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

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).  

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