September Vancouver Real Estate Statistics 2008

News Release FOR IMMEDIATE RELEASE

Summer lull sees properties stay on market VANCOUVER, B.C. – September 3, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006. New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August 2008 compared to August 2007, when 4,408 new units were listed. “In August, properties on average remained on the market longer than we’ve seen in recent years,” REBGV president, Dave Watt said. “As the market heads into the traditionally more active fall season, we have begun to see property listings recede and prices moderate.” Sales of detached properties declined 58.5 per cent to 535 in August 2008 from the 1,288 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 1.6 per cent from August 2007 to $737,985. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 4.3 per cent. Sales of apartment properties in August 2008 declined 50.8 per cent to 740, compared to 1,504 sales in August 2007. The benchmark price of an apartment property increased 1.7 per cent from August 2007 to $374,366. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent. Attached property sales in August 2008 are down 50.5 per cent to 293, compared with the 592 sales in August 2007. The benchmark price of an attached unit increased 3.8 per cent in Greater Vancouver between August 2007 and 2008 to $463,433. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3.9 per cent. As of August 31, 2008, active residential listings totalled 17,950 in Greater Vancouver, a 6.2 per cent decline from the 19,138 active listings seen on July 31, 2008.

-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

August 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 % % % $545,345 0.7% $555,644 230.33 1.9 35.9 83.5 $737,985 1.3% $752,268 217.9 1.6 34.5 78.1 $729,876 2.9% $734,310 214.8 1.1 34.0 72.7 $667,522 5.3% $681,026 234.8 4.2 40.5 80.4 $604,062 4.1% $636,979 197.4 -3.4 19.9 62.9 $438,114 3.0% $452,728 199.9 -2.6 24.8 55.8 $545,919 4.8% $573,107 225.0 1.0 30.8 81.9 $868,177 3.1% $881,929 216.9 2.6 30.1 65.5 $461,096 9.0% $491,804 189.3 -8.1 28.9 49.5 $523,385 7.6% $534,446 221.2 0.3 27.5 66.2 $725,020 10.5% $768,688 217.9 -10.8 27.7 74.2 $766,997 2.6% $771,395 226.4 6.4 42.2 85.1 $565,643 8.2% $600,967 214.9 12.7 40.3 33.5 $402,133 6.5% $418,817 228.8 -7.2 18.4 76.1 $664,709 2.5% $677,220 225.1 2.2 33.5 83.2 $1,371,663 4.3% $1,406,123 227.6 1.4 49.3 98.1 $1,512,967 7.7% $1,450,209 222.9 7.2 35.4 97.8 $463,433 1.0% $471,324 224.8 3.8 36.7 81.1 $462,583 1.4% $462,673 231.7 6.1 38.8 90.5 $414,305 2.9% $423,682 223.5 1.4 33.2 76.7 $437,218 8.6% $454,294 234.1 4.9 32.1 77.9 $309,074 2.2% $317,098 214.4 -0.1 33.1 72.1 $573,270 4.1% $592,854 224.4 0.6 28.5 78.2 $386,339 2.5% $391,237 212.4 3.3 29.7 68.4 $389,997 2.8% $395,835 232.7 2.2 36.6 78.0 $455,561 2.0% $465,257 219.7 4.8 40.4 74.3 $530,806 4.8% $516,346 248.2 13.2 49.9 104.4 $696,507 3.6% $716,114 248.5 2.5 37.4 89.4 $374,366 0.7% $381,592 243.5 1.7 37.8 88.6 $342,604 1.5% $343,748 256.1 5.3 37.9 98.8 $289,501 2.5% $291,841 246.9 3.2 42.4 96.1 $333,802 6.8% $349,287 217.4 0.5 30.7 79.8 $259,530 3.8% $263,067 275.6 2.5 42.8 99.9 $294,455 2.1% $297,612 239.2 1.5 48.4 103.5 $370,689 2.8% $382,023 235.9 -1.0 30.4 84.0 $255,885 1.9% $258,188 299.7 3.5 42.8 115.9 $301,115 3.7% $304,310 256.9 2.4 34.2 101.2 $313,922 1.7% $318,143 255.1 3.3 43.5 101.3 $325,636 2.0% $328,695 266.6 5.5 50.0 109.9 $468,812 1.3% $481,690 238.5 -0.1 32.5 75.4 $633,140 10.3% $668,686 227.2 -4.9 37.1 87.2

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

$308,000

$407,000

Attached

Apartment

$680,000

Detached

785

Attached

1,444

983

Detached

Apartment

$330,000

$445,000

Apartment

Attached

542

Attached

$732,250

610

Detached

Detached

$315,000

Apartment

1,093

$405,000

Apartment

$703,000

Attached

93

Attached

Detached

123

Detached

186

$304,000

Apartment

$411,000

Apartment

60

Attached

Attached

69

Detached

$705,000

$332,000

Apartment

Detached

$438,000

Attached

136

$665,000

Detached

Apartment

92

51

Apartment

44

Attached

Burnab y

Detached

Coquit lam $251,000

$389,500

$595,000

609

292

961

$283,000

$440,950

$645,000

466

250

650

$268,250

$375,000

$616,000

84

44

123

$266,000

$384,500

$620,000

53

34

76

$269,000

$414,000

$633,500

38

20

47

Delta South $300,700

$369,700

$585,500

144

90

456

$322,500

$438,500

$625,000

111

62

333

n/a

n/a

$610,000

17

7

45

n/a

n/a

$580,000

15

4

32

n/a

n/a

$624,500

6

4

25

Islands - Gulf n/a

n/a

$380,000

0

0

52

n/a

n/a

$435,000

0

1

28

n/a

n/a

n/a

0

0

9

n/a

n/a

n/a

0

0

5

n/a

n/a

n/a

0

0

1

$217,900

$296,000

$462,000

269

445

1,118

$235,500

$316,000

$490,000

238

315

815

$216,000

$298,000

$471,200

29

49

119

n/a

$312,751

$493,450

18

36

100

n/a

$305,500

$450,000

17

26

n/a

n/a

62

8

16

$264,150

$374,500

$537,900

680

79

239

$293,000

$394,000

$561,500

610

109

179

$265,900

n/a

$542,000

111

11

33

$276,000

n/a

$525,000

68

7

22

$278,000

Maple R id g e/Pitt M eadow s 74

$335,000

$560,000

$799,900

807

324

844

$370,000

$589,000

$893,500

589

243

659

$340,000

$579,500

$825,000

105

41

87

$361,500

$566,950

$865,000

71

30

75

$375,000

n/a

$835,000

41

15

56

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. Aug. 2007

Year-to-date

Jan. Aug. 2008

August 2007

July 2008

August 2008

Number of Sales

August 2008

2008

Port C oquitla m $232,500

$365,000

$482,500

363

243

420

$245,700

$389,900

$530,000

268

206

295

$249,750

$375,000

$499,000

54

34

47

$243,500

n/a

$542,000

24

17

22

$241,000

$351,000

n/a

26

23

15

Port M oody/B elcarra $317,300

$417,000

$710,000

298

254

196

$334,950

$428,000

$692,000

244

186

156

$338,700

$394,000

$667,000

33

39

29

$327,500

$372,500

$665,500

21

27

22

n/a

n/a

n/a

16

18

12

Richm ond $279,500

$418,000

$650,000

1,436

1,116

1,300

$317,000

$459,900

$720,000

1,120

705

949

$298,900

$410,000

$680,000

195

130

173

$290,000

$449,000

$720,250

124

71

92

$312,000

$488,500

$678,500

92

37

49

$269,950

$365,000

$454,000

153

128

190

$277,650

$407,500

$497,000

76

99

135

n/a

n/a

$445,000

14

16

29

n/a

n/a

n/a

2

6

14

n/a

n/a

n/a

6

7

10

Squam ish

15

$231,000

$257,000

$378,500

26

55

527

$237,500

$286,000

$395,600

30

61

368

n/a

n/a

$423,000

3

4

70

n/a

n/a

$390,000

7

3

43

n/a

n/a

$402,450

5

11

30

Sunsh ine Co ast

8

er New W estmin st

Vanco uver E ast $287,500

$484,500

$629,800

1,222

338

1,576

$315,500

$524,750

$680,000

911

248

1,048

$290,000

$509,650

$638,025

140

34

164

$312,000

$550,000

$690,000

109

24

125

$307,500

n/a

$668,000

85

12

81

Vanco uver W est $412,000

$668,000

$1,338,900

4,034

585

1,306

$443,000

$725,000

$1,495,000

2,824

410

854

$438,000

$713,000

$1,490,000

501

67

158

$425,000

$735,500

$1,326,500

301

50

88

$425,000

$767,000

$1,495,000

234

37

46

$694,000

$1,020,000

$1,380,000

145

44

557

$747,000

$932,500

$1,513,000

105

44

387

n/a

n/a

$1,527,500

17

7

63

n/a

n/a

$1,400,000

11

6

37

n/a

n/a

n/a

9

5

19

66

119

62

n/a

n/a

n/a

15

16

16

n/a

n/a

n/a

6

6

5

n/a

n/a

n/a

11

19

10

$320,500

$610,000

$1,162,500

104

137

92

$301,500

$665,000

$862,000

Sound We s t V a ncouv er/How e

MLS® SALES Facts

Whistl er/Pem berton n/a

11,734

4,915

10,817

n/a

8,751

3,600

7,528

n/a

1,504

592

1,288

n/a

966

381

827

n/a

740

293

535

% 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

68%

79%

Attached

Apartment

61%

Detached

1,000

Attached

2,137

1,601

Detached

Apartment

45%

45%

Apartment

36%

1,192

Attached

Attached

1,712

Detached

Detached

79%

Apartment

2,430

85%

Apartment

86%

Attached

109

Attached

Detached

143

Detached

234

37%

Apartment

42%

Apartment

144

Attached

Attached

237

Detached

29%

43%

Apartment

Detached

44%

Attached

368

27%

Detached

Apartment

213

117

Apartment

161

Attached

Burnab y

Detached

Coquit lam 69%

73%

59%

878

402

1,624

37%

47%

34%

1,264

537

1,886

77%

90%

55%

109

49

223

35%

46%

31%

151

74

246

34%

47%

24%

111

43

199

Delta South 81%

87%

75%

177

103

606

60%

58%

46%

184

107

729

142%

70%

90%

12

10

50

75%

27%

36%

20

15

90

43%

40%

37%

14

10

67

Islands - Gulf n/a

0%

46%

0

1

113

n/a

100%

29%

0

1

95

n/a

n/a

56%

0

0

16

n/a

n/a

33%

0

0

15

n/a

n/a

8%

0

0

13

59%

77%

67%

453

576

1,677

44%

51%

43%

535

613

1,879

55%

82%

50%

53

60

236

47%

46%

44%

38

79

229

32%

33%

40%

53

80

184

Maple R id g e/Pitt M eadow s 32

64%

58%

63%

1,066

137

379

45%

52%

46%

1,342

209

385

66%

55%

62%

169

20

53

37%

39%

39%

182

18

56

53%

40%

50%

116

20

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

Year-to-date*

Jan. Aug. 2007

Year-to-date*

Jan. Aug. 2008

August 2007

July 2008

August 2008

Number of Listings

August 2008

2008

North Vanco uver 77%

78%

74%

1,044

413

1,141

47%

49%

48%

1,266

493

1,386

102%

85%

88%

103

48

99

52%

44%

49%

137

68

154

48%

54%

53%

86

28

106

62

Port C oquitla m 75%

72%

65%

486

337

648

46%

45%

41%

579

462

724

93%

89%

61%

58

38

77

36%

27%

23%

66

64

94

41%

62%

24%

64

37

41

Port M oody/B elcarra 61%

74%

59%

490

344

331

36%

50%

36%

681

372

433

80%

67%

74%

41

58

39

25%

52%

46%

85

52

48

25%

67%

29%

63

27

238

Richm ond 66%

76%

64%

2,169

1,459

2,042

45%

51%

40%

2,485

1,381

2,351

89%

98%

74%

220

133

233

40%

36%

28%

308

195

329

40%

28%

21%

228

133

34

Squam ish 83%

90%

70%

185

143

270

43%

47%

41%

175

209

331

93%

84%

74%

15

19

39

5%

23%

33%

38

26

42

22%

54%

29%

27

13

46%

60%

56%

57

91

940

38%

60%

39%

78

101

936

43%

25%

59%

7

16

118

44%

43%

36%

16

7

119

25%

157%

42%

20

7

72

Sunsh ine Co ast

15

73%

73%

64%

1,669

464

2,458

50%

44%

39%

1,836

562

2,660

90%

76%

60%

156

45

272

47%

29%

36%

231

82

344

37%

24%

31%

228

49

260

Vanco uver E ast

8

er New W estmin st

Vanco uver W est 73%

64%

70%

5,541

913

1,867

43%

36%

36%

6,555

1,126

2,387

93%

65%

86%

541

103

183

35%

31%

30%

848

163

289

41%

37%

22%

566

99

209

Sound 57%

50%

64%

254

88

876

40%

39%

34%

262

112

1,122

77%

64%

72%

22

11

88

22%

32%

27%

51

19

139

41%

38%

26%

22

13

72

We s t V a ncouv er/How e

MLS® LISTINGS Facts

44%

66%

48%

234

209

191

23%

39%

26%

283

303

239

45%

62%

76%

33

26

21

17%

11%

13%

35

53

40

44%

53%

30%

25

36

33

Whistl er/Pem berton n/a

16,840

6,680

16,764

n/a

19,955

7,780

19,255

n/a

1,773

745

1,890

n/a

2,574

1,059

2,471

n/a

1,836

712

1,783

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

Sales

1 Aug 2007

2 Jul 2008

3 Aug 2008

5 Aug 2007

6 Jul 2008

7 Aug 2008

143 109 234

237 144 368

161 117 213

-32.1 -18.8 -42.1

123 93 186

69 60 136

44 51 92

-36.2 -15.0 -32.4

403 308 646

185 188 377

-54.1 -39.0 -41.6

223 49 109

246 74 151

199 43 111

-19.1 -41.9 -26.5

123 44 84

76 34 53

47 20 38

-38.2 -41.2 -28.3

403 132 281

195 84 140

-51.6 -36.4 -50.2

50 10 12

90 15 20

67 10 14

-25.6 -33.3 -30.0

45 7 17

32 4 15

25 4 6

-21.9 0.0 -60.0

178 24 55

84 14 34

-52.8 -41.7 -38.2

236 60 53

229 79 38

184 80 53

-19.7 1.3 39.5

119 49 29

100 36 18

74 26 17

-26.0 -27.8 -5.6

459 175 102

279 99 63

-39.2 -43.4 -38.2

99 48 103

154 68 137

106 28 86

-31.2 -58.8 -37.2

87 41 105

75 30 71

56 15 41

-25.3 -50.0 -42.3

313 145 338

209 78 182

-33.2 -46.2 -46.2

53 20 169

56 18 182

32 20 116

-42.9 11.1 -36.3

33 11 111

22 7 68

16 8 62

-27.3 14.3 -8.8

106 39 316

59 34 207

-44.3 -12.8 -34.5

39 58 41

48 52 85

41 27 63

-14.6 -48.1 -25.9

29 39 33

22 27 21

12 18 16

-45.5 -33.3 -23.8

87 121 129

49 67 58

-43.7 -44.6 -55.0

77 38 58

94 64 66

62 37 64

-34.0 -42.2 -3.0

47 34 54

22 17 24

15 23 26

-31.8 35.3 8.3

162 118 160

80 63 81

-50.6 -46.6 -49.4

233 133 220

329 195 308

238 133 228

-27.7 -31.8 -26.0

173 130 195

92 71 124

49 37 92

-46.7 -47.9 -25.8

546 480 627

256 192 362

-53.1 -60.0 -42.3

118 16 7

119 7 16

72 7 20

-39.5 0.0 25.0

70 4 3

43 3 7

30 11 5

-30.2 266.7 -28.6

223 25 12

129 21 19

-42.2 -16.0 58.3

39 19 15

42 26 38

34 13 27

-19.0 -50.0 -28.9

29 16 14

14 6 2

10 7 6

-28.6 16.7 200.0

83 58 62

37 24 19

-55.4 -58.6 -69.4

272 45 156

344 82 231

260 49 228

-24.4 -40.2 -1.3

164 34 140

125 24 109

81 12 85

-35.2 -50.0 -22.0

635 134 485

345 63 298

-45.7 -53.0 -38.6

183 103 541

289 163 848

209 99 566

-27.7 -39.3 -33.3

158 67 501

88 50 301

46 37 234

-47.7 -26.0 -22.3

505 244 1704

242 142 870

-52.1 -41.8 -48.9

21 26 33

40 53 35

33 36 25

-17.5 -32.1 -28.6

16 16 15

5 6 6

10 19 11

100.0 216.7 83.3

38 64 46

20 42 24

-47.4 -34.4 -47.8

88 11 22

139 19 51

72 13 22

-48.2 -31.6 -56.9

63 7 17

37 6 11

19 5 9

-48.6 -16.7 -18.2

230 16 61

101 13 29

-56.1 -18.8 -52.5

1874 745 1773

2456 1059 2574

1770 712 1836

-27.9 -32.8 -28.7

1279 592 1504

822 381 966

534 293 740

-35.0 -23.1 -23.4

4371 2083 5024

2270 1124 2763

-48.1 -46.0 -45.0

BURNABY DETACHED ATTACHED APARTMENTS

Col. 2 & 3 Percentage Variance

%

Col. 6 & 7 Percentage Variance

9 Jun 2007 Aug 2007

10 Jun 2008 Aug 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

$401,001

$493,961

$808,016

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 August 2008