December 2008 MLS Statistics
For the third consecutive month, listings have been decreasing, falling below the reported totals for the same months in 2007. Sales increased slightly in December over the total in November.
November 2008 MLS Statistics
November continued to show less listings than previous months, as well as a significant decrease in the amount of real estate sales.
November 25, 2008
New Conference Board of Canada study just released lists consumer confidence at a 26 year low in Canada. The article published in 24 Hours is attached. Articles like this help consumer confidence sink lower because most people will follow the accepted or published trend so if you are someone that goes against trends you will find many deals to be had around town - some of the biggest being real estate.
Average House Price Graph 1977 Until October 2008
Attached is the Average House Price Graph from The Greater Vancouver Real Estate Board from 1977 until October 2008. After a significant downward fall, the median house price took an upward turn in October. This could be an up before another fall but the key takeaway is "real estate always goes up over time". The other thing to consider is that this shows the trend line not the absolute prices.
Year to Date Sales Down 68%
Attached is a graph showing Year to Date Listings vs. Sales for 2008 (up to and including statistics for October 2008). We are up in listings and about 68% down in sales. Translation: There is tons of opportunity out there for buyers and investors!!! Sellers hang onto what you have if you can.
