The Real Estate Board of Greater Vancouver (REBGV) reported today that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7% from the 3,384 sales in August 2007, and a 47.7% reduction from the 2,998 sales recorded in August 2006.
REBGV uses so many different standards to measure average prices that, month-to-month and even year-to-year, comparisons are difficult. However for the past three to five months, prices in virtually ever category are down about 4-12%. For instance, a single-family, detached house selling for $921,000 some five months ago is now selling for $808,000, a drop of 12%. And, on a year-to-year basis, real prices are down about 1% overall, but some categories have fallen near 10%, particularly in suburban areas.
Once September's numbers are in, we are projecting the first year-over-year decline in nominal residential property prices in Vancouver since 2001.
With respect to sales levels, a year-over-year decline of 50% is even greater than what we projected. Sales are now so low that it would take almost a year to sell just the properties listed for sale in August.
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