Vancouver Real Estate – Here’s Johnny!

School is Back

“Tell Me Johnny, What did you do this summer?”

“Ms. Brown, me and Mom watched the Vancouver Real Estate Market tank.”

August 2008

According to the Real Estate Board of Greater Vancouver

  • Compared to 2007 Sales Declined 53.7 %
  • Compared to 2006 Sales Declined 47.7%
  • New Listings Declined 1.7% compared to 2007

Detached

August sales declined 58%

Since May 2008 the Benchmark price declined 4.3%

Apartments

August sales decline 50.8%

Since May 2008 the Benchmark price declined 3.9%

Attached

August sales declined 50.5%

Since May 2008 the Benchmark price declined 3.2%

Active listings

Dropped 6.2% since July 31 from 19,138 to 17,950.

The good news!

Johnny made it to school on time!

Got a Vancouver Real Estate question? Always happy to answer it. Call or send me an email or twitter me @yattermatters.

Larry

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

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:

September 3rd, 2008 at 2:24 pm

I don’t know your market and who the players are but surely there are some who are taking advantage of this “tanked” market.
Here in Toronto, for the past few years, many frustrated buyers often yearned for more of a balanced market. They tired of losing out on multiple offer situations. Well, guess what folks. It’s here. Now is your time. Don’t just stand there. Buy something!

September 3rd, 2008 at 7:11 pm

love your sense of humour, larry 🙂

some buyers are negotiating hard and getting excellent buys, after all, this market is what the buyers dreamed of for the last 5 years, isnt it? it is my opinion that the news media reports news after a change in the market. has occurred.

i’ve noticed west side condo median price was the same for august as it was in july and listings are down substantially for this category (566 in august and 868 in july) in fact, back to the same level as august 2007. but the media doesn’t report this positive fact!

few of us are clever enough to sell at the top and buy at the bottom and you wont know the bottom until it’s behind us.

womp Says:
September 4th, 2008 at 8:02 pm

So how many condos on the west side are you buying Maggie? Sign me up for 17, after all, listings are down. I bet the market is about to take off!

blueskies Says:
September 4th, 2008 at 8:05 pm

<i.but the media doesn’t report this positive fact!

it is not positive, you fail to address the affordability factor…. prices have to come down to increase the number of buyers that can afford to buy…..

anon Says:
September 4th, 2008 at 9:39 pm

“but the media doesn’t report this positive fact”

hahaha. the overall inventory was flat in a month it normally drops; westside condo number changes are appropriately not emphasized since westside condos are no more important than any other submarket in the vancouver area.

really though, you need to look at month of inventory numbers. Yum, yum, yum, 12 months and counting! How much will it be next year this time? 24 months?!?! laughing at the bulls!

September 5th, 2008 at 3:07 am

Larry: I really wasn’t going to comment but your whole opening line cracked me up! 😛

Here’s to the end of summer and a good start to a new year! (If you’re on an academic calendar of course)…

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