2012 Market Review

2012 was an interesting year for everyone, despite a slower market since March, the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board reported just a 1% decline in benchmark prices. Fewer recorded sales have been due, in large part, to people removing their homes from the market rather than lowering asking prices.

Looking ahead to 2013, many experts are predicting a steady market. This positive outlook is attributed to low interest rates, more job opportunities, modest increases in GDP in BC and Canada,  and the stabilization of European, Chinese and US economies. Canada's housing market is showing staying power as new mortgage and lending rules have worked to balance the red-hot market. 

The Vancouver market remained strong at the beginning of 2012 and sales continued to fluctuate throughout the year. The chart below reflects sale prices in various markets and months in Vancouver for both attached and detached homes.

Wishing you and your family all the best in 2013!