BC Real Estate Market Update – September 2008

October 19, 2008

BCREA release – Residential average price in Greater Vancouver has dropped 8% year-on-year in Sep 2008.

British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 39% to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34% to 5,107 units during the same period. The average MLS® residential price in the province was $412,149, down 7% from September 2007.

Board Average Price Active Listings Sales to Active Listings
Sept 08 Res. Av. Price ($) Sept 07 Res. Av. Price ($) % change Sept 08 Res. Active Listings (Units) Sept 07 Res. Active Listings (Units) % change Sept 08 Res. Sales to Active Listings (%) Sept 07 Res. Sales to Active Listings (%)
BC Northern 207,613 204,408 1.6 2,967   2,060 44 13.5 23.2
Chilliwack 306,935 315,996 -2.9 1,918   1,164 64.8 8 18.5
Fraser Valley 413,837 428,257 -3.4 10,215   6,750 51.3 9 18.7
Greater Vancouver 535,598 582,354 -8 21,014   12,178 72.6 7.7 23.4
Kamloops 289,687 292,361 -0.9 1,853   1,074 72.5 10.8 22.8
Kootenay 269,186 305,981 -12 2,743   1,568 74.9 7.4 20.2
Northern Lights 197,477 174,617 13.1 199   212 -6.1 23.6 22.2
Okanagan Mainline 392,179 435,881 -10 7,145   3,814 87.3 5.6 17
Powell River 264,695 267,555 -1.1 230   122 88.5 8.3 23.8
South Okanagan 316,538 317,200 -0.2 1,807   1,116 61.9 5.6 19.7
Vancouver Island 319,299 302,712 5.5 6,431   4,282 50.2 8.5 18.5
Victoria 477,421 479,107 -0.4 3,824   2,593 47.5 12.7 22.5
Provincial Totals* 412,149 445,241 -7.4 60,346   36,933 63.4 8.5 20.8

“Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the province,” said Cameron Muir, BCREA Chief Economist. “Despite relatively strong fundamentals, consumer confidence is low. The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases.”“However, affordability is improving,” added Muir. “The carrying cost of the average home in the province is now lower than at any time since the end of 2006.”

If you have any questions on Richmond BC Real Estates, or the latest housing market news, call James Wong at 604-721-4817 or email me.

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