Landcor Data Corporation issued the British Columbia Q2 2008 Residential Sales Summary, a comprehensive report reviewing the latest real estate trends across the province.
Some Key Findings:
Sales prices throughout B.C. have continued to adjust, with median price changes ranging from -3.8% to 15.6%, depending on the region and property type.
The lack of affordable detached single-family homes has skewed buyer preferences in some regions. For instance, 48% of all residential homes purchased in BC this quarter were condominiums or attached homes, an increasing trend.
Out-of-province purchasers remain hesitant about investing in BC, with purchases from the US and the rest of Canada (non-BC) down 24% since 2007.
What does this mean?
After years of sky-high prices, the residential real estate market continues to cool, leaving buyers in the driver's seat for another quarter. With political change on the horizon, the immediate future remains uncertain. Trust Landcor to keep you up-to-date with accurate, timely data on BC's ever changing real estate market.
Click here to download the full report (1.6 MB)
