Wednesday, February 04, 2009

Metro Vancouver Real Estate Hits Bottom

I was chatting with a realtor friend of mine this evening and she mentioned that real estate sales in Vancouver are down 58% compared to a year ago. I confirmed this to be sure. She added that if Omni wasn't having a "fire sale" that things would be much worse.

Looking for many realtors to be exiting the business this year.


Mike Stewart Vancouver Realtor said...

I don't think we've seen the bottom of Vancouver's Real Estate Market. Unemployment just jumped to 7.2% (mostly in Ontario, thank god) so look for more softness. I'm an optimist, but its going to be a while before we hit bottom and we won't know until the bottom was hit until after we've hit it.

Pelalusa said...

I think you're right, Mike. What is likely different now that in years past is that we may very well be near the end of a nearly 40 year period that historians may call "The Era of Credit Insanity".

So many individuals (and cities & provinces & states & countries) have spent way more than they've been taking in for a long time now. This has all come to a head and I wonder if it'll be some time before people can spend more freely again.

vancouver realtor said...

I have to agree with Mike, we had some good years, now we have to resist some bad years. People will sell and buy properties also this year, just the proportion will change. We have one advantage (when compared to the USA) - our market is slowed down, but not overflowed with mass of extremely cheap foreclosures and I don§t think there will be dramatic change in this...
Best wishes