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Blog by Steve Burk

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August housing market continues brisk summer sales trend

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.

Bright spots in Greater Vancouver in August 2007 compared to August 2006:

Detached:
Richmond up 24.5% (173 units sold, up from 139)
Vancouver West up 32.8% (158 units sold, up from 119)
Vancouver East up 18.8% (164 units sold, up from 138)
New Westminster up 37.5% (33 units sold, up from 24)
Port Moody/Belcarra up 163.6% (29 units sold, up from 11)
Squamish up 93.3% (29 units sold, up from 15)
Burnaby up 25.5% (123 units sold, up from 98)
Attached:
Port Moody/Belcarra up 44.4% (39 units sold, up from 27)
Burnaby up 22.4% (93 units sold, up from 76)
Vancouver West up 15.5% (67 units sold, up from 58)
Apartments:
Port Moody/Belcarra up 37.5% (33 units sold, up from 24)
New Wesminster up 68.2% (111 units sold, up from 66)
Port Coquitlam up 80.0% (54 units sold, up from 30)
Burnaby up 13.4% (186 units sold, up from 164)
Richmond up 32.7% (195 units sold, up from 147)