East Van selling 2 times faster than West Van!

(September 05, 2012 )

“We’ve seen a slowdown in the market in terms of the number of transactions, but there’s relative price stability,” Real Estate Board of Greater Vancouver president Eugen Klein said.

Here are some key points from Eugen Klein's interview with the Vancouver Sun newspaper:
  • Detached homes in East Vancouver are selling almost twice as fast as west side homes. Average days on market is 55 days on the west side and just 29 days in the east side.
  • On average, it is taking 2 months to sell a home in Greater Vancouver.
  • Buyers anticipating prices will drop but Sellers are holding fast.
  • Compared to last year, detached house prices are about the same; condos are down 1%; townhouses down 2%.
  • Number of sales dropped 31% compared to Aug 2011.
The CMHC expects residential sales to drop 12 per cent in 2012, then rebound by 12 per cent in 2013.  Sellers appear to be removing listings from the market if they aren’t getting the prices they want, and they are willing to wait until next year.