exx just posted this link, looks like its worth its own post. The Vancouver sun is reporting that the house price drop in September was big enough to bring us below 2007 levels in most markets across the Lower Mainland. Prices in Greater Vancouver have dropped 5.8% since May and are now 1.6% lower than September 2007.
The year-over-year price changes vary by market from up 3.6 per cent in Richmond where the benchmark was $$754,481 to down 20.4 per cent in Port Moody where the benchmark was $619,891 in September.
Total sales of all property types recorded through the Multiple Listing Service were 1,585 across the REBGV area in September, down 43 per cent from September a year ago.
REBGV September new listings, meanwhile, were up 29 per cent to 6,142 from the same month a year ago.
“After five years of unprecedented increases, housing prices are beginning to realign,” Dave Watt, REBGV president, said in a news release.