Listings for October 2008 were only slightly higher than October 2007 but in comparing sales month to month, sales were down approximately 45% from 3028 units last October to 1364 units this past October.
Attached is the Housing Price Index for July 2008 which is provided by the Real Estate Board of Greater Vancouver.
The chart shows up to date information on current median prices by area for attached, detached and apartment properties. The chart also shows the 1 year change, 3 year change and 5 year change.
Similar to last month listing supplies are still up (although there was a small decline in active listings in July over June) and demand is still down. Click on the graph to the right to analyze supply vs. demand for July 2008 in comparison to July 2007.
The market has shifted to more of a Buyer’s market than we have seen in years. One of the major factors contributing to the shift from a Seller’s to Buyer’s market is that Supply is up significantly over last year at the same time.
The Economist Intelligence Unit, an international business intelligence firm and a unit of the Economist Group graded 127 cities on 40 indicators in 5 groups including stability, health, care, culture and environment, education and infrastructure.
The survey is part of a Worldwide Cost of Living Survey and Vancouver ranked first for the second year in a row.
The top ten cities were rated as follows: