Greater Vancouver market stabilizing
Greater Vancouver Real Estate Market is Satabilizing!
January 7, 2009: The record-breaking seven year real estate market cycle in Greater Vancouver has ended in 2008 amidst global economic challenges, as recently reported by the Real Estate Board of Greater Vancouver (REBGV).
The change brings relief from drastic increases where prices almost doubled from $357,770 for a single-family home in December 2001 to $648,421 in December 2008.
“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” says Dave Watt, president at REBGV. “It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down.”
Residential prices, as calculated by the MLSLink Housing Price Index, declined 10.9% between December 2007 and 2008. Since May 2008, the overall residential benchmark price has dropped 14.8% in Greater Vancouver to $484,211 from $568,411.
The REBGV states sales of detached, attached and apartment properties decreased 35.3% in 2008, with 24,626 sales compared to 38,050 sales in 2007.
Property listings for the year increased 13.9%, with 62,561 properties on the market compared to 54,945 in 2007. Total listings in December declined 17.2% to 15,193 from the 18,348 active listings in Greater Vancouver in November 2008.