Vancouver Real Estate Market Levels Out Post-Olympics

Sales of residential homes in Vancouver have slowed considerably this summer in relation to last, but remain strong compared to recession figures of 2008.

2010-08-13

VANCOUVER, BC, August 13, 2010 (Press-News.org) The Vancouver real estate market appears to have mellowed - at least for now. Following the predictions of many, Vancouver real estate sales have slowed since peaking this past April. April also saw the residential benchmark price of Vancouver listings rise to an all-time high, but by July 2010 that $593,419 price had dropped to $577,074, reports the Real Estate Board of Greater Vancouver (REBGV).

According to the REBGV, since this time last year, sales of detached, attached and apartment properties have dropped by over 42% across the board. While summer usually marks a slower time for Vancouver real estate, the drastic shift from last July's numbers could signify a levelling out of the Vancouver real estate market. The latest statistics show a 41% decrease in residential sales from as far back as July 2007, although the numbers are still 3.7% higher than that same month during an economically unstable 2008.

So what does this mean for the Vancouver real estate market? Post-Olympics, Vancouver homes may be more reasonably priced. "The pace of home sales and listings [are] easing off in our market," notes REBGV president Jake Moldowan, "creating greater affordability. Activity in today's marketplace is clearly trending in favour of buyers." This trend can benefit sellers as well, however, as more buyers in the market can lead to a faster sale. Moldowan explains that the current average of 45 days to sell a home represents a healthy market. After skyrocketing real estate prices in late 2009 and early 2010, a healthy market for both buyers and sellers seems a reasonable compromise.

For more information on the Vancouver real estate market and new Vancouver listings, please contact experienced Vancouver Realtor Jules Seaman.

Statistics and quotations courtesy of the Real Estate Board of Greater Vancouver.

Jules Seaman is an experienced Vancouver Realtor who can offer advice and services pertaining to the Vancouver real estate market. For further information, please visit http://vancouver-real-estate-bc.ca.

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Vancouver Real Estate Market Levels Out Post-Olympics

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