Full-blown crash mode?

Way too early to call this one, but Whistler or Bust points out the steep crash in December prices at the National Bank home price index. This one is interesting because it only measures sales of the exact same property to get it’s numbers.

If you go to housepriceindex.ca and click Vancouver you’ll see a chart that shows the recent dip, which looks like one of the steepest declines on the index so far.

Some realtors have stated that January sales are not looking very good so far and Paul Boenisch posts daily numbers here that are showing listings bumping up in the new year, but not too much on the sales numbers so far.

Paul also has a new website up at clivestevepaul.com if you’re looking for help buying or selling particularly on the north shore.  That’s a shout out to a realtor who has consistently shared daily sales stats for years and years for your amusement and edification. Cheers Paul!

Friday Free-for-all! Happy Friday 13th!

It’s the end of another work week and that means it’s time for another Friday Free-for-all, our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

BC Gov to spend $1.2 billion on homeowner assistance?
BC Housing supply hits highest level in decades
Detached avg sales price down 22% year over year.
Prices to drop 8.5% in 2017
Or 50 to 80% drop from peak?
Downgrade of CIBC, Genworth & Home Capital

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Vancouver renters help pay homeowner taxes

If you own a small run down million dollar house in Vancouver, let’s take a moment to thank the renters who help pay for some vital services, like the new first time buyer loans and the homeowner grant, the cap of which has just been raised to 1.6 million.

“This is a remarkably lousy policy,” said Thomas Davidoff, head of the University of British Columbia’s Centre for Urban Economics and Real Estate. “You’re going to take money from people who don’t own homes and give it to people who own homes. That seems to be a step exactly in the wrong direction if the dominant issue is affordability.”

Read the full article over at Bloomberg.

Downtown condo sales prices drift down

An anecdote from commenter YVR on asking prices downtown:

Every month a realtor send me listing and sales for my building where I rent. It is a newish building in downtown Vancouver so suites are almost identical to compare sale prices to. Here are the last 3 sales for almost identical suites:

March 2016 $1.32 million
June 2016 $1.36 million
Nov 2016 $1.15 million

From June to Nov that is over a 15% reduction or $210K in 5 months. Imagine being the person who bought in June and just received the same flyer with the recent sale price. Ouch. If he/she sold today after transaction costs they would be down by $280K and that assumes they could get the November price which is unlikely.

Friday Free-for-all! Happy New Year!

It’s the end of another work week and that means it’s time for the first Friday Free-for-all of 2017!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

Lonely homes
Is rent higher in YVR or Toronto?
BC reviews homeowner grants
Best place on earth for free salt
Realty Check?
Sales fall, prices inch down

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!