A local realtor and real estate blogger has crunched the numbers and he says Greater Vancouver home sales just had their worst month of March since 1986.
According to Steve Saretsky, unreleased numbers from the Canadian Real Estate Association show just a little over 1,700 transactions last month.
Steve Saretsky said the slowdown is a result of a gap between what sellers and buyers are expecting from the market.
“Primarily because buyers have a certain price they want to pay, particularly given the outlook of housing market, and sellers are still trying to adjust to reality, which ultimately the market isn’t willing to pay for what they are asking,” Saretsky said.
Saretsky said prices are in fact taking a dip, however the slide isn’t evenly distributed.
“You know you can probably get a 40 per cent discount at a house in West Vancouver, but you might only get a 15 per cent discount on a house in East Vancouver.”
He added that condo sales also saw an 18-year low last month.