(MENAFN Press) (Newswire.net -- February 15,2013) Vancouver, British Columbia --
On Thursday, realtor Richard Morrison of the Richard Morrison real estate team reported that the real estate trends in Vancouver experienced by his team throughout 2012 confirmed the recent reports of The Real Estate Board of Greater Vancouver that Vancouver real estate took a dive in 2012.
Last month, the REBGV had reported below average home sales and decline in home listing activity and in home prices in 2012 (http://www.rebgv.org/news-statistics/prices-hold-firm-home-buyers-and-sellers-conclude-2012-sidelines), following the same up this month with confirmation that the market is yet to recover and "home buyer demand remains below historical averages." (http://www.rebgv.org/news-statistics/january-home-sales-remain-quiet).
REBGV's February 2013 update highlighted that home sale activity has not recovered from the time Vancouver real estate took a dive in 2012. Eugene Klein, the REBGV president, said in the February update that "Home sale activity has been below historical averages in Greater Vancouver for about seven months. This has caused a gradual decline in home prices of about 6 percent since reaching a peak last spring."
Realtor Richard Morrison, a real estate veteran of Vancouver, echoed the sentiments of the REBGV president, and said, "home prices are definitely on the decline in Vancouver and surrounding areas, though investor activity is continuing at a subdued pace." Morrison confirmed that the decline in home prices are continuing to hold, and though it was a poor time for home sellers, the time was good for many for whom home prices had been beyond reach.
"At the same time," Morrison said, "shrewd investors are trying to make the most out of this historic low in Vancouver real estate prices, and real estate deals continue in pockets." He also went so far as to say "the fact that Vancouver real estate listings took a beating can be attributed to the slow down in the Chinese economy, greater barriers to entry for the Chinese, mortgage regulations, and concurrent migration of labor. It is also the market rectifying itself and bringing the economy to a balance."
Morrison maintains that his real estate firm continues to thrive due to intelligent investors, and because it makes a point to reach out to people who had never thought of buying their own homes, just because the prices were beyond their means. "There's a bright side to everything," said Morrison, "though many of our clients are reluctant to sell homes until the prices go up, many of our home buyers have been able to get extremely fair deals."
Morrison's words are not without foundation, because despite showing an all-around decline in real estate, the February report of REBGV mentions the new listing count for January 2013 was "18.9 per cent higher than the region's 10-year new listing average for the month." However, what seems depressing to home sellers is that home sales in January 2013 failed to raise hopes. According to the REBGV there was a decline of 17.8 per cent even in the sale of detached properties.
So, right now, Vancouver real estate continues to remain a buyer's market with the sales-to-active listings ratio at 10.2 percent. Since the time Vancouver real estate took a dive in 2012, especially from June 2012, this ratio has remained between 8 and 11 per cent.
Richard Morrison is a REMAX agent working in Vancouver, British Colombia, Canada. His team consists of 5 agents and covers most of Greater Vancouver regional area.