It has been an interesting summer - fabulous weather and a softer real estate market that we are used to in British Columbia. There is a correction taking place which is affecting the market. Certain areas that have seen astronomical increases are feeling a bigger percentage drop.
Examples of increases & decreases are as follows:
Area Benchmark Price 5 Year Change 1 Year Change 3 Month Change
Burnaby South $1,003,700 37.8% 4.2% -1.0%
Richmond $962,900 36.7% -4.2% -3.6%
Van. West Side $33.6% 33.6% -6.25% -5.2%
Only 3 areas in the single family home category in the REBGV saw increases in the last 3 months:
.5% in Maple Ridge / .1% in Pitt Meadows / .9% in Port Moody
Other Stats for September:
32.5% decline in residential property sales compared to September 2011
September sales were 41.6 below the 10 year September average
The major factor is the federal government elimination of availability fo the 30 year amortization on government - insured mortgages
The total # of residential property listings on the MLS increased 14.1% from this time last year.
Prices do remain relatively stable overall - with the exception of a few areas.
Detached = $935,600 / decrease .5% from September 2011 / (37.9% decrease in number of sales)
Attached = $458,600 / decrease 2.7% from September 2011 / (33% decrease in number of sales)
Condo's = $368,000 / decrease of .7% from September 2011 / (26.7% decrease in number of sales)
Now that you know the stats - it is obviously a great time to be a buyer. If you are a seller it is the perfect time to buy a more expensive property (the higher the price the more dollars you save). It is always a good time to buy or sell if it fits in with your personal goals - whether you are moving for your career, to be closer to your family, downsizing or wanting a different kind of property.
Check out this month's Item of Value - "Can you Live Without your Smart Phone or Tablet?"