This last month saw small gains in the REBGV benchmark price which now stand at the following levels:
Detached (Single family home): $764,616
Attached (Row + Townhouses): $473,543
Apartment (Condominiums) : $389,609
The big change is in the elevated number of listings and lower number of sales we’re seeing at the beginning of the spring selling season. Housing sales in greater Vancouver have dropped to 2001 levels as the credit crisis and financial problems in the US seem to be affecting buyer psychology.
New listings in Greater Vancouver grew by four percent this month, while sales dropped by sixteen percent. In the Fraser Valley listings dropped off by about three percent, while sales dropped by twenty five percent.
Mohican has a great post of current supply and sales data graphed out at Financial Planning and Personal Sanity showing the dramatic shift in listings to sales ratio we’re currently seeing, while Paul Boenisch provides current REBGV statistics broken down by area if you want to keep track of this market going forward.