Morgan Rice

VANCOUVER, B.C. – October 4, 2011

months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and

apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase

compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10

years.

“There's more competition amongst home sellers in today's market, providing more options for prospective buyers," Rosario

Setticasi, REBGV president said."Buyers now have more properties to choose from and more time to make decisions

compared to the spring season.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third

highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731

properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in

August 2011.

The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning

of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 per cent in September

compared to August 2011 and rose 4.4 per cent compared to this time last year.

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say

that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi

said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the

last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5

per cent.

Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866

detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The

benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.

Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September

2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment

property increased 4.4 per cent from September 2010 to $405,569.

Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383 sales in September

2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached

unit increased 5.4 per cent between September 2010 and 2011 to $516,697.