The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
3-Month Average: $1,138,682
1-Year Change: -19.3%
3-Year Change: +13.7%
5-Year Change: +54.5%
Number of Sales
Number of New Listings
Total Active Listings (includes condos)
Total Sales (Includes condos)
The number of listings for sale is down for the 4th month in a row! Sales for the month are down a tiny bit, but most of them were in the second half of the month. Real estate sales always come to a crawl during Vancouver snow storms (ie the first 2 weeks of January)! From being out in the trenches, I can tell you that sales are actually WAY up. The stats will reflect that next month.
Prices are down a tiny bit since December, but still way up over November. The median pricing stats are actually way down (over 30% since December), but that just reflects a massive increase in the volume of entry level housing being sold. The first-time buyers are back en masse! Condos are flying off the shelves. Multiple offers and sales over list price are becoming common, and well priced entry-level homes are selling in a matter of days.
Prices are low -- relatively speaking, quite likely the lowest they have EVER been in Vancouver. They're not going down any more, and you've only got 6-12 months before they start to shoot back up. (We're already seeing people raising asking prices...) And with interest rates the lowest in over 50 years, why WOULDN'T you be buying?