The Greater Vancouver housing market experienced below average home sale totals and a modest decline in home prices in 2012. Housing prices experienced their peak in May and have gradually declined through the second half of the year by 5.8 per cent. The 5.8 per cent decline in prices represents the decline in the benchmark price of all residential properties in Greater Vancouver. It should be noted that some sub markets have out performed others this year. For example the Vancouver East detached market has actually risen by 1% over the same 12 month period.
There has been hesitation on the part of both Buyers and Sellers in this market which has reflected in lower than average home sales and a gradual decline in housing prices. I think this trend will continue at least for the next 12 months.
Sales activity and housing prices continue to vary depending on area so it's important to work with your REALTOR® for expert advise.
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