REBGV Stats show slowdown

At Downtown Suites we keep in close touch with the latest stats from the Real Estate Board of Greater Vancouver. Their Feb. 3rd release, Home listings withdraw as sales volume slows said:

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.

New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008.

Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.

“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said.
For the full report, read more here.

We are more than aware of these trends, and as we mentioned in other posts, we have seen it all before, having been in real estate here in Vancouver for over 30 years.