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Active Home Sellers Bring Greater Selection to the Greater Vancouver Housing Market

VANCOUVER, B.C. – August 3, 2011 – While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached a 14 % increase in July this year compared to July 2010 and a 21.2 % decline compared to June 2011.

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

New listings for detached, attached and apartment properties in Greater Vancouver totaled 5,097 in July. This represents a 23.2 % increase compared to July 2010 and a 12 % decline compared to June 2011.

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 % to $630,251 in July 2011 from $577,074 in July 2010.

BURNABY- Median Selling Price

JULY Detached % Condo %
2011 $875,500 11.9
$357,000 3.5
2010 782,000 - 345,500 -

VANCOUVER EAST

JULY Detached % Condo %
2011 848,500 15.3 347,200 10.2
2010 735,500 - 315,000 -

VANCOUVER WEST

JULY Detached % Condo %
2011 2,037,000 26.3 490,000 11.1
2010 1,612,250 - 441,500 -

Source: Real Estate Board of Greater Vancouver