If there was ever an opportunity for Buyers to take advantage of market conditions it would be now. They will find a far more relaxed buying experience with less competition from other Buyers. Many sellers are more flexible with offers too. With Interest rates at extremely low levels affordability is still within arms reach. Here is the latest report from the Vancouver Real Estate Board.<\/p>\n
<\/strong>\u00a0<\/p>\n Conditions continue to favour buyers in the Greater Vancouver housing market<\/strong> If there was ever an opportunity for Buyers to take advantage of market conditions it would be now. They will find a far more relaxed buying experience with less competition from other Buyers. Many sellers are more flexible with offers too. With Interest rates at extremely low levels affordability is still within arms reach. Here […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[3,7,12,5],"tags":[16,15],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pa0qGx-3o","_links":{"self":[{"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/posts\/210"}],"collection":[{"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=210"}],"version-history":[{"count":8,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/posts\/210\/revisions"}],"predecessor-version":[{"id":218,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/posts\/210\/revisions\/218"}],"wp:attachment":[{"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=210"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe summer of 2012 drew to a close in September with home sale activity well below historical averages in the Greater Vancouver housing market.
\nThe Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,516 in September, a 32.5 per cent decline compared to the 2,246 sales in September 2011 and an 8.1 per cent decline compared to the 1,649 sales in August 2012.
\nSeptember sales were 41.6 per cent below the 10-year September sales average of 2,597.
\n\u201cThere\u2019s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,\u201d Eugen Klein, REBGV president said. \u201cThis makes homes less affordable for the people of the region.\u201d
\nNew listings for detached, attached and apartment properties in Greater Vancouver totalled 5,321 in September. This represents a 6.3 per cent decline compared to September 2011 when 5,680 properties were listed for sale on the MLS\u00ae and a 31.6 per cent increase compared to the 4,044 new listings in August 2012.
\nAt 18,350, the total number of residential property listings on the MLS\u00ae increased 14.1 per cent from this time last year and increased 4.5 per cent compared to August 2012.
\n\u201cToday, our sales-to-active-listings ratio sits at 8 per cent, which puts us in a buyer\u2019s market. This ratio has been declining in our market since March when it was 19 per cent,\u201d Klein said.
\nThe MLS HPI\u00ae composite benchmark price for all residential properties in Greater Vancouver is $606,100. This represents a decline of 0.8 per cent compared to this time last year and a decline of 2.3 per cent over last three months.
\n\u201cPrices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two,\u201d Klein said.
\nSales of detached properties on the MLS\u00ae in September 2012 reached 594, a decrease of 37.9 per cent from the 957 detached sales recorded in September 2011, and a 31.4 per cent decrease from the 866 units sold in September 2010. The benchmark price for detached properties decreased 0.5 per cent from September 2011 to $935,600.
\nSales of apartment properties reached 676 in September 2012, a 26.7 per cent decrease compared to the 922 sales in September 2011, and a decrease of 30.4 per cent compared to the 971 sales in September 2010. The benchmark price of an apartment property decreased 0.7 per cent from September 2011 to $368,600.
\nAttached property sales in September 2012 totalled 246, a 33 per cent decrease compared to the 367 sales in September 2011, and a 35.8 per cent decrease from the 383 attached properties sold in September 2010. The benchmark price of an attached unit decreased 2.7 per cent between September 2011 and 2012 to $458,600.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"