AUGUST News Release

Summer lull sees properties stay on market

VANCOUVER, B.C. – September 3, 2008 –

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006.

New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August 2008 compared to August 2007, when 4,408 new units were listed.

“In August, properties on average remained on the market longer than we’ve seen in recent years,” REBGV president, Dave Watt said. “As the market heads into the traditionally more active fall season, we have begun to see property listings recede and prices moderate.”

Sales of detached properties declined 58.5 per cent to 535 in August 2008 from the 1,288 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 1.6 per cent from August 2007 to $737,985. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 4.3 per cent.

Sales of apartment properties in August 2008 declined 50.8 per cent to 740, compared to 1,504 sales in August 2007. The benchmark price of an apartment property increased 1.7 per cent from August 2007 to $374,366. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent.

Attached property sales in August 2008 are down 50.5 per cent to 293, compared with the 592 sales in August 2007. The benchmark price of an attached unit increased 3.8 per cent in Greater Vancouver between August 2007 and 2008 to $463,433. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3.2 per cent.

As of August 31, 2008, active residential listings totalled 17,950 in Greater Vancouver, a 6.2 per cent decline from the 19,138 active listings seen on July 31, 2008.

Entering the fall, North Shore real estate traditionally picks up as summer vacations are over and investors and homeowners look to make moves in the market. Now is an excellent time to hunt out the perfect home or piece of property that was unavailable or impossible to purchase in the red hot market. With a more balanced market and more motivated vendors buyers can be aggressive and take ownership at prices well below asking. With great deals to be had, buyers can buy a new home and hedge either investment so as to be confident they won't lose their asset value in the near or most definitely the long term investment period. Sellers can expect their home to take longer to sell but risk-loving homeowners can possibly take advantage of trade benefits through selling and upgrading with zero additional costs.

For any questions about the current market and for confidential advice and evaluation on your real estate wants and needs consult Stuart Bell at 604.562.0532 or stu@stubell.com.