According to statistics released by the Real Estate Board of Greater Vancouver, the benchmark price for a single family home in Metro Vancouver is down 9.8% from the May 2008 price peak and down 4.7% from the October 2007 price so far. From an article in the Vancouver Sun.
Greater Vancouver saw MLS sales of 1,364 units in October compared with 3,028 in the same month a year ago.
Single-family home sales across the region dropped to 493 units in October from 1,368 in October, 2007. Condominium sales were also down substantially to 493 units from 1,133 in the same month a year ago.
Dave Watt, the Greater Vancouver board’s president, said sales are not keeping pace with B.C.’s current economic conditions with low unemployment and stable interest rates.
“That’s a direct result of a loss of consumer confidence in the overall market,” Watt said.
In the Fraser Valley, the detached house price hit $513,892 in October, down 6.5 per cent from May and 0.6 per cent below the average price of October, 2007.
MLS sales of 768 in the valley were 48 per cent below sales levels of the same month a year ago.