Vancouver Property Down Again In November

The Real Estate Board of Greater Vancouver (REBGV) reported yesterday that property sales slumped from 2,883 in November 2007 to 874 sales last month, a year-on-year decline of 69.7 per cent.

The spectre of negative equity for a greater number of recent home buyers is rising as prices continue to fall: almost 13 per cent has been wiped off the REBGV's benchmark residential property between May and November 2008. In price terms that's a fall from $568,411 to $495,704 in November 2008.

Year on year

New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed.

At the same time, the REBFV reported less active listings in November with a decline of 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.

The big falls in activity and price in Vancouver's housing market were reflected across all types of property:

Vancouver detached properties

Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.

Vancouver Apartments

Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.

Vancouver attached properties

Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.