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Blog › August 2009

MARKET REPORT FOR JULY


VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded

the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although well priced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34

per cent compared to July 2008.

“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.

July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.

Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008.The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.

Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased

6.8 per cent.

 

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

 

DETACHED:

Burnaby ..up 121.7 per cent (153 units sold from 69)

North Vancouver ....up 53.3 per cent (115 units sold from 75)

Maple Ridge/Pitt Meadows .....up 60 per cent (160 units sold from 100)

Richmond ..up 140.2 per cent (221 units sold from 92)

Vancouver East ..up 66.4 per cent (208 units sold from 125)

Port Coquitlam ....up 236.4 per cent (74 units sold from 22)

Vancouver West ..up 104.5 per cent (180 units sold from 88)

South Delta ....up 203.1 per cent (97 units sold from 32)

West Vancouver ....up 108.1 per cent (77 units sold from 37)

Sunshine Coast ......up 60.5 per cent (69 units sold from 43)

 

ATTACHED:

Burnaby ..up 123.3 per cent (134 units sold from 60)

Maple Ridge/Pitt Meadows ......up 77.7 per cent (64 units sold from 36)

North Vancouver .........up 70 per cent (51 units sold from 30)

Vancouver West .....up 110 per cent (105 units sold from 50)

Richmond ..up 152.1 per cent (179 units sold from 71)

Vancouver East ....up 195.8 per cent (71 units sold from 24)

Port Coquitlam ....up 117.6 per cent (37 units sold from 17)

Maple Ridge/Pitt Meadows ......up 77.7 per cent (64 units sold from 36)

Coquitlam ......up 88.2 per cent (64 units sold from 34)

 

APARTMENTS:

Burnaby ..up 72.8 per cent (235 units sold from 136)

North Vancouver ....up 47.9 per cent (105 units sold from 71)

Richmond ..up 85.5 per cent (230 units sold from 124)

Vancouver East ..up 64.2 per cent (179 units sold from 109)

Vancouver West .....up 94 per cent (584 units sold from 301)

New Westminster ....up 70.6 per cent (116 units sold from 68)

Coquitlam ......up 62.3 per cent (86 units sold from 53)

Port Moody/Belcarra ....up 138.1 per cent (50 units sold from 21)

 

2009-07_NorthVancouver_HPI_5-Year-Trend_Graph copy

2009-07_WestVancouver_HPI_5-Year-Trend_Graph copy

 



Recently Sold Listing # 109 1385 DRAYCOTT RD, North Vancouver, BC


V779840 - # 109 1385 DRAYCOTT RD, North Vancouver, BC, CANADAI have just recently sold this Apartment at # 109 1385 DRAYCOTT RD, North Vancouver.

REBGV PRESIDENT'S MESSAGE RE HST


July 27, 2009

 
President's message to media on HST
REBGV President Scott Russell has been asked by the media for the Real Estate Board of Greater Vancouver’s position on the newly proposed HST, which will result in a harmonized sales tax of 12 per cent as of July 1, 2010. We are searching for more detail at this writing, and will keep you updated as we learn more.

Mr. Russell has shared with the media that we don’t yet know all the implications, but we do know that the proposed HST will affect the buying public. Consumers will have to pay a higher tax on new houses, a higher tax on renovations, and a higher tax on REALTORS’® fees and other real estate related fees like notary services, home inspections and appraisals.

“I have shared with the media our belief that the HST will result in a significant increase in cost to the real estate buying public. And we are opposed to that,” Mr. Russell says.

Right now, there’s confusion and uncertainty. We, and many other industries, would have appreciated an opportunity to talk with the government before they rolled out the decision. Right now, we’re conducting research to try to help members understand the impact of the HST.

In the meantime, the BC Real Estate Association has also been working with the media on this issue. Look for an article on the topic from BCREA in the editorial pages of tomorrow’s Vancouver Sun.