The Fraser Valley Real Estate Board released their March statistics package last week and here are some of the highlights:
There were 1006 residential real estate transactions in the Fraser Valley. Sales were up from February but down significantly from previous years.
Active Listings are quite high and will likely rise through the spring and summer.
Months of inventory is at an elevated level of 9.8 and will likely remain at or around this level for the next two months before rising for the remainder of the year.
The FVREB House Price Index, in an uptrend for the past 4 years, has now fallen significantly from peak levels last spring. Even with an uptick the last couple months we are at 2006 price levels. We will see if prices hold up or not this year.
Months of Inventory has a high correlation with price changes and at the current and expected future inventory levels through the remainder of the year we should see continued negative pressure on prices.
I was wondering if anyone had a chart of Vancouver real estate prices just to give a visual representation of where we are in relation to history.
Chad_MPNP: Sauder data (pdf)
Thanks Jesse, I do honestly think one could begin looking to purchase a home (not an investment, a place to live) without being fearful that the highs are being bought. The market can and probably will fall further but it's clearly a buyers market and things look interesting.
My comments are judging by the pullback in 2008 based on this chart
I think we've got at least another $120,000 to go on the REBGV detached benchmark before it would be attractive enough to begin looking.
Well Mohican, you know far better than I do, that's why I come to this blog!
Is this time to invest in real estate in FV ? I am Fed employee with base salary of 100K, married no kids yet but planing to have few in near future. My wife dont work. I have about 150K for down payment. Prices here scares me to death for a nice single homes. My original plan was to wait but recent increase in price make me wonder if I wait longer I might not be able to purchase decent house if it continue increasing as it is.
any help will be appriciated
hafeez - I would hold off buying for at least 6 months to see how the winter market plays out. I expect that prices will fall much further than they are now. There is no sustainable way for prices to stay as high as they are right now - especially in today's economic environment.
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