Greater Vancouver housing prices rise slightly, but sales volumes fall significantly in 2010
The local real-estate market had its ups and downs last year.
The Real Estate Board of Greater Vancouver revealed today (January 5) that the median benchmark price for residential property rose by 2.7 percent in December 2010 over the same month in 2009.
For the region, the benchmark price was $577,808. However, that's 2.6 percent below the 2010 peak of April, when the median benchmark price reached $593,419.
Detached properties recorded the greatest increase, rising four percent in December 2010 over the same month in the previous year.
The biggest increases for detached properties by area were Richmond (18.3 percent), West Vancouver (10.5 percent), the West Side of Vancouver (8.8 percent), and Burnaby (8.2 percent).
The median benchmark price for attached properties went up 2.7 percent last month over December 2009, with the biggest increases in Burnaby (6.3 percent), Richmond (5.4 percent), the East Side of Vancouver (5.3 percent), and Port Moody (4.6 percent).
Overall, apartments posted a 1.2-percent hike in the median benchmark price iover the same period. Leading the pack were West Vancouver (8.1 percent), Richmond (7.2 percent), and Burnaby (3.2 percent).
The REBGV does not include Surrey, Langley, and North Delta.
Sales volume fell 14.2 percent within the REBGV in 2010, dropping from 35,669 in 2009 to 30,595 in the recent year. In December 2010, sales volume fell 24.5 percent over the same month of 2009.