CONTINUED INCREASE IN LISTINGS AND DECREASE IN SALES VOLUME IN JUNE 2008.

The Real Estate Board of Greater Vancouver reports that the number of residential real estate sales in the Greater Vancouver area in general in June 2008 was 42.9% less than in June 2007 and that the number of new listings increased by 18.3% compared to June 2007. While this seems to be the start of a Buyer’s market, prices continue to increase in a year-over-year comparison: in June 08 the one year increase of the benchmark price for detached homes was 7%, for condos 7.8% and for townhomes 7.6%.

Two articles of interest in the Vancouver Sun of 9 July: 1) As from 15 Oct 08 the federal government will no longer guarantee 40 year or zero down mortgages to avoid a housing crisis similar to the one caused by the US sub-prime mortgages 2) A report prepared for the Homeowner Protection Office estimates that 45-55% of condos constructed between 1982-99 are “leaky condos” and the majority of these have not been repaired yet.

Governor Mark Carney believes that in the light of the current commodities boom the existing monetary policy of the Bank of Canada is appropriate to achieve its inflation target of 2%.

- West Vancouver. In June 2008 the benchmark price for detached homes at CAD 1,428,139 was up 0.9% compared June 2007 and for condos at CAD 711,268 was up 6.9%.

- North Vancouver. In June 2008 the benchmark price for detached homes at CAD 893,639 was up 4.7% compared to June 2007 and for condos at CAD 386,212 was up 4.4%.

- Vancouver Westside. In June 2008 the benchmark price for detached homes at CAD 1,456,122 was up 9.5% compared to June 2007 and for condos at CAD 494,176 was up 8%.

- Coal Harbour. On 9 July  2008, 206 condos and town homes are listed for sale on MLS (not including hotel strata properties) with an average asking price of $1,565,978 (range: $318,000-16,800,000), average per sq ft price of $1,012, average size of 1,310 sq ft, an average age of 6 years and an average marketing time of 67 days. The Sapphire at 1188 West Pender has just completed, Two Harbour Green at 1139 W Cordova will complete shortly and the sale of condos in Three Harbour Green has just started. Please contact me if you like more information about Harbour Green.

Great listing: 601-1169 W Cordova Street, Coal Harbour. 2,156 sq ft of luxury living with fabulous water and mountain view.  One Harbour Green – a prestigious water front building. Asking price $ 4,480,000. Phone for your private viewing.

 The above statistics are as reported by the REBGV in regard of MLS® listed properties. Although all information is believed to be accurate, no responsibility is taken for its accuracy.