With all the negative news and articles about the state of the Greater Vancouver real estate market, I think the best thing to do is find something positive amongst all of the negative. I would not go to the extent that some articles have stating the Greater Vancouver real estate market is "crashing". Yes prices have decreased, more so in some areas than others and I would argue from a REALTORS® perspective the more alarming stat would be number of sales. Although to say the Vancouver real estate market is in crises would be a bit of an over statement with a total of number of detached and attached sales of just under 2,100 in the month of July 2012. Let us compare the last 3 years of total sales in July (detached and attached combined):
Date: July 2012 Number of sales: 2,119 Benchmark Price: $616,000
Date: July 2011 Number of sales: 2,579 Benchmark Price: $612,000
Date: July 2010 Number of sales: 2,260 Benchmark Price: $570,000
***Stats provided by REGV Stats Centre***
So what do these numbers mean? That question up to you to decide, as they can be interpreted many different ways. I will leave you with the reminder that the real estate market is a unique and unpredictable market of valleys of lows and mountains of highs. It is you the buyers and sellers, who make up the market and decide as a buyer what you are willing and able to pay for a specific property and as a seller what you are willing and able to accept as a selling price.
For the most current market conditions, check out the monthly videos provided by the Real Estate Board of Greater Vancouver:
Mike Blackall, Dip.ULE REALTOR® www.MikeBlackall.com