I hope you all had a great Thanksgiving with copious amounts of delicious food, drinks, friends, family, the beautiful weather we had. On Monday recovery day we went up to Cyprus mountain for a walk and it was 18C. Shorts and T shirts in October here in Vancouver is something to behold. It was beautiful and a great end to the long weekend.
You may or may not been hearing through the press how Greater Vancouver has been seeing sales slide downwards every month since March 2012. The global economic downturn and a reduction in amortization years for insured mortgages is really having an effect. The latest information from the Real Estate Board show Greater Vancouver sales down by 41.6 percent below the ten year average:
- residential property sales of detached, attached and apartment properties reached 1,516 in September, a 32.5 per cent decline compared to the 2,246 sales in September 2011 and an 8.1 per cent decline compared to the 1,649 sales in August 2012.
Here is a detailed graphical breakdown of September sales in Vancouver, Burnaby North, South and New Westminster historically since 2010.
The numbers speak for themselves and in a market like this remember the important things:
As a buyer it is a great time to be out there taking advantage of fantastic deals, amazing fixed mortgage rates and bargaining power not seen in Vancouver for a long time.
For all you potential sellers out there, be sure you have a real good reason to put your place on the market. Work with an educated, connected and informative Realtor who will provide you with the support and information you need to price your place sharply, present it to the best it can be and get you in the market and not just on it.
For more personalised market analysis feel free to get in touch and make it happen!
Good luck.
Gerry
