November '08 Metro Vancouver Real Estate Statistics

News Release FOR IMMEDIATE RELEASE

Slow home sales create window of opportunity VANCOUVER, B.C. – December 2, 2008 – November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market. In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007. Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008. “Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt. “For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years. “The local real estate market is not immune to the current economic challenges globally; however, Canada’s disciplined lending structure has kept the mortgage landscape steady in these uncertain times.” New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008. Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent. Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent. Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent. -30The Real Estate industry is a key economic driver in British Columbia. In 2007, 38,050 homes changed hands in the Board’s area generating $1.065 billion in spin-offs. Total dollar volume of residential sales set a new record at $22.25 billion and total dollar volume of all sales set a record at $22.77 billion. The Real Estate Board of Greater Vancouver is an association representing more than 9,500 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.realtylink.org. *In August 2004, the Greater Vancouver and Fraser Valley boards upgraded our existing MLS systems to a common system called MLSLink. MLSLink® HPI is the latest version of the Board’s Housing Price Index (HPI) and is designed to accommodate the MLS upgrade and improve the legacy HPI product. For more information on real estate, statistics, and buying or selling a home, visit www.realtylink.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  www.realtylink.org

MLSLINK HOUSING PRICE INDEX

Preliminary Report

November 2008 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 % % % $495,704 0.8% $517,667 209.37 -8.3 19.6 59.7 $666,525 1.7% $696,273 196.8 -8.6 17.7 55.0 $654,790 3.8% $687,654 192.7 -11.2 14.2 52.5 $615,428 5.9% $640,455 216.5 -1.8 22.3 59.2 $567,148 9.5% $590,930 185.3 -8.3 8.5 41.6 $421,308 6.7% $433,002 192.2 -7.1 14.5 43.9 $539,467 6.2% $538,580 222.3 -2.3 17.8 58.5 $748,569 4.2% $788,955 187.0 -13.8 8.7 39.5 $484,121 8.8% $475,130 198.7 0.6 29.9 54.4 $515,012 4.3% $528,565 217.7 -2.6 27.3 53.9 $578,818 22.2% $580,294 174.0 -15.6 5.8 33.7 $679,956 3.9% $725,882 200.7 -5.2 24.6 59.5 $587,169 11.0% $547,436 223.0 7.9 44.1 27.3 $421,831 10.1% $427,718 240.0 7.0 28.0 81.6 $605,207 2.7% $631,273 205.0 -9.8 16.2 58.7 $1,116,267 3.9% $1,237,104 185.2 -18.5 17.8 58.5 $1,283,728 7.9% $1,277,387 189.1 -8.8 16.0 51.8 $426,287 1.3% $446,306 206.8 -6.4 22.5 61.6 $428,716 2.0% $445,913 214.8 -2.6 24.1 67.6 $395,005 4.4% $403,627 213.1 -5.2 20.6 65.2 $447,249 9.2% $435,229 239.5 2.1 32.6 85.0 $302,035 3.0% $306,810 209.5 -2.8 25.3 64.8 $545,731 3.7% $559,409 213.6 -2.7 21.2 59.6 $351,369 4.3% $377,509 193.2 -7.1 16.9 50.1 $381,084 4.0% $384,838 227.4 -4.4 31.2 83.5 $418,543 2.5% $440,773 201.8 -4.6 24.0 57.5 $464,590 5.4% $497,312 217.2 -9.4 29.6 79.4 $569,949 5.3% $632,921 203.4 -19.0 12.8 49.5 $342,315 0.9% $356,579 222.7 -8.6 21.5 67.0 $312,748 1.7% $322,515 233.8 -6.7 26.5 73.3 $264,013 3.8% $274,418 225.1 -7.0 24.5 73.6 $356,586 6.1% $345,641 232.2 10.0 29.3 82.3 $231,151 4.1% $241,219 245.5 -9.2 25.8 96.1 $263,398 2.5% $274,560 214.0 -10.1 26.5 72.5 $332,287 3.2% $357,495 211.4 -12.3 11.8 56.1 $228,202 2.9% $240,918 267.3 -6.3 23.3 85.6 $270,858 4.3% $280,933 231.1 -10.7 10.4 66.4 $294,786 2.5% $300,393 239.6 -4.0 28.8 82.3 $298,951 3.1% $313,594 244.7 -6.0 30.9 91.2 $428,548 1.6% $447,496 218.0 -10.6 16.4 55.8 $538,466 11.7% $574,420 193.2 -19.6 19.7 45.2

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.

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

$685,000

$409,500

$313,000

Apartment

997

Attached

Attached

1,274

Detached

Detached

$328,000

Apartment

1,903

$437,000

Apartment

$721,500

646

Attached

Attached

725

Detached

Detached

$320,000

Apartment

1,328

$405,000

Apartment

$687,000

Attached

76

Attached

Detached

115

Detached

160

$310,000

Apartment

$425,000

Apartment

36

Attached

Attached

41

Detached

$655,000

$310,000

Apartment

Detached

$421,000

Attached

81

$635,000

Detached

Apartment

61

25

Attached

Apartment

23

Detached

Coquit lam $256,000

$394,000

$595,000

829

392

1,265

$279,950

$420,500

$635,000

569

294

790

$281,000

$475,000

$603,000

73

28

92

$266,500

n/a

$582,500

44

19

58

n/a

n/a

$613,950

17

7

40

Delta South $300,000

$375,000

$590,000

178

117

571

$319,500

$437,000

$615,000

144

71

400

n/a

n/a

$597,000

4

9

41

n/a

n/a

$505,000

10

4

25

n/a

n/a

n/a

8

2

13

Islands - Gulf n/a

n/a

$393,500

0

0

67

n/a

n/a

$464,500

0

1

31

n/a

n/a

n/a

0

0

5

n/a

n/a

n/a

0

0

0

n/a

n/a

n/a

0

0

0

$225,950

$297,000

$464,900

364

582

1,486

$235,000

$314,900

$488,000

283

365

965

$241,000

$305,000

$468,900

37

49

111

n/a

$292,000

$449,500

11

20

46

n/a

n/a

$443,000

13

13

n/a

n/a

42

2

11

$268,000

$374,000

$538,500

933

111

320

$288,000

$393,000

$550,000

741

125

209

$282,000

n/a

$509,000

80

16

28

$250,000

n/a

n/a

43

5

9

$275,000

Maple R id g e/Pitt M eadow s 32

$343,000

$560,000

$803,250

1,079

432

1,095

$365,000

$586,450

$880,000

704

295

791

$359,450

$603,000

$860,000

99

35

87

$350,000

n/a

$815,000

47

13

55

$285,000

n/a

$749,000

30

15

32

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. Nov. 2007

Year-to-date

Jan. Nov. 2008

November 2007

October 2008

November 2008

Number of Sales

November 2008

2008

Port C oquitla m $235,000

$367,250

$489,000

461

322

559

$244,000

$384,350

$522,500

337

253

357

$255,500

$370,000

$510,000

38

35

47

$228,000

$374,000

n/a

32

21

18

n/a

n/a

n/a

10

6

18

Port M oody/B elcarra $316,000

$428,000

$698,000

385

352

256

$325,000

$425,000

$692,500

289

216

185

$293,750

$445,000

$602,500

36

29

20

n/a

n/a

n/a

18

10

10

n/a

n/a

n/a

10

9

7

Richm ond $285,000

$423,000

$659,900

1,938

1,443

1,691

$312,694

$456,000

$715,000

1,379

803

1,084

$297,000

$452,000

$669,000

159

107

108

$253,750

$420,000

$684,000

91

34

49

$283,000

$385,000

$620,000

34

23

27

$291,750

$380,950

$467,000

215

179

256

$285,000

$385,500

$492,000

91

114

159

n/a

$445,000

$597,500

18

27

28

n/a

n/a

n/a

4

3

9

n/a

n/a

n/a

1

2

4

Squam ish

15

$240,000

$270,000

$377,500

48

77

682

$211,000

$290,000

$399,900

48

70

451

n/a

n/a

$379,000

9

7

56

n/a

n/a

$450,000

4

1

22

n/a

n/a

$475,000

3

1

25

Sunsh ine Co ast

11

y

Burnab

er New W estmin st

Vanco uver E ast $290,000

$482,500

$638,000

1,534

449

2,061

$315,000

$516,500

$675,000

1,058

295

1,235

$298,900

$510,000

$668,950

99

39

150

$314,000

$472,000

$640,000

39

21

73

$307,500

n/a

$625,000

38

10

44

Vanco uver W est $419,500

$673,000

$1,360,500

5,330

773

1,689

$438,000

$715,000

$1,460,000

3,377

484

977

$458,000

$694,900

$1,501,000

433

56

115

$408,500

$749,000

$1,272,500

199

21

52

$390,000

n/a

$1,289,000

131

14

25

$682,500

$1,085,000

$1,400,000

197

58

718

$725,000

$920,000

$1,480,000

129

49

447

n/a

n/a

$1,342,500

18

6

56

n/a

n/a

n/a

11

-1

19

n/a

n/a

$1,400,000

5

4

20

n/a

13

21

8

n/a

n/a

n/a

13

17

7

n/a

n/a

n/a

7

9

1

$325,000

$560,000

$1,075,000

161

198

126

$300,000

$610,500

$849,000

95

160

83

n/a

$572,500

Sound Wes t V a n couve r/Howe

MLS® SALES Facts

Whistl er/Pem berton n/a

15,555

6,482

14,116

n/a

10,572

4,241

8,889

n/a

1,276

540

1,067

n/a

647

224

493

n/a

410

142

322

% 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

63%

75%

68%

Attached

Apartment

1,336

Attached

Detached

2,029

Detached

2,789

42%

Apartment

Apartment

42%

Attached

1,538

Attached

34%

2,162

Detached

Detached

95%

Apartment

3,158

83%

Apartment

106%

Attached

92

Attached

Detached

109

Detached

169

32%

Apartment

Apartment

31%

117

Attached

23%

177

Detached

Attached

39%

Apartment

Detached

27%

Attached

251

33%

Detached

Apartment

156

93

Attached

Apartment

70

Detached

Coquit lam 68%

73%

60%

1,221

540

2,112

35%

42%

32%

1,621

699

2,457

77%

74%

84%

95

38

110

34%

35%

28%

128

55

204

19%

20%

39%

88

35

102

Delta South 73%

84%

72%

245

140

791

61%

51%

43%

238

140

928

25%

82%

98%

16

11

42

59%

27%

36%

17

15

69

47%

29%

30%

17

7

43

Islands - Gulf n/a

0%

48%

0

1

139

n/a

17%

20%

0

6

158

n/a

n/a

56%

0

0

9

n/a

0%

0%

0

1

32

n/a

0%

0%

0

4

18

57%

74%

67%

642

790

2,218

41%

47%

39%

697

776

2,453

119%

92%

82%

31

53

136

17%

31%

22%

63

65

211

33%

39%

26%

40

33

123

Maple R id g e/Pitt M eadow s 64%

57%

65%

1,453

194

495

43%

49%

42%

1,740

257

501

77%

67%

108%

104

24

26

32%

24%

30%

134

21

30

53%

18%

55%

80

11

20

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

Year-to-date*

Jan. Nov. 2007

Year-to-date*

Jan. Nov. 2008

November 2007

October 2008

November 2008

Number of Listings

November 2008

2008

North Vanco uver 72%

79%

73%

1,509

547

1,497

43%

44%

43%

1,652

671

1,847

63%

103%

123%

157

34

71

34%

23%

35%

140

56

155

39%

39%

43%

77

38

75

Port C oquitla m 69%

71%

65%

666

452

854

42%

44%

38%

804

577

940

67%

113%

87%

57

31

54

54%

50%

24%

59

42

76

21%

24%

35%

48

25

52

Port M oody/B elcarra 59%

77%

59%

648

459

437

34%

46%

34%

856

469

552

44%

100%

74%

82

29

27

25%

48%

28%

73

21

36

22%

36%

21%

46

25

33

Richm ond 67%

79%

66%

2,881

1,830

2,569

42%

46%

37%

3,245

1,754

2,928

88%

103%

73%

181

104

147

38%

23%

21%

242

146

231

19%

28%

25%

177

83

107

Squam ish 69%

83%

72%

313

215

358

41%

46%

37%

221

249

435

225%

123%

165%

8

22

17

33%

21%

31%

12

14

29

5%

22%

20%

19

9

20

47%

68%

58%

102

113

1,174

48%

56%

39%

101

126

1,143

180%

175%

92%

5

4

61

80%

13%

29%

5

8

77

150%

25%

53%

2

4

47

Sunsh ine Co ast

15

72%

70%

65%

2,138

639

3,148

43%

38%

37%

2,459

769

3,354

63%

81%

84%

156

48

178

20%

32%

32%

193

66

226

32%

22%

32%

118

45

137

Vanco uver E ast

11

y

Burnab

er New W estmin st

Vanco uver W est 72%

65%

69%

7,421

1,185

2,441

39%

32%

32%

8,698

1,529

3,061

93%

80%

97%

465

70

118

27%

14%

22%

730

154

232

25%

21%

20%

518

67

128

Sound 60%

47%

59%

331

124

1,214

37%

37%

30%

351

131

1,474

113%

75%

66%

16

8

85

34%

-10%

16%

32

10

119

25%

200%

26%

20

2

78

Wes t V a n couve r/Howe

MLS® LISTINGS Facts

52%

68%

51%

310

291

249

25%

39%

27%

375

408

303

35%

131%

33%

37

16

24

33%

57%

29%

39

30

24

26%

29%

7%

27

31

14

Whistl er/Pem berton n/a

22,669

8,856

21,725

n/a

26,216

10,099

24,696

n/a

1,579

584

1,214

n/a

2,118

821

1,928

n/a

1,433

512

1,067

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

Sales

1 Nov 2007

2 Oct 2008

3 Nov 2008

5 Nov 2007

6 Oct 2008

7 Nov 2008

109 92 169

177 117 251

70 93 156

-60.5 -20.5 -37.8

115 76 160

41 36 81

23 25 61

-43.9 -30.6 -24.7

291 212 459

115 104 235

-60.5 -50.9 -48.8

110 38 95

204 55 128

102 35 88

-50.0 -36.4 -31.3

92 28 73

58 19 44

40 7 17

-31.0 -63.2 -61.4

304 100 220

140 44 103

-53.9 -56.0 -53.2

42 11 16

69 15 17

43 7 17

-37.7 -53.3 0.0

41 9 4

25 4 10

13 2 8

-48.0 -50.0 -20.0

115 27 34

67 9 33

-41.7 -66.7 -2.9

136 53 31

211 65 63

123 33 40

-41.7 -49.2 -36.5

111 49 37

46 20 11

32 13 13

-30.4 -35.0 18.2

368 137 95

150 50 45

-59.2 -63.5 -52.6

71 34 157

155 56 140

75 38 77

-51.6 -32.1 -45.0

87 35 99

55 13 47

32 15 30

-41.8 15.4 -36.2

251 108 272

132 52 115

-47.4 -51.9 -57.7

26 24 104

30 21 134

20 11 80

-33.3 -47.6 -40.3

28 16 80

9 5 43

11 2 42

22.2 -60.0 -2.3

81 32 253

30 16 131

-63.0 -50.0 -48.2

27 29 82

36 21 73

33 25 46

-8.3 19.0 -37.0

20 29 36

10 10 18

7 9 10

-30.0 -10.0 -44.4

60 98 87

29 30 45

-51.7 -69.4 -48.3

54 31 57

76 42 59

52 25 48

-31.6 -40.5 -18.6

47 35 38

18 21 32

18 6 10

0.0 -71.4 -68.8

139 79 98

62 47 69

-55.4 -40.5 -29.6

147 104 181

231 146 242

107 83 177

-53.7 -43.2 -26.9

108 107 159

49 34 91

27 23 34

-44.9 -32.4 -62.6

391 327 502

135 98 259

-65.5 -70.0 -48.4

61 4 5

77 8 5

47 4 2

-39.0 -50.0 -60.0

56 7 9

22 1 4

25 1 3

13.6 0.0 -25.0

155 22 22

83 9 18

-46.5 -59.1 -18.2

17 22 8

29 14 12

20 9 19

-31.0 -35.7 58.3

28 27 18

9 3 4

4 2 1

-55.6 -33.3 -75.0

66 51 62

24 15 15

-63.6 -70.6 -75.8

178 48 156

226 66 193

137 45 118

-39.4 -31.8 -38.9

150 39 99

73 21 39

44 10 38

-39.7 -52.4 -2.6

485 111 312

187 47 147

-61.4 -57.7 -52.9

118 70 465

232 154 730

128 67 518

-44.8 -56.5 -29.0

115 56 433

52 21 199

25 14 131

-51.9 -33.3 -34.2

383 188 1296

123 74 553

-67.9 -60.6 -57.3

24 16 37

24 30 39

14 31 27

-41.7 3.3 -30.8

8 21 13

7 17 13

1 9 7

-85.7 -47.1 -46.2

34 61 57

21 41 29

-38.2 -32.8 -49.1

85 8 16

119 10 32

78 2 20

-34.5 -80.0 -37.5

56 6 18

19 -1 11

20 4 5

5.3 -500.0 -54.5

161 14 52

60 5 24

-62.7 -64.3 -53.8

1205 584 1579

1896 820 2118

1049 508 1433

-44.7 -38.0 -32.3

1062 540 1276

493 224 647

322 142 410

-34.7 -36.6 -36.6

3284 1567 3821

1358 641 1821

-58.6 -59.1 -52.3

BURNABY DETACHED ATTACHED APARTMENTS

Col. 2 & 3 Percentage Variance

%

Col. 6 & 7 Percentage Variance

9 Sep 2007 Nov 2007

10 Sep 2008 Nov 2008

%

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

$346,703

$442,320

$745,778

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

IN THOUSANDS ($)

DETACHED

Real Estate Board of Greater Vancouver Average Price Graph January 1977 to November 2008