Landcor Data Corporation is pleased to issue the British Columbia Q3 2008 Residential Sales Summary, a comprehensive report reviewing the latest real estate trends across the province.
The Market Correction Deepens - Some Key Findings:
- As Q3 progressed, the strength of the residential real estate market deteriorated and posted significant month over month declines in both price and number of units sold.
- The total number of sales in Q3 were the lowest Q3 results in the past five years, and the $12.7 billion in total sales value during this quarter was the second lowest over the same time period (only Q304 was lower).
- Condominiums were the only property type to post positive average and median price changes over Q208. Detached and attached homes showed a decrease in average and median prices between -0.4% and -1.6% compared to Q208.
What does this mean?
The buyers market is in full swing in BC, with the number of unit sales decreasing and prices following suit. It seems there is little certainty as to what to expect in the coming months and in a market characterized by volatility and unpredictably the need for impartial and complete data has never been more evident.
Instead of the doom and gloom prevalent in the media headlines and conversations, what we should focus on are the opportunities that are arising, including those for first time home buyers to make a sound investment at a much more reasonable price, and those for Lenders to tighten their borrowing standards to create a more sustainable and accountable financial sector.
Stay tuned for Landcor's final 2008 report in the New Year to gain a clear and concise understanding of what happened in the past year to help you make educated real estate decisions in 2009.
Click here for Landcor's complete report