VANCOUVER, B.C. – June 4, 2010 – The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 percent compared to the 3,524 sales in May 2009; 5.1 percent more than the 3,002 sales in May 2008; and 27.1 percent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 percent decline compared to last month’s sales.
“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.
Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 percent from the 1,402 detached sales recorded in May 2009 and a 4.4 percent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 percent from May 2009 to $810,175.
Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 percent compared to the 1,458 sales in May 2009 and an increase of 8.8 percent compared to the 1,244 sales in May 2008.The benchmark price of an apartment property increased 13.9 percent from May 2009 to $398,783.