Vancouver housing market finally slowing

The Canadian house market is cooling down, which is shown by the diminishing demand and increasing supply. According to the Real Estate Board of Greater Vancouver, sales in October 2011 were off by 1% compared to last year, and it’s the second worst month for sales in the past decade.

New listings increased by 18.3% compared to last year’s October, and residential properties’ bench mark price was up 7.5% from last reach, reaching $622,955. However price has dropped 1% from the peak of $630,921 in June. According to Rosario Setticasi, president of the board, right now it’s the buyers’ market as they have more selections of properties and more time to make decisions.

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Financial Post – Nov 2nd, 2011