September 2012 Housing Market Update

VANCOUVER, B.C. – October 2, 2012 –

The summer of 2012 drew to a close in September with home sale activity well below historical averages in the Greater Vancouver housing market. September sales were 41.6% below the 10-year September sales average.

“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Eugen Klein, REBGV president said. “This makes homes less affordable for the people of the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,321 in September. This represents a 6.3% decline compared to September 2011 when 5,680 properties were listed for sale on the MLS® and a 31.6% increase compared to the 4,044 new listings in August 2012.

Source: Real Estate Board of Greater Vancouver