Lower Mainland real-estate market moving away from highs
Vancouver Sun Published: Friday, November 03, 2006
The descent from real-estate market peaks in the Lower Mainland continued in October with lower year-over-year sales, higher listings and in pockets easing of prices from September.
Greater Vancouver's real estate board reported 2,722 Multiple-Listing-Service-recorded sales in October, which was higher than September, but a 12.2-per-cent drop from October, 2005.
New listings in Greater Vancouver were up 20.3 per cent to 4,862 units compared with the same month a year ago.
And nine Greater Vancouver communities recorded median selling prices that were lower than September's median prices, though still significantly higher year-over-year.
In the Fraser Valley, MLS sales were down 28 per cent from October a year ago at 1,287 transactions. The Fraser Valley's inventory of listings increased 27 per cent to 5,644 units compared with October, 2005.
And October's average single-family home prices were lower than September's averages across the board in the Valley, though year-over-year remain between 13 per cent and 28 per cent above October, 2005.