“Sales activity in the country’s most expensive housing market continues to tumble but the Real Estate Board of Greater Vancouver maintains prices are not being impacted.
The board says sales of detached, attached and apartment properties were 1,649 in August, a 30.7% drop compared to the 2,378 sales in August 2011 and a 21.4% decline compared to the 2,098 sales in July 2012. It was the second worst August since 1998 for sales and 39.2% below the 10-year average.
“Home sales this summer have been lower than we’ve seen for most of the past 10 years, yet we continue to see relative stability when it comes to prices,” Eugen Klein, REBGV president said.
– from ‘Vancouver home sales plunge, posting second-worst August since 1998’, Financial Post 5 Sep 2012
“Overall MOI approaching 11 as Aug/12 is 2nd lowest sales in the last 15 years (since 1998).
Benchmark prices now flat or down YoY and down MoM (inc. detached Van West, Van East down MoM).
Only 75 sales of SFH in Van West in Aug/12: DOWN 42.3% YoY!!
Only 79 sales of SFH in Van East: DOWN 46.6% compared to Aug/11 !!!”
– vanpro at RE Talks 5 Sep 2012 10:04am
“East Vancouver detached benchmark down from 863K to 859K August to Sept.
How does this help you?”
– eyesthebye at RE Talks 5 Sep 2012 6:43pm
1. Noteworthy for another bearish headline in the MSM.
2. How does this “help”? Well, this is how crashes look when they start, and, depending on one’s perspective, a large decrease in Vancouver RE prices may be seen to be ‘helpful’ in many respects.