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. 

Benchmark Prices:

• 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?"