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Remember to Breathe: Buyer’s Market Has A Calming Effect on House Hunters

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Photo courtesy of Bigstock Photo

A calmer atmosphere. Might that phrase refer to the amount of Lululemon seen at the typical West Side open house?

Not really, according to president-elect Sandra Wyant of the Real Estate Board of Greater Vancouver. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

Ms. Wyant’s statement is found in the REBGV’s monthly report detailing sales statistics for October, 2012.

Since reaching a peak of $625,100 in May, the MLS Home Price Index® (MLS HPI®) composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.

The stats are rather glass half empty/half full. Yes, year-over-year real estate sales throughout the territory covered were down 16.7 per cent to 1,931 last month, and were 28.5 per cent below the 10-year October average. However, October sales were also 28 percent higher than for the month of September, so there’s definitely some action out there.

Technically, this might be a buyer’s market, but sellers are still getting close to what they’re asking, in many places. For instance, in-demand neighbourhoods such as Edgemont Village in North Vancouver showed a very slight decrease between list price and selling price ($1.187 million vs $1.128 million).  

(3) Comments

sharleen November 10th 2012 | 10:10 AM

i must say it s a real nice post on vancouver real estate mls

 

Unsettle Worker November 13th 2012 | 10:10 AM

So it seems everyone is so happy that the prices are dropping in Vancouver. But are they? 

Average price for detached houses grew for 2.5 per cent to 1,690,305$ in comparison with October 2011. Also the townhouse average price increased for 2 per cent to 792,081$ compared to the October 2011. Only condo apartments reduced its average price for 2 per cent, dropping to 467,603 $.

When everyone seems to be predicting <a href="http://jamiesarner.com/toronto-real-estate/2012/09/canadian-housing-market-slowdown/">A housing market slowdown</a>, it is not coming...

So what the hell is going on? 

Unsettle Worker November 13th 2012 | 10:10 AM

So it seems everyone is so happy that the prices are dropping in Vancouver. But are they? 

Average price for detached houses grew for 2.5 per cent to 1,690,305$ in comparison with October 2011. Also the townhouse average price increased for 2 per cent to 792,081$ compared to the October 2011. Only condo apartments reduced its average price for 2 per cent, dropping to 467,603 $.

When everyone seems to be predicting a housing market slowdown, it is not coming...

So what the hell is going on?