock’s survey of Olympic cities states that the year after the Olympics is big for real estate.
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