Price Slippage in Greater Vancouver and Fraser Valley

homes for sale vancouverRecent reports suggest that while Vancouver isn’t slated for any major correction in the market, there has been some decrease in the average price of homes for sale Vancouver.

Around the province some areas saw increased activity, though greater Vancouver and the Fraser Valley reported some dips during the beginning of this year.

The number of homes for sale Vancouver and condos for sale Vancouver sold during the month of January 2012 was down 13.4% from last year in the same month.

The average price for a Vancouver home also went down slightly.  January 2011 saw the average price for a home for sale Vancouver at $762,562 while this year the price went down by 1.3% slipping to $752,380.

In the Fraser Valley the story is quite similar.  While prices rose on average over the course of the year, they did dip down by 3.1 percent when comparing the January of this year to the last.

In other areas of the province however things are looking up.  In the northwest and northeast gains were made.  Both Kamloops and Victoria saw more than a ten percentage point jump.

The biggest hike however occurred in the province’s northwest area.  The average price for a home here went up from $214,357 to 244,872 during the previous year.  This is an increase of over 14 percent.

Across the country the sales of homes has declined.  Housing sales are down 4.5 % from January 2011.

Forecasts vary significantly by region as each region is facing very different economic forecasts.  As such it is likely that some markets will continue to soften while others heat up.

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