The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Va
ncouver declined 42.9 percent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.
New listings for detached, attached and apartment properties increased 28.8 percent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.
Sales of detached properties in September 2008 declined 50.3 percent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price for detached properties, as calculated by the MLSLink Housing Price Index®, declined 1.6 percent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 percent.
f apartment properties declined 35.1 percent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 percent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 percent.
Attached property sales in September 2008 decreased 41.9 percent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 percent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 percent.
What does this all mean? More houses on the market, declining prices and an excellent time to buy.
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