Spring Housing Market Update

(June 06, 2012 )

It's already the middle of the 2012, and we've seen that the market has slowed down compared to previous years. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 15.5% compared to the same time last year.  However, sales have been constant throughout the spring months in 2012, so we are not seeing a continuous drop in the market.

“Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace,” Eugen Klein, REBGV president said.  “As a result of this stability, home prices at the regional level have seen little fluctuation over the last six month.”

As predicted by many experts at the beginning of the year, we are seeing a gradual slow down in the market, with no indication of a housing crash like we saw a few years back in the US.