Vancouver Real Estate – La-La-La-La-Laaaaaaaaahhhh!
Posted August 5th, 2008 in Real Estate, Statistics
Tune Up
La-LA-LA-LA-LA-LAAAAAAAAAAAAAAAAAAAAH!
You might have mistaken that for a bear’s growl but really, it’s only the chubby girl tuning up. Rest easy, your hearing is not impaired. You may however, need to sharpen your pencil to keep the bear at a distance.
Can You Hear This
According to the REBGV, Vancouver Real Estate overall benchmark prices are down 2.1%.
Price reductions are increasing daily. I can’t agree with Dave Watt our President who says this is having a levelling impact. Come on Dave, real estate is dynamic. Prices are either up or down, never level!
Down and Up
Residential property sales DECLINED 43.9% from 3873 in July 07 to 2174 in July 08. New Listings for detached, attached and apartment properties INCREASED 44.2%
This Isn’t Pretty
- Detached Sales DECLINED 44.2%
- Attached Sales DECLINED 46.8%
- Apartment Sales DECLINED 42.3%
A Picture of Average Prices
Courtesy REBGV
If the picture is worth a thousand words then take a close look at the detached drop. Try and match it up to anything that has happened in the past. If you need to sell your home the market is saying it’s better to sharpen your pencil now than find out that you don’t have enough eraser left later.
Got a Vancouver Real Estate question? Always happy to answer it. Call or send me an email or twitter me @yattermatters.
Larry
Add to list of things you can be certain of.
Death
Taxes
Realtor associations calling downward corrections, “levelling.”
Good thing the Vancouver market has you to call it like you see it. Those are some pretty hefty slides in the unit sale numbers. Ouch!
Agreed. Larry, thanks for posting the truth and not the [smile & nod] “truth”. How appropriate that my knowledge of that line comes from the Realtor episode on the Simpsons