Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.

Here are the stats for August 2010 according to the Real Estate Board of Greater Vancouver (REBGV)

RESIDENTIAL PROPERTY SALES - DOWN 36% from last year*
2,202 homes were sold in August 2010

*Although this represents a huge decrease from last year, August 2009, it’s important to keep in perspective that last August was the second highest selling August ever recorded, with 3,441 sales

• This represents a 2.4% decline compared with July 2010
• From a wider perspective, last month’s residential sales represent a 40% increase over the 1,568 sales in August 2008, a 35% decline compared to August 2007’s 3,384 sales and a 27% decline compared to August 2006’s 2,998 sales.

NEW LISTINGS - DOWN 18% from last year
3,750 properties were newly listed in August 2010

Total active listings in Greater Vancouver currently sit at 15,421, a 6% decline from last month and a 29% increase from August 2009.

“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home,” Jake Moldowan, REBGV president said. “The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.”

HOUSING PRICE INDEX - UP 7% from last year
Since spring, housing prices have decreased about 3 % compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 7% to $576,597 in August 2010 from $539,600 in August 2009.

• The benchmark price for detached properties increased 8.5 % from August 2009 to $795,076.
• The benchmark price of an apartment property increased 4.5 % from August 2009 to $385,968.
• The benchmark price of an attached unit increased 6.6 % from August 2009 to $489,511.

“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said.

SALES OF DETACHED PROPERTIES - DOWN 35% from last year
893 detached homes sold in August 2010. Although this is a significant decrease compared to last year, this represents a 67% increase compared to sales in August 2008 where 535 units were sold.

SALES OF APARTMENT PROPERTIES - DOWN 36% from last year
1,464 apartment properties sold in August 2010. This is a 26% increase compared to sales in August 2008.

SALES OF ATTACHED PROPERTIES - DOWN 39% from last year
There were a total of 374 attached property sales in July 2010. This marks a 27% increase from August 2008 sales.
 

Download the complete REBGV August 2010 Stats Package >>