July 2008: Vancouver prices ‘deflating’
Deflate. That’s the word the Vancouver Sun is using in their report of July sales data from the REBGV:
The so-called benchmark price for all property types in Metro, excluding Surrey, hit $556,605 in July, down 2.1 per cent from May.
“We’re seeing more price reductions in properties listed on the market, which is a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,” Dave Watt, president of the Real Estate Board of Greater Vancouver, said in a news release.
The numbers from out in the Fraser valley are in as well and looking at least as bad. The Surrey average detached-home sale price is down six percent from June. As Mohican brings to our attention Chilliwack saw the average house sales price drop 9 percent last month and is now negative year-over-year.
August 8th, 2008 at 5:47 pm
At the end of the day, Dave can spin all the stats he wants. I can cherry pick MLS, too, and make the numbers say whatever I want them too.
On the way into the bank today to cash a commission cheque, a guy maybe 40 walks up to me (after seeing my logo on my vehicle) and says, "How's the market?"
Before I could answer he says, "Nightmare, eh?"
So we strike up a conversation. He's builds fences. He sees the slowdown. So does my wife, the landscape designer. So does the guy who does my graphic design.
Anecdotal? Sure. But so was "we gotta buy now or we'll never get in" or "the market won't go down here. Victoria is different."
Man on the street knows.