2008 Brought Increased Affordability
Increased Affordability in the Greater Vancouver Real Estate Market
Amidst global economic challenges, the record-breaking Real Estate Cycle was brought to an end in 2008 and housing prices started to decline. The Real Estate Board of Greater Vancouver (REBGV) reports that the number of sales of single detached, attached, and apartment homes has decreased 35% from 2007. In addition, property listings increased 13.9%.
On paper this does not make the state of the local market sound good. In actuality, it meant that properties became more affordable in many markets. In addition, listings have begun to drop each month which means that active property listings in Greater Vancouver is decreasing.
According to Dave Watt, president of REBGV, "For buyers, lower prices haven't been a concern as much as the perception that prices are falling. It's difficult to identify the ‘bottom' of the market. The reality is that people tend to buy when prices are going up, not when they're going down".
