In its January 2013 report on the Vanouver-Abbotsford Census Market Area (CMA) CMHC that despite the fact that the market swung towards buyers through the last half of 2012, selling price drops were less than would have otherwise been expected. CMHC posits that this result may be explained by the phenomenon of Sellers withdrawing their properties from the market rather than accepting lower prices. The report also notes that statistics can become skewed by outlying values. I have always believed that news reports and statistics should be only one aspect of a real estate evaluation and decision. What is true now more than ever is that markets for different property types behave very differently than the "average" property. This is where a Realtor's expertise and perspective is most important in helping you put property values in the proper perspective.
See Report: http://keithpulling.com/_media/Documents/Housing%20NOW%20-%20Vancouver%20-%20CMHC%20-%20January%202013.pdf.
What do you think? Write or call me any time.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.