The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006.

New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August 2008 compared to August 2007, when 4,408 new units were listed.

?In August, properties on average remained on the market longer than we?ve seen in recent years,? REBGV president, Dave Watt said. ?As the market heads into the traditionally more active fall season, we have begun to see property listings recede and prices moderate.?

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Click the above image for full sized graph. You can also download the whole August 2008 REBGV statistics.