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http://www.theglobeandmail.com/report-on-business/vancouver-homes-market-goes-cold/article1661751/
Vancouver homes market goes cold
City now a ‘buyer’s market’ as July sales drop 45 per cent from last year
Steve Ladurantaye
Real Estate Reporter
Globe and Mail
Update Published on Wednesday, Aug. 04, 2010 1:53PM EDT
Last updated on Wednesday, Aug. 04, 2010 2:57PM EDT
It may be hotter than usual in Vancouver this summer, but the residential real estate market is as cold as it gets.
Calling the city a “buyer’s market,†the Real Estate Board of Greater Vancouver said sales were quieter than “most Julys over the past decade.â€
Sales in July fell 45 per cent from last year, and prices have fallen 2.8 per cent since peaking in April. The average price of a resale home is now $577,074, compared to $593,419 at the peak.
And there’s a lot of supply on the market, threatening to pull prices lower, with inventory levels 33 per cent higher than this time last year, according to the Real Estate Board of Greater Vancouver.
“With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability,†said Jake Moldowan, the board’s president. “Activity in today’s marketplace is clearly trending in favour of buyers.â€
There are signs sellers are taking their homes off the market. At 16,431, the total number of property listings on the MLS in July fell 6.5 per cent compared to June.
“It’s currently taking home sellers who work with [an agent] on average 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,†Mr. Moldowan said.
While the Canadian Real Estate Association aggregates information from each of the country’s 100-plus real estate boards in the middle of each month, the boards can release sales data on their own sooner.
Vancouver homes market goes cold
City now a ‘buyer’s market’ as July sales drop 45 per cent from last year
Steve Ladurantaye
Real Estate Reporter
Globe and Mail
Update Published on Wednesday, Aug. 04, 2010 1:53PM EDT
Last updated on Wednesday, Aug. 04, 2010 2:57PM EDT
It may be hotter than usual in Vancouver this summer, but the residential real estate market is as cold as it gets.
Calling the city a “buyer’s market,†the Real Estate Board of Greater Vancouver said sales were quieter than “most Julys over the past decade.â€
Sales in July fell 45 per cent from last year, and prices have fallen 2.8 per cent since peaking in April. The average price of a resale home is now $577,074, compared to $593,419 at the peak.
And there’s a lot of supply on the market, threatening to pull prices lower, with inventory levels 33 per cent higher than this time last year, according to the Real Estate Board of Greater Vancouver.
“With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability,†said Jake Moldowan, the board’s president. “Activity in today’s marketplace is clearly trending in favour of buyers.â€
There are signs sellers are taking their homes off the market. At 16,431, the total number of property listings on the MLS in July fell 6.5 per cent compared to June.
“It’s currently taking home sellers who work with [an agent] on average 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,†Mr. Moldowan said.
While the Canadian Real Estate Association aggregates information from each of the country’s 100-plus real estate boards in the middle of each month, the boards can release sales data on their own sooner.