Detached home sales in Squamish declined 38.5% from February of last year, as the average benchmark price fell 8.9% to $530,479. Inventory levels over this period fell 35.7%.
Squamish townhouse and condominium sales fell short of February 2008 sales by 79.2%. Inventory levels this February were down 12.9%, due, in large part, to the slowing of new building construction.
Statistical source: Real Estate Board of Greater Vancouver
Detached Homes - At an average benchmark price of $739,856, February detached home prices declined 5.6% from January, and 16.1% from twelve months ago. The number of detached homes sold in February was up 283.3% from the low point reached in January, but down 43.2% from one year ago. The supply of detached homes on the market fell 6.6% from last February.
Townhouse benchmark prices averaged $535,646, down 13.6% from one year ago. February sales were down 65.7% over this period.
Condominium prices in North Vancouver declined 15.6% from February 2008, while sales fell 59.1%. The February inventory of condos available for sale was down 29.7% from February of last year.
Statistical Source: Real Estate Board of Greater Vancouver
VANCOUVER, B.C. - February 3, 2009 - The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.
New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008.
Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.
"Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today," Dave Watt, REBGV president said.
"Today's short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices," Watt said.
Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008.
Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008.
Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.
VANCOUVER, B.C. - January 29, 2009 -Yesterday's federal budget offered a number of initiatives to benefit homebuyers and homeowners in our communities.
"The housing measures tabled in yesterday's budget will go a long way to addressing local economic uncertainties, consumer confidence and the quality of life in our neighbourhoods," said REBGV president Dave Watt. "Home sales are so important to our economy. Each time a home changes hands, the transaction generates significant spin-offs and jobs because homebuyers also purchase furniture, appliances, carpeting, and numerous other goods and services related to their homes."
The federal budget announced a new First-Time Home Buyers' Tax Credit of up to $750 to help homebuyers with closing costs such as land transfer taxes and legal fees, a new Home Renovation Tax Credit of up to $1,350 for homeowners who renovate, a new funding program for ecoENERGY retrofits that provides home and property owners up to $5,000 for energy improvements and a new social housing program.
The federal budget also announced an increase to the Home Buyers' Plan withdrawal limit to $25,000 from $20,000. The Plan was first introduced in 1992 to help first-time homebuyers by allowing them to withdraw from their RRSPs to buy a home. The withdrawal limit had not been increased since then. Eligible couples can now withdraw up to $50,000.
The REBGV has advocated these changes for many years, and, in 2008 received support from Delta-Richmond East MP John Cummins who introduced a private members' bill and personally raised the issue with colleagues from all parties, including the Minister of Finance.
"The federal budget demonstrates that the Government of Canada is listening to our concerns and paying attention to what we have to say," said Watt. "As a result of the budget announcements, homeownership today is more accessible and more affordable for all Canadians."
Metro Vancouver real estate sales continued their downward trend, ending 2008 at 35.2% fewer sales than last year. The number of overall listings avaialble for sale was down 8.9% this December over last. Challenges in the global economy in 2008 have brought relief from detached home benchmark prices that had rised fro $357,770 in 2001 to $648,421 in December 2008. Detached home prices have now reached levels consistent with those of mid-2006.
Detached home prices in Metro Vancouver have fallen 11.2% from December 2007, to an average benchmark price of $648,421, while listings available for sale were up 6%. The number of detached homes sold in 2008 was down 37.5% from 2007.
Townhouse prices in Metro Vancouver fell by 7.4% in the past twelve months, coming in at $423,338 in December 2008. The number of townhouses sold in 2008 fell by 35.3%. Inventory levels fell by 24.2% this December over last.
Condominium prices were down 11.7% from one year ago. With prices averaging $333,275, sales in 2008 were down 33.2% from last year. The December inventory of condominiums available for sale was down 14% from December 2007.
Statistical source: Real Estate Board of Greater Vancouver
Published Sunday, January 18, 2009 2:26 PM by Alphonse Quenneville
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