New home prices fall for 9th month
We’ve now seen nine consecutive months of falling new home prices, mostly driven by the drop out here in the west. Despite predictions the drop was over, prices fell nationally in June by .2 percent on the month for a year over year drop of 3.3 percent. This is the sharpest national decline in new home prices since the early nineties.
The biggest drop in one month was right here in Vancouver where June saw a .9 percent drop in prices as builders tried to clear out inventory. Right now Saskatchewan, Alberta and British Columbia are driving prices down, while the east coast is pulling them up. St. Johns saw the largest yearly gains of 10.3 percent, while Vancouver is showing losses of 9.1 percent.
If you’re looking to buy a new condo, it’s probably a good time to haggle.
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August 13th, 2009 at 7:55 pm
#47 – I saw oil going up for a long time as well, did you jump into the market? I mean – did you see what was going on? Oil was going up, all this crazy talk of a bubble and speculation were garbage, i’m sure you just looked at what was going on and piled your dollars into a sure investment. Hmm… But then what happened?
Do some research of market cycles and bubbles, japan, the tulip bulb manaia, dot com, US housing… The one thing about 100% of the people that said “This time it’s different”? They were all wrong.
August 13th, 2009 at 12:46 pm
To be honest, I am doing research on the market and my future home purchase. I can’t just go out a buy a house on the spot — location, size of house, size of lot, price tag, schools…all need to be in the right balance. Its a home for me…not a 10% to 20% per year yielding bond. I use open houses as a surveying tool…with out getting an agent involved. When I bought a home with my parents in 1999, it took 3 years of research to find the right home for them. Today…with my family, I expect the same and I only started looking this year.
August 13th, 2009 at 7:55 am
Vic
That’s Burnaby, check out Vancouver,esp westside.