But this may well be the week in which Joe Q. Public truly begins to take notice of those negative real estate stories in the MSM.
I don't think anything can compare to the headlines that have come out in today's papers.
Realtors are calling it a “summer lull,” but the latest statistics show Vancouver’s housing market is mired in a 10-year low for sales with no immediate end in sight.
Each month is starting to look worse than the previous one for Canada’s most expensive housing market as property sales in July dropped 11.2% from June — marking a decade low for activity.
The Real Estate Board of Greater Vancouver reported the worst July since 2000, and 31.2% below the 10-year average for the month of 3,051 sales.
The board said there were 2,098 residential property sales of detached, attached and apartment properties in July — off 18.4% from a year ago.
The average price is now down 15.7% from February's high of $1,235,244 to sit at $1,041,325 - a plunge of $193,919!
And as the August month kicks into high gear, sales are truly collapsing. Results today for all sectors of the market totalled only 49 sales!!
Ugly doesn't begin to describe these numbers. As the Financial Post screamed, the market is in full retreat.
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