July home sales return to normal summer market

Vancouver, B.C. August 2, 2006 – The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,732 units in July 2006, a decrease of 25.2 per cent when compared to the 3,652 units sold in July 2005.

“It’s important to note that the sales figures for July are reflective of a more traditional summer market cycle, when consumers take a break for vacations,” says REBGV president Rick Valouche. “Last year was the best year on record for real estate in the Greater Vancouver area and the 3,652 units we moved in

July 2005 were a bit of a market anomaly. The numbers we are seeing this summer are closer to the sales figures we saw in 2004.

“At 23,223 units, our year-to-date sales indicate that we are still in the midst of one of the strongest real estate markets in our board’s history,” notes Valouche. “Consumers who want to better understand the housing market, and who are looking for guidance to help them make the best buying or selling decisions, should contact their local REALTOR®.”

According to Multiple Listings Service® (MLS®) data, apartment sales decreased by 24.2% to 1,188 sales in July 2006 compared to 1,567 sales in July 2005. The benchmark price of an apartment in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $328,966, up 22.8% from one year ago.

Sales of attached units decreased by 20.7% in July 2006 to 513 sales, compared to 647 sales in July 2005. The benchmark price of an attached unit is $404,537, up 20.3% from a year ago.

Sales of detached homes decreased by 28.3% in July 2006 to 1,031 sales, compared to 1,438 sales in July 2006. The benchmark price of a detached home is $644,461, up 19.4% from last year.