Cool sales may slow price rise

Residential real-estate sales in Vancouver cooled a little more last month and could slow the rise in prices, the Real Estate Board of Greater Vancouver said yesterday.

It said sales last month decreased 19.7 per cent to 2,358 units from 2,938 sold a year ago. But new listings also decreased by 3.1 per cent to 3,168 units compared to the 3,271.

The total number of active listings increased by 30.6 per cent to 11,308 units compared to last November 8,659 units. "This is the first time since April 2006 that we've seen new listings tighten in comparison to the same period in 2005," says board president Rick Valouche. He said the market is in balance and good for both buyers and sellers.

Sales of apartment properties decreased by 11.5 per cent to 1,050 sales last month compared to 1,187 a year ago, but the benchmark price of $329,537 is up 17 per cent from one year ago.

Attached property sales decreased 22.2 per cent to 404 sales from 519 while the benchmark price of $410,085 rose 17.9 per cent. Detached sales decreased 26.6 per cent to 904 compared to 1,232 sales a year ago. The $647,562 benchmark price is up 14.3 per cent.

(Source: Vancouver Province)