Prices are Falling

The local real estate boards all released their statistics packages this afternoon and here they are for your perusal:

Greater Vancouver
Fraser Valley
Chilliwack and Area

Before I go over them in more detail I will summarize:

Greater Vancouver benchmark prices fell 1.1% from June.
Fraser Valley benchmark prices fell 1.6% from June. The average price of a detached home fell nearly 6%.
The average price of a home in Chilliwack fell 9% from June. Yowza!

Chilliwack area has now gone year over year negative for prices.
Fraser Valley will probably go negative in August since prices would only need to stay where they are.
REBGV will probably go negative later this year.