Drop in Vancouver Real Estate Brings Down National Numbers

Drop in Vancouver Real Estate Brings Down National NumbersThe slowdown in Vancouver’s real estate market is one factor leading the Canadian Real Estate Association to cut its sales forecast for this year and next on Monday.

Vancouver’s sales numbers dropped 27.6 per cent — the second biggest drop in the country behind Halifax — in November 2012, compared to the same month last year, after tighter lending rules that came into force this summer. The average price is down 6.3 per cent for the same period to $682,215, while the MLS home price index is down 1.7 per cent from a year ago. The average price reflects the mix of sales, while the HPI reflects price changes for typical homes.

While BMO deputy chief economist Doug Porter said most cities across Canada would see a soft landing for their real estate markets, he called Vancouver a “rather obvious exception.”

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Authored By Tracy Sherlock and Craig Wong – See the Full Story at the Vancouver Sun

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