Lower Mainland Real Estate in 2008
Mostly negative stuff is found in the news because it sells. It’s no secret that sales are down (by 35% unit volume compared to 2007) and prices off by 15% (Greater Vancouver benchmark price from May highs to Dec lows). Expectations are that prices may drop a further 9% or more. Meanwhile interest rates are now at 50 year lows in Canada making it an excellent opportunity to buy. The best 5 yr fixed rates are now at 4.25% so what a field day for buyers. Real Estate downturn no big deal for homeowners unless you must sell. Despite short-term declines, large increases from previous years have not been eroded.
In 2008, here are how the past 1, 3 & 5 years price changes for 13 areas of the region.
1 year (-) 3 Year (+) 5 Year (+) Benchmark Price
Vancouver West -16.6% +22% +64% $1.168m
N. Vancouver -16.4% +5.4% +36.1% $728,600
Vancouver East -14.5% +10.9% +49.9% $579,761
Burnaby -13.9% +15.2% +47.5% $641,439
Delta -13.3% +12.6% +49.4% $567,563
West Vancouver -12.8% +8.6% +39.1% $1,168,852
Port Moody -11.3% -2.6% +17% $550,284
New Westminster -10.4% +9% +58.9% $498,931
Maple Ridge -9.7% +5.6% +30.9% $394,893
Pitt Meadows -6.0% +19.4% +49.7% $439,395
Coqutlam -5.2% +14.9% +47.2% $582,100
Port Coquitlam -4.8% +28.3% +63.8% $524,960
Richmond -4.8% +24.7% +57.7% $687,392
