Old New News in Vancouver Real Estate

We Get Signals

Courtesy BCREA

There is a pulse you develop as a Realtor. It’s like a sixth sense that tells you the market is changing. We get signals. They are immediate and are later proven accurate by the bean counters. Our phones stop ringing, our open houses are empty, and our advertisements linger longer. It’s the nature of our business. Ours senses don’t rely on graphs that are generated from numbers from the past. Our senses tell us what is now.

Old New News

It’s not new news that there have been fewer sales. Just look down your street to see signs growing moss. But just in case you thought I might be making this up here is confirmation provided by the British Columbia Real Estate Association.
  • in B.C. dollar volume dropped by 34%
  • in B.C. sold homes dropped 36%
  • open your wallets because the average price in B.C increased 4%
The rationale for all of this says Cameron Muir, BCREA Chief Economist is that we are experiencing “weaker consumer confidence and eroded affordability”. Oh so that’s what’s killing the market. We don’t believe and we don’t have cash. Two dreams the barista at Starbucks will have to forgo.

Is There Hope?

Sure, says Muir: “inventories could soon edge lower as home sellers adjust their asking price”.

Got a Vancouver Real Estate question? Always happy to 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.

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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:

July 17th, 2008 at 2:15 pm

i agree with mur…we will see many expired listings by end of summer, resulting in reduced inventory. in fact the number of west side condo listings dropped in june compared to may. buyers can now secure A properties at a good price. the world is still coming here….eastern US buyers retiring or summering in vancouver…torontoians still moving west. this week i had emails from india, turkey, russia, england, mexico city inquiring about purchasing vancouver real estate. i believe the market will catch its breath for a few years, as it will need that to build momentum again. where will it be 10 years from now? double?

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