September 11, 2011
The real estate board of Greater Vancouver report for August confirmed further build up of inventory and lower sales, resulting in the housing market trending toward a "Buyer market"
"August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years. “MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”
Read the full report here.
Home Owenership Reaching 70%
With recent reports on high ownership level reaching 70% and high consumer date, Greater Vancouver's housing market is susceptable to a price correction. The uncertainties resulting in the abolishment of the HST, declining stock market due to the weak economies in the US and EU, home buyers are likely to adope a "wait and see" approach before commiting to buying their homes.
It will be interesting to see how the the real estata market will hold up the next few months.
You can view homes for sale in Greater Vancouver, Fraser Valley and Chilliwack using the link below:
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