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Up and Down in Van

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Guest | 04 Jun 2013, 03:56 PM Agree 0

The latest statistical report from The Real Estate Board of Greater Vancouver (REBGV) shows that there were 2,882 sales in May, a 1 per cent increase from a year ago and a 9.7 per cent jump from April.
The MLS benchmark price for all residential properties in the B.C. region is currently at $598,400, according to REBGV. Despite this, the Board says the balance of sales and listings means continued market stability during the spring.
“We’ve seen some steadying trends over the last three months,” Sandra Wyant, REBGVpresident said. “The number of homes listed for sale has been keeping pace with the number ofproperty sales, leading to a balanced sales-to-listings ratio. This is having a stabilizing influence on home price activity.”
New listings also continue to fall, with May figures showing a 7.4 per cent drop below the 10 year average.  This report, say industry experts, indicates sales declines in Vancouver’s resale housing market may have finally reached bottom, with recovering continuing at a sluggish rate.
Sales of detached properties increased by 2.7 per cent compared to May 2012, with the average price decreasing during the same period by 5.2 per cent to $917,200.
Meanwhile, sales of apartment properties declined by 1.7 per cent during that 12 month period, with the benchmark price also decreasing to $365,600.
  • Robert | 06 Jun 2013, 09:58 PM Agree 0
    I am gratified to see the Vancouver Real Estate boards highly suspect stats. My latest search shows many many listings and very few sales so far this year in the high end 1M price range.

    In fact the Vancouver Real Estate Board whose income is 100% derived from agents has a vested interest in creating good news to keep the flow of new Realtors coming in to pay thousand dollar plus fees to Real Estate Boards whose actual job is to simply receive listings and post them to the MLS web sites.

    They have expanded their role to propaganda to hide the fact that all real estate boards have been redundant since 1995 and Realtors can save home buyers thousands by simply replacing puffed up real estate boards and their onerous fees with a click on an upload button.

    All real estate boards are in a conflict of interest position and all their stats are suspect and incomplete as they do not reflect the growing FSBO market or sales we make not listed to any board so as to avoid their rapacious fees.
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