BC Market Watch
Greater Vancouver Area
The Real Estate Board of Greater Vancouver reports that residential attached, detached and apartment property sales totalled 2,676 in February 2008, a decline of 6.4 per cent from residential sales recorded in February 2007, and a decline of 9 per cent compared to the 2, 941 sales in February 2006.
New listings for residential properties rose 26.2 % in February 2008 compared with February 2007. New listings this February rose 21.2 per cent over new listings figures from February 2006.
"We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly," says REBGV president Brian Naphtali. "This shift increases buyer options and allows people more time to make decisions when purchasing a home."
Sales of detached properties declined 11.2 per cent to 995 from the 1,121 detached sales totalled over the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 14.1 per cent from February 2007 to $761,342.
Sales of apartment properties in February 2008 declined 5.7 per cent to 1,197, compared to 1,269 sales in February 2007. The benchmark price of an apartment property increased 12.9 per cent from February 2007 to $387,032.
Attached property sales in February 2008 increased 3.2 per cent to 484, compared with the 469 sales in February 2007. The benchmark price of an attached unit increased 12.7 per cent between February 2007 and 2008 to $472,147.
The Fraser Valley Real Estate Board recorded 1,308 sales on the Multiple Listing Service® (MLS®) in February, compared with 1,413 during February of last year, a decrease of seven per cent.
The MLS® received 2,808 new listings in February, which added up to 8,185 active listings for the month, an increase of 30 per cent compared to the 6,304 active listings that were available in February 2007.
“There is tremendous interest in Fraser Valley real estate,” confirms President Kelvin Neufeld. “We have buyers from out of town coming for work, from Greater Vancouver looking to get more bang for their buck, first-time buyers looking to enter the market with a condo or townhouse, and long-time Fraser Valley residents asking us to help them downsize or upsize.
“All this activity is keeping prices competitive. It’s also the reason why Fraser Valley REALTORS® anticipate another busy spring in 2008.”
The average price of a single-family detached house in the Fraser Valley in February was $544,495, an increase of 7.3 per cent compared to the same month last year. In February 2007, the average price was $507,439. Similarly, the average apartment price went up 7.4 per cent, from February 2007’s average of $208,885, to $224,430 in 2008.
The average price of townhouses increased by 11 per cent in one year, selling for an average of $346,853 in February 2008, compared to an average of $312,421 during the same month last year.