Tag-Archive for ◊ benchmark price ◊
VANCOUVER — Consider first-time buyers the stone thrown into the Lower Mainland’s real-estate-market pool. more…
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. more…
METRO VANCOUVER — Greater Vancouver realtors had their second busiest June on record this year as buyers jumped at lower property prices and near record low mortgage rates, the Real Estate Board of Greater Vancouver reported Friday. more…
VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005. more…
VANCOUVER, B.C. – April 2, 2009 – The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season. Download PDF
Are housing prices trending up or down? The state of home prices in Greater Vancouver is a much discussed topic at the moment. Last month several organizations issued reports examining the current and future direction of home prices in our market. more…
Residential housing price decline creates buying opportunities
VANCOUVER, B.C. – November 3, 2008 – Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008. more…
VANCOUVER – The widespread impact of the credit crisis on mortgage finance, the economy, and consumer confidence has generated an external shock, sending B.C.’s housing market into recession, according to Central 1 Credit Union’s latest Economic Analysis of British Columbia newsletter. more…
Home prices in most Lower Mainland markets slip below 2007 levels:
Home prices in most Lower Mainland markets slip below 2007 levels
Derrick Penner, Vancouver Sun
Published: Thursday, October 02, 2008
METRO VANCOUVER – Detached home prices in September slipped below 2007 levels in most markets across the Lower Mainland in the environment of declining sales and rising inventories, local real estate boards reported Thursday.
The Real Estate Board of Greater Vancouver reported that its so-called benchmark price for a typical detached house has declined 5.8 per cent since May and, at $726,331, resting 1.6 per cent below September 2007.
The year-over-year price changes vary by market from up 3.6 per cent in Richmond where the benchmark was $$754,481 to down 20.4 per cent in Port Moody where the benchmark was $619,891 in September.
Total sales of all property types recorded through the Multiple Listing Service were 1,585 across the REBGV area in September, down 43 per cent from September a year ago.
REBGV September new listings, meanwhile, were up 29 per cent to 6,142 from the same month a year ago.
“After five years of unprecedented increases, housing prices are beginning to realign,” Dave Watt, REBGV president, said in a news release.
“Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”
In the Fraser Valley, the September average MLS detached home price of $522,816 was 2.4 per cent below the average price in the same month a year ago.
Year-over-year price changes on detached homes ranged from up 4.3 per cent in North Delta to down 6.3 per cent in Abbotsford.
Total MLS sales of all property types across the Fraser Valley declined 26 per cent in September to 980 compared with the same month a year ago.
Meanwhile the Fraser Valley’s inventory of unsold homes rose to a new high of 12,379, up 56 per cent from the same month a year ago.
“Although our economic fundamentals remain solid, it’s fair to conclude that the U.S. financial situation is affecting consumer confidence here,” Kelvin Neufeld, president of the Fraser Valley Real Estate Board said in a press release.
“People are closely following what’s happening south of the border, they’re watching the financial markets and in some cases [are] delaying big-ticket purchases that they feel aren’t essential right now.”