Vancouver Real Estate – is this an Alarm Bell?

Time Marches On

Cameron Muir, economist of BCREA fame, confirms what Vancouver Realtors on the front line have known for weeks.

Synopsis of his report:

  • Residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.4 per cent
  • Residential unit sales declined 11 per cent
  • Average MLS® residential price in the province reached $478,044, up 11 per cent from April 2007
  • Active MLS® residential listings in the province were up 37 per cent
  • Competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale
In the first four months of the year, MLS® residential sales volume in the province fell 1.8 per cent to $13.2 billion compared to the same period in 2007. Residential unit sales declined 13 per cent to 27,730 units, while the average MLS® residential price increased 13 per cent to $474,993.
Courtesy: BCREA

Questions without Answers

  1. Can the imbalance of price-listing-ratio continue and for how long?
  2. Is it time for a price correction?
  3. Will the unsold inventory be removed from the listing inventory as their mandates expire or will they persist in the speculative belief that they will get the price they are asking?

In contracts of purchase and sale time remains of the essence. In the Vancouver Real Estate market time will give us the answers.

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.

Reader Comments:

mila Says:
May 15th, 2008 at 7:07 am

greed or fear “that’s the question”
Eventualy one will replace the other. Common sense in short supply! Let’s hope both sides will get some professional advice before making any rush decisions about their biggest asset.

May 15th, 2008 at 7:34 am

Greed and Fear,

Two labels that appear in a great number of discussions.

Seems that those that have property are often labeled as the greedy ones, those who want to acquire property are fearing that they never will achieve this goal.
With all the inventory available why then is the price still going up? Is it the real truth that many will not settle for anything but the best and will pay more for it?

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