Vancouver House Prices down 9.8% from peak

2008 - Vancouver House Prices Down almost 10% from the peak.
2008 - Vancouver House Prices Down almost 10% from the peak.

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.

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john
john
11 years ago

I cannot believe that the property prices have ever reached the extortionate levels that they have over the past few years. Vancouver realtors and their customers have been nothing short of greedy, by increasing property values far too high for the geographical and economic area in which it stands. Just across the border in the USA you can buy property for a much more realistic price. I don't know what Vancouver thinks it is ?? Its certainly not a world player like London, Paris, LA, New York, Milan etc. Its not a major financial or business centre. Everyone keeps going on about it being the "Best place to live in the world" Yes the countryside is beautiful and the city has some breathtaking vistas, but its ugly side is the homeless and drug problem here. I think that the Canadian… Read more »

Britishobserver
Britishobserver
11 years ago

Anyone who thinks your property market is about to stop falling is bonkers. This has got to be one of the fastest falling markets anywhere in the developed world (OK maybe Florida is worse). People who see prices falling 4% a month, won't buy in, so sales will drop further and so will prices. Here in the UK we're having a terrible crash, but it's not as fast as yours. My interest is that I'm moving to BC soon, so prices falling is great news for me…bring it on .

Stand-by and watch
Stand-by and watch
11 years 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.”

I want to ask him, how good is BC's economic conditinos? Have much have average family income grown during the past 5 year? I would say a little bit growth, but not as much as the housing price have grown–housing price doubled during the 5 years ! How long would you espect high sales to be sustained with such a high house price? Be realistic !

arit
11 years ago

Scullboy,

Take it easy my friend. You thought IT is stressfull, and soon you will be in "hell's" kitchen all the time.

Relax, it's better.

Krish's comments are nothing more than colourfully lit pixels in your monitor.

Best regards

arit

scullboy
11 years ago

I think someone needs to give kiirsh/browntown/Nobody another bot to the head, he seems to be particularly incomprehensible today. Hm, if we all stand in line to give him a kick, does that mean he's rebooted? 🙂 Ok digging through your mangled English, I purchased a home in Toronto back in 2004. When I decided to leave for Vancouver, I sold it. The company I used to work for is quietly laying off as many people s they can, while not calling it "layoffs". Brownstain, could you please just do us a favour, and f**k off? Your English is unreadable. your logic is incomprehensible. On the upside, if you really did purchase in Tranny Towers, we bears can at least take comfort in the face that you're losing money….. lots and lots of money. Enjoy your warehouse job buddy, you… Read more »

bdk
bdk
11 years ago

Seriously browntown where do you work?

You are clearly stupid and semi literate at best and appear to have multiple personalities.

Are you in one of those special programs where the grocery stores hire the adults with special needs?

NOBODY would hire you!

NOBODY!

NO -LYMPICS
NO -LYMPICS
11 years ago

Here's another good one involving (drum roll) " MILLENIUM" group http://www.canada.com/nanaimodailynews/election/s… This story is re: the Nanaimo convention center, whereby the City of Nanaimo apparently sold $1.5 Million worth of City land to Millenium for $10 (TEN DOLLARS). Millenium was to build a hotel on the site..but has missed several deadlines. The City had a referendum to borrow $30 million to build the Vancouver Island Conference Center, and the hotel component was deemed crucial to it's viability. The story also notes that U.S. media reports predict Millenium will run out of cash by early 2009. Seems like Millenium has quite a history of jumping into bed with Local Gov'ts , or vise versa. Warrants investigation??? are we talking perhaps bribes and kickbacks ? One could almost see this coming given City of Vancouver's murky dealings on the Olympic village ,… Read more »

Motion Grrove
11 years ago

I am so glad prices are finally dropping. I have been waiting a long time to jump into the market to start investing again.

Nobody!!!!!
Nobody!!!!!
11 years ago

"“lucky”, but I sold my place in TO in 2006……" I think that was 2001 did you slip in greed aren't you suppose to throw coin on krrish2?well some stuff out of your lie as long you were home owner you had a job now current market situation is different so does your employement status. Bear case did not buy anything in past because prices were too high now they will never buy in fear of downturn,recession etc. Skin in the game:It may look weird that they are working for the company,does not own a bussiness like Trump but they will never lose anything,never lose any single penny from their Quadratic equations. I was just wondering what might have been burn your asshole so with in second i found this CBC COUPLE STORY might have offended you because you were… Read more »

patriotz
patriotz
11 years ago

The new financial obligations are on top of a $190-million loan guarantee the city had to give Fortress Investment Group, which has provided a $683-million loan to Millennium to build the 1,100-unit village.

This exposure to the project means, of course, that the city never really sold the land in the first place.

This site may end up costing the taxpayers money instead.

michael
michael
11 years ago

City of Vancouver bails out Athletes Village…
http://www.theglobeandmail.com/servlet/story/LAC….

patriotz
patriotz
11 years ago

Here's what they are asking 375K for today in Toronto – Rexdale is sort of like Burnaby:

http://www.mls.ca/PropertyDetails.aspx?vd=&Se

scullboy
11 years ago

Patriotz:

Wow…. thanks for posting that. I never in a zillion years would have called myself "lucky", but I sold my place in TO in 2006…… so…. I may well end up being very lucky indeed!

Browntown: f**k off. Hey Pandora if you wonder why so many of us are enjoying the collapse, look no further…. our resident f**ktards, Krrish/SatV/Brownstreak/time have been flinging their verbal poo for well over 2 years now. I don't know if they have any skin in the game or not, but I sincerely want to see them and their retard families in the street, covered in their own excrememt and eating out of dumpsters.

Apparently that's the only way they'll figure out they aren't Donald f**king Trump.

patriotz
patriotz
11 years ago

From the above:

"The average price of a home sold in the city (of Toronto proper) was $376,896, down from $434,022 in 2007. But the figure was also down from the 2006 average October sale price of $386,807."

Remember folks, Toronto has a higher median household income than Vancouver. The article is unclear whether "home" means SFH or all properties, but any way you slice it, Vancouver has a long way to fall before it hits that number.

Anonymous
Anonymous
11 years ago

Toronto house prices down 13% from Oct 2007. They are even lower than 2006 prices! Check it out here…

http://www.financialpost.com/news/story.html?id=9

bdk
bdk
11 years ago

browntown do you work in a warehouse?

browntown
browntown
11 years ago

job? this is vancouver bdk! ha ha have to keep confidential but browntown have good employment!

bdk
bdk
11 years ago

Hey browntown what do you do for a living?

ted
ted
11 years ago

900 rental listings in one day, and if none of those suit your fancy, I'm sure some of the 10,000 or so new units to be completed in the downtown core will be available over the next few years.
http://vancouvercondo.info/wiki/index.php?title=C

Anonymous
Anonymous
11 years ago

There are 900 rental listings today on Craigslist. 900 in one day!

browntown
browntown
11 years ago

hey nutsnaps! excepts no immitation real browntown is here! obama needs to stop talking and get up in helocopter with ben b! money base expanding faster than can say

"yes we can" yeah

buff_butler
buff_butler
11 years ago

4 floors is guarenteed fitness

crabman
11 years ago

Dave's right, renting for half price while watching the crash sure sucks!

P.S. Post #5 is at -72. Is that a record? If anyone could do it, it's browntown/krissh/satv/thumsup/VRNGD!

blueskies
blueskies
11 years ago

he only thing worse than a townhouse with 4 floors is renting.

if you are upside down in a 4 story townhouse renting is nirvana

Dave
11 years ago

The only thing worse than a townhouse with 4 floors is renting.