Act 1 – Finding Balance

Vancouver Real Estate may be performing a Balancing Act

Comparing May of 2007 the Real Estate Board of Greater Vancouver tells us that Residential sales are down 30.7% with new Listings for Detached, Attached, and Apartments increasing 20.2%

The Balance

  • Detached Homes Declined 33.4%
  • Attached Homes Declined 24.7%
  • Apartments Declined 30.5%

The Act

  • Prices are slowing and we are headed for a “balanced” market. Competition for sales will remain high. Many buyers are browsing and waiting in anticipation that soon, which could be by the end of summer, to see prices drop.
  • Life as we know it is not over. Homes are still selling, however, those that have more to offer in terms of location, condition and amenities have the upper hand.
  • Those Seller’s that are serious and recognize that the hey days are at or near an end will be talking to their Realtor® for advice on sharping their pencil.

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

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.

When Life Moves You - contact Larry:

*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:

June 6th, 2008 at 10:57 pm

Always illuminating, Larry. Looks like we’ll be staying put in Mount Pleasant for a while longer. Still hoping that when all this construction in my neighborhood is done in 2009, I’ll still come out ahead… but the timing is tricky.

Good numbers you’ve got here, though. Frankly, I’m amazed house prices haven’t actually dropped yet with such a significant decline in sales, and so many new homes coming onto the market.

June 6th, 2008 at 11:09 pm

Mount Pleasant is a good place to be and will hold its values.

I am also a little surprised at the number of listings.

I was wondering – if all these people are selling where are they going. We all have to live somewhere.

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