Anyway to be fair to the Fraser Valley, the prices never got as high as Vancouver so a gentle correction would make more sense.
Here is the news release:
Fraser Valley Real Estate Board
For Immediate Release: September 5, 2012
Home prices resilient despite lower sales in the Fraser Valley
SURREY, BC – In August, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) ranked the third lowest for the month in the last decade – after 2008 and 2010.
Last month’s 1,073 property sales represent a 20 per cent decrease compared to the 1,341 sales during August of last year and 23 per cent fewer than in July. In 2008, the Board processed 910 sales in August, and in 2010, 997.
“It was a slower August, but nowhere near historical lows for our Board so it’s too soon to tell if it’s a sign of a longer‐term trend or if buyers and sellers in the Fraser Valley finally enjoyed a bit of summer,” explains Scott Olson, FVREB president. “We do know that our economy currently remains fundamentally strong with stable mortgage and employment rates; and, our region in particular has some of the fastest growing communities in the Lower Mainland.”
Olson says, “And we’re seeing evidence of that growth in the sales of more affordable, attached properties in the Fraser Valley. For example in August, apartment sales went up significantly in Central Surrey and Abbotsford and remained on par in North Surrey and Cloverdale compared to last year, suggesting that first‐time buyers are continuing to find opportunities.”
Similar to sales, the Board saw a decrease in new listings. We received 2,406 in August, a decrease of 8 per cent compared to August 2011 and 18 per cent less than we received in July. This caused the number of active listings to decrease month‐over‐month, however the 10,366 active listings at month end still remained 3 per cent higher than the 10,074 listings available in August 2011.
Across the Fraser Valley, the benchmark price of a single family detached house in August was $551,400, an increase of 3.5 per cent compared to $532,700 in August 2011.
For townhouses, the benchmark price in August was $303,000, a decrease of 0.7 per cent compared to $305,200 during the same month last year. The benchmark price of apartments in Fraser Valley in August was $206,600, an increase of 3.4 per cent compared to $199,800 in August 2011.
Olson adds, “Overall, we’re seeing prices stay resilient, however in almost half of our communities, the three‐ month trend is showing a decrease in prices while the other half is showing increases so for a detailed market analysis, check with your local REALTOR®.”
Here is the whole stats package, look how far into buyer's market the sales stats are (the second graph)
HAM, HAM where for are't though?
Our markets have been HAM deficient for the last few months, which explains the absolute collapse in sales in West Van, Westside and Richmond.
The Chinese stock market has been at a 52 week low, their economy has been under strain and Canada has finally started extraditing big fraudsters who found permanent refuge here.
Maybe this will change somewhat. The Chinese leader just announced a huge infrastructure spending package and their market reversed the downturn and rocketed up 2.5% in one day. We will have to see if this reignites the easy money buyers into our markets.