House prices drop below 2007 levels
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.
Any thoughts or comments on this news?
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December 5th, 2008 at 8:06 am
never mind 2010.Lower mainland house prises are going to drop by 50% in 2009.We will be in 1995 level again.
November 29th, 2008 at 10:49 am
house prises in lower mainland will fall about 190000.00 to 200000.00,below the city assessement 2008.Becouse city don’t buy houses,and buyer’s already lost money in stocks.Rent dont carry mortguage anymore,foreclousers are up,we are in RESSASION,we are loosing jobs everyday.Everything have to come down and economy have to restart again from the bottom.
November 26th, 2008 at 5:27 pm
Dosh Says:
October 2nd, 2008 at 4:53 pm
Deja, your a clown. whats your point? that some of my predictions were off? so what? Real estate is a long term investment. Your probably one of those idiots who predicted a 50% drop and prices are down less than two percent from last year. Anyone who bought in 2006 or before still has lots of equity built up.
October 24th, 2008 at 2:17 am
The irony of this for non-owners may be that when prices are finally low enough to buy in again (2010 perhaps), low interest rates will probably be no longer available. For those renting and gloating, I think you’d better get used to renting for some time to come as owning will be out of reach. Oh well, at least you can enjoy your investment returns in the meantime (not).
As a home owner that has made 80% on my RE investment over the last 5 years, I can’t complain about losing perhaps 20-30% on a house in kits. My wife and I are still considering selling and renting at this point (slightly over the peak), but we enjoy our home too much. We’ve lucked out.
Look, I think we’re all in for some tough times, at least those with a life (kids, careers, money). Don’t wish for upper/middle-class economic disaster too much – it’ll take down everyone else too. I also feel that it’s not fair that we are forced to bail out the banks at times like these, but can we really afford to cut off our own legs. We’re in it together – whether you like it or not.
October 3rd, 2008 at 1:05 pm
Wait a minute…
“Gone Are
blah, blah
-0% down”
Then:
“-5% cashback without 5% down coming from client”
Isn’t that 0% down?