Real Estate Statistics Dec '08

News Release FOR IMMEDIATE RELEASE

2008 brought improved housing affordability to Greater Vancouver VANCOUVER, B.C. – January 5, 2009 – The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed. “Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt. “It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.” Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411. “For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said. In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007. New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008. Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007. The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent. Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007. The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent. Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.

-30-

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.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  www.realtylink.org

MLSLINK HOUSING PRICE INDEX

Preliminary Report

December 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 % % % $484,211 0.8% $499,528 204.51 -10.9 16.4 54.7 $648,421 1.5% $670,303 191.5 -11.2 14.3 50.0 $641,439 3.6% $660,607 188.8 -13.9 15.2 47.5 $582,100 5.9% $608,053 204.8 -5.2 14.9 47.2 $567,563 5.6% $571,171 185.5 -13.3 12.6 49.4 $394,893 4.7% $415,233 180.1 -9.7 5.6 30.9 $498,931 8.4% $527,084 205.6 -10.4 9.0 58.9 $728,600 4.6% $760,022 182.0 -16.4 5.4 36.1 $439,395 8.7% $465,867 180.3 -6.0 19.4 49.7 $524,960 5.5% $523,122 221.9 -4.8 28.3 63.8 $550,284 15.8% $557,092 165.4 -11.3 -2.6 17.0 $687,392 2.8% $703,519 202.9 -4.8 24.7 57.7 $395,126 $579,761 $1,165,007 $1,168,852 $423,338 $411,555 $382,121 $396,914 $300,497 $506,158 $355,802 $374,957 $424,692 $463,802 $609,623 $333,275 $296,615 $243,371 $324,009 $220,481 $259,430 $333,122 $222,128 $279,115 $279,121 $287,832 $424,509 $575,736

12.9% 2.9% 3.7% 8.0% 1.3% 2.2% 4.9% 9.3% 4.8% 4.1% 3.2% 4.2% 2.5% 3.9% 3.9% 0.9% 1.9% 3.1% 6.1% 4.7% 3.1% 3.7% 2.6% 4.5% 1.9% 2.3% 1.7% 11.7%

$415,430 $607,663 $1,186,934 $1,197,981 $432,593 $430,561 $392,328 $422,148 $302,709 $541,653 $363,155 $380,870 $429,034 $474,745 $603,436 $344,650 $310,552 $261,616 $336,304 $231,176 $266,895 $342,579 $230,913 $277,321 $290,900 $302,995 $433,895 $564,452

224.8 196.4 193.3 172.2 205.3 206.2 206.1 212.5 208.4 198.1 195.7 223.8 204.8 216.9 217.5 216.8 221.7 207.5 211.0 234.1 210.7 212.0 260.2 238.2 226.9 235.6 215.9 206.6

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.

-2.7 -14.5 -16.6 -12.8 -7.4 -7.3 -6.4 -7.4 -3.0 -12.4 -6.4 -8.0 -5.2 -6.3 -12.6 -11.7 -11.5 -17.8 -5.9 -13.0 -11.5 -16.2 -11.8 -7.2 -9.3 -9.7 -11.6 -8.7

15.0 10.9 22.0 8.6 20.3 21.9 15.5 26.6 25.2 10.0 13.7 27.4 23.5 28.9 14.9 18.1 17.7 15.2 21.1 18.7 20.6 13.9 16.7 14.6 22.3 24.8 16.6 13.9

66.5 49.9 64.0 39.1 62.1 56.9 57.7 61.5 65.6 47.3 51.2 72.8 53.5 84.5 68.5 62.5 65.0 59.3 63.6 77.7 73.1 53.7 79.5 68.5 70.8 83.9 54.0 60.3

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

$412,000

$314,895

Apartment

1,055

Attached

Attached

1,332

Detached

Detached

$327,500

Apartment

2,017

$437,000

Apartment

$720,000

668

Attached

Attached

755

Detached

Detached

$321,000

Apartment

1,372

$438,250

Attached

Apartment

$675,000

58

Attached

Detached

58

Detached

114

$310,000

Apartment

$421,000

Apartment

25

Attached

Attached

23

Detached

$635,000

$287,250

Apartment

Detached

$442,900

Attached

61

$650,000

Detached

Apartment

44

22

Attached

Apartment

30

Detached

Coquit lam $260,000

$395,000

$592,500

881

419

1,335

$275,000

$422,950

$633,000

592

304

824

$296,000

$444,000

$583,000

52

27

70

n/a

n/a

$613,950

17

7

40

$235,000

n/a

$612,450

23

10

34

Delta South $300,000

$377,500

$591,000

185

122

599

$318,000

$429,900

$611,500

151

73

412

n/a

n/a

$677,500

7

5

28

n/a

n/a

n/a

8

2

13

n/a

n/a

n/a

7

2

12

Islands - Gulf n/a

n/a

$397,000

0

0

68

n/a

n/a

$424,750

0

1

32

n/a

n/a

n/a

0

0

1

n/a

n/a

n/a

0

0

0

n/a

n/a

n/a

0

0

1

$226,800

$297,500

$465,000

389

612

1,568

$233,500

$314,900

$486,000

294

371

992

$240,000

$310,500

$480,000

25

30

82

n/a

n/a

$443,000

13

13

32

n/a

n/a

$413,850

11

6

n/a

n/a

28

2

6

$268,250

$374,500

$539,900

996

118

332

$285,000

$393,000

$549,000

769

127

215

$295,000

n/a

n/a

63

7

12

$275,000

n/a

n/a

42

2

11

$262,500

Maple R id g e/Pitt M eadow s 27

$345,000

$563,500

$805,000

1,145

453

1,142

$365,000

$585,000

$875,000

728

308

828

$420,000

$609,000

$866,000

66

21

47

$285,000

n/a

$749,000

30

15

32

$327,500

n/a

$690,000

24

13

37

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. Dec. 2007

Year-to-date

Jan. Dec. 2008

December 2007

November 2008

December 2008

Number of Sales

December 2008

2008

Port C oquitla m $234,800

$367,000

$490,000

485

333

585

$242,000

$381,000

$520,000

350

265

374

$228,350

n/a

$520,000

24

11

26

n/a

n/a

n/a

10

6

18

n/a

n/a

n/a

13

12

17

Port M oody/B elcarra $315,950

$428,000

$698,000

408

365

267

$323,000

$420,000

$691,000

299

224

189

$299,000

n/a

n/a

23

13

11

n/a

n/a

n/a

10

9

7

n/a

n/a

n/a

10

8

4

Richm ond $286,700

$423,950

$660,000

2,056

1,495

1,798

$310,920

$455,000

$715,000

1,435

829

1,122

$296,000

$450,500

$685,000

118

52

107

$283,000

$385,000

$620,000

34

23

27

$278,000

$424,000

$666,500

56

26

38

$295,000

$389,900

$470,500

224

190

265

$285,000

$388,000

$492,000

94

116

159

n/a

n/a

n/a

9

11

9

n/a

n/a

n/a

1

2

4

n/a

n/a

n/a

3

2

0

Squam ish

15

$240,000

$259,500

$376,750

51

82

723

$212,000

$286,000

$398,950

49

73

460

n/a

n/a

$365,000

3

5

41

n/a

n/a

$475,000

3

1

25

n/a

n/a

n/a

1

3

9

Sunsh ine Co ast

12

y

Burnab

er New W estmin st

Vanco uver E ast $290,000

$483,750

$638,900

1,641

471

2,159

$315,000

$515,000

$670,000

1,127

313

1,295

$305,000

$506,500

$658,500

107

22

98

$307,500

n/a

$625,000

38

10

44

$305,000

n/a

$583,500

69

18

60

Vanco uver W est $420,000

$672,500

$1,365,600

5,605

814

1,745

$435,000

$709,000

$1,460,000

3,498

512

1,033

$468,000

$677,500

$1,444,000

275

41

56

$390,000

n/a

$1,289,000

131

14

25

$404,000

$630,000

$1,350,000

121

28

56

$676,000

$1,140,000

$1,400,000

205

62

745

$715,000

$920,000

$1,464,500

135

49

460

n/a

n/a

$1,450,000

8

4

27

n/a

n/a

$1,400,000

5

4

20

n/a

n/a

n/a

6

0

13

96

167

87

n/a

n/a

n/a

7

10

6

n/a

n/a

n/a

7

9

1

n/a

n/a

n/a

1

7

4

$327,000

$560,000

$1,059,500

168

208

132

$300,000

$611,000

$849,000

Sound Wes t V a n couve r/Howe

MLS® SALES Facts

Whistl er/Pem berton n/a

16,456

6,799

14,795

n/a

10,989

4,400

9,237

n/a

901

317

679

n/a

410

142

322

n/a

417

159

348

% 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

64%

76%

71%

Attached

Apartment

1,382

Attached

Detached

2,089

Detached

2,860

42%

Apartment

Apartment

43%

Attached

1,569

Attached

34%

2,224

Detached

Detached

161%

Apartment

3,251

126%

Attached

Apartment

97%

46

Attached

Detached

60

Detached

71

39%

Apartment

Apartment

27%

93

Attached

33%

70

Detached

Attached

47%

Apartment

Detached

71%

Attached

156

48%

Detached

Apartment

93

31

Attached

Apartment

62

Detached

Coquit lam 70%

75%

62%

1,261

559

2,158

36%

42%

33%

1,659

716

2,525

130%

142%

152%

40

19

46

19%

20%

39%

88

35

102

61%

59%

50%

38

17

68

Delta South 74%

84%

73%

249

146

819

62%

51%

43%

242

144

950

175%

83%

100%

4

6

28

47%

29%

30%

17

7

43

175%

50%

55%

4

4

22

Islands - Gulf n/a

0%

49%

0

1

140

n/a

17%

20%

0

6

164

n/a

n/a

100%

0

0

1

n/a

0%

0%

0

4

18

n/a

n/a

17%

0

0

6

59%

76%

68%

661

810

2,295

40%

47%

39%

732

794

2,530

132%

150%

106%

19

20

77

33%

39%

26%

40

33

123

31%

33%

35%

35

18

77

Maple R id g e/Pitt M eadow s 66%

59%

66%

1,512

199

505

43%

49%

42%

1,795

261

513

107%

140%

120%

59

5

10

53%

18%

55%

80

11

20

51%

50%

50%

55

4

12

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

Year-to-date*

Jan. Dec. 2007

Year-to-date*

Jan. Dec. 2008

December 2007

November 2008

December 2008

Number of Listings

December 2008

2008

North Vanco uver 74%

82%

75%

1,543

553

1,516

43%

45%

44%

1,687

684

1,878

194%

350%

247%

34

6

19

39%

39%

43%

77

38

75

69%

100%

119%

35

13

31

Port C oquitla m 71%

71%

67%

684

466

873

42%

45%

39%

824

589

971

133%

79%

137%

18

14

19

21%

24%

35%

48

25

52

65%

100%

55%

20

12

31

Port M oody/B elcarra 61%

78%

59%

671

468

449

34%

47%

34%

889

473

561

100%

144%

92%

23

9

12

22%

36%

21%

46

25

33

30%

200%

44%

33

4

9

Richm ond 69%

79%

68%

2,988

1,881

2,641

43%

46%

37%

3,354

1,786

3,002

110%

102%

149%

107

51

72

19%

28%

25%

177

83

107

51%

81%

51%

109

32

74

Squam ish 70%

79%

70%

321

239

376

42%

46%

35%

223

254

453

113%

46%

50%

8

24

18

5%

22%

20%

19

9

20

150%

40%

0%

2

5

18

49%

69%

61%

104

118

1,194

47%

57%

39%

104

128

1,169

150%

100%

205%

2

5

20

150%

25%

53%

2

4

47

33%

150%

35%

3

2

26

Sunsh ine Co ast

15

74%

71%

66%

2,225

660

3,255

45%

40%

38%

2,522

782

3,426

123%

105%

92%

87

21

107

32%

22%

32%

118

45

137

110%

138%

83%

63

13

72

Vanco uver E ast

12

y

Burnab

er New W estmin st

Vanco uver W est 72%

67%

70%

7,750

1,223

2,491

39%

33%

33%

8,899

1,566

3,135

84%

108%

112%

329

38

50

25%

21%

20%

518

67

128

60%

76%

76%

201

37

74

Sound 60%

49%

60%

342

127

1,239

37%

37%

31%

361

133

1,498

73%

133%

108%

11

3

25

25%

200%

26%

20

2

78

60%

0%

54%

10

2

24

Wes t V a n couve r/Howe

MLS® LISTINGS Facts

51%

68%

50%

332

305

265

25%

39%

27%

391

427

317

32%

71%

38%

22

14

16

26%

29%

7%

27

31

14

6%

37%

29%

16

19

14

Whistl er/Pem berton n/a

23,503

9,137

22,305

n/a

26,933

10,312

25,316

n/a

834

281

580

n/a

1,433

512

1,067

n/a

717

213

620

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

Sales

1 Dec 2007

2 Nov 2008

3 Dec 2008

5 Dec 2007

6 Nov 2008

7 Dec 2008

60 46 71

70 93 156

62 31 93

-11.4 -66.7 -40.4

58 58 114

23 25 61

30 22 44

30.4 -12.0 -27.9

268 201 442

94 83 186

-64.9 -58.7 -57.9

46 19 40

102 35 88

68 17 38

-33.3 -51.4 -56.8

70 27 52

40 7 17

34 10 23

-15.0 42.9 35.3

286 102 202

132 36 84

-53.8 -64.7 -58.4

28 6 4

43 7 17

22 4 4

-48.8 -42.9 -76.5

28 5 7

13 2 8

12 2 7

-7.7 0.0 -12.5

107 22 26

50 8 25

-53.3 -63.6 -3.8

77 20 19

123 33 40

77 18 35

-37.4 -45.5 -12.5

82 30 25

32 13 13

27 6 11

-15.6 -53.8 -15.4

317 124 98

105 39 35

-66.9 -68.5 -64.3

19 6 34

75 38 77

31 13 35

-58.7 -65.8 -54.5

47 21 66

32 15 30

37 13 24

15.6 -13.3 -20.0

217 97 256

124 41 101

-42.9 -57.7 -60.5

10 5 59

20 11 80

12 4 55

-40.0 -63.6 -31.3

12 7 63

11 2 42

6 2 28

-45.5 0.0 -33.3

64 30 235

26 9 113

-59.4 -70.0 -51.9

12 9 23

33 25 46

9 4 33

-72.7 -84.0 -28.3

11 13 23

7 9 10

4 8 10

-42.9 -11.1 0.0

52 77 78

21 27 38

-59.6 -64.9 -51.3

19 14 18

52 25 48

31 12 20

-40.4 -52.0 -58.3

26 11 24

18 6 10

17 12 13

-5.6 100.0 30.0

119 72 90

53 39 55

-55.5 -45.8 -38.9

72 51 107

107 83 177

74 32 109

-30.8 -61.4 -38.4

107 52 118

27 23 34

38 26 56

40.7 13.0 64.7

351 264 452

114 83 181

-67.5 -68.6 -60.0

20 5 2

47 4 2

26 2 3

-44.7 -50.0 50.0

41 5 3

25 1 3

9 3 1

-64.0 200.0 -66.7

139 19 22

56 5 8

-59.7 -73.7 -63.6

18 24 8

20 9 19

18 5 2

-10.0 -44.4 -89.5

9 11 9

4 2 1

0 2 3

-100.0 0.0 200.0

54 47 59

13 7 8

-75.9 -85.1 -86.4

107 21 87

137 45 118

72 13 63

-47.4 -71.1 -46.6

98 22 107

44 10 38

60 18 69

36.4 80.0 81.6

411 102 316

177 49 146

-56.9 -52.0 -53.8

50 38 329

128 67 518

74 37 201

-42.2 -44.8 -61.2

56 41 275

25 14 131

56 28 121

124.0 100.0 -7.6

327 159 1187

133 63 451

-59.3 -60.4 -62.0

16 14 22

14 31 27

14 19 16

0.0 -38.7 -40.7

6 10 7

1 9 7

4 7 1

300.0 -22.2 -85.7

25 53 38

12 33 21

-52.0 -37.7 -44.7

25 3 11

78 2 20

24 2 10

-69.2 0.0 -50.0

27 4 8

20 4 5

13 0 6

-35.0 -100.0 20.0

134 15 44

52 3 22

-61.2 -80.0 -50.0

579 281 834

1049 508 1433

614 213 717

-41.5 -58.1 -50.0

678 317 901

322 142 410

347 159 417

7.8 12.0 1.7

2871 1384 3545

1162 525 1474

-59.5 -62.1 -58.4

BURNABY DETACHED ATTACHED APARTMENTS

Col. 2 & 3 Percentage Variance

%

Col. 6 & 7 Percentage Variance

9 Oct 2007 Dec 2007

10 Oct 2008 Dec 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

$357,105

$483,970

$829,508

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 December 2008