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Housing Market Update

Blog by Ian Watt | October 23rd, 2007

Buyers fuel continued growth in Greater Vancouver housing market

Vancouver, B.C. October 2, 2007 - The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales of detached, attached and apartment properties reached 2,776 units in September 2007, an increase of 10.2 per cent compared to 2,519 sales in September 2006.

The inventory of residential properties listed for sale remains stable, with an overall year-to-date increase of 4.1 per cent to 45,054 residential units listed between January and September 2007, from 43,264 for the same period in 2006. The number of new listings increased 8.2 per cent to 4770 in September from 4408 in August of this year.

"There is no single demographic of buyers. They include first-time buyers, people choosing to take advantage of current home equity to 'move up' in the market, as well as people coming into Greater Vancouver from other areas. Our data indicates that the majority are purchasing a principal residence," says REBGV president Brian Naphtali.

"There's a great deal of choice in the market for a range of consumers today," explains Naphtali. "While 45 per cent of homes for sale are priced at below $500,000, there are also a significant number - 37 per cent - listed in the $500,000 to $1-million range. Of the active listing inventory of more than 11,000 residential properties, approximately18 per cent are priced above $1-million."

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 7.7 per cent to 1,177 sales in September 2007 compared to 1,093 sales in September 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $371,718 up 11.1 per cent from one year ago.

Sales of attached properties increased by 27.6 per cent in September 2007 to 500 sales, compared to 392 sales in September 2006. The benchmark price of an attached unit is $452,944, up 10 per cent from a year ago.

Sales of detached properties increased by 6.3 per cent in September 2007 to 1,099 sales, compared to 1,034 sales in September 2006. The benchmark price of a detached unit is $737,927 up 11.9 per cent from last year.

For more information on the current real estate market, we encourage consumers to talk with a local REALTOR®.

Bright spots in Greater Vancouver in September 2007 compared to September 2006:
Maple Ridge/Pitt Meadows up 11.8% (133 units sold, up from 119)
Richmond up 29% (147 units sold, up from 114)
Vancouver East up 22.9% (172 units sold, up from 140)
New Westminster up 38.1% (29 units sold, up from 21)
Burnaby up 38% (69 units sold, up from 50)
Port Moody/Belcarra up 142.9% (34 units sold, up from 14)
Richmond up 38.6% (115 units sold, up from 83)
Vancouver West up 70.7% (70 units sold, up from 41)
New Westminster up 17.4% (81 units sold, up from 69)
Port Moody/Belcarra up 39.1%. (32 units sold, up from 23)
Whistler/Pemberton up 188.9% (26 units sold, up from 9)

The Real Estate industry is a key economic driver in British Columbia. In 2006, dollar volume sales of homes in Greater Vancouver set a new record at more than $18.2 billion. Based on this figure, Greater Vancouver home sales in 2006 generated over $922 million in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 8,900 REALTORS® The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org.

*In August 2004, the Greater Vancouver and Fraser Valley boards upgraded our existing MLS systems to a common system called MLSLink. MLSLink® HPI is the latest version of the Board’s Housing Price Index (HPI) and is designed to accommodate the MLS upgrade and improve the legacy HPI product. For more information on real estate, statistics, and buying or selling a home, visit www.realtylink.org.