Greater Vancouver Home Sales in August

By FRANK LUBA, The Province September 6, 2012

Home sales in Greater Vancouver in August sagged but there was “stability in prices,” said Real Estate Board of Greater Vancouver president Eugen Klein Wednesday.

Total residential property sales in Greater Vancouver in August were the second lowest since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.

Sales of detached, attached and apartment properties in August totalled 1,649, which was 30.7 per cent less than August of 2011 and a 21.4 per cent decline from 2,098 sales in July of 2012.

In terms of cost, the benchmark price of detached homes sold in August compared to August last year went up 0.2 per cent to $942,100.

Not faring as well were apartment and attached properties.

Apartment homes’ benchmark price in August was $370,100, or a drop of 0.9 per cent from August last year.

Attached properties slipped to $462,300, a drop of 1.9 per cent in August compared to the same time last year.

“It’s a buyer’s market based on availability,” said Klein. “Until we see a real change in price, there’s this tug of war between buyers and sellers.”

Sellers, said Klein, don’t want to lower their prices but buyers believe prices are going to move.

There’s also the matter of different conditions in different areas.

For example, detached homes on the west side of Vancouver are taking an average of 55 days to sell while homes on the east side are selling in 29 days.

In terms of price, condominiums in Port Coquitlam have dropped 7.9 per cent in the last year while condos in nearby Port Moody have gone up seven per cent in the same period.

Read more:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.