Falling home prices appear to be behind us in the Lower Mainland as sales keep rising
(Source: Vancouver Sun)
A year ago, developers were putting projects on ice, and sales in Metro Vancouver’s resale housing market dropped to 924 transactions in December, half of what they were in December 2007.
“It was only a year ago that many in our industry were cancelling Christmas parties just out of principle,” McNeill, president of MAC Marketing Solutions, recalled in an interview.
“[December 2008] was a very sombre mood. There were broad layoffs happening industry-wide, not only [among] developers, but with service providers, architects, interior designers.”
No one was buying real estate, which meant no developer, even if they had the financial wherewithal, was prepared to take the risk and build, McNeill said.
Fast forward 12 months, however, and sales returned to near historic highs.
Read Derrick Penner’s full article “Real estate claws itself out of a hole” in the Vancouver Sun (January 2, 2009).