July 2008: Vancouver prices ‘deflating’
Deflate. That’s the word the Vancouver Sun is using in their report of July sales data from the REBGV:
The so-called benchmark price for all property types in Metro, excluding Surrey, hit $556,605 in July, down 2.1 per cent from May.
“We’re seeing more price reductions in properties listed on the market, which is a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,” Dave Watt, president of the Real Estate Board of Greater Vancouver, said in a news release.
The numbers from out in the Fraser valley are in as well and looking at least as bad. The Surrey average detached-home sale price is down six percent from June. As Mohican brings to our attention Chilliwack saw the average house sales price drop 9 percent last month and is now negative year-over-year.
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August 5th, 2008 at 4:32 pm
Year Over Year price declines are on order for next month methinks - in the Fraser Valley anyway.
August 5th, 2008 at 4:39 pm
VW detached
Jun $1,456,122
Jul $1,390,585
-4.5% MOM, or 65 big ones.
Chump change, my dear sir.
August 5th, 2008 at 4:41 pm
August 5th, 2008 at 4:42 pm
It had better level off pretty darn quickly.
August 5th, 2008 at 4:45 pm
The 1% declines in the other markets doesn’t surprise me and is in-line with my prediction for an approximate 5% decrease for the second half of 2008.
I would speculate that the high price of gas has removed a lot of buyers from considering Surrey and the Fraser Valley. I predict any drops in those markets to be higher than Vancouver, Burnaby and North Van, which have better transit options.
August 5th, 2008 at 4:49 pm
August 5th, 2008 at 4:52 pm
August 5th, 2008 at 4:55 pm
Did you mean to say “at least as good”??
August 5th, 2008 at 4:57 pm
August 5th, 2008 at 5:03 pm
http://www.reuters.com/article.....0720080803
August 5th, 2008 at 5:03 pm
“Good for people looking to buy, but none of you are buying are you?”
None of us are buying NOW that would just be plain stupid. We’ll wait until prices correct to a reasonable proximity of market fundamentals and we’ll laugh at chumps like you all the way to the bank.
August 5th, 2008 at 5:23 pm
If you really live in Victoria what are you doing on a Vancouver Condo blog other than vainly spreading disinformation?
Are you purposefully hoping someone will believe your spin in the hopes they will go bankrupt? Or are you trying to sell something?
That was nice of your Wife to deny your identity.
August 5th, 2008 at 5:44 pm
August 5th, 2008 at 5:48 pm
Not Mathy - You’re “not facty” either. I used white out, technically not paint (I sniffed, no high), anyhoo, I “painted” my latte this morning whilst on the phone… so get your facts straight. You CAN paint your latte! It’s a stock, that you can’t paint, although I hear they actually used to give paper as representation of the stocks and you can paint them too… so…ya, not sure where to go with that…and so on and so forth.
August 5th, 2008 at 5:48 pm
I only recently moved to Victoria and have always lived in the GVRD prior to that. I am not selling anything. I am not working on anybody’s behalf. I am simply sharing my informed opinions on the real estate market.
This will be my last post on the subject. I think Pope is getting impatient with these silly conspiracies. Let’s stick to the discussions. If you have something intelligent to contribute, then please do. Otherwise, please crawl back to your cave (rented).
August 5th, 2008 at 5:51 pm
August 5th, 2008 at 6:06 pm
August 5th, 2008 at 6:34 pm
Is PR spin “informed”
Next thing you’ll be claiming tobacco has never killed anyone.
Why don’t you stick to the cafe’s in Victoria and keep your dumb ideas to yourself.
The Pope didn’t confirm that you are not the same person. You could be posting at home and at the cafe or from work but more likely than not you’re at a cafe since Mortgage Broker/Rookie investors don’t have much to do these days.
Say hi to Julie for me.
August 5th, 2008 at 6:59 pm
typo!
that should read:
“ill informed opinions”
August 5th, 2008 at 7:00 pm
August 5th, 2008 at 7:23 pm
a “flaccid” investor?
August 5th, 2008 at 7:33 pm
“$325 MOVING SALE ASSIGNMENT -NON PROFIT,FOR SALE!!! (NORTH BURNABY)”
“BRAND NEW 1BED.+DEN. AT BRENTWOOD GATE,EXCLUSIVE AREA WITH NICE COMMUNITY AROUND..
CLOUSE TO THE HWY,UNIOVERSITY AND COLLAGE AND MALL IS EXCELENT PLACE FOR LIVE.
THIS NICE APARTMAN HAVE EVERYTHING:2BALCONIES,1 PARKING SPOT,STPORAGE,IN SUITE LOUNDRY,GAS FIRE PLACE,STINLESS STILL AND GRANITE COUNTERS,694SQ/FT.
PLEASE REPLAY FOPR MORE INFO.
PAY NOW SOME,AND RST BEFORE YOU MOVE THIS OUTUM….”
http://vancouver.en.craigslist.....35645.html
August 5th, 2008 at 7:47 pm
Don’t you mean our “soon-to-be-underwater-flipper” subsidized cave?
August 5th, 2008 at 7:58 pm
satv is that you?
tell me it ain’t so!
August 5th, 2008 at 8:13 pm
August 5th, 2008 at 8:18 pm
Vancouver Westside SFH median prices:
July ‘08: $1,326,500
June ‘08: $1,549,000 (DOWN 14% MOM)
July ‘07: $1,415,000 (DOWN 6% YOY)
August 5th, 2008 at 8:20 pm
VW detached
Jun $1,456,122
Jul $1,390,585
-4.5% MOM, or 65 big ones.
Chump change, my dear sir.”
Really? The numbers I see for Westside SFH median are:
Jun $1,549,000
Jul $1,326,500
-$222,500 or -14.4%
Am I reading it right?
August 5th, 2008 at 8:22 pm
August 5th, 2008 at 8:38 pm
August 5th, 2008 at 8:39 pm
August 5th, 2008 at 9:06 pm
July ‘08: $828,781
June ‘08: $904,167 (DOWN 8% MOM)
July ‘07: $831,195 (DOWN 0.3% YOY)
Peak: Feb ‘08: $920,643 (DOWN 10% off the peak)
August 5th, 2008 at 9:14 pm
August 5th, 2008 at 9:16 pm
http://agentwill.com/statistic.....the-rebgv/
August 5th, 2008 at 9:20 pm
August 5th, 2008 at 9:38 pm
Vancouver Westside SFH median prices:
July ‘08: $1,326,500
Feb ‘08: $1,625,000 (DOWN 18% off the peak)
(Note: I’m missing westside median data for Aug 2007 through Oct 2007; it’s possible there could’ve been a higher peak in there somewhere)
August 5th, 2008 at 9:44 pm
You would be insane not to buy a condo right now! This is probably the best time ever to get into this market…
I feel your pain, buddy.
Sometimes irony just doesn’t cut it, eh?
August 5th, 2008 at 9:55 pm
And then he posts again 3 1/2 hours later.
August 5th, 2008 at 10:01 pm
If you have something useful to post, then please feel free to contribute. In the meantime, go back into your cave with bdk.
August 5th, 2008 at 10:01 pm
August 5th, 2008 at 10:02 pm
I love your posts. You are absolutely brilliant. Keep it up dude. You’re like the antithesis of Krrrrish…
August 5th, 2008 at 10:07 pm
August 5th, 2008 at 10:25 pm
Gosh what an enlightenment - of course people who visit for the olympics buy a condo here just in case some day they come back to Vancouver.
Kids, pack up we’re moving to Vancouver, after all they hosted the olympics.
Obviously I snappped up a condo at every vacation location I ever went to as they all happen to be on the ocean and very beautiful.
As scully mentioned, keep it up Johnboy you’ve got it all figured out
August 5th, 2008 at 10:31 pm
Glorious chaos
August 5th, 2008 at 10:32 pm
August 5th, 2008 at 10:40 pm
August 5th, 2008 at 10:40 pm
Everyone can spout all the stats they want but this market is in for a big correction … split hairs with benchmark (remember your source - russian oil minister?!?) or median prices (inflation adjusted - do you believe CPI?!?) but look at the big picture and remember that it’s never different.
ps buy the HOD - Beta Pro ETF …. I just wish I could short VCR RE
August 5th, 2008 at 10:45 pm
August 5th, 2008 at 11:06 pm
August 5th, 2008 at 11:18 pm
I am going to try to put this politely. rich people, regardless if they are Asian or not are rich for a reason. They are good with their money. Why invest in Van or Canada when it is so much cheaper to buy in florida. or Arizona…etc RIGHT NOW. They aare at least 30% less than Van and there is way more selection. true Van does have mountains but Have you compared florida beaches to Vancouvers’ . There are many beach volleyball/ surfing tournaments( such as NKF Pro Am Surf Tournament…AVP Next/Wilson Beach volleyball National Championships, sept-October 2008)
thru a large portion of the year..even the famous Fort Lauderdale spring break. Do you have any idea the amount of revenue generated in those areas? How many such tournaments are held in Vancouver beaches…please tell me. There is only 1 Beach v-ball event @ kits for 2 whole days not even 2 monthes.
Vancouver is anice place but it’s not the best place in the world. I ‘m suprised no one has sued on thr basis of misrepresentation. So just open your eyes and smell the BC BUd because that really is our major export here in BC
August 5th, 2008 at 11:23 pm
August 5th, 2008 at 11:56 pm
August 6th, 2008 at 12:02 am
http://fortlauderdale.condo.co.....h_Featured
http://miami.condo.com/Condo-F.....=MapSearch
http://jacksonville.condo.com/.....=MapSearch
http://palmbeach.condo.com/Con.....h_Featured
http://miami.condo.com/Condo-F.....h_Featured
Agreed some condos are overpriced but they just experienced a housing bubble that is now deflating.I ‘m sure most bull/ bears would pick these up in a snap if they were in the vicinity. Of course you would rather buy a$ 300 k plus 500 sq ft condo in downtown because we are the best place on earth.
personally i’ll take the emerald isle…pay in cash
August 6th, 2008 at 12:14 am
For the REBGV, benchmark price of a SFH detached dropped by $12,489 from $765,654 in June to $753,165 in July (http://agentwill.com/statistics/real-estate-board-of-greater-vancouver-releases-june-2008-statistics/ for June stats, and http://agentwill.com/statistic.....the-rebgv/ for July stats).
Soft landing? LOL. Down 28K in one month for the FV doesn’t seem like a “soft landing” to me!
August 6th, 2008 at 5:31 am
True dat. Rich people didn’t get rich by buying overpriced goods, be it cars, companies, consumer goods, investments, or real estate. They get rich by buying things for less than they will be worth in the future.
August 6th, 2008 at 7:22 am
Right. Got it, Cameron. So will we see a 1% or a 2% decline before fantasy land returns to the market?
August 6th, 2008 at 7:23 am
August 6th, 2008 at 8:23 am
http://www.canada.com/vancouve.....59df91719b
“Cameron Muir, chief economist for the B.C. Real Estate Association, said he doesn’t believe that there was a housing bubble that has now burst, but said there has been a change in the cycle….” interesting, he doesn’t deny there may be a bubble, he just doesn’t believe it.
August 6th, 2008 at 8:25 am
Cameron: No one is disputing that the economic fundamentals are sound. The fundamentals were sound during the dot com era as well - sounder, in fact. But that didn’t stop overpriced stocks from correcting. The fundamentals are sound in San Francisco too, and yet the bottom has fallen out of their market.
Could someone please get these bloggers onto the CBC…
August 6th, 2008 at 9:23 am
rich people aren’t stupid
and stupid people don’t get rich
which succinctly explains your current position.
August 6th, 2008 at 9:57 am
In fact, we should be putting every last dime we have into condos in Beijing right now!
I wonder if it’s too late to get in on all the previously discovered places like Turin, Athens, St. Lake City, Sydney, Nagano, Atlanta, and Lillehammer? Too late? What am I saying? Time to get in!