Detached Housing: … bursting!

Vancouver, B.C., Canada and lower mainland surrounds:

These are actual average sale prices in the city of Vancouver, BC, and lower mainland provided by one trusty RE agent. These are the numbers that matter – the change in price from the February peak to last week.

Fraser Valley: -21%, -$365k
Greater Vancouver: -14%, -$275k
Surrey: -18%, -$337k
South Surrey: -17%, -$352k
Cloverdale: -22%, -$390k
North Delta: -25%, -$435k (ouch!)
Langley:-21%, -$364k
Abbotsford: -23%, -$339k
Chilliwack: -20%, -$217k
Mission:-29%, -$390k (Ouch!)
Maple Ridge:-19%, -$297k
Tsawn + Ladner: -14%, -$237k
Coquitlam: -13%, -$243k
Burnaby: -14%, -$307k
East Van: -17%, -$375k
North Van: -13%, -$300k

In the Fraser Valley, for example, only 10% of homes listed for sale sold last month. So odds of not getting an offer - if you a seller - were nine out of ten. “There is no hope,” says the trusty agent, “with a $75k decline every month since March.”

I don’t have details for Vancouver Island as yet. A shack that I’m interested in buying there (Comox, BC) is now 40 days on the market. One haircut of $50k so far - no takers! For me, … two more haircuts of $50k is my target. If not, so be it.

… fwiw,