World financial issues continue to plague local economies and the Kitsilano real estate market continues its downward trend with few sales (only 3 houses in September), an increasing number of price reductions and lower prices. As of today, the highest priced home in our area is $19,000,000 and the lowest is $799,000.
Walks down any street will tell the story with a previously unimagined number of For Sale signs.
Forecast: downward pressure will continue into spring of 2009 and possibly further until this current and possibly long lasting financial crisis abates. Local real estate maven, Ozzie Jurock, suggested in his weekend retreat that a 10-20% price drop was likely and more was possible.
Data courtesy of REBGV. Statistical numbers provided may vary due to dynamic posting by the REBGV. The enclosed information while deemed to be correct is not guaranteed and is provided by Larry Yatkowsky, Realtor®, YatterMatters.com. Further information available by calling 604-657-6236 or emailing lmy@Yattermatters.com.
Last modified: October 8, 2008
Although this sucks if you are selling a home or bought at the top of the cycle, a 20% correction is long overdue in our region. It will enhance affordabilty and eventually the market will see modest 2-3% increases again, but not for another 2 years atleast.
20%?! We’re almost half way there! The correction’s going to be deeper than that, I’m afraid.
Is there any data on rents?? It seems to me while the real estate prices are going down the rents are going up very fast.
Actually there were 4 detached home sales in September. Still not a great number making the average $1.252m though with only 4 homes sold the average and the median are statistically meaningless. Not with a sales success ratio of 5%.
Rents are stable right now. It’s still a landlord’s market.