Vancouver, B.C. September 5, 2007 – The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 3,384 units in August 2007, a 12.9 per cent increase when compared to 2,998 sales in August 2006 and a decrease of 7.3 per cent when compared to 3,649 sales in August 2005.
During this period, new listings for detached, attached and apartment properties tightened, decreasing by 2.0 per cent to 4,408 units compared to the 4,500 units listed in August 2006. The total number of active listings remained virtually unchanged at 10,721 units when compared to August 2006’s 10,635 units.
“Greater Vancouver’s residential housing market remained brisk this August, with consumer demand continuing to outpace supply, as it has done for much of the year,” says REBGV president Brian Naphtali. “We’ve seen sales near record levels for three consecutive months, despite the summer traditionally being a slower time for real estate in Greater Vancouver.
“Although the average number of days a property stayed on the market increased to 41 days from 38 days in July, this slowdown clearly didn’t impact consumer demand,” explains Naphtali. “Burnaby, Richmond, Squamish, Vancouver East and Vancouver West all experienced healthy sales gains in the detached and apartment property categories. REALTORS® are still reporting multiple offer competition, so make sure to contact an agent in your area to find out how this could affect the purchase or sale of your home.”
According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 16.1 per cent to 1,504 sales in August 2007 compared to 1,295 sales in August 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $367,944, up 11.0 per cent from one year ago.
Sales of attached properties increased by 10.4 per cent in August 2007 to 592 sales, compared to 536 sales in August 2006. The benchmark price of an attached unit is $446,577, up 9.8 per cent from a year ago.
Sales of detached properties increased by 10.4 per cent in August 2007 to 1,288 sales, compared to 1,167 sales in August 2006. The benchmark price of a detached unit is $726,067, up 11.1 per cent from last year.