Metro Vancouver Real Estate Statistics: December 2008
The Real Estate Board of Greater Vancouver has released the December 2008 stats with the headline: 2008 brought improved housing affordability to Greater Vancouver. Not that catchy, but true enough.
Sales of residential properties were down 35.3% in 2008, compared to 2007 while listings increased by 13.9%. Real estate Board President Dave Watt was qouted in the press release:
“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt. “It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”
All the numbers were down substantially compared to December 2007. The Pres also had this to say:
“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.
I am sure this last comment will be source of much discussion. When exactly are "lower prices a concern" for buyers? Pretty much never. The second half is right though. By the time you know we've reached the bottom, it will be too late and prices will be on the way back up.
The stats press release is attached. Enjoy!
Matthew Collinge: Vancouver REALTOR®
