VANCOUVER – Property markets across the Lower Mainland experienced another big drop in sales during August and prices slid further off earlier high points, regional real estate boards reported Tuesday.
Vancovuer Sun
Derrick Penner
Wednesday, September 03, 2008
In Greater Vancouver, Multiple-Listing-Service sales were down almost 54 per cent to 1,568 units from 3,348 units in the same month a year ago.
So-called benchmark prices across Greater Vancouver in August, while still up from 2007, showed drops from May.
The typical detached home sold for $737,985 in August, down 4.3 per cent from May.
The typical apartment, at $374,366, was down 3.9 per cent.
The typical townhouse, at $463,433, was down 3.2 per cent.
However, growth in the inventory of unsold properties stalled in August.
The Real Estate Board of Greater Vancouver reported 4,331 new listings in August, 1.7 per cent below the number of homes put on the market in August 2007.
Sales in the Fraser Valley market dropped 48 per cent in August to 910 units compared with 1,763 units in the same month a year ago.
The average detached home price of $541,795 down 1.5 per cent over the last six months.