The Real Esate Board of Greater Vancouver released the monthly stats package for the month of January 2008. The main piece of news is that listings are on the rise (as the news release was entitled “New Listings Rise to Start the New Year”), resulting in a more balanced market.
Over last January, we saw listings rise 14.9%. From two years ago (January 2006) listings rose 34.7%. This rise has been predicted by market watchers for some time now, including the CREA and CMHC. The forecast has been that we are expecting listings to rise and prices to continue to rise, but at a slower pace. Of course, can we really call an 8% annual price increase balanced?
Sales also rose slightly by 0.7%. However, if we break down the numbers we see that Attached homes were basically flat, Detached homes fell and Attached home sales rose significantly by 11.7% over last year. I suspect that we are seeing the effects of steady price increases. Consumers are purchasing what they can afford, and for many a $1.2M starter home is simply out of reach.
A more balanced market is in our future. We’ll be seeing more listings and buyers can therefore have greater selection and a little more leverage. That being said, prices are still rising. As Brian Naphtali REBGV President points out, “The result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision.”
Sebastian Albrecht, Vancouver Realtor with Royal LePage
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