Just wondering how the 2010 Olympics in Vancouver will be effected with this economic downturn.
Local Real Estate agent comments in Van.
Real Estate Sales in November took a real header. I have never seen anything like it. When the prices were going up and sales were going up, it was a long gradual process over 6 years, but this drop has been almost instantaneous.
Sales of residential real estate in Greater Vancouver fell from 2,883 sales in November, 2007 to 874 in November, 2008. The breakdown is as follows:
Houses sales fell from 1,067 to 322
Townhouse Sales fell from 540 to 142
Condo sales fell from 1,276 to 410
This represents a drop of approx. 70% in sales. An incredible difference.
With respect to prices, Houses have fallen 13.6% from May 2008 and 8.6% from November, 2007.
Townhomes have fallen 11% from May, 2008 and 6.4% from November of 2007.
Condos have fallen 12.2% from May, 2008 and 6.4% from November, 2007.
