Home prices adapt to affordability demands
Home prices adapt to affordability demands
New listings for detached,
attached and apartment properties increased 28.8 per cent to 6,142 in
September 2008 compared to
September 2007, when 4,770 new units were listed.
“After five years of
unprecedented increases, housing prices are beginning to realign,” REBGV
president, Dave Watt said. “Although the economic situation in the
Sales of detached
properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units
sold during the same period in 2007. The benchmark price, as calculated by the
MLSLink Housing Price Index®, for detached properties declined 1.6 per cent
from September 2007 to $726,331. Since May 2008, the benchmark price for a
detached property in Greater Vancouver has declined 5.8 per cent.
Sales of apartment
properties declined 35.1 per cent last month to 764, compared to 1,177 sales in
September 2007. The
benchmark price of an apartment property declined 0.7 per cent from September 2007
to $369,062. Since May 2008, the benchmark price for an apartment property in
Greater Vancouver has declined 5.2 per cent.
Attached property sales in
September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in
June 2007. The benchmark price of an attached unit increased 7.6 per cent
between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for
an attached property in Greater Vancouver has declined 3 per cent.
The Real Estate industry is
a key economic driver in