Back in March 2008, the residential real estate market could do no wrong. Prices were at an all-time high and the volume of transactions was steady. Fast-forward to the close of 2008, and it appears the wheels have fallen off the market for the time being. BC residential home sales closed 2008 down 33% from the previous year, making it the weakest year in terms of volume since 2000.
“The housing market came in like a lion and went out like a lamb in 2008,” said Cameron Muir, BCREA Chief Economist. “Home prices reached a record high in March, but edged lower during the balance of the year.” The average residential sales price hit $483,291 in March and ended the year at $429,210, an 11 per cent decline in nine months.Needless to say, it has quickly become a 'buyers market' and it looks like it's going to stay that way for much of, if not all of 2009. You can read the full end-of-year 2008 BC real estate report over at the BCREA website.
“The global financial crisis, a sharp correction in the equity markets and a recessionary environment in Canada has wreaked havoc on consumer confidence,” added Muir. “While it’s difficult to predict when consumer confidence will strengthen, home affordability is quietly improving as lower prices and mortgage interest rates increase the buying power of BC households.”
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