Greater Vancouver August Real Estate Market Update

Market Update

Activity in Greater Vancouver has quieted down over the last month. Residential sales, prices, and the number of homes listed for sale have been trending downwards in recent months. You know what they say, “Buy low, sell high.” This is your chance while most people are at the beach or holidaying with family. Now is a great time to be looking, as you do not have to be in competition to get the new home or investment property you want…. (Just food for thought.)

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver was 2,255 in July, 2010 which was 45.2% less than July, 2009 (that was the highest selling July ever recorded). Also, this was a 24.1% decline compared to June, 2010 which tends to follow our normal summer seasonal slowdown in Vancouver.

Jake Moldowan of the REBGV stated, “With the pace of home sales and listings easing off in our market, we’ve begun to see a leveling of home prices from the record highs seen in the spring, creating greater affordability. Activity in today’s market place is clearly trending in favour of buyers.” When you are looking at how long properties are sitting on the market this is evident. Jake further indicated, “It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction.”

Since spring, housing prices have decreased 2.8% compared to the all-time high reached in April when the residential benchmark price was $593,419. Again, please keep in mind that this is following our natural seasonal trends in the market (when summer is slower and there is less demand.) We were not seeing these typical trends through the extraordinary time of the last few years. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 9.1% to $577,074 this July, from $528,821 in July, 2009.

Click here for the full media release from the Real Estate Board of Greater Vancouver

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