REBGV October 2008

The formerly 'immune' greater Vancouver housing market caught a cold in May and it has turned into pneumonia as the weather has grown colder this fall.

The number of homes for sale in the area is at record levels.


The level of sales is abysmally low.

Consequently the Months of Inventory, the number of months it would take to sell all the homes currently listed for sale, is in the stratosphere.

This basically means that prices are going to keep going down, down, and down for quite some time.

And down they are falling, nearly 10% since May. Yes TEN PERCENT or $75,000 off the benchmark single family home. $75,000 is a lot of money.

This post is brought to you by the letters P and D.

PRICE DROPS. Here now, here to stay.