20,000 is the number for the week in Vancouver
The number of homes for sale tipped 20,000 on Friday and is still climbing. Paul Boenisch, a popular blogger who runs the North Vancouver Homes blog was the first to announce the turn of the dial: “20,000 listings. Is this the top???”
This time last year, there were around 12,000 listings for sale, and it was, to use the blogger lingo, a bullish seller’s market. But when there are more listings, and the sellers outnumber the buyers, the theory goes that it becomes a buyer’s market — the law of supply and demand.
The tide may now be turning, and not just in the minds of those wishful-thinking real estate bears. Boenisch, a realtor, predicts even more homes will be listed by fall. “We saw prices decline last month and many feel prices are destined to continue moving downward,” he blogs.
[ad#200-left]So what you might say? Well Vancouver is a weather vane for what is happening around the rest of BC. And doesn’t this make you feel good to not have a whole bunch of property sitting out there…
The benchmark price of a detached house in Greater Vancouver was $771,250 in May 2008, but $765,654 in June 2008, according to the Real Estate Board of Greater Vancouver. Not a huge decrease, but significant because it’s the first one in years.
“One thing is for certain,” blogs Boenisch, “home prices were growing at a rate that could not be sustained. Now our market is re balancing. I personally would not want to be holding a bunch of pre-sales right now.”
What does this mean for residents of BC? Hang tight, watch the weather, and if things get a little bumpy tighten your seatbelts. There are doom and gloom predictions out there on this one, see some of the comments in the linked article, I’d rather see it as another piece of the puzzle as we spiral into an energy descent, could be smooth, could be rough.