Vancouver Real Estate Prices Continue to Slide

October 6th, 2008 Categories: Real Estate News, Vancouver Real Estate

The REBGV reports that Greater Vancouver residential property sales declined 42.9% in September’08 to 1,585 from 2,776 sales recorded in Sept’07. Sales were flat compared to 1,568 in Aug’08.

New listings for detached, attached and apartment properties increased 28.8% to 6,142 in Sept’08 compared to Sept’07, when 4,770 new units were listed. In Aug’08 there were 4,331 new listings.

”After 5 years of unprecedented increases, housing prices are beginning to realign” REBG president Dave Watt said. “Although the economic situation in the U.S. has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”

Sales of houses declined 50.3%% to 546, from 1,099 sales in Sep’07 and up from 535 in Aug08. The benchmark price declined 1.6% from Sept’07to $726,331. Since May’08 it has declined 5.8% and dropped 1.5% for the month.

Sales of condos in Sept 2008 declined 35.1% to 764 compared to Sept 2007 and up from 740 in Aug’08. The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property declined 0.7% from Sept 2007 to $369,062. Since May’08 the benchmark price for an apartment in Greater Vancouver has declined 5.2%.

Townhome sales in Sept 2008 decreased 41.9% to 450. compared to Sept 2007 and up from 293 from Aug’08. The benchmark price of an attached unit increased 7.6% from Sept’07 to Sept’08 to $476,585 and has declined 3% since May 2008.

As of September 30, 2008 active residential listings totalled 53,132 in in Greater Vancouver, a decline from the 47,090 active listings in Aug’08

VANCOUVER WEST STATS - units sold
Sep2008 Sep2007 Aug2008 YTD2008 YTD2007

308 566 317 4396 6501

Median Selling Price
Condos: $411,000 $421,000 $425,000 $440,000 $414,000
Attached: $545,000 $675,000 $767,000 $715,000 $669,000
Det’d: $1,440,000 $1,480,000 $1,463,000 $1,491,000 $1,349,000

Active Listings
Condos: Jan-Sept’08 7450. Jan-Sept07 6194
Detached: Jan-Sept’08 2701. Jan-Sept’07 2114
Attached: Jan-Sept’08 1308. Jan-Sept’07 1,016

The current financial situation in the US is impacting the Vancouver market through weak consumer confidence .It remains a strong buyer’s market.

Median West Side prices are down for all types of property, compared to August.

Average Days on Market:

Condos - June 31, July 41, August 50, Sept 48
Houses - June 41, July 51, August 59, Sept 52
Townhomes and Duplexes June 29, July 36, August 35, Sept 42

Compared to a year ago the MLS Housing Price Index Vancouver West detached price decreased 5.8% , attached increased 3.3% and condos decreased 1.2%. In reality I think the prices are down 15%.

Over the past 5 years, Vancouver West detached prices have increased 84.9%, attached 99.9% and condos 76.3%.

The best appreciation for detached, over the last year, in the Greater Vancouver area is Coquitlam at 7%. The best value is on the Sunshine Coast. The best appreciation for attached over the last year, in the Greater Vancouver area, is Vancouver East at 7%. Best value is Maple Ridge The best appreciation for condos over the last year, in the Greater Vancouver area, is Vancouver East at 1.2%. Best value Maple Ridge.

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