Vancouver Real Estate – You are Not Alone

The Canadian Real Estate Association released their latest look at the market.

The Reality

“sales activity in the first half of 2008 was down compared to the same period of 2007, which was a record-setting year. Transactions declined by 13.3 per cent year over year”

The Spin

“The resale housing market is more balanced than it was last year in all major urban centres,” said CREA Chief Economist Gregory Klump. “The frenzied pace for sales activity last year has faded, with buyers now better able to shop around before making an offer. Price increases are expected to be modest in the second half of 2008, as sales continue easing and new listings remain high.”

You Are Not Alone

Are you arriving home and still seeing that sign on the lawn? Is your Realtor telling you things you don’t want to hear. You are not alone. It’s happening across the land. In all markets be they Vancouver or Miami, the issues are the same. From the opposite end of the continent read what my friend Ines has to say about it.

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

CREA Report Here

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 3:08 pm

“The resale housing market is more balanced than it was last year in all major urban centres.” Hmmm. Perhaps I’ll be able to actually demand a house inspection when I look at my next property and not get dismissed out of hand for wanting to confirm the abscence of black mold (None found yet, knock on… oh, noooooooo….). There are definitely benefits to a more balanced market.

July 17th, 2008 at 5:40 pm

I agree there are benefits to a balanced market, although sellers often panic when it creeps up on them. WIth the 40 year mortgage out of the picture in October in October, and prices dropping, it is a great time to buy.

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