Greater Vancouver SFH sales down 18.1% YoY
SFH benchmark price down to $887,471 from $901,680 in June/11 [-1.5%]
Van West SFH benchmark price down from $2,068,857 in June/11 to $1,990,958 in Dec/11. [-0.5%]
Van East SFH benchmark price is down from $854,004 in July/11 to $845,771 in Dec/11. [-1.0%]
West Van SFH benchmark down $104k from $1,793,524 in June/11 to $1,689,043 in Dec/11. [-5.8%]
So, SFH benchmark price down just 1.5% from June peak.
Compare this with 13% drop seen in average price.
Putting aside the possibility of ‘benchmark massage’, the difference is likely due to sales mix.
All available data show a pattern of dropping sales, rising inventory, and prices that are dropping a tad.
Can’t be sure that this is the start of the implosion, but a start could look like this.
June 2011 may well have been the peak.
PS You have to love the REBGV spin “Balanced real estate market prevailed through much of 2011″: Started hot, ended cold, thus it’s ‘just right’. (If it’d done the opposite we bet they’d have been extrapolating the recent heat into the new year…)