House prices slip 10 per cent across Canada in Nov.

December 16, 2008

 Canoe Money posted an article by Brenda Bouw published in The Canadian Press on Dec 12, 2008:

House prices across Canada fell nearly 10 per cent and sales slipped 42 per cent in November compared with the same month last year, a drop the Canadian Real Estate Association says it hasn’t seen since the last housing recession nearly two decades ago.”What struck me, with the exception of a couple of markets, is that there has been a very sharp decline in sales activity over the last couple of months,” said Gregory Klump, chief economist at the Ottawa-based association also known as CREA”.

Click here to read the full article…

In another article, published in the Financial Times, ” Your home may be worth more than you thought: CREA” home owners, buyers and sellers will be wondering what is the real market situation in their local market.  As real estate is local, and home prices may be distorted by motivated sellers who are selling for their own personal reasons.

If you are buying or selling, the best advice any one can get in today’s market is to work with an experienced local realtor. Whether you should buy now, or wait a little longer depends on your circumstances. There are now deals you can do at prices way lower than comparable sales done the past few weeks.

It’s Time To Get Ready

If you find the home you like, and you are comfortable with the price you want to pay, this may be your opportunity to buy the right home. If it is a home you enjoy staying with your family, it may not matter much if prices go down some more. Every home is unique and there is no telling that if your offer price is too low, the seller may not want to sell his home to you.

It is time to look around, and if you are looking to buy or sell a home in Richmond, South Vancouver and Burnaby, you are welcome to contact me at 604-721-4817 or email me.

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