August 2008 Market Update
We appear to be in a rapidly changing market place.
According to the Real Estate Board of Greater Vancouver there has been a downward price shift in the past few months. The overall price of residential properties in Vancouver has gone down 2.1% since May of this year.
What seems to be driving the prices down is the increase in properties for sale. From July 2007 to July 2008 there has been an increase in available housing inventory of 24%. In real numbers: In July 2007 there were 4,924 listings. In July 2008, there were 6,104 listing.
At the same time, sales have declined by almost 50% over the past year.
This is good news for buyers, who have much more to choose from, and more time to negotiate and make well thought out buying decisions.
Sellers will have to sharpen their pencils and must be prepared to wait longer for their property to sell.
It will be interesting to see what happens in the housing market as the Olympics get closer. Many of the highrise building projects in the downtown area are nearing completion, and the landscape of the Olympic Village is changing daily.
Be sure to give us a call if you need help making your way through the rapidly changing mortgage market. We work hard for our clients, getting you the best mortgage available.�
The Averbach Mortgages Team
