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Vancouver Real Estate Market News April 2008

New listings outpace sales to start the spring cycle

VANCOUVER, B.C. – May 2, 2008 – An influx of new listings entered the Greater Vancouver housing market in April 2008, while residential sales reduced slightly compared to the same period a year ago.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,218 in April 2008, a decline of five per cent from the 3,387 sales recorded in April 2007, and a 3.8 per cent drop from the 3,345 sales in April 2006. New listings for detached, attached and apartment properties increased 25.6 per cent to 7,010 in April 2008 compared to April 2007, when 5,580 new units were listed.

“Residential sales continue to be strong, but there is a lot more choice on the market today. This is good news for a market that has been defined by record-breaking activity for most of this decade,” said REBGV president, Dave Watt. “Despite this seeming re-balance between sales and listings, it took, on average, six fewer days to sell a home in Greater Vancouver compared to the previous year, with a days on market average of 33 in April this year,” said Watt.

Sales of detached properties declined 7.8 per cent to 1,293 from the 1,403 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 11 per cent from April 2007 to $771,321.

Sales of apartment properties in April 2008 declined 2.4 per cent to 1,317, compared to 1,350 sales in April 2007. The benchmark price of an apartment property increased 9.6 per cent from April 2007 to $389,070.

Attached property sales in April 2008 are down 4.1 per cent to 608, compared with the 634 sales in April 2007. The benchmark price of an attached unit increased 10.5 per cent between April 2007 and 2008 to $477,900.

Bright spots in Greater Vancouver in April 2008 compared to April 2007:

ATTACHED:
Squamish...............................................up 84.6 per cent (24 units sold from 13)
Vancouver East.............................. up 50 per cent (51 units sold from 34)
Sunshine Coast........................up 157.1 per cent (18 units sold from 7)

APARTMENTS:
Maple Ridge/Pitt Meadows......up 32.3 per cent (41 units sold from 31)
New Westminster........................up 33.8 per cent (95 units sold up from 71)
Port Moody/Belcarra......................up 23.7 per cent (47 units sold up from 38)
Richmond.............................................up 7.8 per cent (179 units sold from 166)

Vancouver Real Estate Market News March 2008

Housing market moderates for spring-time buyers

VANCOUVER, B.C. April 2, 2008 - The Real Estate Board of Greater Vancouver (REBGV) reports that while there were fewer housing sales in March 2008 compared to last year, residential prices continued to climb.

Residential property sales in Greater Vancouver totalled 2,997 in March 2008, a decline of 16.3 per cent from the 3,582 residential sales recorded in March 2007, and a decline of 25.7 per cent compared to the 4,033 sales in March 2006. New listings for detached, attached and apartment properties increased four per cent to 5,674 in March 2008 compared with March 2007, when 5,456 new units were listed.

"The market is continuing to balance, with sales and listings beginning to re-align with our 10-year averages," says REBGV president, Dave Watt. "The selection of inventory hitting the market is wider than we have seen in the past few years, which gives prospective buyers more choices."

Sales of detached properties declined 20.2 per cent to 1,116 from the 1,399 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 12.1 per cent from March 2007 to $764,616.

Sales of apartment properties in March 2008 declined 10.6 per cent to 1,370, compared to 1,532 sales in March 2007. The benchmark price of an apartment property increased 11.5 per cent from March 2007 to $389,609.

Attached property sales in March 2008 are down 21.5 per cent to 511, compared with the 651 sales in March 2007. The benchmark price of an attached unit increased 10.6 per cent between March 2007 and 2008 to $473,543.

Vancouver Real Estate Market News February 2008

Housing options broaden for buyers in February

VANCOUVER, B.C. March 4, 2008 - The Real Estate Board of Greater Vancouver (REBGV) reports that residential attached, detached and apartment property sales totalled 2,676 in February 2008, a decline of 6.4 per cent from the 2,859 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 detached, attached and apartment properties rose 26.2 per cent to 5,260 in February 2008 compared with February 2007, which had 4,167 units listed. 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.

Vancouver Real Estate Market News January 2008
New listings rise to start the New Year

VANCOUVER, B.C. February 4, 2008 - The Real Estate Board of Greater Vancouver (REBGV) reports that residential attached, detached and apartment property sales totalled 1,819 in January 2008, an increase of 0.7 per cent over the 1,806 total residential sales in January 2007 and a 5.5 per cent decline from the 1, 924 sales recorded in January 2006.

New listings for detached, attached and apartment properties climbed 14.9 per cent in January 2008, compared to the 4,067 units listed in January 2007. In contrast to January 2006, new listings from this January rose more dramatically, up 34.7 per cent.

"With new listings outpacing sales increases to start the year, it appears the market is heading toward more balance," says REBGV president Brian Naphtali. "The result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision."

"It was clearly on the strength of apartment sales that overall residential sales figures increased in January," says Naphtali. "There's clearly been a trend over the past decade toward growth in the high density condo market. Townhome sales have continued to be steady, and detached homes remain a popular choice. But more and more consumers are purchasing apartments."

Sales of apartment properties in January 2008 rose 11.7 per cent to 860, compared to 695 sales in January 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, of an apartment property increased 13.8 per cent from January 2007 to $378,336.

Attached property sales in January 2008 declined 6.7 per cent to 318, compared with the 341 sales from January 2007. The benchmark price of an attached unit increased 12.4 per cent from January 2007 to $462,627.

January 2008 sales for detached properties decreased 7.8 per cent to 641, from the 695 detached units sold over the same period in 2007. The January benchmark price for detached properties rose 15.7 per cent from January 2007 to $742,490.

Vancouver Real Estate Market News December 2007

2007 residential housing sales rank second all-time

VANCOUVER, B.C. January 3, 2008 - Residential housing sales for 2007 are the second highest ever recorded by the Real Estate Board of Greater Vancouver (REBGV). The REBGV reports that residential attached, detached and apartment property sales totalled 38,050 between January 1 and December 31, 2007. This marks a 7.2 per cent increase from 2006 and a 6.1 per cent decrease from 2005, the record-setting year with 40,530 sales.

"The continued strength of the real estate market is a reflection of the economic vitality seen throughout the province. With overall wages on the rise and unemployment in decline, buyers and sellers are left with a healthy and strong climate in which to operate," says REBGV president Brian Naphtali.

Sales of apartment properties in 2007 increased 9.1 per cent to 16,456, compared with 15,088 sales in 2006, according to data from the Multiple Listings Service® (MLS®). Sales of attached units climbed 7.7 per cent to 6,799, compared with 6,310 sales in 2006. Detached property sales increased 4.9 per cent in 2007 to 14,795, compared with sales of 14,108 in 2006.

Overall, new listings for detached, attached and apartment properties increased 4 per cent in 2007 to 54,945 units, compared to the 52,818 listed in 2006.

The aggregate residential sales in December 2007 climbed to 1,897, a 12.5 per cent increase over the 1,686 December sales in 2006. These numbers are in contrast to each of the first five years of the decade where December sales exceeded 2,000.

Sales of apartment properties in December 2007 rose 21.6 per cent to 901, compared to 741 sales in December 2006. The benchmark price, as calculated by the MLSLink Housing Price Index®, of an apartment property increased 14.4 per cent from December 2006 to $377,579.

Attached property sales in December 2007 rose 1.6 per cent to 317, compared with 312 sales in December 2006. The benchmark price of an attached unit increased 11.4 per cent from December 2006 to $456,941

December's sales for detached properties increased 7.3 per cent to 679 in 2007, up from the 633 detached units sold in the same period of 2006. The December benchmark price for detached properties increased 13.5 per cent from December 2006 to $730,399.

Vancouver Real Estate Market News November 2007
Housing sales continue to rise in November

Vancouver, B.C. December 4, 2007 – The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 2,883 units in November 2007, an increase of 22.2 per cent compared to 2,358 sales in November 2006, and a 1.9 per cent decrease compared to the 2,938 units sold in November 2005.

Property listings increased 6.6 per cent compared to last year’s levels, with 3,377 active listings at November month-end, compared to 3,168 during the same period last year.

"The housing market continues to be strong," says REBGV president Brian Naphtali. "November figures show strong growth compared to last year, are basically on par with figures from 2005, and are 16 per cent higher than the same period in 2004.

"Affordability is a key question," Naphtali says. "Our data indicates that about 60 per cent of residential homes purchased in November were multi-family, which includes condos and townhomes. The benchmark price for a condo in Greater Vancouver is about $375,000. However, there are units available for considerably less than this price. For example, the benchmark for condos in Port Coquitlam in November was $243,624; in Maple Ridge, $254,703; and in Coquitlam, $283,830."

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 21.5 per cent to 1,276 sales in November 2007 compared to 1,050 sales in November 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $374,393, up 13.6 per cent from one year ago.

Sales of attached properties increased by 33.7 per cent in November 2007 to 540 sales, compared to 404 sales in November 2006. The benchmark price of an attached unit is $455,332, up 11 per cent from a year ago.

Sales of detached properties increased by 18 per cent in November 2007 to 1,067 sales, compared to 904 sales in November 2006. The benchmark price of a detached unit is $729,011, up 12.6 per cent from last year.

Vancouver Real Estate Market News October 2007

October housing sales consistent with record highs

Vancouver, B.C. November 5, 2007 - The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 3028 units in October 2007, an increase of 11.2 per cent compared to 2,722 sales in October 2006, and a 2.3 per cent decrease compared to the 3,099 units sold in October 2005.

Property listings remain relatively unchanged compared to last year's levels, with 4,819 active listings at October month-end, compared to 4,862 last year.

"This is only the fourth time in 25 years that sales have surpassed the 3,000 mark in the month of October," says REBGV president Brian Naphtali. "What we're seeing is a buoyant market fueled by strong demand from both first-time and repeat buyers.

"The economy is healthy," Naphtali says. "There's virtually no unemployment. Interest rates are steady. These are all factors affecting the continued strong demand for housing."

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 17.4 per cent to 1,368 sales in October 2007 compared to 1,165 sales in October 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $371,418, up 11.4 per cent from one year ago.

Sales of attached properties increased by 11.7 per cent in October 2007 to 527 sales, compared to 472 sales in October 2006. The benchmark price of an attached unit is $454,645, up 10.8 per cent from a year ago.

Sales of detached properties increased by 4.4 per cent in October 2007 to 1,133 sales, compared to 1,085 sales in October 2006. The benchmark price of a detached unit is $730,022, up 12.2 per cent from last year.

Vancouver Real Estate Market News September 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.

Vancouver Real Estate Market News August 2007

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.

Vancouver Real Estate Market News July 2007

July housing sales approach record as summer market begins to boil

Vancouver, B.C. August 2, 2007 - The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 3,873 units in July 2007, a thermometer-breaking 41.8 per cent increase when compared to 2,732 sales in July 2006 and an increase of 5.0 per cent when compared to 3,687 sales in July 2005.

This figure represents the second highest number of sales during the month of July in the Board's history. The highest number of sales for that month was recorded in July 2003, when 4,023 sales were reported.

"At the beginning of the year, most experts predicted a slower market than what we've experienced for the past five years in the Greater Vancouver area," says REBGV president Brian Naphtali. "To date, REALTORS® are reporting the exact opposite as the housing market continues to exceed market forecasts."

During this period, new listings for detached, attached and apartment properties increased by 12.7 per cent to 4,924 units compared to the 4,370 units listed in July 2006. The total number of active listings increased by 7.6 per cent to 11,215 units when compared to July 2006's 10,424 units.

"We saw a lot of movement this July in the sales of detached and apartment properties in almost every area of our Board. Some of this movement could be the result of the recent increase in interest rates as consumers who are locked into mortgages at a good rate move up in the market," explains Naphtali. "With the average amount of days a property stays on the market holding steady at a brisk 38 days, consumers should contact their REALTOR® to find out how this will affect the sale or purchase of a home."

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 40.9 per cent to 1,674 sales in June 2007 compared to 1,188 sales in June 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $364,510, up 10.8 per cent from one year ago.

Sales of attached properties increased by 39.6 per cent in July 2007 to 716 sales, compared to 513 sales in July 2006. The benchmark price of an attached unit is $448,383, up 10.8 per cent from a year ago.

Sales of detached properties increased by 43.8 per cent in July 2007 to 1,483 sales, compared to 1,031 sales in July 2006. The benchmark price of a detached unit is $714,810, up 10.9 per cent from last year.

Vancouver Real Estate Market News June 2007
June residential sales second highest on record

Vancouver, B.C. July 3, 2007 - The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 4,244 units in June 2007, an increase of 7.4 per cent compared to 3,951 sales in June 2006.

This figure represents the second highest number of sales during the month of June in the Board's history. The highest number of sales for that month was recorded in June 2005, when 4,333 sales were reported.

The total number of new listings reached 5,533 units, an increase of 1.3 per cent when compared to the 5,460 new units listed in June 2006. Total active inventory increased by 17.7 per cent to 11,811 units when compared to the 10,033 units active in June 2006.

"Housing sales in Greater Vancouver continue to be higher than historical norms. Combine strong demand with a healthy number of listings active throughout our Board's area, and you have a good market for both buyers and sellers," says REBGV president Brian Naphtali.

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 16.0 per cent to 1,846 sales in June 2007 compared to 1,591 sales in June 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $360,469, up 10.9 per cent from one year ago.

Sales of attached properties increased by 3.2 per cent in June 2007 to 775 sales, compared to 751 sales in June 2006. The benchmark price of an attached unit is $443,060, up 10.1 per cent from a year ago.

Sales of detached properties increased by 1.0 per cent in June 2007 to 1,623 sales, compared to 1609 sales in June 2006. The benchmark price of a detached unit is $715,715, up 10.3 per cent from last year.

Vancouver Real Estate Market News May 2007
May benchmark average price for single family home breaks record

Vancouver, B.C. June 4, 2007 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 4,331 units in May 2007, a slight increase when compared to the 4,297 units sold in May 2006. This figure also represents a decrease of 2.3 per cent when compared to the 4,434 sales in May 2005.

New listings for detached, attached and apartment properties increased by 6.2 per cent to 6,149 units compared to the 5,789 units listed in May 2006. The total number of active listings increased by 23.4 per cent to 11,749 units when compared to May 2006's 9,524 units.

"The biggest story this month is the pricing and sales of single family detached homes. For the first time in our Board's history, the benchmark average price for a detached home passed the $700,000 mark. Greater Vancouver real estate is still a hot commodity and consumers are supporting that demand by investing in homes. This is supported by sales numbers as unit sales for detached homes also jumped significantly in a number of key reporting areas in May. These facts show us that despite continued price increases, appropriately priced properties are still finding the right buyers," explains Naphtali. "Anyone who is looking for guidance to help them make the best buying or selling decision should make an appointment with their local REALTOR®."

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 1.6 per cent to 1,789 sales in May 2007 compared to 1,760 sales in May 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $358,428, up 11.5 per cent from one year ago.

Sales of attached properties decreased by 4.5 per cent in May 2007 to 737 sales, compared to 772 sales in May 2006. The benchmark price of an attached unit is $439,317, up 10.8 per cent from a year ago.

Sales of detached properties increased by 2.3 per cent in May 2007 to 1,805 sales, compared to 1,765 sales in May 2006. The benchmark price of a detached unit is $711,245, up 11.8 per cent from last year.

Vancouver Real Estate Market News April 2007

April housing sales pick up, listing activity swells

Vancouver, B.C. May 2, 2007 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 3,387 units in April 2007, an increase of 1.3 per cent when compared to the 3,345 units sold in April 2006 and a decrease of 16.2 per cent when compared to the 4,043 sales in April 2005.

New listings for detached, attached and apartment properties increased by 25.3 per cent to 5,580 units compared to the 4,452 units listed in April 2006. The total number of active listings increased by 25.8 per cent to 11,347 units when compared to April 2006's 9,022 units.

"So far, the constants our market has experienced over the past five years are holding strong in 2007. We're still in one of the best markets real estate has ever had in Greater Vancouver. Sales are higher than historical norms and homes are selling very quickly, usually with multiple-offers," says REBGV president Brian Naphtali. "Last month, the average days a property spent on market dropped again, down to 39 days, compared to 43 days in March, 49 days in February, and 56 days in January.

"There were a couple of surprises in April's market, particularly in attached housing sales throughout Greater Vancouver. Consumers buying townhomes in Richmond and Burnaby are clearly finding great value for their dollar as sales activity in those two cities came within a few units of breaking records," explains Naphtali. "We also saw a significant increase in both new listings and active listings inventory. To get a better idea of what sort of properties are now available in your community, set up a meeting with your local REALTOR®."

According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 1.2 per cent to 1,350 sales in April 2007 compared to 1,366 sales in April 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $355,108, up 14.7 per cent from one year ago.

Sales of attached properties increased by 17.6 per cent in April 2007 to 634 sales, compared to 539 sales in April 2006. The benchmark price of an attached unit is $432,490, up 13.8 per cent from a year ago.

Sales of detached properties decreased by 2.6 per cent in April 2007 to 1,403 sales, compared to 1,440 sales in April 2006. The benchmark price of a detached unit is $695,069, up 11.9 per cent from last year.

Vancouver Real Estate Market News March 2007

Vancouver, B.C. April 3, 2007 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 3,582 units in March 2007, a decrease of 11.2 per cent when compared to the 4,033 units sold in March 2006 and a decrease of 9.0 per cent when compared to the 3,938 sales in March 2005.

New listings for detached, attached and apartment properties decreased by 5.4 per cent to 5,456 units compared to the 5,767 units listed in March 2006. The total number of active listings increased by 19.5 per cent to 10,356 units when compared to March 2006's 8,664 units.

"Last month we saw a relatively fast turnaround on the majority of properties listed on the MLS® system. The average days on market dropped to 43 days in March 2007, compared to 49 days in February 2007," says REBGV president Brian Naphtali. "Consumer demand for property in the Greater Vancouver area is still very, very high and the market is heating up as a result.

"With year-over-year double-digit price increases pushing the average price for a single-family home to near record levels, sellers are continuing to get excellent value for their homes throughout Greater Vancouver. Despite these price increases, buyers are still not shying away from this market either," says Naphtali. "New listings are still very tight, but the increase in total listing inventory is opening new opportunity for people to make that long awaited move to their new home."

Sales of apartment properties decreased by 13.9 per cent to 1,532 sales in March 2007 compared to 1,779 sales in March 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $349,373, up 14.5 per cent from one year ago.

Sales of attached properties decreased by 10.8 per cent in March 2007 to 651 sales, compared to 730 sales in March 2006. The benchmark price of an attached unit is $428,299, up 13.9 per cent from a year ago.

Sales of detached properties decreased by 8.2 per cent in March 2007 to 1,399 sales, compared to 1,524 sales in March 2006. The benchmark price of a detached unit is $682,173, up 11.8 per cent from last year.

Vancouver Real Estate Market News February 2007

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,859 units in February 2007, a decrease of 2.8 per cent when compared to the 2,941 units sold in February 2006 and a decrease of 6.8 per cent when compared to the 3,068 sales in February 2005.

New listings for detached, attached and apartment properties decreased by 4.0 per cent to 4,167 units compared to the 4,340 units listed in February 2006. The total number of active listings increased by 24 per cent to 9,670 units when compared to February 2006's 7,766 units.

"Despite an increase in active listings, we didn't see a corresponding surge in new listings last month," says REBGV president Rick Valouche. "Many agents are reporting multiple-offer situations, though not at the same fast pace as we experienced in 2005. Unsurprisingly, the average days a property spent on market jumped to 49 days in February 2007 versus 58 days in January 2007. All signs are pointing towards a busy spring housing market.

"We also saw a lot of activity in the condo market, particularly in Squamish, North Vancouver, South Delta and Vancouver West. This was due in part to resales from completed developments, but also due to more and more consumers realizing that apartment properties are great lifestyle alternatives to detached homes and also great real estate investments," says Valouche.

Sales of apartment properties increased by 4.7 per cent to 1,269 sales in February 2007 compared to 1,212 sales in February 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $342,705, up 15.3 per cent from one year ago.

Sales of attached properties decreased by 15.0 per cent in February 2007 to 469 sales, compared to 552 sales in February 2006. The benchmark price of an attached unit is $419,061, up 15.1 per cent from a year ago.

Sales of detached properties decreased by 4.8 per cent in February 2007 to 1,121 sales, compared to 1,177 sales in February 2006. The benchmark price of a detached unit is $666,983, up 11.4 per cent from last year.

Vancouver Real Estate Market News January 2007

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 1,806 units in January 2007, a decrease of 6.1 per cent when compared to the 1,924 units sold in January 2006 and an increase of 6.2 per cent when compared to the 1,700 sales in January 2005.

New listings for detached, attached and apartment properties increased by 17.2 per cent to 4,067 units compared to the 3,471 units listed in January 2006. The total number of active listings increased by 30.1 per cent to 9,312 units when compared to January 2006's 7,160 units.

Sales of apartment properties decreased by 9.2 per cent to 770 sales in January 2007 compared to 848 sales in January 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $332,460, up 15.3 per cent from one year ago.

Sales of attached properties increased by 1.2 per cent in January 2007 to 341 sales, compared to 337 sales in January 2006. The benchmark price of an attached unit is $411,564, up 15.5 per cent from a year ago.

Sales of detached properties decreased by six per cent in January 2007 to 695 sales, compared to 739 sales in January 2006. The benchmark price of a detached unit is $641,596, up 9.9 per cent from last year.

Vancouver Real Estate Market News December 2006

The Real Estate Board of Greater Vancouver (REBGV) reports that there were 35,506 sales of detached, attached and apartment properties in 2006, a decrease of 12.4 per cent in comparison to the record-breaking 40,530 units sold in 2005, and a 2.1 per cent decrease compared to 2004's 36,258 sales.

According to Multiple Listings Service® (MLS®) data for the period between January 1 and December 31, 2006, sales of apartment properties decreased 11.6 per cent to 15,088 sales, compared to 17,061 sales in 2005. Sales of attached properties decreased 7.3 per cent to 6,310 units sold, compared to 6,804 units in 2005. Sales of detached properties totaled 14,108 in 2006, a decrease of 15.3 per cent compared to 16,665 sales in 2005.

Overall housing sales for December 2006 decreased 27.7 per cent to 1,686 units in comparison to 2,332 in December 2005.

Sales of apartment properties decreased 28.3 per cent to 741 sales in December 2006 compared to 1,033 sales in December 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $329,906, up 17 per cent from one year ago.

Sales of attached properties decreased 28.8 per cent in December 2006 to 312 units sold, compared to 438 units in December 2004. The benchmark price of an attached unit is $410,234, up 16.6 per cent from December 2005.

Sales of detached properties decreased 26.5 per cent from one year ago, at 633 in December 2006 compared to 861 sales in December 2005. The benchmark price of a detached home increased to $643,790, up 13.5 per cent from 2005.

Vancouver Real Estate Market News November 2006

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,358 units in November 2006, a decrease of 19.7 per cent when compared to the 2,938 units sold in November 2005 and a decrease of 5.1 per cent when compared to the 2,486 sales in November 2004.

New listings for detached, attached and apartment properties decreased by 3.1 per cent to 3,168 units compared to the 3,271 units listed in November 2005. The total number of active listings increased by 30.6 per cent to 11,308 units when compared to November 2005's 8,659 units.

According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 11.5 per cent to 1,050 sales in November 2006 compared to 1,187 sales in November 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $329,537, up 17 per cent from one year ago.

Sales of attached properties decreased by 22.2 per cent in November 2006 to 404 sales, compared to 519 sales in November 2005. The benchmark price of an attached unit is $410,085, up 17.9 per cent from a year ago.

Sales of detached properties decreased by 26.6 per cent in November 2006 to 904 sales, compared to 1,232 sales in November 2006. The benchmark price of a detached unit is $647,562, up 14.3 per cent from last year.

Vancouver Real Estate Market News October 2006

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,722 units in October 2006, a decrease of 12.2 per cent when compared to the 3,099 units sold in October 2005 and a less than one per cent decrease when compared to the 2,734 sales in October 2004.

Month-over-month, October 2006 saw an increase in sales of 8.1 per cent when compared to the 2,519 units sold in September 2006.New listings for detached, attached and apartment properties increased by 20.3 per cent to 4,862 units compared to the 4,041 units listed in October 2005.

According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 11.3 per cent to 1,165 sales in October 2006 compared to 1,314 sales in October 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $333,398, up 18.7 per cent from one year ago.

Sales of attached properties decreased by 13.4 per cent in October 2006 to 472 sales, compared to 545 sales in October 2005. The benchmark price of an attached unit is $410,434, up 17.9 per cent from a year ago.

Sales of detached properties decreased by 12.5 per cent in October 2006 to 1,085 sales, compared to 1,240 sales in October 2006. The benchmark price of a detached unit is $650,707, up 15.4 per cent from last year.

Vancouver Real Estate Market News September 2006

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,519 units in September 2006, a decrease of 24.7 per cent compared to the 3,344 units sold in September 2005, and a 11.5 per cent decrease compared to the 2,845 sold during the same period in 2004.

New listings for detached, attached and apartment properties increased by 11.4 per cent to 5,115 units when compared to the 4,590 units listed in September 2005.

According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 18.4 per cent to 1,093 sales in September 2006 compared to 1,339 sales in September 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $334,482, up 21.6 per cent from one year ago.

Sales of attached properties decreased by 33.8 per cent in September 2006 to 392 sales, compared to 592 sales in September 2005. The benchmark price of an attached unit is $411,898, up 19.6 per cent from a year ago.

Sales of detached properties decreased by 26.8 per cent September 2006 to 1,034 sales, compared to 1,413 sales in September 2006. The benchmark price of a detached unit is $659,269, up 18.2 per cent from last year.

Vancouver Real Estate Market News August 2006

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,998 units in August 2006, a decrease of 17.8 per cent when compared to the 3,649 units sold in August 2005 and an increase of 20.5 per cent when compared to the 2,487 units sold in August 2004.

Vancouver Real Estate Market News July 2006
The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,732 units in July 2006, a decrease of 25.2 per cent when compared to the 3,652 units sold in July 2005.

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties decreased by 8.8 per cent when compared to the 4,333 units sold in June 2005. However, June 2006's 3,951 sales also indicate an increase of 12.7 per cent over June 2004 when 3,505 sales were recorded.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 4,297 units in May 2006, a modest decrease of 3.1 per cent compared to the 4,434 units sold in May 2005. This figure also represents an increase of 9.7 per cent over May 2004 when 3,918 sales were recorded.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 3,345 units in April 2006, a decrease of 17.3 per cent compared to April 2005's 4043. This figure also represents a decrease of 18.5 per cent over April 2004 when 4,103 sales were recorded.

Continued demand in the Greater Vancouver housing market led to an increase in sales and listing activity last month. Sales of detached, attached and apartment properties reached 4,033 units in March 2006, an increase of 2.4 per cent compared to March 2005's 3,938 units, and a decrease of 7.7 percent compared to March 2004's record-breaking 4,371 sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that 2,941 detached, attached and apartment properties sold in February 2006, a decrease of 4.1 per cent compared to 3068 sales in February 2005.

The Real Estate Board of Greater Vancouver (REBGV) reports that overall sales of detached, attached and apartment properties increased by 13.2 per cent to 1,924 units sold in January 2006, compared to 1,700 sales in January 2005.