Oct 2008 10

Housing prices begin to realign

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Residential property sales in Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007, the Real Estate Board of Greater Vancouver reports.

?After five years of unprecedented increases, housing prices are beginning to realign,? REBGV president, Dave Watt said. ?Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.?

Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.

REBGV september stats Click on the graph to see it in full size

You can also download the whole September 2008 REBGV statistics.

2 Responses to “Housing prices begin to realign”

  1. Mike Stewart, Downtown Vancouver Realtor

    Hi Jay,

    Its great that you are publishing this data on the Vancouver Real Estate Market. I am a
    Vancouver Realtor and I am really seeing the effect of prices coming down. Expectations of buyers have changed drastically, they are willing to wait as they know prices are coming down. Sellers are forced to cut their to make their places move or the listings just sit.

  2. Maple Ridge Home and House

    Vancouver’s housing prices have been overinflated. What we see is a normal correction to a real estate market. I agree with GVREB that our economy is in a better shape than the US thus we should do much better.

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