Increased property listings and moderating home prices have eased the Greater Vancouver housing market into a buyer?s phase. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in June 2008 to 2,425 from the 4,244 sales recorded in June 2007.
New listings for detached, attached and apartment properties increased 18.3 per cent to 6,546 in June 2008 compared to June 2007, when 5,533 new units were listed.
?Although housing prices, on a year-over-year comparison, continue to show single-digit percentage increases, we are beginning to see more price reductions in properties listed on the market today,? said REBGV president, Dave Watt. ?Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home?s value when putting it on the market.?
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