Vancouver, BC - August 23, 2012Although realtors bravely dismiss it as the typical 'summer lull', residential property sales in Metro Vancouver are cooling.
The holy grail of Metro Vancouverites - the fabled detached home - actually shed 1.2 percent of its value vis-a-vis its $960,600 or so average figure in June. Sure, the 'loss' of $11,000 plus change is a relatively small deal ... but go tell that to homeowners who have been banking, literally, on ever-rising home values and the expectation of cashing out, someday, and retiring as multi-millionaires.
Fine plan but guess what? Markets wait for no one. Markets change.
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Rudy Nielsen,
President and CEO Landcor Data Corporation
(604) 604.606.7914
