Langley BC Real Estate | Condominums And Town Homes

VANCOUVER, B.C. – May 2, 2008 – An influx of new listings entered the Greater Vancouver housing market in April 2008, while residential sales reduced slightly compared to the same period a year ago.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,218 in April 2008, a decline of five per cent from the 3,387 sales recorded in April 2007, and a 3.8 per cent drop from the 3,345 sales in April 2006.

New listings for detached, attached and apartment properties increased 25.6 per cent to 7,010 in April 2008 compared to April 2007, when 5,580 new units were listed.

“Residential sales continue to be strong, but there is a lot more choice on the market today. This is good news for a market that has been defined by record-breaking activity for most of this decade,” said REBGV president, Dave Watt.

“Despite this seeming re-balance between sales and listings, it took, on average, six fewer days to sell a home in Greater Vancouver compared to the previous year, with a days on market average of 33 in April this year,” said Watt.

Sales of detached properties declined 7.8 per cent to 1,293 from the 1,403 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 11 per cent from April 2007 to $771,321.

Sales of apartment properties in April 2008 declined 2.4 per cent to 1,317, compared to 1,350 sales in April 2007. The benchmark price of an apartment property increased 9.6 per cent from April 2007 to $389,070.

Attached property sales in April 2008 are down 4.1 per cent to 608, compared with the 634 sales in April 2007. The benchmark price of an attached unit increased 10.5 per cent between April 2007 and 2008 to $477,900.

Bright spots in Greater Vancouver in April 2008 compared to April 2007:

ATTACHED:
Squamish……………………………….. up 84.6 per cent (24 units sold from 13)
Vancouver East……………………… up 50 per cent (51 units sold from 34)
Sunshine Coast………………………. up 157.1 per cent (18 units sold from 7)

APARTMENTS:
Maple Ridge/Pitt Meadows……. up 32.3 per cent (41 units sold from 31)
New Westminster……………… up 33.8 per cent (95 units sold up from 71)
Port Moody/Belcarra…………. up 23.7 per cent (47 units sold up from 38)
Richmond…………………………… up 7.8 per cent (179 units sold from 166)

VANCOUVER, B.C. – April 2, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that while there were fewer housing sales in March 2008 compared to last year, residential prices continued to climb.

Residential property sales in Greater Vancouver totalled 2,997 in March 2008, a decline of 16.3 per cent from the 3,582 residential sales recorded in March 2007, and a decline of 25.7 per cent compared to the 4,033 sales in March 2006. New listings for detached, attached and apartment properties increased four per cent to 5,674 in March 2008 compared with March 2007, when 5,456 new units were listed.

“The market is continuing to balance, with sales and listings beginning to re-align with our 10-year averages,” says REBGV president, Dave Watt. “The selection of inventory hitting the market is wider than we have seen in the past few years, which gives prospective buyers more choices.”

Sales of detached properties declined 20.2 per cent to 1,116 from the 1,399 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 12.1 per cent from March 2007 to $764,616.

Sales of apartment properties in March 2008 declined 10.6 per cent to 1,370, compared to 1,532 sales in March 2007. The benchmark price of an apartment property increased 11.5 per cent from March 2007 to $389,609. Attached property sales in March 2008 are down 21.5 per cent to 511, compared with the 651 sales in March 2007. The benchmark price of an attached unit increased 10.6 per cent between March 2007 and 2008 to $473,543.

Bright spots in Greater Vancouver in March 2008 compared to March 2007:

Attached:
New Westminster………………..up 142.9 per cent (17 units sold up from 7)

Apartments:
Port Moody/Belcarra…………..up 31.6 per cent (50 units sold up from 38)
Maple Ridge/Pitt Meadows….up 48.5 per cent (49 units sold up from 33)

VANCOUVER, B.C. — March 4, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential attached, detached and apartment property sales totalled 2,676 in February 2008, a decline of 6.4 per cent from the 2,859 residential sales recorded in February 2007, and a decline of 9 per cent compared to the 2, 941 sales in February 2006.

New listings for detached, attached and apartment properties rose 26.2 per cent to 5,260 in February 2008 compared with February 2007, which had 4,167 units listed. New listings this February rose 21.2 per cent over new listings figures from February 2006.

“We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly,” says REBGV president Brian Naphtali. “This shift increases buyer options and allows people more time to make decisions when purchasing a home.”

Sales of detached properties declined 11.2 per cent to 995 from the 1,121 detached sales totalled over the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 14.1 per cent from February 2007 to $761,342.

Sales of apartment properties in February 2008 declined 5.7 per cent to 1,197, compared to 1,269 sales in February 2007. The benchmark price of an apartment property increased 12.7 per cent from February 2007 to $387,032.

Attached property sales in February 2008 increased 3.2 per cent to 484, compared with the 469 sales in February 2007. The benchmark price of an attached unit increased 12.9 per cent between February 2007 and 2008 to $472,147.

Bright spots in Greater Vancouver in January 2008 compared to January 2007:

Detached:
West Vancouver/Howe Sound….. up 16.7 per cent (56 units sold up from 48)
Whistler/Pemberton………………… up 100 per cent (10 units sold up from 5)
Port Moody/Belcarra……………….. up 22.7 per cent (27 units sold up from 22)

Attached:
New Westminster…………………….. up 216.7 per cent (19 units sold up from 6)
Port Coquitlam…………………………. up 68.4 per cent (32 units sold up from 19)

Apartments:
Burnaby…………………………………… up 9.5 per cent (150 units sold up from 137)
Whistler/Pemberton………………… up 62.5 per cent (13 units sold up from
Port Moody/Belcarra……………….. up 27.6 per cent (37 units sold up from 29)

VANCOUVER, B.C. — February 4, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential attached, detached and apartment property sales totalled 1,819 in January 2008, an increase of 0.7 per cent over the 1,806 total residential sales in January 2007 and a 5.5 per cent decline from the 1, 924 sales recorded in January 2006.

New listings for detached, attached and apartment properties climbed 14.9 per cent in January 2008, compared to the 4,067 units listed in January 2007. In contrast to January 2006, new listings from this January rose more  dramatically, up 34.7 per cent.

“With new listings outpacing sales increases to start the year, it appears the market is heading toward more balance,” says REBGV president Brian Naphtali. “The result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision.”

Sales of apartment properties in January 2008 rose 11.7 per cent to 860, compared to 695 sales in January 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, of an apartment property increased 13.8 per cent from January 2007 to $378,336.

“It was clearly on the strength of apartment sales that overall residential sales figures increased in January,” says Naphtali. “There’s clearly been a trend over the past decade toward growth in the high density condo market. Townhome sales have continued to be steady, and detached homes remain a popular choice. But more and more consumers are purchasing apartments.”

Attached property sales in January 2008 declined 6.7 per cent to 318, compared with the 341 sales from January 2007. The benchmark price of an attached unit increased 12.4 per cent from January 2007 to $462,627.

January 2008 sales for detached properties decreased 7.8 per cent to 641, from the 695 detached units sold over the same period in 2007. The January benchmark price for detached properties rose 15.7 per cent from January 2007 to $742,490.

Bright spots in Greater Vancouver in January 2008 compared to January 2007:

DETACHED:
South Delta………….. up 57.8 per cent (30 units sold up from 19)
Port Moody/Belcarra… up 70 per cent (17 units sold up from 10)

ATTACHED:
New Westminster…….. up 200 per cent (12 units sold up from 4)
Port Coquitlam……… up 53.8 per cent (20 units sold up from 13)

APARTMENTS:
Burnaby…………………..up 14 per cent (98 units sold, up from 86)
Coquitlam…………… up 72.7 per cent (57 units sold, up from 33)
North Vancouver…… up 21.2 per cent (63 units sold up from 52)
Richmond………….. up 30.1 per cent (121 units sold up from 93)
New Westminster …. up 17.4 per cent (54 units sold up from 46)

VANCOUVER, B.C. — January 3, 2008 – Residential housing sales for 2007 are the second highest ever recorded by the Real Estate Board of Greater Vancouver (REBGV). The REBGV reports that residential attached, detached and apartment property sales totalled 38,050 between January 1 and December 31, 2007. This marks a 7.2 per cent increase from 2006 and a 6.1 per cent decrease from 2005, the record-setting year with 40,530 sales.

“The continued strength of the real estate market is a reflection of the economic vitality seen throughout the province. With overall wages on the rise and unemployment in decline, buyers and sellers are left with a healthy and strong climate in which to operate,” says REBGV president Brian Naphtali.

Sales of apartment properties in 2007 increased 9.1 per cent to 16,456, compared with 15,088 sales in 2006, according to data from the Multiple Listings Service® (MLS®). Sales of attached units climbed 7.7 per cent to 6,799, compared with 6,310 sales in 2006. Detached property sales increased 4.9 per cent in 2007 to 14,795, compared with sales of 14,108 in 2006.

Overall, new listings for detached, attached and apartment properties increased 4 per cent in 2007 to 54,945 units, compared to the 52,818 listed in 2006.

The aggregate residential sales in December 2007 climbed to 1,897, a 12.5 per cent increase over the 1,686 December sales in 2006. These numbers are in contrast to each of the first five years of the decade where December sales exceeded 2,000.

Sales of apartment properties in December 2007 rose 21.6 per cent to 901, compared to 741 sales in December 2006. The benchmark price, as calculated by the MLSLink Housing Price Index®, of an apartment property increased 14.4 per cent from December 2006 to $377,579.

Attached property sales in December 2007 rose 1.6 per cent to 317, compared with 312 sales in December 2006. The benchmark price of an attached unit increased 11.4 per cent from December 2006 to $456,941.

December’s sales for detached properties increased 7.3 per cent to 679 in 2007, up from the 633 detached units sold in the same period of 2006. The December benchmark price for detached properties increased 13.5 per cent from December 2006 to $730,399.

Bright spots in Greater Vancouver in December 2007 compared to December 2006:

DETACHED:
Richmond……………………..up 57.4 per cent (107 units sold up from 68)
Sunshine Coast……………..up 51.9 per cent (41 units sold up from 27)
ATTACHED:
Burnaby………………………..up 61.1 per cent (58 units sold up from 36)
APARTMENTS:
Burnaby………………………..up 17.5 per cent (114 units sold up from 97)
North Vancouver…………..up 50 per cent (66 units sold up from 44)
Port Moody/Belcarra ……up 91.7 per cent (23 units sold up from 12)
Vancouver East……………..up 72.6 per cent (107 units sold up from 62)

Vancouver, B.C. December 4, 2007 - The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 2,883 units in November 2007, an increase of 22.2 per cent compared to 2,358 sales in November 2006, and a 1.9 per cent decrease compared to the 2,938 units sold in November 2005.

Property listings increased 6.6 per cent compared to last year’s levels, with 3,377 active listings at November month-end, compared to 3,168 during the same period last year.

“The housing market continues to be strong,” says REBGV president Brian Naphtali. “November figures show strong growth compared to last year, are basically on par with figures from 2005, and are 16 per cent higher than the same period in 2004.

“Affordability is a key question,” Naphtali says. “Our data indicates that about 60 per cent of residential homes purchased in November were multi-family, which includes condos and townhomes. The benchmark price for a condo in Greater Vancouver is about $375,000. However, there are units available for considerably less than this price. For example, the benchmark for condos in Port Coquitlam in November was $243,624; in Maple Ridge, $254,703; and in Coquitlam, $283,830.”
According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 21.5 per cent to 1,276 sales in November 2007 compared to 1,050 sales in November 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $374,393, up 13.6 per cent from one year ago.

Sales of attached properties increased by 33.7 per cent in November 2007 to 540 sales, compared to 404 sales in November 2006. The benchmark price of an attached unit is $455,332, up 11 per cent from a year ago.

Sales of detached properties increased by 18 per cent in November 2007 to 1,067 sales, compared to 904 sales in November 2006. The benchmark price of a detached unit is $729,011, up 12.6 per cent from last year.

Bright spots in Greater Vancouver in October 2007 compared to October 2006:

DETACHED:
Burnaby up 47.4%………………………… (115 units sold, up from 78)
Coquitlam up 21.1%………………………..(92 units sold, up from 76)
Maple Ridge/P. Meadows up 12.1%..(111 units sold, up from 99)
North Vancouver up 24.3%…………….(87 units sold, up from 70)
Port Coquitlam up 30.6%………………..(47 units sold, up from 36)
Richmond up 17.4%…………………………(108 units sold, up from 92)
Squamish up 75%……………………………(28 units sold, up from 16)
Sunshine Coast up 30.2%………………..(56 units sold, up from 43)
Vancouver East up 20%………………….(150 units sold, up from 125)
ATTACHED:
Burnaby up 16.9%…………………………..(76 units sold, up from 65)
Maple Ridge/P. Meadows up 32.4%..(49 units sold, up from 37)
New Westminster up 128.6%…………..(16 units sold, up from 7)
Port Coquitlam up 45.8%…………………(35 units sold, up from 24)
Richmond up 94.5%…………………………(107 units sold, up from 55)
Squamish up 107.7%………………………..(27 units sold, up from 13)
Whistler/Pemberton up 110%………….(21 units sold, up from 10)
APARTMENTS:
Burnaby up 11.1%…………………………….(160 units sold, up from 144)
Coquitlam up 40.4%…………………………(73 units sold, up from 52)
North Vancouver up 39.4%………………(99 units sold, up from 71)
Port Moody/Belcarra up 227.3%………(36 units sold, up from 11)
Richmond up 23.3%………………………….(159 units sold, up from 129)
Squamish up 125%……………………………(18 units sold, up from
Vancouver West up 29.3%……………. (433 units sold, up from 335)

Vancouver, B.C. November 5, 2007 – The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 3028 units in October 2007, an increase of 11.2 per cent compared to 2,722 sales in October 2006, and a 2.3 per cent decrease compared to the 3,099 units sold in October 2005.Property listings remain relatively unchanged compared to last year’s levels, with 4,819 active listings at October month-end, compared to 4,862 last year.

DETACHED:
Burnaby up 14.5%………………………… (95 units sold, up from 83)
Coquitlam up 31.9%…………………… (124 units sold, up from 94)
Richmond up 20.4%…………………… (136 units sold, up from 113)
Vancouver East up 11.6%……………..163 units sold, up from 146)
Vancouver West up 11.4% …………. (156 units sold, up from 140)

Buyers fuel continued growth in Greater Vancouver housing market

Vancouver, B.C. October 2, 2007 – The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales of detached, attached and apartment properties reached 2,776 units in September 2007, an increase of 10.2 per cent compared to 2,519 sales in September 2006.

The inventory of residential properties listed for sale remains stable, with an overall year-to-date increase of 4.1 per cent to 45,054 residential units listed between January and September 2007, from 43,264 for the same period in 2006. The number of new listings increased 8.2 per cent to 4770 in September from 4408 in August of this year.

“There is no single demographic of buyers. They include first-time buyers, people choosing to take advantage of current home equity to ‘move up’ in the market, as well as people coming into Greater Vancouver from other areas. Our data indicates that the majority are purchasing a principal residence,” says REBGV president Brian Naphtali.

“There’s a great deal of choice in the market for a range of consumers today,” explains Naphtali. “While 45 per cent of homes for sale are priced at below $500,000, there are also a significant number - 37 per cent - listed in the $500,000 to $1-million range. Of the active listing inventory of more than 11,000 residential properties, approximately18 per cent are priced above $1-million.”

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 7.7 per cent to 1,177 sales in September 2007 compared to 1,093 sales in September 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $371,718 up 11.1 per cent from one year ago.

Sales of attached properties increased by 27.6 per cent in September 2007 to 500 sales, compared to 392 sales in September 2006. The benchmark price of an attached unit is $452,944, up 10 per cent from a year ago.

Sales of detached properties increased by 6.3 per cent in September 2007 to 1,099 sales, compared to 1,034 sales in September 2006. The benchmark price of a detached unit is $737,927 up 11.9 per cent from last year.

Bright spots in Greater Vancouver in September 2007 compared to September 2006:

DETACHED:
Maple Ridge/Pitt Meadows up 11.8%……..(133 units sold, up from 119)
Richmond up 29%………………………………..(147 units sold, up from 114)
Vancouver East up 22.9%………………………(172 units sold, up from 140)
New Westminster up 38.1%……………………… (29 units sold, up from 21)ATTACHED:
Burnaby up 38%………………………………………(69 units sold, up from 50)
Port Moody/Belcarra up 142.9%…………………(34 units sold, up from 14)
Richmond up 38.6%……………………………….(115 units sold, up from 83)
Vancouver West up 70.7%…………………………(70 units sold, up from 41)

APARTMENTS:
New Westminster up 17.4%………………………(81 units sold, up from 69)
Port Moody/Belcarra up 39.1%…………………..(32 units sold, up from 23)
Whistler/Pemberton up 188.9%………………….. (26 units sold, up from 9)