Greater Vancouver Housing Market Update – November, 2008

December 3, 2008

November continued to be a bad month for home sellers in Greater Vancouver and elsewhere in BC. The following news articles highlighted the poor housing market:

The Province; with News Services, Published: Wednesday, December 03, 2008.

Lower Mainland’s home sales figures drop into basement

November blew a deepening chill into the Lower Mainland real-estate market, figures released yesterday show.

Year-over-year home sales in Greater Vancouver plunged by 69.7 per cent in November from the same month a year earlier, the Real Estate Board of Greater Vancouver said yesterday.

The benchmark price for detached homes, condos and townhomes in Greater Vancouver fell 12.8 per cent between May and November 2008, the board said.

Click here to read the full story…

In another report by Real estate prices falling fastest in tony areas“, home prices in the more expensive suburbs dropped the most.

According to Dave Watt, the president of REBGV, these declines are good new for buyers, with an “excellent opportunity to buy quality real estate.”

“For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years,” he said.

Similar down turns in 1980s and 1994/1995 proved to be incredible buying opportunities for savvy real estate investors. It’s like the market is having a “fire-sale”, and for those who are seeking out such opportunities, this is the best time to get ready to pick up some great deals.

No one knows when the market will hit bottom. If you follow my market updates, keep an eye on the sales rebound. Presently, the past 3 months average Richmond total home sale is just under 200 units. Price decline will likely stabilize at the level when the total unit sales picks up to above 250 units a month.

There are some great investment properties in Richmond, with great appreciation potential. If you are looking for such properties, kindly call me at 604-721-4817 or email me.


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