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:
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.5% in Maple Ridge / .1% in Pitt Meadows / .9% in Port Moody
Other Stats for September:
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32.5% decline in residential property sales compared to September 2011
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September sales were 41.6 below the 10 year September average
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The major factor is the federal government elimination of availability fo the 30 year amortization on government - insured mortgages
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The total # of residential property listings on the MLS increased 14.1% from this time last year.
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Prices do remain relatively stable overall - with the exception of a few areas.
Benchmark Prices:
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Detached = $935,600 / decrease .5% from September 2011 / (37.9% decrease in number of sales)
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Attached = $458,600 / decrease 2.7% from September 2011 / (33% decrease in number of sales)
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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?"
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