Market Report - August
New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August
2008 compared to August 2007, when 4,408 new units were listed.
“In August, properties on average remained on the market longer than we’ve seen in recent years,”
REBGV president, Dave Watt said. “As the market heads into the traditionally more active fall season,
we have begun to see property listings recede and prices moderate.”
Sales of detached properties declined 58.5 per cent to 535 in August 2008 from the 1,288 detached
sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink
Housing Price Index®, for detached properties rose 1.6 per cent from August 2007 to $737,985. Since
May 2008, the benchmark price for a detached property in Greater Vancouver has declined 4.3 per cent.
Sales of apartment properties in August 2008 declined 50.8 per cent to 740, compared to 1,504 sales
in August 2007. The benchmark price of an apartment property increased 1.7 per cent from August 2007
to $374,366. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has
declined 3.9 per cent.
Attached property sales in August 2008 are down 50.5 per cent to 293, compared with the 592 sales
in August 2007. The benchmark price of an attached unit increased 3.8 per cent in Greater Vancouver
between August 2007 and 2008 to $463,433. Since May 2008, the benchmark price for an attached property
in Greater Vancouver has declined 3.2 per cent.
As of August 31, 2008, active residential listings totalled 17,950 in Greater Vancouver, a 6.2 per cent
decline from the 19,138 active listings seen on July 31, 2008.