For immediate release
BC Home Sales Decline by One-Third in 2008
Vancouver, BC – January 12, 2009. British Columbia Real Estate Association (BCREA) reports
residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined
31 per cent to $31.3 billion in 2008, compared to 2007. Residential unit sales declined 33 per cent
to 68,923 units last year, the lowest level since 2000, when 54,179 transactions were recorded. The
average MLS® residential price in 2008 was $454,599, up 3.5 per cent from 2007.
“The housing market came in like a lion
and went out like a lamb in 2008,” said
Cameron Muir, BCREA Chief
Economist. “Home prices reached a
record high in March, but edged lower
during the balance of the year.” The
average residential sales price hit
$483,291 in March and ended the year
at $429,210, an 11 per cent decline in
nine months.
MLS® Residential Sales
British Columbia
120,000
100,000
80,000
60,000
40,000
20,000
0
“The global financial crisis, a sharp
correction in the equity markets and a
recessionary environment in Canada has
Source: BCREA
wreaked havoc on consumer
confidence,” added Muir. “While it’s
difficult to predict when consumer confidence will strengthen, home affordability is quietly
improving as lower prices and mortgage interest rates increase the buying power of BC
households.”
December MLS® residential sales dollar volume in the province declined 52 per cent to $1.05
billion, compared to December 2007. Provincial MLS® sales were down 49 per cent to 2,456 units,
while the average residential price declined 6 per cent to $429,210 over the same period.
-30For more information, please contact:
Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: [email protected]
For detailed statistical information, contact your local real estate board.
President Scott Veitch | Vice President John Tillie | Past President Andrew Peck | Chief Executive Officer Robert Laing
604.683.7702 | 604.683.8601 (fax) | [email protected] | www.bcrea.bc.ca
1420 – 701 Georgia Street West, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6
BC Home Sales Decline by One-Third in 2008 . . . Page 2
December 2008 Residential Average Price, Active Listings and
Sales-to-Active-Listings Data by Board
Average Price
December
2008
Residential
Average Price
($)
Board
December
2007
Residential
Average Price
($)
207,642
204,408
BC Northern
301,583
317,678
Chilliwack
410,603
448,640
Fraser Valley
560,953
566,192
Greater Vancouver
272,831
288,685
Kamloops
256,238
291,885
Kootenay
172,560
191,520
Northern Lights
358,310
386,954
Okanagan Mainline
233,000
247,143
Powell River
358,486
352,343
South Okanagan
303,601
331,470
Vancouver Island
444,222
492,691
Victoria
429,210
456,804
Provincial Totals*
*Numbers may not add due to rounding
% change
1.6
-5.1
-8.5
-0.9
-5.5
-12.2
-9.9
-7.4
-5.7
1.7
-8.4
-9.8
-6
December
2008
Residential
Active
Listings
(Units)
Active Listings
December
2007
Residential
Active
Listings
(Units)
2,230
1,524
8,125
16,188
1,445
2,093
255
5,715
177
1,378
4,834
3,023
46,987
1,501
1,017
5,526
9,034
770
1,293
152
3,389
106
888
3,181
2,093
28,950
%
change
Sales to Active Listings
December
December
2007
2008
Residential
Residential
Sales to Active
Sales to Active
Listings
Listings (%)
(%)
48.6
49.9
47
79.2
87.7
61.9
67.8
68.6
67
55.2
52
44.4
62.3
6.3
4.1
5.5
5.7
4.2
3.8
9.8
3.3
5.1
3.1
5
7.6
5.2
13.8
12.2
16.4
21.7
15.7
12.1
19.7
10.4
6.6
11.8
14.9
18
16.6
December 2008 BC Residential Multiple Listing Service® Data by Board
Board
Dollar Volume (000s)
December 2008
December 2007
Residential Sales
Residential Sales
($)
($)
29,278
BC Northern
19,000
Chilliwack
182,718
Fraser Valley
521,125
Greater Vancouver
16,370
Kamloops
20,243
Kootenay
4,314
Northern Lights
68,079
Okanagan Mainline
2,097
Powell River
15,415
South Okanagan
73,775
Vancouver Island
101,727
Victoria
1,054,140
Provincial Totals*
*Numbers may not add due to rounding
42,313
39,392
405,571
1,108,037
34,931
45,534
5,746
136,982
1,730
36,996
157,448
185,744
2,200,424
% change
-30.8
-51.8
-54.9
-53
-53.1
-55.5
-24.9
-50.3
21.2
-58.3
-53.1
-45.2
-52.1
December 2008
Residential Sales
(Units)
Units
December 2007
Residential Sales
(Units)
141
63
445
929
60
79
25
190
9
43
243
229
2,456
207
124
904
1,957
121
156
30
354
7
105
475
377
4,817
% change
President Scott Veitch | Vice President John Tillie | Past President Andrew Peck | Chief Executive Officer Robert Laing
604.683.7702 | 604.683.8601 (fax) | [email protected] | www.bcrea.bc.ca
1420 – 701 Georgia Street West, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6
-31.9
-49.2
-50.8
-52.5
-50.4
-49.4
-16.7
-46.3
28.6
-59
-48.8
-39.3
-49
BC Home Sales Decline by One-Third in 2008 . . . Page 3
2008 BC Residential Multiple Listing Service® Data by Board
Dollar Volume (000s)
2008
2007
%
change
1,055,629
979,067
7,641,255
-17.6
-34.2
-28.9
4,038
2,036
12,588
5,400
3,268
18,032
14,932,657
686,969
651,299
22,248,446
941,027
945,953
-32.9
-27
-31.1
25,149
2,235
2,265
90,667
88,261
2.7
2,220,290
53,365
3,372,228
71,361
502,642
2008
($)
2007
($)
BC Northern
Chilliwack
869,616
643,842
5,435,262
Kootenay
Northern
Lights
Okanagan
Mainline
Powell River
South
Okanagan
Vancouver
Island
Victoria
Provincial
Totals*
Average Price
%
change
Board
Fraser Valley
Greater
Vancouver
Kamloops
Unit Sales
2008
($)
2007
($)
% change
-25.2
-37.7
-30.2
215,358
316,229
431,781
195,487
299,592
423,761
10.2
5.6
1.9
38,978
3,414
3,476
-35.5
-34.5
-34.8
593,767
307,369
287,549
570,795
275,638
272,138
4
11.5
5.7
473
502
-5.8
191,685
175,818
9
-34.2
-25.2
5,460
210
8,702
296
-37.3
-29.1
406,647
254,117
387,523
241,083
4.9
5.4
796,906
-36.9
1,481
2,447
-39.5
339,394
325,667
4.2
2,253,399
2,992,303
3,079,528
3,923,983
-26.8
-23.7
6,817
6,171
9,887
8,403
-31.1
-26.6
330,556
484,898
311,472
466,974
6.1
3.8
31,332,313
45,143,647
-30.6
68,923
102,805
-33
454,599
439,119
3.5
*Numbers may not add due to rounding
BCREA represents 12 member real estate boards and their more than 18,000 REALTORS® on all
provincial issues, providing an extensive communications network, standard forms, economic
research and analysis, government relations, required licensing courses and continuing education.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities,
BCREA supports growth that encourages economic vitality, provides housing opportunities,
respects the environment and builds communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative
marketing system used only by Canada’s real estate boards to ensure maximum exposure of
properties listed for sale.
President Scott Veitch | Vice President John Tillie | Past President Andrew Peck | Chief Executive Officer Robert Laing
604.683.7702 | 604.683.8601 (fax) | [email protected] | www.bcrea.bc.ca
1420 – 701 Georgia Street West, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6