Real Estate Wave

Gusts

Vancouver as a coastal city, has a temperate climate, ocean breezes, tides and waves. Winter spring, summer or fall the rhythm is consistent. Vancouver’s Real Estate market when viewed over a number of years displays similar consistent characteristics. Recent years revealed market strenght equal to winter storm. It blew with unimaginable gusts of price increases creating huge waves of profit for some and unaffordability for others.

Cycles

Storms come and storms go. From them evolve waves that continue to build in strength until they crash upon the shore. Vancouver’s real estate much like these waves their amplitude building on the good news, spreads out to the Fraser Valley and beyond. With time the waves hit an afford-ability breakwater and start to refract back to it’s origins. Tracing its outward journey the wave begins its return. From the heartland it flows down the Fraser river through the Fraser Valley. Here where its magnitude is measured.

The Fraser Valley Real Estate Board received 4,458 new listings last month compared to 2,922 new listings received during April of last year, an increase of 53 per cent. That swell of new inventory took the number of active listings to almost-record highs, reaching 11,111, an increase of 43 per cent compared to the 7,764 listings available during April 2007. Even with the surge in listings, April sales remained strong at 1,787 total units sold, on par with the 1,781 sales sold in April of 2007 .
Fraser Valley REB

Is that the Rushing Sound of …..

An influx of new listings entered the Greater Vancouver housing market in April 2008, while residential sales reduced slightly compared to the same period a year ago. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 3,218 in April 2008, a decline of five per cent from the 3,387 sales recorded in April 2007, and a 3.8 per cent drop from the 3,345 sales in April 2006. New listings for detached, attached and apartment properties increased 25.6 per cent to 7,010 in April 2008 compared to April 2007, when 5,580 new units were listed.
REBGV

Photo Credit: Flickr bovinacowboy

Breaching?

53% and 25.6% increase in listings with a 5% decline in sales suggests the wave is about to crest? Will you weather the storm?

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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