It is a slow November for Greater Vancouver. How slow, you ask? Put it this way, 90% of the realtors are not making money, 95% of the listings did not sell, sales are down 69.7% from a year ago and continuing to decline fast. Despite what some delusional marketeer by the name of Bob Rennie might say, Canada is not that immune to the same real estate and credit crisis which has sent US into disarray.
If you are sitting on a mortgage or two, you should probably start panicking. Truth be told, it is not a buyers or sellers market anymore, it is quickly evolving to a no market with the bottom no where to be seen.
No, this is not the chance of a lifetime. At least not yet. Whatever small knee jerk reactions the market have now and then are hardly any indication that we are reaching some floor resistance. The worst is yet to come.
2008 November REBGV Stats Release If you are sitting on a mortgage or two, you should probably start panicking. Truth be told, it is not a buyers or sellers market anymore, it is quickly evolving to a no market with the bottom no where to be seen.
No, this is not the chance of a lifetime. At least not yet. Whatever small knee jerk reactions the market have now and then are hardly any indication that we are reaching some floor resistance. The worst is yet to come.
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