The Vancouver Real Estate Market has corrected itself.
The Westside Market for detached housing has 21% more inventory in September 2011 than it did last September. As well, the number of listings have increased 23% over September of 2010.
Coupled with the extremely low interest rates, this puts Buyers in a very favourable position.
The Eastside Market has remained strong. The Asian Market that drove prices up on the Westside has forced first time home buyers to move east to more affordable housing. Townhouses on the Eastside remain in demand.
Please see stats provided by the Greater Vancouver Real Estate Board:
Vancouver West - Gross Sales - September 2011 over September 2010
Detached Housing: -10%
Attached Housing: + 7%
Apartments: + 5%
Vancouver East - Gross Sales - September 2011 over September 2010
Detached Housing: +47%
Attached Housing: -12%
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