B.C. Home Sales Falling
Vancouver Condos
Vancouver home sales, once Canada's most expensive market, are falling according to the British Columbia Real Estate Association.
Home prices in Vancouver are forecast to average $453,000 this year with 2009 prices predicted to fall 9 per cent to an average of $413,000.
Consumer confidence started to ebb, prices weakened and sales started to slide almost 50 per cent in July 2008 compared with a year earlier.
August sales fell more than 50 per cent and then the financial crisis hit and prices continued their fall in B.C. and Vancouver.
The B.C. Real Estate Market had many factors influencing the demand for homes:
- Low mortgage rates
- Explosive demand following the economic slump mid 1990's
- The West Coast was a desired place to live
- Influx of foreign money and speculators
- More affordable for other Canadians considering a move.
- An advantage for business to locate there
Vancouver like the Toronto Real estate Market had bidding wars for homes for sale, thousands of dollars over asking price but now the B.C. Real Estate Association is predicting sales to decline about 30 per cent this year in Vancouver and B.C.
Only time will tell on how severe sales and prices decline in this Real Estate market, once considered to only go up.
So far Chicago Condos, New York Condos and Toronto Condos are all affected by the World wide finanacial crisis. To what extent, no one knows but we are sure there will by hundreds of so called experts giving advise.
The Toronto Real Estate Board publishes their Market Watch statistics that are the best to compare the sales and prices of any of the Toronto Real Estate Districts, year to year, and month to month.
Our website that has Toronto Real Estate listings including Condos, Lofts and Townhouses also has a special section for the latest Market Watch statistics.
