The Real estate Board of Greater Vancouver reported on 2 December in their monthly publication that the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver is now only 1.9 per cent lower than the most recent high point of May 2008.
And Sellers know it! It is harder to negotiate offers - Sellers are confident that prices will continue to increase and hold out for higher prices in negotiations or take their property off the market now with the intention of re-listing in the near future.
The downturn will cost property owners likely a little more than 1 1/2 years of value growth and has given others the opportunity to buy the real estate they could not afford before May 08.
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You make a good point. It seems that people tend to forget that the realty market is compromised of buyers and sellers and that different economic times will benefit one group more than the other. For example, realty in Calgary has been showing a steady price as compared to the previous year. This rise in price can be interpreted to show the movement from a buyers market to a sellers one in the following month/year.
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