Vancouver Condo Market Pricing
Well it’s no secret that the Vancouver Real Estate Market’s jets have certainly cooled. Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008. Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007.Â
“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”
This current slow down in sales has created a favourable market for Vancouver’s patient buyers. With more choice, time, and negotiation power buyers are able to find opportunities that have not been available in the market in years. The current low interest rates matched with aggressive price reductions is opening the door to many 1st home buyers who were priced out of the last real estate cycle.Â
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Filed under: Condos, Developments, Downtown Vancouver, Statistics, Vancouver Blog, Yaletown, vancouver
That’s interesting! Seems like it’s going all over canada! We’re realtors in Edmonton, Alberta and we’re facing the same thing. Prices keep dropping down and there are less and less buyers. Sellers get excited over the idea of having their homes shown!
http://www.knock-knock.ca
We’re starting to see a pick-up here in the amount of condo sales in White Rock/South Surrey but the prices seem to still be sliding (but not at the same rate as last year)
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