The glamorous world of Vancouver real estate has finally gotten it's humbled dose of reality.

On this video Vancouver real estate agent Richard Morrison shows that what was once the envy of the world, the Vancouver real estate market now looks more like a cricket than a roaring lion of the jungle.

It all started in June 2012 when the first average price comparisons with last year's June (2011) came down about 12% year-over-year percent in general...

Vancouver prices set at an average of $834,000 at the peak and are now down to $669,200 and pretty much setting the stage to a possible 20% drop.

However, he also mentions that current inventory in the Vancouver Market is dropping as we approach the end of September 2012.

Despite the bad news all around, not all areas are down. Richard goes on to mention that (in June 2012) some areas, like North Vancouver, prices have actually risen by 12% year-over-year of since July 2011.

Overall the market is definitely taking a heavy beating and more is yet to come.

Here is a quick snapshot of the Vancouver market:

VANCOUVER WEST

DETACHED (single family homes) – 52 sales on 1037 listings. Projecting 81 for the month (139 last July) for a 12.8 month supply. Massive Buyers’ market

ATTACHED (town homes) – 32 sales on 345 listings. Projecting 50 for the month (62 last July) 6.9 month supply for a Balanced-to-Buyers’ Market

APARTMENTS (condos)- 191 sales on 2301 listings. Projecting 295 for the month (341 last July) for a 7.8 month supply. Buyers’ Market

VANCOUVER EAST

Detached – 71 sales to date on 708 listings. Projecting 100 sales for the month (144 last year) 7- month supply. Balanced-going-to-Buyers’ Market

Attached (Town Homes) – 18 sales for July (40 last year). Projecting to end up at 28 on 156 listings. A Balanced Market.

Apartment (Condos) – 71 July sales on 563 listings. Projecting 110 (90 last year). If we stay on track we’ll outsell last year in this category. Based on these numbers we have a Balanced Market
I gathered the figures above and confirmed them with our graphs…

On another note don’t forget… Yes, we’re in a much slower market, with lagging economic world at the moment. This is probably also the case for the near future. We had great times in the past 10+ years and some things must and do come to an end., but it does not mean a crash!!

The General population must go on… Families downsize, upsize, people relocate, they move away for other reasons…. This market has come and gone… and life goes on…

One thing is for sure, watching the graphs in the video can clearly see that market cycles are a fact of life!

Vancouver real estate board says there now have probably been “some reductions” in prices in some of its most desirable markets, acknowledging the country’s most expensive Vancouver real estate metro area to acquire a home in is now a buyer’s sector.

Vancouver’s properties board says there now have probably been “some reductions” in prices in some of its most desirable markets, acknowledging the country’s most expensive metro area to acquire a home in is now a buyer’s sector.  The Housing Board of Greater Vancouver maintains that prices remain stable overall in its home market. It says its benchmark price index is $606,100, a 0.8% drop from a year ago and a 2.3% decline over the last three months.  But there is no mistaking the sharp decline in sales activity which in September was 41.6% below the 10-year average.  “There’s been a clear reduction in buyer demand within the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” said Eugen Klein, president of the board. “This makes homes less cost-effective for the people of the arena.”  The board said there was 1,516 sales in September, a 32.5% drop from a year and an 8.1% decline from just a month earlier.  It was also well below the 10-year September sales average of 2,597.  “The summertime of 2012 drew to a close in September with house sale activity well below historical averages within the Greater Vancouver housing sector,” said the board in its release.  New listings for detached, attached and apartment accommodations were 5,321 in September, a 6.3% drop from a year ago but still a 31.6% increase from August. In total, Greater Vancouver had 18,350 residential properties listings Multiple Listing Service in September which is a 14.1% jump from a year and a 4.5% climb from August.  “Today, our sales-to-active-listings ratio sits at 8%, which puts us in a buyer’s current market. This ratio has been  declining in our latest market since March when it was 19%,” said Mr. Klein, emphasizing the impact has yet to be felt on price.  “Prices in the territory remain relatively stable overall, although we do see some reductions in the areas that now have  had some of the largest price soars over the last year or two.”  The benchmark price for detached premises dropped 0.5% from September 2011 to $935,600. The benchmark price of an apartment properties fell 0.7% from a year ago to $368,600.

Miruna Alexandru mortgage broker burns the midnight oil and she creates the logo for her new company. Often she works very late and very hard for her clients not only for the image that she's trying to portray but also to ensure that the clients get the best deal possible.

After (after midnight) a good day's hard work of Vancouver mortgage broker services she will enjoy a glass of white wine with her fiancé Richard Morrison which is also a realtor in Vancouver. They like to work very hard but also play very hard. In fact they plan on traveling many parts of the world to teach english to children and to help and motivate the less fortunate.

They use Vancouver as their diamond shop to propel them to enable them to travel and achieve all of their dreams.

In the logo she is creating she depicts her name as one of the main murals found in Barcelona but she changes it to "El Miru."

When asked what motivates her Miruna Alexandru says "I love working so that I can make enough money to be able to travel because I truly think that my talents are in helping other people. I love helping others and this is why my business succeeds."

Vancouver's competitive landscape is no walk in the park and many entrepreneurs like Miruna have to burn the midnight oil in order to fulfill their dreams. However she is of the opinion that she loves what she does and therefore it is not work.

You can catch Miruna hanging out at her office at 1705 – 789 Drake St., Vancouver, BC. Her phone number is 778 – 320 – 4346

Vancouver sunsets are quite nice when you take the time to enjoy them. So yesterday I missed an appointment and decided to head to the vancouver english bay beach and low and behold we saw a beautiful sunset in the decide take this video of it.

This is just one of the reasons why Vancouver real estate and Vancouver condos so expensive in the downtown area. On any given day you can just  grab a blanket and end up going towards the beach and find wonderful sunsets like this one. Vancouver is just an amazing place for things like this

If you live in a Vancouver condo or acquired a place using MLS Vancouver Mls.ca you can certainly find many sunsets from your own balcony! Many times Vancouver residents will often watch the fireworks from their balcony.

And don't forget that in the summer this happens very often. Many people head to the beach stay all day in Vancouver and then relax and watch the sunset.

You're thinking of living in Vancouver, buying Vancouver condos for sale or condos in Vancouver or Vancouver townhouses you should really think about finding a place where you can watch the sunset like this.

Many residents come here and buy at least one vacation home. But a lot of them will also reside in those homes. Recent Chinese immigration has shown that many Chinese have purchased homes for vacation in Vancouver.

The main areas of the city to purchase your vancouver condo is yaletown, west end, coal harbour, and downtown itself. Along some of these area you also have false creek north and false creek south. But dont bother choosing too much as many of these Vancouver real estate for sale sell really quickly. If you are a buyer it is wise to look and to act quickly when you find the right condo.

Either way, if you cant buy you can always rent a condo in vancouver. This is a very good time to do so as the market is slowing down. Many would be home owners are opting to rent instead of buying vancouver condos. However, there are many benefits to ownership in Vancouver Canada, so you may want to think twice before residing and paying your landlord's mortgage!

Many of the mortgage rules are changing and its better if you do have a place now before you can no longer qualify. Many people with high incomes (sometimes 2) are not able to even qualify for a condo in vancouver below $600k! This is quite a hard situation if you ask me. But alas, not all is lost. If you work with the right person you can always ensure that you will get the proper condo in vancouver for sale.

If you are already pre approved, or qualified, dont delay, buy condos in vancouver today and you wont regret it!

Take a look around and you maybe it will be you that will enjoy a Vancouver sunset like this. This is it for now but next ime you should catch a sunset  in Vancouver.