Since June of last year, which the National Bank Composite House Price Index pegs as the peak of Vancouver's market, the housing prices have declined almost 12 per cent.
Between January and March, Vancouver home prices fell 6.4 per cent, with March being the ninth consecutive month of decline on the National Bank Composite House Price Index.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.
Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.
Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.
Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.
Bright spots in Greater Vancouver in April 2009 compared to April 2008:
| Detached: | Vancouver West | - up 59.5 per cent (193 units sold from 121) |
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| Attached: | Port Coquitlam | - up 69.6 per cent (39 units sold from 23) |
| | Richmond | - up 17.9 per cent (132 units sold from 112) |
| | Vancouver West | - up 46.3 per cent (98 units sold from 67) |
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| Apartments: | North Vancouver | - up 29.2 per cent (84 units sold from 65) |
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