Metro Vancouver Real Estate Statistics Mar 09

News Release FOR IMMEDIATE RELEASE

Property sales strengthen in current market cycle VANCOUVER, B.C. – April 2, 2009 – The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season. Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded. Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison. “There’s more con!dence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV). New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to March 2008. This is the !fth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent. Despite these trends, total active listings at the end of March 2009 had still reached 14,579, a 19 per cent increase compared to the end of March 2008. “REALTORS® are seeing an increasing level of interest from !rst-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years,” Russell said. Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342. Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099. Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563. -30The Real Estate Board of Greater Vancouver is an association representing more than 9,400 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 www.rebgv.org.

For more information please contact: Craig Munn, Assistant Manager, Communications Real Estate Board of Greater Vancouver Phone: (604) 730-3146 Fax: (604) 730-3102 E-mail: [email protected]

also available at Ü www.realtylink.org

MLSLINK HOUSING PRICE INDEX

Preliminary Report

March 2009 PROPERTY TYPE Residential Detached

Attached

AREA 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

BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE (+/-) PRICE % % % $485,845 0.6% $486,968 205.2 -14.0 8.6 45.9 $649,342 1.2% $654,144 191.7 -15.1 6.4 38.9 $644,100 2.6% $642,290 189.6 -15.4 5.8 36.8 $609,883 4.9% $599,868 214.5 -8.2 15.1 43.6 $585,171 3.1% $608,823 191.2 -12.9 5.6 40.6 $400,949 2.2% $400,001 182.9 -12.6 4.9 29.4 $514,354 5.2% $520,794 212.0 -17.2 3.9 50.1 $744,495 3.1% $755,897 186.0 -19.8 0.5 25.7 $426,733 10.8% $426,176 175.1 -13.0 7.7 25.7 $497,902 6.2% $496,424 210.4 -5.9 12.5 38.4 $469,537 15.0% $622,358 141.1 -34.8 -19.4 14.2 $665,759 2.1% $665,004 196.6 -12.3 12.2 44.2 $530,025 10.7% $534,764 201.3 -8.5 33.4 50.2 $363,600 7.1% $357,955 206.9 -16.5 -0.5 47.2 $610,943 2.0% $604,378 206.9 -11.3 8.6 48.6 $1,127,017 3.5% $1,144,226 187.0 -22.2 6.4 45.6 $1,109,124 5.7% $1,169,410 163.4 -25.3 -9.2 15.7 $420,563 0.8% $424,047 204.0 -11.2 11.9 45.8 $421,421 1.4% $412,669 211.1 -8.3 14.3 46.8 $370,373 2.7% $379,770 199.8 -15.6 5.9 41.2 $392,566 7.2% $418,044 210.2 -10.4 10.1 52.5 $284,959 2.2% $287,542 197.7 -10.1 12.0 44.2 $516,538 2.8% $529,598 202.2 -17.0 6.3 38.0 $371,265 2.5% $368,278 204.2 -2.8 13.4 47.0 $353,607 3.4% $349,897 211.0 -14.4 8.7 44.3 $419,624 1.4% $420,744 202.4 -9.1 14.3 43.6 $444,199 3.8% $458,469 207.7 -15.2 13.7 56.5 $624,746 2.9% $636,913 222.9 -12.2 12.9 47.6 $337,099 0.6% $334,948 219.3 -13.5 10.5 50.5 $302,832 1.2% $304,834 226.4 -12.0 11.2 55.2 $250,614 2.6% $249,623 213.7 -16.7 9.3 58.5 $342,913 4.9% $331,297 223.3 -5.0 25.9 61.3 $233,053 3.6% $237,612 247.5 -10.3 16.8 79.9 $263,500 1.9% $257,765 214.0 -12.8 16.7 59.9 $347,337 2.4% $333,604 221.0 -13.5 9.7 46.1 $227,058 1.7% $224,490 265.9 -12.6 14.7 69.9 $272,946 3.0% $264,453 232.9 -10.3 4.1 61.8 $281,745 1.3% $278,181 229.0 -12.6 8.1 56.8 $296,377 2.0% $293,244 242.6 -11.6 17.1 69.9 $422,264 1.1% $423,466 214.8 -14.9 8.1 40.5 $534,084 7.7% $535,355 191.6 -14.8 4.4 32.7

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.

Mar 2009 Jan 2009 Nov 2008 Sep 2008 Jul 2008 May 2008

Nov 2007 Apartment

Sep 2007 Jul 2007 May 2007 Mar 2007 Jan 2007

Attached

Nov 2006 Sep 2006 Jul 2006 May 2006

Detached

Mar 2006 Jan 2006 Nov 2005 Sep 2005 Jul 2005 May 2005 Mar 2005 Jan 2005 Nov 2004 Sep 2004 Jul 2004 May 2004 80

100

120

140

160

180

200

220

240

260

Mar 2004 280

Year 2001 average = 100

C:\DATA\MonthEnd\Hpi\export\hi_res\gv-hpi2.tif MLS® Housing

Jan 2008

Price Index

Price Index - Greater Vancouver 5 Year Trend

Mar 2008

Median Selling Price

Number of Sales

Median Selling Price

Number of Sales

Median Selling Price

Number of Sales

Median Selling Price

Number of Sales

Median Selling Price

$335,000

$465,000

Attached

Apartment

$727,000

Detached

181

Attached

418

233

Detached

Apartment

$300,000

$415,000

Apartment

$631,500

Attached

146

131

Detached

Attached

Detached

$325,500

Apartment

246

$466,000

Apartment

$736,500

69

Attached

Attached

97

Detached

Detached

$292,500

Apartment

170

$371,500

Apartment

$657,500

Attached

46

Attached

Detached

47

Detached

70

$295,000

Apartment

Apartment

$623,500

$422,000

Detached

Attached

134

67

Attached

Apartment

70

Detached

82

Coquit lam $285,000

$462,500

$639,500

180

74

227

$245,000

$341,700

$530,000

112

44

153

$271,000

$449,000

$674,000

68

23

95

$245,000

n/a

$525,000

41

8

44

$230,000

$348,000

$529,500

39

29

Delta South $338,000

$455,500

$621,100

45

28

134

$310,500

n/a

$565,000

28

10

108

n/a

n/a

$615,500

18

13

60

n/a

n/a

$524,500

14

4

22

n/a

n/a

$575,500

12

5

73

2

Islands - Gulf n/a

n/a

n/a

0

0

9

n/a

n/a

n/a

0

0

2

n/a

n/a

n/a

0

0

3

n/a

n/a

n/a

0

0

-1

n/a

n/a

n/a

0

0

92

$238,750

$328,000

$499,900

108

127

287

$208,750

$273,500

$420,000

38

58

179

$244,000

$330,900

$497,450

49

55

113

n/a

n/a

$424,443

10

15

49

n/a

$260,500

$415,000

17

n/a

n/a

79

8

14

$296,500

$394,000

$570,001

208

48

51

$258,000

n/a

$526,000

155

19

30

$303,000

n/a

$588,700

91

17

20

$255,500

n/a

n/a

52

6

10

$260,000

Maple R id g e/Pitt M eadow s 30

$375,000

$613,500

$917,500

258

80

235

$313,000

$475,000

$703,500

126

45

127

$379,900

$590,000

$912,000

102

29

108

$309,500

n/a

$686,000

38

12

46

$317,000

$475,000

$725,000

65

29

69

North Vanco uver

Note: Median Selling Prices are not reported for areas with less than 20 sales or for the Gulf Islands

Year-to-date

Jan. Mar. 2008

Year-to-date

Jan. Mar. 2009

March 2008

February 2009

March 2009

Number of Sales

March 2009

2009

28

Port C oquitla m $245,000

$382,000

$530,000

110

83

106

$212,000

$349,900

$455,000

55

47

73

$248,000

$391,000

$530,000

49

31

48

n/a

$347,500

$452,500

14

20

34

$220,000

$346,450

$472,500

31

22

12

Port M oody/B elcarra $321,500

$429,250

$639,000

106

70

55

$295,000

$390,000

$609,000

51

41

29

$321,500

$383,786

n/a

50

24

11

n/a

$390,000

n/a

15

20

15

$298,500

n/a

n/a

26

15

Richm ond $328,000

$450,000

$705,900

422

283

371

$273,000

$400,000

$650,000

269

149

217

$332,500

$454,400

$711,000

157

109

161

$282,000

$400,000

$629,000

83

47

69

$283,500

$402,800

$660,000

130

89

118

$277,650

$425,000

$476,000

40

36

44

n/a

n/a

n/a

6

12

19

n/a

n/a

n/a

19

16

14

n/a

n/a

n/a

1

4

8

n/a

n/a

n/a

2

6

7

Squam ish

16

n/a

n/a

$385,000

6

15

114

n/a

n/a

$350,500

5

8

58

n/a

n/a

$370,000

4

4

43

n/a

n/a

$345,500

2

2

20

n/a

n/a

$369,000

3

4

30

Sunsh ine Co ast

3

y

Burnab

er New W estmin st

Vanco uver E ast $317,500

$525,800

$660,000

364

85

356

$285,000

$462,250

$610,000

162

48

253

$323,000

$532,540

$683,500

164

39

140

$275,000

n/a

$593,400

59

17

92

$287,000

$432,250

$620,000

81

20

119

Vanco uver W est $445,000

$717,000

$1,503,000

1,094

135

349

$395,500

$599,000

$1,180,000

696

112

290

$453,000

$719,000

$1,474,000

404

55

136

$390,000

$580,000

$1,265,000

245

37

100

$390,000

$600,000

$1,190,000

334

61

144

Sound $712,500

n/a

$1,500,500

42

15

160

$434,850

n/a

$1,200,000

23

1

84

n/a

n/a

$1,620,000

17

8

62

n/a

n/a

$1,081,000

5

0

27

n/a

n/a

$1,225,000

15

0

35

26

53

21

n/a

n/a

n/a

15

19

8

n/a

n/a

n/a

8

19

5

n/a

n/a

n/a

1

5

5

n/a

n/a

n/a

8

7

2

$285,000

$700,000

$1,010,000

Wes t V a n couve r/Howe

MLS® SALES Facts

Whistl er/Pem berton n/a

3,427

1,313

2,752

n/a

1,987

744

1,776

n/a

1,370

511

1,116

n/a

650

243

587

n/a

976

392

897

% Sales to Listings

Number of Listings

% Sales to Listings

Number of Listings

% Sales to Listings

Number of Listings

% Sales to Listings

Number of Listings

% Sales to Listings

53%

47%

Attached

Apartment

43%

Detached

382

Attached

790

545

Detached

Apartment

42%

41%

Apartment

Attached

320

Attached

36%

409

Detached

Detached

62%

Apartment

588

50%

Apartment

44%

Attached

139

Attached

Detached

218

Detached

274

42%

Apartment

Apartment

45%

103

Attached

37%

127

Detached

Attached

59%

Apartment

Detached

54%

Attached

165

43%

Detached

Apartment

226

124

Attached

Apartment

164

Detached

Coquit lam 44%

40%

40%

405

184

568

43%

27%

35%

261

166

433

54%

33%

39%

126

70

241

51%

14%

29%

81

58

150

41%

42%

46%

96

69

180

Delta South 64%

70%

50%

70

40

266

50%

31%

45%

56

32

238

106%

144%

57%

17

9

105

56%

100%

29%

25

4

76

92%

28%

72%

13

18

102

Islands - Gulf n/a

0%

35%

0

1

26

0%

0%

7%

2

1

30

n/a

n/a

19%

0

0

16

n/a

n/a

-13%

0

0

8

0%

0%

11%

1

1

18

47%

70%

44%

228

181

651

30%

28%

32%

127

208

565

72%

73%

46%

68

75

246

23%

21%

27%

44

73

180

40%

38%

46%

43

80

201

Maple R id g e/Pitt M eadow s 48%

59%

42%

436

82

121

44%

43%

27%

350

44

113

54%

106%

49%

167

16

41

42%

33%

25%

124

18

40

74%

53%

38%

107

15

37

* Year-to-date listings represent a cumulative total of listings rather than total active listings.

Year-to-date*

Jan. Mar. 2008

Year-to-date*

Jan. Mar. 2009

March 2008

February 2009

March 2009

Number of Listings

March 2009

2009

North Vanco uver 61%

46%

52%

420

173

449

38%

30%

33%

329

148

380

80%

41%

66%

128

71

163

35%

22%

32%

109

54

142

51%

54%

50%

127

54

139

Port C oquitla m 55%

56%

43%

200

147

245

43%

42%

45%

129

113

161

70%

67%

56%

70

46

86

33%

63%

69%

43

32

49

78%

51%

50%

40

43

56

Port M oody/B elcarra 42%

57%

40%

251

122

138

38%

38%

24%

134

108

120

48%

52%

23%

104

46

48

38%

59%

27%

39

34

56

60%

33%

27%

43

45

44

Richm ond 47%

65%

48%

892

434

765

49%

45%

40%

551

333

549

49%

64%

58%

323

170

278

45%

44%

41%

184

107

168

74%

67%

60%

175

133

196

Squam ish 95%

52%

37%

42

69

120

15%

25%

23%

41

48

84

211%

40%

29%

9

40

48

10%

24%

30%

10

17

27

13%

33%

27%

15

18

26

22%

35%

35%

27

43

328

29%

44%

22%

17

18

268

133%

57%

37%

3

7

116

40%

67%

24%

5

3

85

38%

44%

25%

8

9

121

Sunsh ine Co ast

16

59%

49%

42%

619

173

852

35%

37%

45%

466

131

557

68%

48%

42%

241

81

332

41%

40%

52%

143

43

176

45%

36%

52%

180

56

231

Vanco uver E ast

3

y

Burnab

er New W estmin st

Vanco uver W est 49%

40%

47%

2,242

341

745

39%

30%

48%

1,775

369

603

50%

41%

51%

811

133

268

42%

33%

49%

588

113

203

57%

47%

70%

587

131

205

Sound 48%

42%

40%

88

36

399

30%

4%

29%

76

27

288

81%

200%

53%

21

4

116

18%

0%

28%

28

7

97

65%

0%

32%

23

8

110

Wes t V a n couve r/Howe

MLS® LISTINGS Facts

25%

57%

28%

104

93

76

19%

20%

13%

78

96

61

29%

58%

23%

28

33

22

4%

16%

25%

27

31

20

42%

24%

11%

19

29

19

Whistl er/Pem berton n/a

6,814

2,501

6,294

n/a

4,980

2,162

4,859

n/a

2,390

940

2,344

n/a

1,615

697

1,604

n/a

1,703

833

1,849

Real Estate Board of Greater Vancouver Listing & Sales Activity Summary Listings

Sales

1 Mar 2008

2 Feb 2009

3 Mar 2009

5 Mar 2008

6 Feb 2009

7 Mar 2009

218 139 274

127 103 165

164 124 226

29.1 20.4 37.0

97 69 170

47 46 70

70 67 134

48.9 45.7 91.4

233 181 418

146 131 246

-37.3 -27.6 -41.1

241 70 126

150 58 81

180 69 96

20.0 19.0 18.5

95 23 68

44 8 41

82 29 39

86.4 262.5 -4.9

227 74 180

153 44 112

-32.6 -40.5 -37.8

105 9 17

76 4 25

102 18 13

34.2 350.0 -48.0

60 13 18

22 4 14

73 5 12

231.8 25.0 -14.3

134 28 45

108 10 28

-19.4 -64.3 -37.8

246 75 68

180 73 44

201 80 43

11.7 9.6 -2.3

113 55 49

49 15 10

92 30 17

87.8 100.0 70.0

287 127 108

179 58 38

-37.6 -54.3 -64.8

163 71 128

142 54 109

139 54 127

-2.1 0.0 16.5

108 29 102

46 12 38

69 29 65

50.0 141.7 71.1

235 80 258

127 45 126

-46.0 -43.8 -51.2

41 16 167

40 18 124

37 15 107

-7.5 -16.7 -13.7

20 17 91

10 6 52

14 8 79

40.0 33.3 51.9

51 48 208

30 19 155

-41.2 -60.4 -25.5

48 46 104

56 34 39

44 45 43

-21.4 32.4 10.3

11 24 50

15 20 15

12 15 26

-20.0 -25.0 73.3

55 70 106

29 41 51

-47.3 -41.4 -51.9

86 46 70

49 32 43

56 43 40

14.3 34.4 -7.0

48 31 49

34 20 14

28 22 31

-17.6 10.0 121.4

106 83 110

73 47 55

-31.1 -43.4 -50.0

278 170 323

168 107 184

196 133 175

16.7 24.3 -4.9

161 109 157

69 47 83

118 89 130

71.0 89.4 56.6

371 283 422

217 149 269

-41.5 -47.3 -36.3

116 7 3

85 3 5

121 9 8

42.4 200.0 60.0

43 4 4

20 2 2

30 4 3

50.0 100.0 50.0

114 15 6

58 8 5

-49.1 -46.7 -16.7

48 40 9

27 17 10

26 18 15

-3.7 5.9 50.0

14 16 19

8 4 1

7 6 2

-12.5 50.0 100.0

44 36 40

19 12 6

-56.8 -66.7 -85.0

332 81 241

176 43 143

231 56 180

31.3 30.2 25.9

140 39 164

92 17 59

119 20 81

29.3 17.6 37.3

356 85 364

253 48 162

-28.9 -43.5 -55.5

268 133 811

203 113 588

205 131 587

1.0 15.9 -0.2

136 55 404

100 37 245

144 61 334

44.0 64.9 36.3

349 135 1094

290 112 696

-16.9 -17.0 -36.4

22 33 28

20 31 27

19 29 19

-5.0 -6.5 -29.6

5 19 8

5 5 1

2 7 8

-60.0 40.0 700.0

21 53 26

8 19 15

-61.9 -64.2 -42.3

116 4 21

97 7 28

110 8 23

13.4 14.3 -17.9

62 8 17

27 0 5

35 0 15

29.6 0.0 200.0

160 15 42

84 1 23

-47.5 -93.3 -45.2

2328 940 2390

1596 697 1615

1831 832 1702

14.7 19.4 5.4

1113 511 1370

588 243 650

895 392 976

52.2 61.3 50.2

2743 1313 3427

1774 744 1987

-35.3 -43.3 -42.0

%

BURNABY DETACHED ATTACHED APARTMENTS

Col. 2 & 3 Percentage Variance

Col. 6 & 7 Percentage Variance

9 Jan 2008 Mar 2008

10 Jan 2009 Mar 2009

%

Col. 9 & 10 Percentage Variance

%

COQUITLAM DETACHED ATTACHED APARTMENTS

DELTA DETACHED ATTACHED APARTMENTS

MAPLE RIDGE/PITT MEADOWS DETACHED ATTACHED APARTMENTS

NORTH VANCOUVER DETACHED ATTACHED APARTMENTS

NEW WESTMINSTER DETACHED ATTACHED APARTMENTS

PORT MOODY/BELCARRA DETACHED ATTACHED APARTMENTS

PORT COQUITLAM DETACHED ATTACHED APARTMENTS

RICHMOND DETACHED ATTACHED APARTMENTS

SUNSHINE COAST DETACHED ATTACHED APARTMENTS

SQUAMISH DETACHED ATTACHED APARTMENTS

VANCOUVER EAST DETACHED ATTACHED APARTMENTS

VANCOUVER WEST DETACHED ATTACHED APARTMENTS

WHISTLER DETACHED ATTACHED APARTMENTS

WEST VANCOUVER/HOWE SOUND DETACHED ATTACHED APARTMENTS

GRAND TOTALS DETACHED ATTACHED APARTMENTS

0

100

200

300

400

500

600

700

800

900

1000

CONDOMINIUM

ATTACHED

APARTMENTS

$354,606

$442,266

$763,248

NOTE: From 1977 - 1984 condominium averages were not separated into attached & apartment.

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 2009

IN THOUSANDS ($)

DETACHED

Real Estate Board of Greater Vancouver Average Price Graph January 1977 to March 2009