It was a long, dry summer for Vancouver real estate, especially when compared to the halcyon days of the summer before.
Vancouver real estate sales were down 36 per cent from August 2009, according to the latest monthly report for August from the Real Estate Board of Greater Vancouver.
Prices, however, have stayed strong despite the fact that people aren’t buying like they were just a few months ago. Over the last year, the benchmark price for all Vancouver housing increased from $539,600 to $576,597.
Homeowners may have been reluctant to get with the times and lower their prices, even though the average house currently takes 59 days to sell, according to the Real Estate Board figures. They might have been stuck on the 2007 mindset, when houses sold in mere days, amid bidding wars. Whatever their incentive, there are signs that home sellers are adjusting…
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Written by: Kerry Gold
Date: September 2, 2010