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Posted March 12, 2009 by Adam Toren in Vancouver Real Estate
 
 

Buyers Market

buyers-market-doc-8A few stats to chew on from CMHC

  • There hasn’t been a wider spread between active listings and Sales since 1998.
  • In 2008, there were 24,729 total sales in Greater Vancouver. Condos made up 45% of all sales.
  • The 2008 average price for a single detached home was up 7% to $869,026, townhouses were up 5% to $501,815 and apartments up 3% to $399,943.
  • CMHC forecasts Metro Vancouver price growth will be -9% in 2009.
  • In 2003 the price difference between apartments and a single-detached home was $216,527. In 2008 that gap widened to $472,403.

Who is buying?

  • 5% of Vancouverites are planning to buy with about 1/3 being first time buyers.
  • Of the 2/3 of repeat buyers, 65% will move up, 25% will downsize while 10% will make a lateral move.

Buyers should be reminded that there is less product on the market now. The reason?

All those people who listed their homes in a panic to get out at the top of the market missed it by a few months. Considering most listings are taken for 6 months at a time, these would-be sellers chased the market down until their listings expired and now they are off the market. Some will re-list, perhaps with a different agent while others are willing to wait until the market to rise again.

The lesson to be learned is you can’t time the market.  That applies to sellers AND buyers!


Adam Toren

 
Adam Toren
Adam Toren is born and raised in Vancouver BC and loves everything Vancouver BC has to offer. He loves traveling and exploring new and unique restaurants and places around the world.