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Greater Vancouver at Lower End of Balanced Housing Market

VANCOUVER, B.C. – November 2, 2011 – With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

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®) system reached 2,317 in October, a 1 % decrease compared to October 2010 and a 3.2 % increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 % in October compared to October 2010. However, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010. The benchmark price for detached properties increased 11 % from October 2010, but decreased 1.3 % compared to the previous month. Sales of apartment properties reached just a 2.6 % decrease compared to October 2010, and a decrease of 40.4 % compared to October 2009. The benchmark price of an apartment property increased 3.2 % from October 2010, but decreased 0.7 % compared to the previous month.

BURNABY- Median Selling Price

OCT

Detached

%

Condo

%

2011

$910,000

20

$348,650

-5

2010

756,250

-

365,000

-

Vancouver East

OCT

Detached

%

Condo

%

2011

837,500

14

342,900

7

2010

735,000

-

320,000

-

Vancouver West

OCT

Detached

%

Condo

%

2011

2,220,000

31

475,000

2

2010

1,700,000

-

474,000

-

Source: Real Estate Board of Greater Vancouver