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GRG55, your bunker is now worth less I am afraid.
Too bad the inlaws would not listen and purchased a 1960, $895K bungalow in Vancouver in 2006. Well, they may be still in the money, but certainly more nervous.
Vancouver sales slump started in May
LORI MCLEOD
From Tuesday's Globe and Mail
January 6, 2009 at 8:02 AM EST
Greater Vancouver's seven-year housing boom snapped in the middle of last year, with existing home sales falling by 35 per cent compared with 2007, according to 2008 year-end data yesterday from the Real Estate Board of Greater Vancouver.
Sales of residential housing units, including detached, attached and apartment properties, fell to 24,626 compared with 38,050 in 2007.
Benchmark prices for residential housing units have fallen by 11 per cent between December, 2007 and December, 2008, the report said. The slide started in May of last year. In the last eight months of 2008, the benchmark price for residential housing has fallen by 15 per cent in Greater Vancouver, to $484,211 from $568,411, the report said.
At the start of the boom in December, 2001, the price of a single-family, detached home in Greater Vancouver was $357,770. Despite the decline last year, that average price had risen to $648,421 in December, 2008.
"Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade," Dave Watt, president of the real estate board, said in a statement.
Property listings for the year rose by 14 per cent to 62,561, compared with 54,945 in 2007. However, listings started to decline in October, and that continued over the next two months, the report said.
"It's also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down. Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November," Mr. Watt said.
Condo sales fell by 54 per cent in December from the year before, the largest drop in activity by housing type. Sales of attached properties fell by 50 per cent, and attached properties by 49 per cent.
Article link:
http://business.theglobeandmail.com/.../Business/home
Too bad the inlaws would not listen and purchased a 1960, $895K bungalow in Vancouver in 2006. Well, they may be still in the money, but certainly more nervous.
Vancouver sales slump started in May
LORI MCLEOD
From Tuesday's Globe and Mail
January 6, 2009 at 8:02 AM EST
Greater Vancouver's seven-year housing boom snapped in the middle of last year, with existing home sales falling by 35 per cent compared with 2007, according to 2008 year-end data yesterday from the Real Estate Board of Greater Vancouver.
Sales of residential housing units, including detached, attached and apartment properties, fell to 24,626 compared with 38,050 in 2007.
Benchmark prices for residential housing units have fallen by 11 per cent between December, 2007 and December, 2008, the report said. The slide started in May of last year. In the last eight months of 2008, the benchmark price for residential housing has fallen by 15 per cent in Greater Vancouver, to $484,211 from $568,411, the report said.
At the start of the boom in December, 2001, the price of a single-family, detached home in Greater Vancouver was $357,770. Despite the decline last year, that average price had risen to $648,421 in December, 2008.
"Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade," Dave Watt, president of the real estate board, said in a statement.
Property listings for the year rose by 14 per cent to 62,561, compared with 54,945 in 2007. However, listings started to decline in October, and that continued over the next two months, the report said.
"It's also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down. Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November," Mr. Watt said.
Condo sales fell by 54 per cent in December from the year before, the largest drop in activity by housing type. Sales of attached properties fell by 50 per cent, and attached properties by 49 per cent.
Article link:
http://business.theglobeandmail.com/.../Business/home
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