Vancouver Real Estate Stats January 2009

News Release FOR IMMEDIATE RELEASE

Home listings withdraw as sales volume slows VANCOUVER, B.C. – February 3, 2009 – The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008. New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008. Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009. “Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said. “Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said. Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008. Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008. Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008. -30The 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 Ü www.realtylink.org

MLSLINK HOUSING PRICE INDEX

Preliminary Report

January 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 % % % $489,007 0.8% $489,641 206.54 -10.9 14.8 54.0 $659,638 1.7% $658,195 194.8 -11.2 12.9 48.5 $652,089 3.7% $649,439 191.9 -11.4 10.7 47.3 $593,987 5.2% $597,172 209.0 -9.9 14.3 49.3 $660,478 11.0% $598,397 215.8 1.7 25.9 61.9 $408,206 3.3% $408,136 186.2 -10.8 11.6 42.2 $538,566 10.0% $525,655 222.0 -0.3 10.9 63.7 $783,339 4.9% $753,502 195.7 -13.3 9.0 40.3 $473,782 6.8% $465,766 194.5 4.2 23.0 48.1 $505,488 6.1% $515,153 213.6 -8.1 21.8 48.0 $718,962 9.6% $616,022 216.1 13.4 34.2 54.7 $649,909 4.2% $672,419 191.9 -9.9 12.9 48.7 $543,788 11.7% $549,513 206.6 -4.2 33.8 21.1 $363,529 12.9% $393,495 206.8 -13.8 1.1 52.4 $592,138 3.1% $592,368 200.6 -11.0 11.9 52.3 $1,134,773 4.9% $1,138,682 188.3 -19.3 13.7 54.5 $1,166,637 8.6% $1,206,406 171.9 -21.7 3.5 30.1 $425,309 1.6% $424,978 206.3 -8.1 19.3 56.4 $397,357 2.4% $412,543 199.1 -11.6 11.8 50.4 $381,560 4.5% $386,228 205.8 -9.4 14.4 52.8 $381,656 12.8% $408,606 204.4 -16.2 16.5 49.1 $296,543 3.1% $299,692 205.7 -5.9 22.7 56.5 $536,610 7.0% $529,500 210.0 -9.3 15.8 50.9 $371,926 5.3% $359,699 204.5 -5.1 16.1 49.1 $335,114 4.9% $363,718 200.0 -15.9 9.3 48.7 $424,081 3.4% $422,439 204.5 -6.3 21.6 52.7 $470,965 5.2% $466,452 220.2 -2.9 34.0 69.8 $650,919 5.6% $610,164 232.3 -6.9 25.2 69.2 $334,602 1.0% $336,731 217.7 -11.6 16.1 56.7 $309,894 2.0% $306,419 231.6 -8.6 22.2 66.9 $252,064 2.6% $253,150 214.9 -13.7 13.8 63.4 $329,635 11.1% $336,743 214.7 -2.4 19.1 62.8 $246,361 4.8% $232,664 261.6 -1.6 27.9 106.1 $252,206 3.2% $258,345 204.9 -12.5 20.6 64.7 $320,826 3.7% $328,745 204.1 -15.7 7.7 41.8 $221,076 2.9% $223,802 258.9 -12.9 16.1 79.8 $265,677 4.4% $271,883 226.7 -7.1 7.7 55.7 $274,778 2.0% $282,895 223.3 -10.7 17.3 61.5 $297,356 4.2% $294,713 243.4 -6.2 24.2 79.4 $425,678 1.7% $426,245 216.5 -13.1 13.5 48.5 $500,073 13.8% $538,092 179.4 -20.3 4.4 17.9

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.

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

Sep 2007 Apartment

Jul 2007 May 2007 Mar 2007 Jan 2007 Nov 2006

Attached

Sep 2006 Jul 2006 May 2006 Mar 2006

Detached

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

100

120

140

160

180

200

220

240

260

Jan 2004 280

Year 2001 average = 100

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

Nov 2007

Price Index

Price Index - Greater Vancouver 5 Year Trend

Jan 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

$727,000

$454,000

$327,500

Attached

Apartment

Attached

Detached

52

Detached

98

59

Apartment

Apartment

n/a

$316,000

Attached

$648,000

18

Attached

Detached

29

Detached

42

$327,500

Apartment

Apartment

$454,000

Attached

52

Attached

$727,000

59

Detached

Detached

$287,250

Apartment

98

$442,900

Attached

Apartment

$650,000

Detached

22

Attached

44

30

Detached

Apartment

n/a

$316,000

Apartment

$648,000

Detached

Attached

42

18

Attached

Apartment

29

Detached

Coquit lam $284,500

$488,000

$620,000

57

21

51

$255,000

n/a

$540,905

32

7

27

$284,500

$488,000

$620,000

57

21

51

$235,000

n/a

$612,450

23

10

34

$255,000

n/a

$540,905

32

7

27

Delta South n/a

n/a

$652,000

11

8

30

n/a

n/a

n/a

2

1

13

n/a

n/a

$652,000

11

8

30

n/a

n/a

n/a

7

2

12

n/a

n/a

n/a

2

1

13

Islands - Gulf n/a

n/a

n/a

0

0

1

n/a

n/a

n/a

0

0

1

n/a

n/a

n/a

0

0

1

n/a

n/a

n/a

0

0

1

n/a

n/a

n/a

0

0

1

$218,950

$318,000

$480,000

24

26

67

n/a

n/a

$425,000

11

13

38

$218,950

$318,000

$480,000

24

26

67

n/a

n/a

$413,850

11

6

27

n/a

n/a

$425,000

11

13

n/a

n/a

24

5

6

$308,000

n/a

n/a

54

12

14

$249,500

n/a

n/a

24

5

6

$308,000

n/a

n/a

54

12

14

$262,500

n/a

n/a

28

2

6

$249,500

Maple R id g e/Pitt M eadow s 38

$387,500

n/a

$930,000

63

16

46

$278,750

n/a

n/a

23

4

12

$387,500

n/a

$930,000

63

16

46

$327,500

n/a

$690,000

24

13

37

$278,750

n/a

n/a

23

4

12

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. Jan. 2008

Year-to-date

Jan. Jan. 2009

January 2008

December 2008

January 2009

Number of Sales

January 2009

2009

Port C oquitla m $245,750

$332,500

$518,000

31

20

20

n/a

n/a

n/a

10

5

11

$245,750

$332,500

$518,000

31

20

20

n/a

n/a

n/a

13

12

17

n/a

n/a

n/a

10

5

11

Port M oody/B elcarra n/a

n/a

n/a

19

16

17

n/a

n/a

n/a

10

6

2

n/a

n/a

n/a

19

16

17

n/a

n/a

n/a

10

8

4

n/a

n/a

n/a

10

6

2

Richm ond $310,420

$452,500

$666,000

121

70

80

$248,000

n/a

$648,500

56

13

30

$310,420

$452,500

$666,000

121

70

80

$278,000

$424,000

$666,500

56

26

38

$248,000

n/a

$648,500

56

13

30

n/a

n/a

n/a

9

8

17

n/a

n/a

n/a

3

2

4

n/a

n/a

n/a

9

8

17

n/a

n/a

n/a

3

2

0

n/a

n/a

n/a

3

2

4

Squam ish

16

n/a

n/a

$411,000

0

7

28

n/a

n/a

n/a

0

2

8

n/a

n/a

$411,000

0

7

28

n/a

n/a

n/a

1

3

9

n/a

n/a

n/a

0

2

8

Sunsh ine Co ast

1

y

Burnab

er New W estmin st

Vanco uver E ast $306,750

n/a

$650,000

80

16

88

$289,500

n/a

$634,000

22

11

42

$306,750

n/a

$650,000

80

16

88

$305,000

n/a

$583,500

69

18

60

$289,500

n/a

$634,000

22

11

42

Vanco uver W est $440,500

$705,000

$1,425,000

277

28

75

$420,000

n/a

$1,080,000

117

14

46

$440,500

$705,000

$1,425,000

277

28

75

$404,000

$630,000

$1,350,000

121

28

56

$420,000

n/a

$1,080,000

117

14

46

Sound n/a

n/a

$1,420,000

11

2

42

n/a

n/a

$1,187,500

3

1

22

n/a

n/a

$1,420,000

11

2

42

n/a

n/a

n/a

6

0

13

n/a

n/a

$1,187,500

3

1

22

Wes t V a n couve r/Howe

MLS® SALES Facts

n/a

n/a

n/a

5

16

6

n/a

n/a

n/a

6

7

1

n/a

n/a

n/a

5

16

6

n/a

n/a

n/a

1

7

4

n/a

n/a

n/a

6

7

1

Whistl er/Pem berton n/a

860

318

641

n/a

361

109

292

n/a

860

318

641

n/a

417

159

348

n/a

361

109

292

% 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

35%

50%

40%

Apartment

105

Attached

Attached

170

Detached

Detached

21%

Apartment

248

19%

Apartment

25%

93

Attached

Attached

118

Detached

Detached

40%

Apartment

197

50%

Apartment

35%

Attached

105

Attached

Detached

170

Detached

248

47%

Apartment

71%

Apartment

31

Attached

Attached

62

Detached

48%

21%

Apartment

Detached

19%

Attached

93

25%

Detached

Apartment

197

93

Attached

Apartment

118

Detached

Coquit lam 43%

38%

38%

134

56

133

38%

18%

26%

84

39

103

43%

38%

38%

134

56

133

61%

59%

50%

38

17

68

38%

18%

26%

84

39

103

Delta South 48%

53%

41%

23

15

73

11%

10%

22%

18

10

60

48%

53%

41%

23

15

73

175%

50%

55%

4

4

22

11%

10%

22%

18

10

60

Islands - Gulf n/a

0%

25%

0

1

4

0%

n/a

25%

1

0

4

n/a

0%

25%

0

1

4

n/a

n/a

17%

0

0

6

0%

n/a

25%

1

0

4

44%

45%

32%

55

58

208

28%

24%

21%

40

55

184

44%

45%

32%

55

58

208

31%

33%

35%

35

18

77

28%

24%

21%

40

55

184

Maple R id g e/Pitt M eadow s 40%

44%

42%

134

27

33

20%

45%

17%

119

11

36

40%

44%

42%

134

27

33

51%

50%

50%

55

4

12

20%

45%

17%

119

11

36

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

Year-to-date*

Jan. Jan. 2008

Year-to-date*

Jan. Jan. 2009

January 2008

December 2008

January 2009

Number of Listings

January 2009

2009

North Vanco uver 46%

38%

34%

137

42

134

25%

10%

12%

93

40

99

46%

38%

34%

137

42

134

69%

100%

119%

35

13

31

25%

10%

12%

93

40

99

Port C oquitla m 47%

42%

34%

66

48

58

22%

13%

20%

46

38

56

47%

42%

34%

66

48

58

65%

100%

55%

20

12

31

22%

13%

20%

46

38

56

Port M oody/B elcarra 25%

37%

41%

75

43

41

19%

21%

10%

52

29

20

25%

37%

41%

75

43

41

30%

200%

44%

33

4

9

19%

21%

10%

52

29

20

Richm ond 51%

58%

32%

236

120

253

29%

14%

16%

192

93

185

51%

58%

32%

236

120

253

51%

81%

51%

109

32

74

29%

14%

16%

192

93

185

Squam ish 50%

62%

57%

18

13

30

19%

15%

13%

16

13

31

50%

62%

57%

18

13

30

150%

40%

0%

2

5

18

19%

15%

13%

16

13

31

0%

41%

30%

19

17

94

0%

33%

13%

4

6

62

0%

41%

30%

19

17

94

33%

150%

35%

3

2

26

0%

33%

13%

4

6

62

Sunsh ine Co ast

16

49%

36%

41%

163

45

217

15%

34%

28%

143

32

150

49%

36%

41%

163

45

217

110%

138%

83%

63

13

72

15%

34%

28%

143

32

150

Vanco uver E ast

1

y

Burnab

er New W estmin st

Vanco uver W est 39%

27%

32%

705

103

236

20%

11%

24%

600

125

195

39%

27%

32%

705

103

236

60%

76%

76%

201

37

74

20%

11%

24%

600

125

195

Sound 30%

13%

31%

37

15

137

12%

8%

27%

25

12

81

30%

13%

31%

37

15

137

60%

0%

54%

10

2

24

12%

8%

27%

25

12

81

Wes t V a n couve r/Howe

MLS® LISTINGS Facts

11%

52%

29%

44

31

21

19%

19%

5%

32

36

22

11%

52%

29%

44

31

21

6%

37%

29%

16

19

14

19%

19%

5%

32

36

22

Whistl er/Pem berton n/a

2,094

739

1,842

n/a

1,662

632

1,406

n/a

2,094

739

1,842

n/a

717

213

620

n/a

1,662

632

1,406

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

Sales

1 Jan 2008

2 Dec 2008

3 Jan 2009

5 Jan 2008

6 Dec 2008

7 Jan 2009

170 105 248

62 31 93

118 93 197

90.3 200.0 111.8

59 52 98

30 22 44

29 18 42

-3.3 -18.2 -4.5

232 186 372

82 65 147

-64.7 -65.1 -60.5

133 56 134

68 17 38

103 39 84

51.5 129.4 121.1

51 21 57

34 10 23

27 7 32

-20.6 -30.0 39.1

213 76 182

101 24 72

-52.6 -68.4 -60.4

73 15 23

22 4 4

60 10 18

172.7 150.0 350.0

30 8 11

12 2 7

13 1 2

8.3 -50.0 -71.4

99 22 22

38 5 17

-61.6 -77.3 -22.7

208 58 55

77 18 35

184 55 40

139.0 205.6 14.3

67 26 24

27 6 11

38 13 11

40.7 116.7 0.0

260 105 86

97 32 35

-62.7 -69.5 -59.3

134 42 137

31 13 35

99 40 93

219.4 207.7 165.7

46 16 63

37 13 24

12 4 23

-67.6 -69.2 -4.2

180 72 228

81 32 77

-55.0 -55.6 -66.2

33 27 134

12 4 55

36 11 119

200.0 175.0 116.4

14 12 54

6 2 28

6 5 24

0.0 150.0 -14.3

54 35 197

23 9 94

-57.4 -74.3 -52.3

41 43 75

9 4 33

20 29 52

122.2 625.0 57.6

17 16 19

4 8 10

2 6 10

-50.0 -25.0 0.0

48 58 78

13 23 30

-72.9 -60.3 -61.5

58 48 66

31 12 20

56 38 46

80.6 216.7 130.0

20 20 31

17 12 13

11 5 10

-35.3 -58.3 -23.1

93 66 93

46 23 33

-50.5 -65.2 -64.5

253 120 236

74 32 109

185 93 192

150.0 190.6 76.1

80 70 121

38 26 56

30 13 56

-21.1 -50.0 0.0

295 229 398

95 62 146

-67.8 -72.9 -63.3

94 17 19

26 2 3

62 6 4

138.5 200.0 33.3

28 7 0

9 3 1

8 2 0

-11.1 -33.3 -100.0

125 19 12

42 6 4

-66.4 -68.4 -66.7

30 13 18

18 5 2

31 13 16

72.2 160.0 700.0

17 8 9

0 2 3

4 2 3

400.0 0.0 0.0

54 46 36

8 6 7

-85.2 -87.0 -80.6

217 45 163

72 13 63

150 32 143

108.3 146.2 127.0

88 16 80

60 18 69

42 11 22

-30.0 -38.9 -68.1

336 77 286

146 39 129

-56.5 -49.4 -54.9

236 103 705

74 37 201

195 125 600

163.5 237.8 198.5

75 28 277

56 28 121

46 14 117

-17.9 -50.0 -3.3

246 125 985

127 56 369

-48.4 -55.2 -62.5

21 31 44

14 19 16

22 36 32

57.1 89.5 100.0

6 16 5

4 7 1

1 7 6

-75.0 0.0 500.0

20 47 25

6 23 14

-70.0 -51.1 -44.0

137 15 37

24 2 10

81 12 25

237.5 500.0 150.0

42 2 11

13 0 6

22 1 3

69.2 100.0 -50.0

125 12 37

55 5 14

-56.0 -58.3 -62.2

1838 738 2094

614 213 717

1402 632 1661

128.3 196.7 131.7

640 318 860

347 159 417

291 109 361

-16.1 -31.4 -13.4

2380 1175 3037

960 410 1188

-59.7 -65.1 -60.9

BURNABY DETACHED ATTACHED APARTMENTS

Col. 2 & 3 Percentage Variance

%

Col. 6 & 7 Percentage Variance

9 Nov 2007 Jan 2008

10 Nov 2008 Jan 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

$365,658

$449,389

$782,962

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 January 2009