The Bottom Starts To Drop Out
It’s been said (I can’t remember who said it so leave a comment if you know who) that Vancouver would be the bellwether. That the Vancouver real estate market was the one to watch. This was said in the context of the throes of the housing market collapse in the United States, while our market continued to cook on high. Well, the signs are clear. According to CBC:
The Real Estate Board of Greater Vancouver says the number of residential property sales declined 42.9 per cent in September from a year earlier.
The number of residential properties sold in Metro Vancouver dropped from 2,776 in September 2007 to 1,585 in September 2008, according to a report released Thursday by the board.
The number of new listings continued to rise, up 28.8 per cent from the same month last year.
Harper maintains that our economy is strong and immune to the problems being experienced stateside. He’ll live to eat those words.