If you thought that real estate was a safe haven for your cash, you may be in for a let down.
The latest statistics show that overall real sales in the Greater Vancouver area dropped by 43 per cent in September 2008, compared to the corresponding month last year.
In the same time frame, sales of detached properties were down 50.3 per cent, while sales of apartments dropped by 35 per cent, according to The Real Estate Board of Greater Vancouver.
"After five years of unprecedented increases, housing prices are beginning to realign," said REBGV President Dave Watt.
Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined by 5.8 per cent and now stands at $726,331.
In the same period, the price of an apartment property has tumbled 5.2 per cent to $369,062.
"Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals," Watt said.
However, if you are a buyer in this market, you face a dilemma.....buy now, or wait and see what happens. Analysts say prices may continue to soften, but they don't expect them to go into a freefall.
With a report by CTV British Columbia's Peter Grainger
