Resale housing market in Vancouver cooled last month
Posted November 15, 2012 7:51 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – The local resale housing market, excluding new construction, cooled in October.
An industry group says sales in the Vancouver area sank 16.5 per cent last month to 1,970.
The average price for a resale home was $736,732, four per cent lower than a year earlier. Vancouver posted the largest year-over-year price decrease among major cities.
TD bank economist Sonya Gulati says “there is no such thing as a national housing market,” adding “Greater Vancouver is already in the middle of its housing adjustment – the market had simply gone too far too fast and is now pulling back.”
The Canadian Real Estate Association‘s home price index, however, shows a drop of just three-quarters of a per cent. At 158.3, the index is still up by more than half compared to 2005.
