Vancouver Real Estate Asks If You Fell
Posted November 8th, 2008 in Buying or Selling, Real Estate, Statistics | 
Of Things CMHC
Canada Mortgage and Housing Corporation (CMHC) released their fall Housing Market Outlook for the Vancouver Real Estate Market.
Nuts and Bolts
- housing activity moving back to historical averages
- home starts decline,inventory of new homes higher
- declining sales and high inventory reduce pressure on prices
- resale prices declining in ’08 continues to ’09
- high prices preclude low equity, first time buyers and investors from buying
- high prices making investments properties less attractive
- end of 2008 will see a 32% total MLS decline in sales continuing through 2009
- price point for condo’s will make them more attractive to buyers
- total inventory will be 17% higher than last year and continue in 2009
- prices will drop and homes take longer to sell
- average price drop will be 9% in 2009
On the Bright Side
- job creation is good with unemployment at 4.2% with a slight edge up
- migration continues to be main driver of housing demand.
Thoughts
There are a number of posts herein commenting on the declining Vancouver market since late spring of this year. This report is merely CMHC putting the cork back in the bottle to give us comfort that there is nothing like old news to assure things are as they should be.
It’s much like the last time you fell and laying bloodied on the ground, a stranger passes by asking – “Oh, did you fall?”
“Hmmm, do yah think!”
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I’m always happy to answer your Vancouver Real Estate question? Call or send me an email Twitter or Skype me at YatterMatters.
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.
