Vancouver becoming a buyer's market?

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Vancouver seems to be headed towards becoming a buyer's market, as new listings are on the rise and sales decline.

The Real Estate Board of Greater Vancouver said this week there were 2,799 sales in the region in April, down 13.2 per cent from a year ago and 2.6 per cent lower than a weaker-than-usual March.

It was the lowest for April sales since 2001, and 16.9 per cent below the 10-year average. Despite the weak sales, prices continue to edge higher in the city. The index the board uses to track prices showed them up 3.7 per cent from a year ago, to $683,800.

The number of new listings increased 3.6 per cent from March. The number of houses for sale is 6.7 per cent above the region’s 10-year average, as sellers look to cash out at what may be the top of the market. There are 16,538 houses for sale in the region, the board said, up 16 per cent from a year ago.

  • Steve Crawford @mortgage_tree on 2012-05-05 4:11:40 AM

    A buyers market does not mean buy. It simply means that it favors the buyer not the seller. Big wait to buy out there IMO

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