Latest Real Estate update
November 2008 Real Estate Stats from the REBGV
The latest news release and statistics package has just been released by the Real Estate Board of Greater Vancouver.
Key points:
(Relating to the Greater
- Sales are down in 2008 vs. 2007 by approximately 50-55%
- From May 2008-October 2008 prices have declined approximately 8%.
- Comparing Oct 2008 to Sept. 2008 The listing counts are starting to come down. This is partly because some listings are expiring and some Sellers are likely deciding to take their homes off the market.
- A major factor in the slow down of sales is a lack of “Buyer Confidence”. Many buyers are taking a wait and see approach thinking prices could come down further. A second factor is the current turmoil in the financial markets.
- However, a surplus of active listings and lower interest rates create opportunities for those who are serious about purchasing.
Latest Statistics in a few areas:
- In
- In Vancouver West the number of listings of detached homes was down 26.1% in October 2008 vs. October 2007. Sales were down 66.2% for the period of August 2008-October 2008 vs. August 2007-October 2007.
If you have any questions about these figures or if you would like the statistics for your neighbourhood please let me know.
All the best,