Homes sales fall in Vancouver, dragging prices lower

The number of homes being sold in the Greater Vancouver area is continuing to fall dramatically, taking the price of real estate down with them, and that's creating a buying opportunity for those who can afford it.

In Greater Vancouver, property sales in November fell to 874 total sales, a decline of 69.7 per cent from the same period a year earlier.

Sales in the Fraser Valley fared slightly better with a 62 per cent decrease.

Kevin Neufeld, president of the Fraser Valley Real Estate Board, says reaction to the world economic turmoil is playing a big role in the drops.

"Generally at this time of year, we start seeing sales slow down before the Christmas period. But at the same time the whole world is watching the economy and stepping back and seeing what's going on," said Neufeld.

The B.C. Real Estate Association is predicting housing sales will pick up after the first quarter of next year when buyers return to the market, said Neufeld.

"A lot of buyers who would normally be buying are on a wait-and-see program right now, just watching and seeing what's happening out there," he said.

Dave Watt, president of the Real Estate Board of Greater Vancouver, agrees the financial turmoil has scared off many investors, but he says those with the personal finances to weather the storm can pick up bargains that haven't been seen in years.

The board's benchmark residential price for a typical residential property dropped nearly 13 per cent to just under $496,000 dollars in November, after peaking at $568,000 in May.