The Real Estate Board of Greater Vancouver (REBGV) released their February 2008 statistics yesterday with the headline "Housing options broaden for buyers in February". Sales across all categories (detached, attached and condominiums) were down 6.2% compared to February 2007 while listings were up 26.2% compared to February 2007. New listings were actually 21.2% higher than February 20006 so I see no cause for panic.
As the headline says this the recipe for a more balanced market, but may or may not be the start of any kind of significant change in the market. Real estate is local, very, very local. Vancouver East saw a year over year increase in listings last month, but Vancouver West actually saw numbers about the same as last year. Multiple offers are still common in Vancouver, as are sales prices well above the list price
Real Estate Board of Greater Vancouver president Brian Napthali had this to say:
"We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly," says REBGV president Brian Naphtali. "This shift increases buyer options and allows people more time to make decisions when purchasing a home."
The report also mentioned these:
Bright spots in Greater Vancouver in January 2008 compared to January 2007:
Detached:
West Vancouver/Howe Sound..... up 16.7 per cent (56 units sold up from 48)
Whistler/Pemberton........................ up 100 per cent (10 units sold up from 5)
Port Moody/Belcarra................... up 22.7 per cent (27 units sold up from 22)
Attached:
New Westminster......................... up 216.7 per cent (19 units sold up from 6)
Port Coquitlam............................ up 68.4 per cent (32 units sold up from 19)
Apartments:
Burnaby..................................... up 9.5 per cent (150 units sold up from 137)
Whistler/Pemberton....................... up 62.5 per cent (13 units sold up from 8)
Port Moody/Belcarra................... up 27.6 per cent (37 units sold up from 29)
This post originally appeared on my Vancouver real estate blog, the 604homesblog.
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