November 2012 Housing Market Update

Vancouver, B.C. – December 4, 2012 – Over the past six months, the Greater Vancouver housing market has seen a reduction in the number of homes listed for sale, a gradual moderation in home prices and a decrease in property sales compared to historical averages.

November sales were 30.3 per cent below the 10-year November sales average of 2,420.

“Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate,” Eugen Klein, REBGV president said.

“Home prices in Greater Vancouver have generally declined between 3% and 5.5%, depending on property type, since reaching a peak six months ago,” Klein said. “Changes in home prices vary per municipality and neighbourhood…”