Agent Will

Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com News Release FOR IMMEDIATE RELEASE Growing supply helps stabilize market conditions VANCOUVER, B.C. – June 3, 2008 – The Greater Vancouver housing market continued its re-balance between sales and listings last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 30.7 per cent in May 2008 to 3,002 from the 4,331 sales recorded in May 2007. New listings for detached, attached and apartment properties increased 20.2 per cent to 7,390 in May 2008 compared to May 2007, when 6,149 new units were listed. “With more property listings and a decline in the number of sales, prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint,” said REBGV president, Dave Watt. “The housing market is at a balanced state, sellers have more competi­ tion and buyers have more selection to choose from.” Sales of detached properties in May 2008 declined 33.4 per cent to 1,203 from the 1,805 sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 8.4 per cent from May 2007 to $771,250. Sales of apartment properties declined 30.5 per cent last month to 1,244, compared to 1,789 sales in May 2007. The benchmark price of an apartment property increased 8.7 per cent from May 2007 to $389,668. Attached property sales in May 2008 decreased 24.7 per cent to 555, compared with the 737 sales in May 2007. The benchmark price of an attached unit increased 9 per cent between May 2007 and 2008 to $478,931. Bright spots in Greater Vancouver in May 2008 compared to May 2007: Attached: Coquitlam………………………………………up 45.2 per cent (45 units sold from 31) Apartments: New Westminster ………………………….up 13.6 per cent (100 units sold from 88) -30The Real Estate industry is a key economic driver in British Columbia. In 2007, 38,050 homes changed hands in the Board’s area generating $1.065 billion in spin-offs. Total dollar volume of residential sales set a new record at $22.25 billion and total dollar vol­ ume of all sales set a record at $22.77 billion. The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org. *In August 2004, the Greater Vancouver and Fraser Valley boards upgraded our existing MLS systems to a common system called MLSLink. MLSLink® HPI is the latest version of the Board’s Housing Price Index (HPI) and is designed to accommodate the MLS upgrade and improve the legacy HPI product. For more information on real estate, statistics, and buying or selling a home, visit www.realtylink.org. also available at ? www.realtylink.org Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Preliminary Report MLSLINK HOUSING PRICE INDEX May 2008 AREA BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE (+/-) PRICE % % % $568,411 0.5% $567,172 240.08 8.6 48.5 98.8 $771,250 0.9% $769,062 227.7 8.4 47.3 93.9 $773,499 2.2% $768,257 227.7 10.7 49.1 93.9 $669,170 4.2% $666,172 235.4 5.0 45.3 93.0 $671,311 2.9% $675,754 219.4 9.0 39.0 82.0 $459,724 2.1% $460,222 209.7 5.3 35.2 70.4 $606,425 3.3% $605,564 249.9 9.4 48.0 109.0 $925,366 2.3% $922,486 231.1 9.0 43.2 85.3 $494,903 7.1% $488,830 203.1 5.9 33.4 69.7 $541,684 4.3% $540,133 228.9 4.3 40.5 82.9 $765,852 8.2% $766,608 230.2 27.5 64.2 105.5 $798,580 1.9% $775,787 235.8 14.4 57.5 100.6 $588,715 5.9% $586,710 223.6 20.1 37.5 65.8 $432,402 5.2% $432,235 246.0 5.5 37.2 108.3 $695,368 1.7% $692,081 235.5 7.6 48.3 101.0 $1,414,230 2.4% $1,436,421 234.7 6.4 57.5 106.0 $1,499,711 4.4% $1,525,214 220.9 6.7 46.5 93.5 $478,931 0.7% $476,791 232.3 9.0 47.1 92.6 $459,647 1.3% $459,915 230.3 8.7 43.9 94.1 $430,491 2.2% $432,220 232.2 9.6 43.2 89.2 $471,130 4.5% $459,142 252.3 16.8 58.8 100.7 $319,341 2.1% $318,960 221.5 3.8 42.4 90.4 $601,909 2.5% $608,987 235.6 7.2 39.0 90.8 $395,036 2.2% $393,774 217.2 6.3 37.5 69.5 $420,830 2.5% $416,363 251.1 9.9 52.1 115.8 $470,369 1.2% $466,541 226.8 10.8 49.1 81.5 $525,972 2.5% $526,983 245.9 11.4 55.5 104.0 $743,039 2.7% $728,215 265.1 10.1 56.1 113.3 $389,668 0.5% $389,449 253.5 8.7 50.8 107.8 $349,355 1.3% $347,328 261.1 10.8 49.4 112.1 $298,232 1.8% $299,822 254.3 7.2 53.4 111.8 $360,191 4.4% $361,778 234.6 11.2 51.5 91.0 $263,342 3.2% $262,586 279.6 1.1 58.8 109.7 $304,186 1.8% $302,226 247.1 7.9 61.5 107.3 $402,467 2.0% $398,635 256.1 8.7 48.2 110.0 $266,135 1.6% $262,114 311.7 13.1 56.3 141.3 $304,504 2.6% $307,042 259.8 3.4 45.0 108.9 $325,237 1.2% $323,379 264.3 11.2 50.9 118.3 $334,283 2.0% $333,688 273.7 11.5 63.9 133.1 $491,465 1.0% $493,897 250.0 7.8 46.5 100.2 $635,900 7.6% $645,453 228.2 -3.8 38.2 81.3 PROPERTY TYPE Residential Detached Attached Greater Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge New Westminster North Vancouver Pitt Meadows Port Coquitlam Port Moody Richmond Squamish Sunshine Coast Vancouver East Vancouver West West Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows Apartment North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows New Westminster North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West West Vancouver HOW TO READ THE TABLE: BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market. PRICE RANGE: Expresed as a + or – percentage of the benchmark price, there is a 90% probability the sale price of a benchmark house is within the interval. PRICE INDEX: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. In Year 2001, the indexes are averaged to 100 Key: * = Sales sample too small; Price information not reported. 5 15 2008 MLS® SALES Facts Sound er Vanco uver E ast New W estmin st North Vanco uver Port C oquitla m Port M oody/B elcarra Richm ond Squam ish Sunsh ine Co ast Vanco uver W est We st Van couve r/Howe 162 49 3 $402,000 n/a n/a 22 24 179 $705,500 $470,000 $320,000 30 41 60 $491,950 $370,000 $240,450 $339,000 450 165 407 $570,501 $399,000 $297,250 659 270 167 $460,000 n/a n/a $290,000 $219,900 133 40 364 $535,000 $375,200 $259,000 $910,000 $610,000 $369,900 531 179 469 $785,000 $554,000 $328,900 215 143 187 403 $530,000 $390,500 $246,750 258 125 203 0 $326,000 $479,450 $353,000 $222,000 48 $695,000 $424,000 $319,000 107 119 186 $670,000 $435,500 $337,500 109 133 169 $716,500 $422,500 $308,000 186 164 232 $663,000 $415,000 $279,900 693 513 758 $716,500 $459,000 $325,000 754 636 809 $640,000 $410,000 $275,000 6 $528,750 $449,900 n/a 26 19 32 $465,000 n/a $272,450 98 75 57 $490,500 $420,000 $280,000 107 70 91 $453,000 $364,000 $269,900 n/a 74 18 2 $410,000 n/a n/a 104 5 4 $385,625 n/a n/a 239 40 11 $392,000 $294,000 n/a 304 30 14 $373,500 $257,500 n/a 108 $699,000 $520,000 $321,000 185 51 141 $700,500 $534,900 $316,000 277 51 213 $630,000 $479,000 $306,400 703 185 613 $684,000 $525,000 $317,500 941 204 737 $620,000 $468,800 $283,000 142 66 422 $1,500,000 $723,500 $458,500 121 67 438 $1,501,000 $748,000 $444,500 246 98 567 $1,374,000 $639,000 $415,000 612 268 1,954 $1,502,000 $725,000 $448,000 801 341 2,330 $1,285,000 $649,900 $400,000 61 8 18 $1,450,000 n/a n/a 65 8 16 $1,700,000 n/a n/a 104 8 29 $1,503,500 n/a $724,000 286 31 76 $1,552,500 $949,000 $761,500 327 28 84 $1,350,000 $945,000 $700,000 39 102 44 84 $895,000 $616,000 $355,000 113 41 65 $909,000 $586,900 $353,000 143 41 119 $829,450 $565,000 42 78 $250,000 $382,350 $519,500 $768,000 $441,000 $341,000 36 47 23 25 112 56 33 173 $252,000 $346,750 $325,000 $399,900 $469,500 $473,000 n/a $540,000 n/a $743,000 $509,500 41 33 157 11 37 24 118 15 7 14 100 $583,100 n/a $300,500 30 13 95 $543,900 n/a $288,400 40 10 88 $561,300 n/a $269,600 120 75 53 19 149 32 51 Burnab y Coquit lam Maple Ridge/P itt Mea dows Detached 94 105 53 5 127 32 26 $500,000 $309,000 $227,500 122 57 41 $483,700 $323,500 $222,000 156 52 51 $477,000 $297,000 $225,122 536 216 175 $492,000 $321,500 $235,000 1 0 n/a n/a n/a 4 0 0 n/a n/a n/a 6 0 0 n/a n/a n/a 18 1 0 n/a n/a n/a 29 0 13 16 $625,000 n/a n/a 62 7 16 $636,250 n/a n/a 76 18 21 $632,000 n/a $321,000 249 48 77 $629,000 $440,300 $338,000 278 66 89 $579,000 $369,700 $296,000 45 77 $654,000 $460,000 $295,000 123 47 69 $641,500 $459,000 $280,000 149 31 89 $597,000 $392,500 $256,000 455 166 326 $644,000 $460,000 $285,500 558 160 328 $589,250 $384,500 $250,000 Delta South Islands – Gulf Whistl er/Pem berton 9 9 7 n/a n/a n/a 12 15 9 n/a n/a n/a 12 15 16 n/a n/a n/a 42 77 42 $888,500 $680,000 $289,500 54 73 58 $1,187,500 $625,000 $331,500 May 2008 1,203 555 1,244 Number of Sales Attached 73 Apartment 141 May 2008 Detached $752,500 Median Selling Price Attached $459,000 n/a Apartment $338,390 Detached 98 1,293 608 1,317 Number of Sales Attached 100 Apartment 157 April 2008 Detached $740,000 Median Selling Price Attached $415,800 n/a Apartment $334,400 Detached 172 1,805 737 1,789 Number of Sales Attached 142 Apartment 220 May 2007 Detached $673,000 Median Selling Price Attached $405,500 n/a Apartment $322,000 Detached 425 5,248 2,476 5,988 Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Number of Sales Attached 354 Apartment 716 Jan. ­ May. 2008 Detached $740,000 Attached $450,400 n/a Year-to-date Median Selling Price Apartment $335,000 Detached 580 6,423 2,832 6,710 Number of Sales Attached 477 Apartment 798 Jan. ­ May. 2007 Detached $665,000 Attached $403,000 n/a Year-to-date Median Selling Price Apartment $305,000 Note: Median Selling Prices are not reported for areas with less than 20 sales or for the Gulf Islands 5 15 2008 MLS® LISTINGS Facts Sound er Vanco uver E ast New W estmin st North Vanco uver Port C oquitla m Port M oody/B elcarra Richm ond Squam ish Sunsh ine Co ast Vanco uver W est We st Van couve r/Howe 441 102 7 29% 33% 46% 49 32 383 51% 55% 57% 44 59 81 80% 74% 74% 923 332 839 49% 50% 46% 1,030 373 300 40% 0% n/a 64% 72% 56% 238 85 648 56% 47% 56% 49% 50% 49% 772 248 658 69% 72% 71% 472 291 372 46% 49% 50% 391 202 313 66% 62% 65% 66 68% 69% 73% 277 238 436 39% 50% 43% 195 199 345 56% 67% 49% 47% 304 224 359 61% 73% 65% 1,472 868 1,606 47% 59% 47% 1,286 932 1,407 59% 68% 57% 22 45% 75% 27% 44 40 39 59% 48% 82% 218 135 88 45% 56% 65% 149 94 124 72% 74% 73% 43% 120 12 4 62% 150% 50% 134 16 6 78% 31% 67% 625 76 38 38% 53% 29% 581 43 29 52% 70% 48% 253 37% 48% 43% 410 76 243 45% 67% 58% 376 59 247 74% 86% 86% 1,703 351 1,115 41% 53% 55% 1,553 291 1,101 61% 70% 67% 435 171 1,010 33% 39% 42% 372 190 997 33% 35% 44% 292 162 799 84% 60% 71% 1,552 702 4,249 39% 38% 46% 1,185 582 3,501 68% 59% 67% 164 15 37 37% 53% 49% 193 18 38 34% 44% 42% 135 11 35 77% 73% 83% 756 69 163 38% 45% 47% 548 58 170 60% 48% 49% 59 255 125 74 365 49 177 21 34 24 65% 44% 231 331 41% 51% 47% 342 203 59 102 26% 41% 32% 65 57 83 51% 44% 60 89 42% 62% 46% 102 84 83 55% 27% 43% 98 57 105 202 40% 42% 42% 219 54 217 52% 76% 30% 187 65 142 76% 63% 84% 37 209 66% 38% 48% 63 31 222 48% 42% 43% 65 27 185 62% 37% 48% 243 150 867 29 34 31 31% 26% 23% 31 40 35 39% 38% 26% 28 30 23 43% 50% 70% 136 167 170 31% 46% 25% 105 123 136 51% 59% 43% Burnab y Coquit lam Maple Ridge/P itt Mea dows Detached 264 326 110 11 304 107 98 42% 30% 27% 265 89 67 46% 64% 61% 249 69 101 63% 75% 50% 1,220 377 393 44% 57% 45% 0 0 45% n/a n/a 16 0 0 25% n/a n/a 10 0 0 60% n/a n/a 53 1 0 34% 100% n/a 72 1 0 9 28 48% 144% 57% 113 19 26 55% 37% 62% 106 10 25 72% 180% 84% 489 68 124 51% 71% 62% 419 76 129 66% 87% 69% 83 224 32% 54% 34% 294 69 207 42% 68% 33% 250 58 141 60% 53% 63% 1,188 336 836 38% 49% 39% 950 234 521 59% 68% 63% Delta South Islands – Gulf Whistl er/Pem berton 3,188 1,237 2,965 n/a 2,890 1,146 2,974 n/a 2,559 1,026 2,564 n/a 12,372 4,884 12,753 May 2008 Number of Listings Attached 169 Apartment 320 May 2008 Detached 36% % Sales to Listings Attached 43% Apartment 44% Detached 236 Number of Listings Attached 172 Apartment 347 April 2008 Detached 42% % Sales to Listings Attached 58% Apartment 45% Detached 237 Number of Listings Attached 139 Apartment 315 May 2007 Detached 73% % Sales to Listings Attached 102% Apartment 70% Detached 1,045 Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Number of Listings Attached 723 Apartment 1,457 Jan. ­ May. 2008 Detached 41% Year-to-date* % Sales to Listings Attached 49% n/a Apartment 49% Detached 1,009 10,483 4,183 10,753 Number of Listings Attached 642 Apartment 1,371 Jan. ­ May. 2007 Detached 57% Year-to-date* % Sales to Listings Attached 74% n/a Apartment 58% * Year-to-date listings represent a cumulative total of listings rather than total active listings. Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com Real Estate Board of Greater Vancouver Listing & Sales Activity Summary Listings 1 May 2007 2 Apr 2008 3 May 2008 Col. 2 & 3 Percentage Variance 5 May 2007 6 Apr 2008 7 May 2008 Sales Col. 6 & 7 Percentage Variance 9 Mar 2007 May 2007 10 Mar 2008 May 2008 Col. 9 & 10 Percentage Variance BURNABY DETACHED ATTACHED APARTMENTS 237 139 315 236 172 347 264 169 320 % 11.9 -1.7 -7.8 172 142 220 98 100 157 94 73 141 % -4.1 -27.0 -10.2 420 358 575 289 242 468 % -31.2 -32.4 -18.6 COQUITLAM DETACHED ATTACHED APARTMENTS 250 58 141 294 69 207 326 83 224 10.9 20.3 8.2 149 31 89 123 47 69 105 45 77 -14.6 -4.3 11.6 381 110 224 323 115 214 -15.2 4.5 -4.5 DELTA DETACHED ATTACHED APARTMENTS 106 10 25 113 19 26 110 9 28 -2.7 -52.6 7.7 76 18 21 62 7 16 53 13 16 -14.5 85.7 0.0 197 47 62 175 33 50 -11.2 -29.8 -19.4 MAPLE RIDGE/PITT MEADOWS DETACHED ATTACHED APARTMENTS 249 69 101 265 89 67 304 107 98 14.7 20.2 46.3 156 52 51 122 57 41 127 32 26 4.1 -43.9 -36.6 464 195 115 362 144 116 -22.0 -26.2 0.9 NORTH VANCOUVER DETACHED ATTACHED APARTMENTS 187 65 142 219 54 217 255 105 202 16.4 94.4 -6.9 143 41 119 113 41 65 102 44 84 -9.7 7.3 29.2 384 118 322 323 114 251 -15.9 -3.4 -22.0 NEW WESTMINSTER DETACHED ATTACHED APARTMENTS 65 27 185 63 31 222 59 37 209 -6.3 19.4 -5.9 40 10 88 30 13 95 39 14 100 30.0 7.7 5.3 93 30 247 89 44 286 -4.3 46.7 15.8 PORT MOODY/BELCARRA DETACHED ATTACHED APARTMENTS 44 59 66 65 57 83 74 59 102 13.8 3.5 22.9 30 41 48 33 25 47 19 24 33 -42.4 -4.0 -29.8 77 94 124 63 73 130 -18.2 -22.3 4.8 PORT COQUITLAM DETACHED ATTACHED APARTMENTS 98 57 81 102 84 83 125 60 89 22.5 -28.6 7.2 78 42 60 56 23 36 53 37 41 -5.4 60.9 13.9 188 93 148 157 91 126 -16.5 -2.2 -14.9 RICHMOND DETACHED ATTACHED APARTMENTS 304 224 359 342 203 383 365 231 331 6.7 13.8 -13.6 186 164 232 173 112 179 149 118 157 -13.9 5.4 -12.3 539 459 577 483 339 493 -10.4 -26.1 -14.6 SUNSHINE COAST DETACHED ATTACHED APARTMENTS 134 16 6 120 12 4 177 21 7 47.5 75.0 75.0 104 5 4 74 18 2 51 7 3 -31.1 -61.1 50.0 231 19 9 168 29 9 -27.3 52.6 0.0 SQUAMISH DETACHED ATTACHED APARTMENTS 44 40 39 49 32 22 49 34 24 0.0 6.3 9.1 26 19 32 22 24 6 32 15 11 45.5 -37.5 83.3 72 45 66 68 55 36 -5.6 22.2 -45.5 VANCOUVER EAST DETACHED ATTACHED APARTMENTS 376 59 247 410 76 243 441 102 253 7.6 34.2 4.1 277 51 213 185 51 141 162 49 108 -12.4 -3.9 -23.4 688 141 515 487 139 413 -29.2 -1.4 -19.8 VANCOUVER WEST DETACHED ATTACHED APARTMENTS 292 162 799 372 190 997 435 171 1010 16.9 -10.0 1.3 246 98 567 121 67 438 142 66 422 17.4 -1.5 -3.7 578 246 1582 399 188 1264 -31.0 -23.6 -20.1 WHISTLER DETACHED ATTACHED APARTMENTS 28 30 23 31 40 35 29 34 31 -6.5 -15.0 -11.4 12 15 16 12 15 9 9 9 7 -25.0 -40.0 -22.2 37 47 44 26 43 24 -29.7 -8.5 -45.5 WEST VANCOUVER/HOWE SOUND DETACHED ATTACHED APARTMENTS 135 11 35 193 18 38 164 15 37 -15.0 -16.7 -2.6 104 8 29 65 8 16 61 8 18 -6.2 0.0 12.5 238 20 61 188 24 51 -21.0 20.0 -16.4 GRAND TOTALS DETACHED ATTACHED APARTMENTS 2549 1026 2564 2874 1146 2974 3177 1237 2965 10.5 7.9 -0.3 1799 737 1789 1289 608 1317 1198 554 1244 -7.1 -8.9 -5.5 4587 2022 4671 3600 1673 3931 -21.5 -17.3 -15.8 Real Estate Board of Greater Vancouver Average Price Graph January 1977 to May 2008 DETACHED CONDOMINIUM ATTACHED APARTMENTS IN THOUSANDS ($) 1000 $887,503 900 800 700 $507,192 600 500 400 $419,795 Compliments of Will Wertheim – TRG Realty – 604-787-6977 – www.AgentWill.com 300 200 100 0 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NOTE: From 1977 – 1984 condominium averages were not separated into attached & apartment.