In Metro Vancouver, Slow Sales Create Buying Opportunities

Sales

In January 2009 home sales were the lowest for that month since the early 1980s.

Detached, attached and apartment properties sales declined 58.1 per cent in January 2009 to 762 compared to 1,819 sales recorded in January 2008.

Is the Sales Tide Turning?

Sales in January averaged 38 sales per day in the Real Estate Board area.

But then came February and at the close of business on February 17, the Board was averaging 77 sales per day for the month.

Listings

New listings for detached, attached and apartment properties fell by 20.9 per cent to 3,700 listing compared to January 2008, when 4,675 homes were listed.

Currently, total active listings in the Real Estate Board area are 13,966, down 6,000 listings from October 2008.

Prices

Residential benchmark prices declined 10.9 per cent to $489,007 from Januarys 2008.

The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008.

The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.

The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008.

The Outlook

While home sales and consumer confidence are low right now, the long-term outlook for real estate is growth.

Today’s short-term conditions are creating buying opportunities that have not been this strong in a decade, with low interest rates, good selection and more affordable prices.