Vancouver House by Lara604
Vancouver listing and sales statistics for the month of June kept in line with the downward slanting trend of general sales activity of May 2012. The continued cool-down of market activity in the Greater Vancouver area has speculators in a frenzy. In Vancouver, sellers have continued to outpace buyers in nearly every part of the city, and Vancouver Sales for June 2012 have shot down again, (-0.14.46%) to 757 from (885).
Overall, listing numbers for Vancouver seem to have finally cooled as well, down a whopping (-21.94%) from May to 1793. Year-to-Year listings for June are only up (+1.13%) from this time last year, even with a massive cooling of sales.
Area specific sales in both Vancouver East and West have continued to slow and are down (-14.20%) and (-23.97%) from June 2011 respectively. Month-to-month, East Vancouver sales are down (-10.90%) from May 2012. Additionally, West Vancouver sales are also down (-16.40%) from last month.
Benchmark prices have continued to stay pretty flat in East Vancouver Month-to-Month: detached homes stayed on par at (+0.32% to $865,000), townhouses were up (+0.52%) in June to ($521,700); as were apartments (+0.87% to $313,400). Listings fell in June on the East Side, (reversing last months trend) with totals down (-15.85%) from May to (584). In Vancouver West, listing numbers mirrored the same trend, down (-24.58%) from May to 1209. Word is the West continues to feel slow and detached prices have continued their correction in that area, down (-1.99% to $2,203,500). The benchmark price for townhouses is level at (+0.44% to $713,100) while the apartment market in Vancouver West has also corrected, down (-2.35%) to $477,000.
What's in store for the market can only be determined by time. These changes in our historically hotter-than-hot market have tons of people scrambling and projecting worst case scenarios about the Greater Vancouver market. While market correction isn't always an ideal situation for sellers or lendees, the current market is still healthy ~ REALLY healthy compared to the Vancouver market in the 80's, or present day comparable and correcting markets like Australia.
The fact remains that people will continue to buy and sell homes even as the market shifts. The best solution is to understand your own unique positioning in a changing market and strategize accordingly. We've been lucky enough to live in one of the hottest real estate markets on the planet for almost 10 years. All signs point to a healthy Canadian economy and recovery ~ So I say bring it on - change doesn't have to be a bad thing!