October 08 Metro Vancouver Real Estate Statistics

News Release FOR IMMEDIATE RELEASE:

Residential housing price decline creates buying opportunities VANCOUVER, B.C. – November 3, 2008 – Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008. The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008. “Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.” Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007. Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed. Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent. Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent. Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent. -30Editor’s Notes: The MLSLink Housing Price Index® (HPI) calculates benchmark prices, which represent a typical property within a market. The HPI takes into consideration what averages and medians do not – the price of housing features such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model. The HPI measures typical, pure price change (inflation or deflation). The 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.

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

MLSLINK HOUSING PRICE INDEX

Preliminary Report

October 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 % % % $518,668 0.7% $534,214 219.07 -3.9 25.6 69.5 $695,962 1.4% $720,093 205.5 -4.7 23.4 63.3 $685,592 3.1% $712,683 201.8 -3.6 20.4 58.9 $626,631 5.4% $657,819 220.4 -0.8 27.3 65.2 $578,802 4.5% $603,235 189.1 -9.6 12.7 53.8 $429,498 2.9% $438,604 195.9 -3.7 20.1 49.9 $542,855 6.5% $540,731 223.7 -6.4 22.0 78.8 $802,897 3.1% $828,824 200.5 -6.3 20.6 49.1 $474,084 7.9% $467,456 194.6 -0.5 24.0 55.7 $529,394 6.7% $531,356 223.8 0.8 31.7 68.7 $542,174 14.3% $629,028 163.0 -23.8 -0.8 23.7 $743,208 3.5% $754,895 219.4 2.0 33.4 76.1 $526,473 9.6% $540,260 200.0 -6.4 40.7 17.1 $429,335 7.8% $421,152 244.3 0.6 26.6 93.8 $638,021 2.7% $651,107 216.1 -3.2 24.3 69.3 $1,279,528 3.6% $1,322,236 212.3 -6.6 30.8 75.4 $1,141,363 8.8% $1,353,800 168.1 -21.6 -0.5 43.3 $448,152 1.1% $458,688 217.4 -1.4 28.8 69.3 $451,413 1.7% $457,202 226.1 2.4 30.7 76.0 $399,859 3.0% $410,061 215.7 -2.2 25.3 65.7 $422,282 7.6% $431,886 226.1 -6.8 30.5 87.1 $305,594 2.5% $309,156 212.0 -1.5 26.4 69.1 $573,069 4.0% $568,588 224.3 -1.4 25.9 68.4 $382,296 2.5% $389,166 210.2 1.6 24.2 60.1 $386,570 3.8% $387,809 230.7 -1.6 30.0 79.6 $443,867 2.2% $453,112 214.0 1.7 33.4 64.4 $495,842 3.6% $519,384 231.8 -2.5 37.0 79.7 $630,738 4.8% $675,107 225.1 -9.6 22.8 63.2 $358,359 0.7% $367,262 233.1 -3.5 27.6 77.6 $322,292 1.5% $332,467 240.9 -3.6 28.1 81.5 $277,463 2.2% $282,914 236.6 0.1 29.6 86.0 $328,318 5.2% $338,046 213.8 -4.3 23.8 63.4 $241,896 4.7% $250,679 256.9 -2.5 36.2 101.0 $277,857 2.4% $284,912 225.7 -4.5 34.9 86.6 $362,329 2.7% $370,295 230.5 -3.9 22.6 73.8 $242,409 1.7% $250,145 283.9 -3.6 32.5 99.0 $281,989 3.3% $291,019 240.6 -4.8 15.4 71.5 $298,792 1.9% $306,772 242.8 -1.0 31.9 88.6 $322,203 2.2% $322,489 263.8 2.3 42.8 106.8 $448,630 1.3% $460,917 228.2 -5.5 22.1 66.3 $579,154 8.8% $605,978 207.8 -12.9 23.1 52.0

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

$684,750

$409,500

$312,000

Apartment

921

Attached

Attached

1,159

Detached

Detached

$328,900

Apartment

1,743

$437,000

Apartment

$724,500

621

Attached

Attached

702

Detached

Detached

$328,000

Apartment

1,267

$412,000

Apartment

$710,000

Attached

67

Attached

Detached

95

Detached

168

$322,500

Apartment

$420,000

Apartment

43

Attached

Attached

51

Detached

$689,000

$310,000

Apartment

Detached

$425,000

Attached

93

$655,000

Detached

Apartment

81

36

Attached

Apartment

41

Detached

58

Coquit lam $253,000

$388,500

$591,250

756

364

1,173

$280,000

$425,000

$638,000

552

287

750

$260,250

$410,500

$575,800

77

47

124

$259,000

n/a

$659,900

42

18

42

$266,500

n/a

$582,500

44

19

Delta South $300,700

$377,500

$588,950

174

108

530

$322,250

$437,000

$620,000

136

69

387

n/a

n/a

$620,000

15

8

38

n/a

n/a

$602,000

15

3

29

n/a

n/a

$505,000

10

4

25

Islands - Gulf n/a

n/a

$380,000

0

0

62

n/a

n/a

$464,500

0

1

31

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

0

$221,000

$297,000

$464,900

327

533

1,375

$235,000

$315,000

$489,900

270

352

933

$225,500

$305,000

$472,500

36

45

124

$199,000

n/a

$462,500

21

17

72

n/a

$292,000

$449,500

11

20

n/a

n/a

43

5

9

$265,304

$373,500

$539,400

853

95

292

$289,000

$394,000

$560,750

699

123

198

$272,500

n/a

$552,500

92

7

24

$264,000

n/a

n/a

46

9

10

$250,000

Maple R id g e/Pitt M eadow s 46

$340,000

$558,000

$800,000

980

397

1,008

$367,000

$588,500

$880,000

674

280

759

$369,500

$550,000

$799,000

91

41

83

$345,000

$590,000

$825,000

38

24

45

$350,000

n/a

$815,000

47

13

55

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. Oct. 2007

Year-to-date

Jan. Oct. 2008

October 2007

September 2008

October 2008

Number of Sales

October 2008

2008

Port C oquitla m $233,900

$367,000

$484,950

423

287

512

$244,250

$384,850

$527,000

327

247

339

$247,950

$368,750

$510,250

28

26

46

$244,000

$367,450

$499,750

27

20

26

$228,000

$374,000

n/a

32

21

18

Port M oody/B elcarra $317,600

$425,000

$707,000

349

323

236

$330,000

$422,500

$693,000

279

207

178

n/a

$433,000

$755,000

19

35

21

n/a

n/a

n/a

17

11

12

n/a

n/a

n/a

18

10

10

Richm ond $283,800

$420,000

$656,000

1,779

1,336

1,583

$314,250

$457,500

$716,500

1,345

780

1,057

$296,500

$436,000

$700,000

175

105

136

$332,500

$441,800

$691,000

134

41

59

$253,750

$420,000

$684,000

91

34

49

$289,250

$368,000

$460,000

197

152

228

$285,000

$388,000

$492,000

90

112

155

$373,000

n/a

n/a

32

9

17

n/a

n/a

n/a

10

10

11

n/a

n/a

n/a

4

3

9

Squam ish

15

$240,000

$260,000

$376,000

39

70

626

$220,000

$288,500

$397,950

45

69

426

n/a

n/a

$375,000

10

7

42

n/a

n/a

$395,000

11

7

36

n/a

n/a

$450,000

4

1

22

Sunsh ine Co ast

10

y

Burnab

er New W estmin st

Vanco uver E ast $289,000

$483,000

$634,500

1,435

410

1,911

$315,000

$519,000

$680,000

1,020

285

1,191

$295,000

$478,950

$656,000

110

41

163

$312,000

n/a

$685,000

70

16

70

$314,000

$472,000

$640,000

39

21

73

Vanco uver W est $415,900

$671,500

$1,350,000

4,897

717

1,574

$439,650

$716,000

$1,479,000

3,246

470

952

$435,000

$684,000

$1,422,000

479

62

156

$411,500

$545,000

$1,440,000

223

39

46

$408,500

$749,000

$1,272,500

199

21

52

$669,000

$1,140,000

$1,400,000

179

52

662

$735,000

$935,000

$1,480,000

124

45

427

n/a

n/a

$1,560,000

18

5

51

n/a

n/a

$1,282,500

8

2

21

n/a

n/a

n/a

11

-1

19

7

n/a

18

22

11

n/a

n/a

n/a

9

15

13

n/a

n/a

n/a

13

17

$325,000

$560,000

$1,110,000

148

177

118

$300,000

$629,000

$862,000

88

151

82

n/a

$392,000

Sound Wes t V a n couve r/Howe

MLS® SALES Facts

Whistl er/Pem berton n/a

14,279

5,942

13,049

n/a

10,162

4,099

8,567

n/a

1,368

527

1,133

n/a

764

275

546

n/a

647

224

493

% 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

60%

74%

67%

Apartment

1,244

Attached

Attached

1,920

Detached

Detached

42%

Apartment

2,620

43%

Apartment

34%

1,445

Attached

Attached

2,092

Detached

Detached

66%

Apartment

3,002

48%

Apartment

61%

Attached

140

Attached

Detached

157

Detached

256

29%

Apartment

Apartment

32%

136

Attached

25%

203

Detached

Attached

32%

Apartment

Detached

31%

Attached

321

23%

Detached

Apartment

251

117

Attached

Apartment

177

Detached

Coquit lam 67%

73%

59%

1,126

502

2,002

36%

43%

32%

1,533

664

2,355

55%

109%

64%

141

43

193

30%

25%

16%

141

72

265

34%

35%

28%

128

55

204

Delta South 76%

84%

71%

229

129

749

62%

52%

44%

221

133

885

56%

89%

55%

27

9

69

75%

27%

33%

20

11

87

59%

27%

36%

17

15

69

Islands - Gulf n/a

0%

48%

0

1

130

n/a

50%

22%

0

2

140

n/a

n/a

17%

0

0

12

n/a

n/a

23%

0

0

13

n/a

0%

0%

0

1

32

54%

72%

66%

611

737

2,082

41%

47%

40%

657

743

2,330

56%

54%

60%

64

83

205

36%

26%

30%

59

65

240

17%

31%

22%

63

65

211

Maple R id g e/Pitt M eadow s 63%

56%

62%

1,349

170

469

42%

50%

41%

1,660

246

481

67%

47%

52%

138

15

46

25%

56%

15%

184

16

66

32%

24%

30%

134

21

30

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

Year-to-date*

Jan. Oct. 2007

Year-to-date*

Jan. Oct. 2008

October 2007

September 2008

October 2008

Number of Listings

October 2008

2008

North Vanco uver 72%

77%

71%

1,352

513

1,426

43%

44%

43%

1,575

633

1,772

60%

77%

70%

151

53

119

22%

29%

19%

169

84

231

34%

23%

35%

140

56

155

Port C oquitla m 69%

68%

64%

609

421

800

43%

45%

38%

756

552

888

42%

58%

64%

67

45

72

23%

42%

30%

118

48

88

54%

50%

24%

59

42

76

Port M oody/B elcarra 62%

75%

58%

566

430

410

34%

47%

34%

810

444

519

50%

88%

53%

38

40

40

30%

22%

24%

56

51

50

25%

48%

28%

73

21

36

Richm ond 66%

77%

65%

2,700

1,726

2,422

44%

47%

37%

3,068

1,671

2,821

63%

80%

78%

280

132

175

39%

28%

25%

341

144

239

38%

23%

21%

242

146

231

Squam ish 65%

79%

67%

305

193

341

45%

47%

37%

202

240

415

107%

23%

47%

30

40

36

67%

59%

20%

15

17

55

33%

21%

31%

12

14

29

40%

64%

56%

97

109

1,113

45%

57%

39%

99

122

1,096

29%

50%

55%

34

14

76

69%

54%

43%

16

13

83

80%

13%

29%

5

8

77

Sunsh ine Co ast

15

72%

69%

64%

1,982

591

2,970

44%

39%

37%

2,341

724

3,217

66%

68%

62%

166

60

262

22%

17%

21%

312

96

331

20%

32%

32%

193

66

226

Vanco uver E ast

10

y

Burnab

er New W estmin st

Vanco uver W est 70%

64%

68%

6,956

1,115

2,323

40%

32%

32%

8,180

1,462

2,933

63%

63%

75%

762

99

209

25%

21%

15%

895

182

314

27%

14%

22%

730

154

232

Sound 57%

45%

59%

315

116

1,129

37%

35%

31%

331

129

1,396

64%

45%

44%

28

11

116

22%

29%

14%

37

7

155

34%

-10%

16%

32

10

119

Wes t V a n couve r/Howe

MLS® LISTINGS Facts

54%

64%

52%

273

275

225

25%

40%

28%

348

377

289

90%

73%

69%

20

30

16

35%

34%

50%

26

44

26

33%

57%

29%

39

30

24

Whistl er/Pem berton n/a

21,090

8,272

20,511

n/a

24,783

9,587

23,629

n/a

2,202

814

1,803

n/a

2,710

986

2,446

n/a

2,118

821

1,928

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

Sales

1 Oct 2007

2 Sep 2008

3 Oct 2008

5 Oct 2007

6 Sep 2008

7 Oct 2008

157 140 256

203 136 321

177 117 251

-12.8 -14.0 -21.8

95 67 168

51 43 93

41 36 81

-19.6 -16.3 -12.9

299 229 485

136 130 266

-54.5 -43.2 -45.2

193 43 141

265 72 141

204 55 128

-23.0 -23.6 -9.2

124 47 77

42 18 42

58 19 44

38.1 5.6 4.8

335 116 231

147 57 124

-56.1 -50.9 -46.3

69 9 27

87 11 20

69 15 17

-20.7 36.4 -15.0

38 8 15

29 3 15

25 4 10

-13.8 33.3 -33.3

119 25 47

79 11 31

-33.6 -56.0 -34.0

205 83 64

240 65 59

211 65 63

-12.1 0.0 6.8

124 45 36

72 17 21

46 20 11

-36.1 17.6 -47.6

376 137 87

192 63 49

-48.9 -54.0 -43.7

119 53 151

231 84 169

155 56 140

-32.9 -33.3 -17.2

83 41 91

45 24 38

55 13 47

22.2 -45.8 23.7

251 114 278

156 52 126

-37.8 -54.4 -54.7

46 15 138

66 16 184

30 21 134

-54.5 31.3 -27.2

24 7 92

10 9 46

9 5 43

-10.0 -44.4 -6.5

86 27 284

35 22 151

-59.3 -18.5 -46.8

40 40 38

50 51 56

36 21 73

-28.0 -58.8 30.4

21 35 19

12 11 17

10 10 18

-16.7 -9.1 5.9

69 108 84

34 39 51

-50.7 -63.9 -39.3

72 45 67

88 48 118

76 42 59

-13.6 -12.5 -50.0

46 26 28

26 20 27

18 21 32

-30.8 5.0 18.5

139 78 114

59 64 85

-57.6 -17.9 -25.4

175 132 280

239 144 341

231 146 242

-3.3 1.4 -29.0

136 105 175

59 41 134

49 34 91

-16.9 -17.1 -32.1

456 350 538

157 112 317

-65.6 -68.0 -41.1

76 14 34

83 13 16

77 8 5

-7.2 -38.5 -68.8

42 7 10

36 7 11

22 1 4

-38.9 -85.7 -63.6

169 19 16

88 19 20

-47.9 0.0 25.0

36 40 30

55 17 15

29 14 12

-47.3 -17.6 -20.0

17 9 32

11 10 10

9 3 4

-18.2 -70.0 -60.0

67 40 58

30 20 20

-55.2 -50.0 -65.5

262 60 166

331 96 312

226 66 193

-31.7 -31.3 -38.1

163 41 110

70 16 70

73 21 39

4.3 31.3 -44.3

499 106 353

224 49 194

-55.1 -53.8 -45.0

209 99 762

314 182 895

232 154 730

-26.1 -15.4 -18.4

156 62 479

46 39 223

52 21 199

13.0 -46.2 -10.8

426 199 1364

144 97 656

-66.2 -51.3 -51.9

16 30 20

26 44 26

24 30 39

-7.7 -31.8 50.0

11 22 18

13 15 9

7 17 13

-46.2 13.3 44.4

42 56 59

30 51 33

-28.6 -8.9 -44.1

116 11 28

155 7 37

119 10 32

-23.2 42.9 -13.5

51 5 18

21 2 8

19 -1 11

-9.5 -150.0 37.5

168 15 51

59 6 28

-64.9 -60.0 -45.1

1791 814 2202

2433 986 2710

1896 820 2118

-22.1 -16.8 -21.8

1131 527 1368

543 275 764

493 224 647

-9.2 -18.5 -15.3

3501 1619 4049

1570 792 2151

-55.2 -51.1 -46.9

BURNABY DETACHED ATTACHED APARTMENTS

Col. 2 & 3 Percentage Variance

%

Col. 6 & 7 Percentage Variance

9 Aug 2007 Oct 2007

10 Aug 2008 Oct 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

$386,839

$461,788

$825,206

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 October 2008