The headline is ‘sales drop forces realtors to cancel 09 conference‘.
The Real Estate Board of Greater Vancouver (REBGV) held a version of the conference in the spring, but in a letter to prospective attendees and exhibitors, board president Dave Watt said a careful review of its sponsorship model led the executive to postpone the next edition until 2010.
“With REBGV members and prospective sponsors/exhi-bitors currently facing economic challenges, we believe forgoing the 2009 edition of our event is a prudent and responsible measure at this time,” Watt said in the e-mail.
When contacted, Watt declined to offer further comment on the cancellation.
Lower Mainland real estate markets hit the down stroke of their cycle this year, which has meant declining sales and falling prices.
Also in the news today, Richmond is the latest area of the lower mainland to see real estate prices drop lower than they were this time last year:
But it could be worse. You could be trying to sell a house on Vancouver’s west side where detached, attached and apartment properties are being sold respectively for 18.5, 19 and 19.6 per cent less than 2007.
Coun. Derek Dang, a Richmond realtor of 23 years, said it was only a matter of time before the city’s real estate bubble burst.
“It’s not that surprising as we were always going to get caught up like the rest of the world,” Dang said.
“Ultimately, we’re all part of the one big worldwide crisis. We’re good, but we’re not immune.
“It’s an international market we’re dealing in these days and when the global financial market gets into trouble it’s bound to affect us.”