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Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.agentwill.com News Release FOR IMMEDIATE RELEASE: Home prices adapt to affordability demands VANCOUVER, B.C. – September 2, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007. 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 United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.” 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. -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 volume of all sales set a record at $22.77 billion. The Real Estate Board of Greater Vancouver is an association representing more than 9,800 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 realtylink.org. For more information please contact: Craig Munn, Assistant Manager of Communications Real Estate Board of Greater Vancouver Phone: (604) 730-3146 E-mail: cmunn@rebgv.org Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.agentwill.com Preliminary Report MLSLINK HOUSING PRICE INDEX September 2008 AREA BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE (+/-) PRICE % % % $538,628 0.7% $546,859 227.5 -0.7 32.3 78.6 $726,331 1.3% $739,160 214.5 -1.6 30.2 72.7 $722,582 3.1% $723,089 212.7 -1.1 29.8 70.6 $679,305 6.0% $679,980 239.0 7.1 38.8 80.7 $626,841 4.2% $623,533 204.8 -1.5 16.8 60.5 $448,200 2.7% $450,022 204.5 -0.8 24.7 57.8 $533,419 6.2% $551,394 219.8 -3.0 19.5 81.5 $815,398 3.4% $855,849 203.7 -6.0 22.6 52.4 $467,186 8.2% $479,433 191.8 -1.3 28.8 50.5 $541,288 5.1% $539,141 228.8 2.6 35.7 68.8 $619,891 10.2% $703,672 186.3 -20.4 17.0 30.7 $754,481 2.6% $763,823 222.7 3.9 38.1 81.8 $528,666 9.4% $580,126 200.8 -0.4 32.1 18.4 $431,989 6.2% $418,301 245.8 -3.4 27.2 92.0 $650,590 2.8% $663,333 220.4 -2.9 29.0 78.3 $1,315,517 3.9% $1,359,255 218.3 -5.8 37.0 84.9 $1,407,069 7.2% $1,443,186 207.3 -3.9 28.8 81.1 $464,478 1.0% $467,288 225.3 2.5 34.9 78.1 $457,610 1.6% $460,319 229.2 3.3 33.4 85.3 $416,017 3.1% $417,432 224.4 1.5 29.3 75.1 $436,158 7.9% $448,091 233.6 -2.9 37.4 83.1 $312,800 2.7% $314,525 217.0 0.0 31.6 79.3 $559,426 3.3% $576,587 218.9 -2.9 25.3 67.3 $398,864 2.6% $393,646 219.3 4.5 32.1 71.4 $386,861 3.8% $390,143 230.9 -0.9 39.4 82.0 $459,909 1.9% $461,081 221.8 5.2 39.5 71.9 $531,504 4.1% $522,828 248.5 7.0 52.6 99.9 $698,077 3.5% $708,879 249.1 3.3 32.3 84.9 $369,062 0.7% $375,039 240.1 -0.7 34.1 84.8 $332,505 1.4% $339,156 248.5 0.3 32.7 90.4 $281,777 2.4% $286,980 240.3 -0.7 36.6 86.7 $352,018 4.5% $348,836 229.3 1.0 41.7 77.5 $250,610 3.5% $256,839 266.1 -2.0 40.6 111.5 $282,425 2.4% $291,769 229.4 -1.8 39.0 90.2 $377,867 2.9% $379,242 240.4 -1.2 29.6 84.6 $252,141 1.9% $254,259 295.3 -0.2 36.1 110.9 $289,954 3.5% $297,519 247.4 -3.3 22.3 91.7 $307,601 1.6% $313,337 250.0 0.2 39.1 95.8 $319,627 2.1% $323,862 261.7 1.2 43.4 103.9 $465,309 1.3% $472,067 236.7 -1.2 30.6 76.3 $605,640 10.5% $633,477 217.3 -5.9 26.3 70.7 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. 9 15 2008 MLS® SALES Facts Sound er 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 E ast Vanco uver W est We st Van couve r/Howe 70 16 11 $395,000 n/a n/a 10 7 92 $678,500 $488,500 n/a 19 34 32 $497,000 n/a $236,450 704 267 627 $556,000 $394,500 $292,000 1,251 488 291 $462,900 n/a n/a $296,500 $220,000 268 88 761 $539,400 $373,750 $263,349 $885,000 $589,000 $369,000 925 356 889 $800,000 $559,000 $339,000 321 226 295 $529,193 $385,000 $245,000 466 261 395 $483,000 $367,000 $233,000 32 n/a $458,000 $321,000 168 197 261 $692,000 $428,000 $331,000 215 288 330 $703,500 $424,900 $317,800 $312,000 147 115 168 $684,000 $420,000 $321,000 1,008 746 1,254 $718,800 $459,000 $319,000 1,447 1,231 1,604 $654,000 $419,400 $282,000 6 n/a n/a n/a 21 15 12 $485,000 n/a n/a 146 109 86 $493,500 $390,000 $283,150 211 143 165 $455,000 $365,000 $272,450 n/a 30 11 5 $402,450 n/a n/a 57 8 3 $361,360 n/a n/a 404 68 41 $395,600 $290,000 $225,000 584 63 29 $376,000 $259,000 $235,000 70 $685,000 n/a $312,000 81 12 85 $668,000 n/a $307,500 172 31 103 $651,500 $486,900 $299,450 1,118 264 981 $680,500 $525,800 $315,000 1,748 369 1,325 $630,000 $484,700 $289,000 46 39 223 $1,440,000 $545,000 $411,500 46 37 234 $1,495,000 $767,000 $425,000 112 70 384 $1,463,000 $675,000 $421,500 900 449 3,047 $1,491,000 $715,500 $440,500 1,418 655 4,418 $1,349,000 $669,000 $414,000 21 2 8 $1,282,500 n/a n/a 19 5 9 n/a n/a n/a 54 3 16 $1,681,500 n/a n/a 408 46 113 $1,500,000 $942,000 $735,000 611 47 161 $1,400,000 $1,130,000 $679,500 10 9 46 n/a n/a $264,000 16 8 62 n/a n/a $278,000 29 9 81 $542,500 n/a $253,000 189 118 656 $551,000 $357,500 $829,000 82 32 18 81 46 $375,000 $241,000 n/a $351,000 n/a $835,000 n/a n/a 41 26 16 15 23 18 37 56 15 12 49 $345,000 $244,000 n/a $332,500 $590,000 $367,450 n/a $441,800 n/a $825,000 $499,750 n/a $691,000 n/a 38 27 17 134 10 24 20 11 41 10 7 45 26 12 59 11 36 Burnab y Coquit lam Maple Ridge/P itt Mea dows Detached 51 18 42 $659,900 n/a $259,000 47 20 38 $633,500 $414,000 $269,000 88 25 70 $605,000 $359,250 $268,000 692 268 508 $644,000 $432,450 $281,000 1,049 317 679 $595,000 $385,000 $252,500 $375,000 $300,000 $586,500 159 0 $382,000 100 0 492 60 $322,250 n/a $438,000 n/a $316,000 $235,000 $625,000 $464,500 $489,900 126 0 259 65 1 332 362 31 887 n/a n/a $257,500 n/a n/a $298,500 $604,500 n/a $469,900 15 0 22 10 0 43 36 8 133 n/a n/a n/a n/a n/a $305,500 $624,500 n/a $450,000 6 0 17 4 0 26 25 1 74 n/a n/a $199,000 n/a n/a n/a $602,000 n/a $462,500 15 0 21 3 0 17 42 Delta South 29 Islands - Gulf 3 72 Whistl er/Pem berton 13 15 9 n/a n/a n/a 10 19 11 n/a n/a n/a 15 18 26 n/a n/a $364,500 75 134 75 $875,000 $631,500 $300,000 107 155 130 $1,140,000 $580,000 $325,000 September 2008 546 275 764 n/a 535 293 740 n/a 1,099 500 1,177 n/a 8,074 3,875 9,515 n/a 11,916 5,415 12,911 n/a Number of Sales Attached 43 Apartment 93 September 2008 Detached $689,000 Median Selling Price Attached $420,000 Apartment $322,500 Detached 44 Number of Sales Attached 51 Apartment 92 August 2008 Detached $665,000 Median Selling Price Attached $438,000 Apartment $332,000 Detached 81 Number of Sales Attached 69 Apartment 131 September 2007 Detached $738,000 Median Selling Price Attached $425,000 Apartment $331,250 Detached 661 Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.agentwill.com Number of Sales Attached 585 Apartment 1,186 Jan. Sep. 2008 Detached $726,000 Attached Year-to-date Median Selling Price $440,000 Apartment $330,000 Detached 1,064 Number of Sales Attached 854 Apartment 1,575 Jan. Sep. 2007 Detached $682,450 Attached Year-to-date Median Selling Price $409,150 Apartment $310,000 Note: Median Selling Prices are not reported for areas with less than 20 sales or for the Gulf Islands 9 15 2008 MLS® LISTINGS Facts Sound er 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 E ast Vanco uver W est We st Van couve r/Howe 331 96 16 43% 54% 67% 34 13 228 21% 28% 25% 39 46 56 58% 46% 57% 1,617 577 1,435 42% 52% 43% 1,877 654 547 51% 0% n/a 67% 75% 53% 423 155 1,211 63% 57% 63% 44% 46% 44% 1,307 460 1,201 71% 77% 74% 812 510 697 40% 44% 42% 728 376 542 64% 69% 73% 38 49% 74% 84% 483 423 737 35% 47% 35% 370 390 528 58% 74% 63% 40% 205 135 251 72% 85% 67% 2,590 1,525 2,826 39% 49% 44% 2,247 1,594 2,420 64% 77% 66% 27 29% 54% 22% 35 10 90 60% 150% 13% 386 226 190 38% 48% 45% 305 153 275 69% 93% 60% 69% 72 7 20 42% 157% 25% 97 4 6 59% 200% 50% 1,019 114 94 40% 60% 44% 1,037 95 63 56% 66% 46% 312 21% 17% 22% 260 49 228 31% 24% 37% 250 67 147 69% 46% 70% 2,991 658 2,148 37% 40% 46% 2,708 531 1,816 65% 69% 73% 314 182 895 15% 21% 25% 209 99 566 22% 37% 41% 247 103 653 45% 68% 59% 2,701 1,308 7,450 33% 34% 41% 2,114 1,016 6,194 67% 64% 71% 155 7 37 14% 29% 22% 72 13 22 26% 38% 41% 137 17 33 39% 18% 48% 1,277 119 299 32% 39% 38% 1,013 105 287 60% 45% 56% 66 16 184 15% 56% 25% 32 20 116 50% 40% 53% 44 18 145 66% 50% 56% 451 225 1,526 68% 52% 49% 157 47 39 166 80 48% 41% 54% 62% 67% 53% 24% 29% 86 64 63 28 37 27 133 106 62 41 238 22% 23% 30% 39% 29% 42% 22% 28% 59% 19% 30% 24% 25% 20% 169 118 56 341 15 84 48 51 144 17 13 231 88 50 239 55 83 Burnab y Coquit lam Maple Ridge/P itt Mea dows Detached 203 72 141 16% 25% 30% 199 43 111 24% 47% 34% 185 57 107 48% 44% 65% 2,151 609 1,405 32% 44% 36% 1,809 459 985 58% 69% 69% 79% 83% 72% 202 0 120 1 680 118 62% n/a 55% 100% 49% 44% 44% 29% 42% 204 0 594 118 1 678 816 108 2,119 60% n/a 23% 59% n/a 55% 49% 160% 67% 25 0 94 17 0 78 74 5 200 43% n/a 32% 40% n/a 33% 37% 8% 40% 14 0 53 10 0 80 67 13 184 75% n/a 36% 27% n/a 26% 33% 23% 30% 20 0 59 11 0 65 265 Delta South 87 Islands - Gulf 13 240 Whistl er/Pem berton 26 44 26 50% 34% 35% 33 36 25 30% 53% 44% 18 36 19 83% 50% 137% 265 347 309 28% 39% 24% 209 245 253 51% 63% 51% September 2008 2,446 986 2,710 n/a 1,783 712 1,836 n/a 1,944 778 2,048 n/a 21,701 8,766 22,665 n/a 18,708 7,458 18,888 n/a Number of Listings Attached 136 Apartment 321 September 2008 Detached 25% % Sales to Listings Attached 32% Apartment 29% Detached 161 Number of Listings Attached 117 Apartment 213 August 2008 Detached 27% % Sales to Listings Attached 44% Apartment 43% Detached 162 Number of Listings Attached 104 Apartment 227 September 2007 Detached 50% % Sales to Listings Attached 66% Apartment 58% Detached 1,915 Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.agentwill.com Number of Listings Attached 1,328 Apartment 2,751 Jan. Sep. 2008 Detached 35% Year-to-date* % Sales to Listings Attached 44% Apartment 43% Detached 1,763 Number of Listings Attached 1,104 Apartment 2,364 Jan. Sep. 2007 Detached 60% Year-to-date* % Sales to Listings Attached 77% Apartment 67% * 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 Sep 2007 2 Aug 2008 3 Sep 2008 Col. 2 & 3 Percentage Variance 5 Sep 2007 6 Aug 2008 7 Sep 2008 Sales Col. 6 & 7 Percentage Variance 9 Jul 2007 Sep 2007 10 Jul 2008 Sep 2008 Col. 9 & 10 Percentage Variance BURNABY DETACHED ATTACHED APARTMENTS 162 104 227 161 117 213 203 136 321 % 26.1 16.2 50.7 81 69 131 44 51 92 51 43 93 % 15.9 -15.7 1.1 335 271 554 164 154 321 % -51.0 -43.2 -42.1 COQUITLAM DETACHED ATTACHED APARTMENTS 185 57 107 199 43 111 265 72 141 33.2 67.4 27.0 88 25 70 47 20 38 42 18 42 -10.6 -10.0 10.5 348 114 242 165 72 133 -52.6 -36.8 -45.0 DELTA DETACHED ATTACHED APARTMENTS 74 17 25 67 10 14 87 11 20 29.9 10.0 42.9 36 10 15 25 4 6 29 3 15 16.0 -25.0 150.0 132 25 53 86 11 36 -34.8 -56.0 -32.1 MAPLE RIDGE/PITT MEADOWS DETACHED ATTACHED APARTMENTS 200 78 94 184 80 53 240 65 59 30.4 -18.8 11.3 133 43 22 74 26 17 72 17 21 -2.7 -34.6 23.5 415 140 84 246 79 56 -40.7 -43.6 -33.3 NORTH VANCOUVER DETACHED ATTACHED APARTMENTS 166 47 157 106 28 86 231 84 169 117.9 200.0 96.5 81 32 82 56 15 41 45 24 38 -19.6 60.0 -7.3 262 119 293 176 69 150 -32.8 -42.0 -48.8 NEW WESTMINSTER DETACHED ATTACHED APARTMENTS 44 18 145 32 20 116 66 16 184 106.3 -20.0 58.6 29 9 81 16 8 62 10 9 46 -37.5 12.5 -25.8 94 35 290 48 24 176 -48.9 -31.4 -39.3 PORT MOODY/BELCARRA DETACHED ATTACHED APARTMENTS 39 46 38 41 27 63 50 51 56 22.0 88.9 -11.1 19 34 32 12 18 16 12 11 17 0.0 -38.9 6.3 82 117 108 46 56 54 -43.9 -52.1 -50.0 PORT COQUITLAM DETACHED ATTACHED APARTMENTS 80 39 56 62 37 64 88 48 118 41.9 29.7 84.4 46 18 32 15 23 26 26 20 27 73.3 -13.0 3.8 155 97 139 63 60 77 -59.4 -38.1 -44.6 RICHMOND DETACHED ATTACHED APARTMENTS 205 135 251 238 133 228 239 144 341 0.4 8.3 49.6 147 115 168 49 37 92 59 41 134 20.4 10.8 45.7 495 417 566 200 149 350 -59.6 -64.3 -38.2 SUNSHINE COAST DETACHED ATTACHED APARTMENTS 97 4 6 72 7 20 83 13 16 15.3 85.7 -20.0 57 8 3 30 11 5 36 7 11 20.0 -36.4 120.0 207 22 12 109 21 23 -47.3 -4.5 91.7 SQUAMISH DETACHED ATTACHED APARTMENTS 35 10 90 34 13 27 55 17 15 61.8 30.8 -44.4 21 15 12 10 7 6 11 10 10 10.0 42.9 66.7 79 50 41 35 23 18 -55.7 -54.0 -56.1 VANCOUVER EAST DETACHED ATTACHED APARTMENTS 250 67 147 260 49 228 331 96 312 27.3 95.9 36.8 172 31 103 81 12 85 70 16 70 -13.6 33.3 -17.6 563 109 403 276 52 264 -51.0 -52.3 -34.5 VANCOUVER WEST DETACHED ATTACHED APARTMENTS 247 103 653 209 99 566 314 182 895 50.2 83.8 58.1 112 70 384 46 37 234 46 39 223 0.0 5.4 -4.7 440 222 1463 180 126 758 -59.1 -43.2 -48.2 WHISTLER DETACHED ATTACHED APARTMENTS 18 36 19 33 36 25 26 44 26 -21.2 22.2 4.0 15 18 26 10 19 11 13 15 9 30.0 -21.1 -18.2 40 56 56 28 40 26 -30.0 -28.6 -53.6 WEST VANCOUVER/HOWE SOUND DETACHED ATTACHED APARTMENTS 137 17 33 72 13 22 155 7 37 115.3 -46.2 68.2 54 3 16 19 5 9 21 2 8 10.5 -60.0 -11.1 200 14 51 77 13 28 -61.5 -7.1 -45.1 GRAND TOTALS DETACHED ATTACHED APARTMENTS 1939 778 2048 1770 712 1836 2433 986 2710 37.5 38.5 47.6 1091 500 1177 534 293 740 543 275 764 1.7 -6.1 3.2 3847 1808 4355 1899 949 2470 -50.6 -47.5 -43.3 Real Estate Board of Greater Vancouver Average Price Graph January 1977 to September 2008 DETACHED CONDOMINIUM ATTACHED APARTMENTS IN THOUSANDS ($) 1000 $790,037 900 800 700 $499,976 600 500 400 $369,354 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.