Real Estate Prices dropping as listings rise in Vancouver
For the first time in nearly 10 years, we are seeing price reductions on all types of residential properties in the Vancouver area.
The benchmark price in Greater Vancouver dipped 2.1 per cent since the end of May, 2008, to $556,605 as of July. We are seeing a decline in the total active listings on the market which is partially the cause of the change in market conditions. The price reductions reflect a general softening of the housing market.
Greater Vancouver housing values still remain the highest in Canada. On the West Side of Vancouver, the average detached house now sells for $1.3 million which is up 5.3 per cent from a year ago.
East Vancouver has the lowert priced condos in the city with a benchmark price of $326,324, up 7.2% from a year earlier. The West Side benchmark price for a condo apartment is no $482,080 which is up a modest 3.5 per cent from last year.
These are good times to consider buying investment properties and holding.
Jessica Diskant, Park Georgia Realty, 604-999-4770