The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,364 in October 2008, a decline of 55 per cent from the 3,028 sales in October 2007.
New listings for detached, attached and apartment properties increased 1 per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.
" Home sales are not keeping pace with the positive economic conditions in BC," REBGV president, Dave Watt said. "That's a direct result of a loss of consumer confidence in the overall market. Accordingly, today's housing market is characterized by moderating home prices and wide selection. It's definitely a buyer's market."
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You can also download the whole October 2008 REBGV statistics.
A buyer’s market is great for everybody I think. It’s been a seller’s market for too long. We just need to go through a period of price adjustment.