Metro Vancouver Homes - The Q Report December 2008.12

Real Estate Sales Representative with Royal LePage Northshore

Metro Vancouver real estate sales continued their downward trend, ending 2008 at 35.2% fewer sales than last year. The number of overall listings avaialble for sale was down 8.9% this December over last. Challenges in the global economy in 2008 have brought relief from detached home benchmark prices that had rised fro $357,770 in 2001 to $648,421 in December 2008. Detached home prices have now reached levels consistent with those of mid-2006.

Detached home prices in Metro Vancouver have fallen 11.2% from December 2007, to an average benchmark price of $648,421, while listings available for sale were up 6%. The number of detached homes sold in 2008 was down 37.5% from 2007.

Townhouse prices in Metro Vancouver fell by 7.4% in the past twelve months, coming in at $423,338 in December 2008. The number of townhouses sold in 2008 fell by 35.3%. Inventory levels fell by 24.2% this December over last.

Condominium prices were down 11.7% from one year ago. With prices averaging $333,275, sales in 2008 were down 33.2% from last year. The December inventory of condominiums available for sale was down 14% from December 2007.

Statistical source: Real Estate Board of Greater Vancouver

Published Sunday, January 18, 2009 2:26 PM by Alphonse Quenneville

Comments (2)

James Wong Vancouver Richmond
Vancouver, BC
Chinese Realtor, Vancouver > Richmond

I read that Northshore's home prices declined significantly the past few months. Overall, looks like the housing market in metro Vancouver will continue the decline in 2009.

Jan 19, 2009 01:56 AM
Alphonse Quenneville

Hi James,

I suspect that we will see a further 10% decline this year, which is not bad, as I think that will be the worst of it.  From a buyers perspective, now is the time to shop and buy, especially for folks looking for a home they plan to stay in for the next 3 - 5 years...



Jan 19, 2009 05:11 AM