Vancouver House Prices down 9.8% from peak
2008 - Vancouver House Prices Down almost 10% from the peak.
According to statistics released by the Real Estate Board of Greater Vancouver, the benchmark price for a single family home in Metro Vancouver is down 9.8% from the May 2008 price peak and down 4.7% from the October 2007 price so far. From an article in the Vancouver Sun.
Greater Vancouver saw MLS sales of 1,364 units in October compared with 3,028 in the same month a year ago.
Single-family home sales across the region dropped to 493 units in October from 1,368 in October, 2007. Condominium sales were also down substantially to 493 units from 1,133 in the same month a year ago.
Dave Watt, the Greater Vancouver board’s president, said sales are not keeping pace with B.C.’s current economic conditions with low unemployment and stable interest rates.
“That’s a direct result of a loss of consumer confidence in the overall market,” Watt said.
In the Fraser Valley, the detached house price hit $513,892 in October, down 6.5 per cent from May and 0.6 per cent below the average price of October, 2007.
MLS sales of 768 in the valley were 48 per cent below sales levels of the same month a year ago.
November 27th, 2008 at 3:56 pm
I cannot believe that the property prices have ever reached the extortionate levels that they have over the past few years. Vancouver realtors and their customers have been nothing short of greedy, by increasing property values far too high for the geographical and economic area in which it stands. Just across the border in the USA you can buy property for a much more realistic price.
I don't know what Vancouver thinks it is ?? Its certainly not a world player like London, Paris, LA, New York, Milan etc. Its not a major financial or business centre. Everyone keeps going on about it being the "Best place to live in the world" Yes the countryside is beautiful and the city has some breathtaking vistas, but its ugly side is the homeless and drug problem here. I think that the Canadian government should be disgusted with themselves. They want to stage the Winter Olympics, and open their doors to the world, but I feel that they need to look in their own backyard first.
November 15th, 2008 at 9:11 am
Anyone who thinks your property market is about to stop falling is bonkers. This has got to be one of the fastest falling markets anywhere in the developed world (OK maybe Florida is worse). People who see prices falling 4% a month, won't buy in, so sales will drop further and so will prices. Here in the UK we're having a terrible crash, but it's not as fast as yours. My interest is that I'm moving to BC soon, so prices falling is great news for me…bring it on .
November 11th, 2008 at 4:56 pm
“Dave Watt, the Greater Vancouver board’s president, said sales are not keeping pace with B.C.’s current economic conditions with low unemployment and stable interest rates.”
I want to ask him, how good is BC's economic conditinos? Have much have average family income grown during the past 5 year? I would say a little bit growth, but not as much as the housing price have grown–housing price doubled during the 5 years ! How long would you espect high sales to be sustained with such a high house price? Be realistic !
November 6th, 2008 at 11:38 am
Scullboy,
Take it easy my friend. You thought IT is stressfull, and soon you will be in "hell's" kitchen all the time.
Relax, it's better.
Krish's comments are nothing more than colourfully lit pixels in your monitor.
Best regards
arit
November 6th, 2008 at 11:18 am
I think someone needs to give kiirsh/browntown/Nobody another bot to the head, he seems to be particularly incomprehensible today.
Hm, if we all stand in line to give him a kick, does that mean he's rebooted?
Ok digging through your mangled English, I purchased a home in Toronto back in 2004. When I decided to leave for Vancouver, I sold it.
The company I used to work for is quietly laying off as many people s they can, while not calling it "layoffs".
Brownstain, could you please just do us a favour, and f**k off? Your English is unreadable. your logic is incomprehensible.
On the upside, if you really did purchase in Tranny Towers, we bears can at least take comfort in the face that you're losing money….. lots and lots of money. Enjoy your warehouse job buddy, you are paying off interest on a loan for a property that's losing value. It'll be years and years and YEARS before you break even… if ever.
Ouch, that's gotta hurt!
Meanwhile I'm sitting all comfy on my couch, writing up a business plan, working on financing and eagerly looking forward to the culinary arts diploma I'll be getting and which I pay for by saving money, and by NOT JUMPING INTO AN IRRATIONAL MARKET!
Just think SKidmark, if you'd been smart you could have rented and carefully saved real money, then you could have gotten some sort of education which might have helped you get out of your stupid warehouse job. Instead you'll be trapped there forever, and your family will curse you and your stupidity as they struggle to make ends meet because YOU WEREN'T SMART ENOUGH TO MAKE A RATIONAL DECISION.
SPin all you like on this blog, jerk. YOu know it's true.
November 6th, 2008 at 10:57 am
Seriously browntown where do you work?
You are clearly stupid and semi literate at best and appear to have multiple personalities.
Are you in one of those special programs where the grocery stores hire the adults with special needs?
NOBODY would hire you!
NOBODY!
November 6th, 2008 at 10:50 am
Here's another good one involving (drum roll) " MILLENIUM" group
http://www.canada.com/nanaimodailynews/election/s…
This story is re: the Nanaimo convention center, whereby the City of Nanaimo apparently sold $1.5 Million worth of City land to Millenium for $10 (TEN DOLLARS).
Millenium was to build a hotel on the site..but has missed several deadlines. The City had a referendum to borrow $30 million to build the Vancouver Island Conference Center, and the hotel component was deemed crucial to it's viability. The story also notes that U.S. media reports predict Millenium will run out of cash by early 2009.
Seems like Millenium has quite a history of jumping into bed with Local Gov'ts , or vise versa. Warrants investigation??? are we talking perhaps bribes and kickbacks ?
One could almost see this coming given City of Vancouver's murky dealings on the Olympic village , one could almost smell all the weaseling going on behind the scenes. This one looks like it is now getting very ugly for Vancouver citizens .
This is the danger re: Local Gov'ts involved in such schemes. Campbell better re-write the Community Charter and prevent any Local Gov't from engaging in such Public Private so called " business " ventures. Failed public -private ventures = massive tax hikes.
November 6th, 2008 at 10:32 am
I am so glad prices are finally dropping. I have been waiting a long time to jump into the market to start investing again.
November 6th, 2008 at 10:28 am
"“lucky”, but I sold my place in TO in 2006……"
I think that was 2001 did you slip in greed aren't you suppose to throw coin on krrish2?well some stuff out of your lie as long you were home owner you had a job now current market situation is different so does your employement status.
Bear case did not buy anything in past because prices were too high now they will never buy in fear of downturn,recession etc.
Skin in the game:It may look weird that they are working for the company,does not own a bussiness like Trump but they will never lose anything,never lose any single penny from their Quadratic equations.
I was just wondering what might have been burn your asshole so with in second i found this CBC COUPLE STORY might have offended you because you were the only drunken head idiot to shout on their purchase.
Anyway with our countinue purchase JHON and I did not participate to stop the money flow to nail down some ones job then who is doing it?
Bears on the blogs are so un productive for the society they are using their official time to make our society un productive and lazy when their bosses monitor them for their performance they are being cought logged and losing their jobs for same reasons.
November 6th, 2008 at 8:42 am
The new financial obligations are on top of a $190-million loan guarantee the city had to give Fortress Investment Group, which has provided a $683-million loan to Millennium to build the 1,100-unit village.
This exposure to the project means, of course, that the city never really sold the land in the first place.
This site may end up costing the taxpayers money instead.
November 6th, 2008 at 8:36 am
City of Vancouver bails out Athletes Village…
http://www.theglobeandmail.com/servlet/story/LAC….
November 6th, 2008 at 2:33 am
Here's what they are asking 375K for today in Toronto – Rexdale is sort of like Burnaby:
http://www.mls.ca/PropertyDetails.aspx?vd=&Se…
November 6th, 2008 at 1:38 am
Patriotz:
Wow…. thanks for posting that. I never in a zillion years would have called myself "lucky", but I sold my place in TO in 2006…… so…. I may well end up being very lucky indeed!
Browntown: f**k off. Hey Pandora if you wonder why so many of us are enjoying the collapse, look no further…. our resident f**ktards, Krrish/SatV/Brownstreak/time have been flinging their verbal poo for well over 2 years now. I don't know if they have any skin in the game or not, but I sincerely want to see them and their retard families in the street, covered in their own excrememt and eating out of dumpsters.
Apparently that's the only way they'll figure out they aren't Donald f**king Trump.
November 5th, 2008 at 11:54 pm
From the above:
"The average price of a home sold in the city (of Toronto proper) was $376,896, down from $434,022 in 2007. But the figure was also down from the 2006 average October sale price of $386,807."
Remember folks, Toronto has a higher median household income than Vancouver. The article is unclear whether "home" means SFH or all properties, but any way you slice it, Vancouver has a long way to fall before it hits that number.
November 5th, 2008 at 11:42 pm
Toronto house prices down 13% from Oct 2007. They are even lower than 2006 prices! Check it out here…
http://www.financialpost.com/news/story.html?id=9…
November 5th, 2008 at 11:32 pm
browntown do you work in a warehouse?
November 5th, 2008 at 11:16 pm
job? this is vancouver bdk! ha ha have to keep confidential but browntown have good employment!
November 5th, 2008 at 10:54 pm
Hey browntown what do you do for a living?
November 5th, 2008 at 10:28 pm
900 rental listings in one day, and if none of those suit your fancy, I'm sure some of the 10,000 or so new units to be completed in the downtown core will be available over the next few years.
http://vancouvercondo.info/wiki/index.php?title=C…
November 5th, 2008 at 10:17 pm
There are 900 rental listings today on Craigslist. 900 in one day!
November 5th, 2008 at 10:03 pm
hey nutsnaps! excepts no immitation real browntown is here! obama needs to stop talking and get up in helocopter with ben b! money base expanding faster than can say
"yes we can" yeah
November 5th, 2008 at 9:39 pm
4 floors is guarenteed fitness
November 5th, 2008 at 9:37 pm
Dave's right, renting for half price while watching the crash sure sucks!
P.S. Post #5 is at -72. Is that a record? If anyone could do it, it's browntown/krissh/satv/thumsup/VRNGD!
November 5th, 2008 at 9:35 pm
he only thing worse than a townhouse with 4 floors is renting.
if you are upside down in a 4 story townhouse renting is nirvana
November 5th, 2008 at 9:28 pm
The only thing worse than a townhouse with 4 floors is renting.
November 5th, 2008 at 9:06 pm
re: V733279. The only thing worse than a townhouse with 3 floors is one with 4 floors.
November 5th, 2008 at 8:34 pm
The Obama victory will be great for Vancouver real estate because all the people who can't pay their mortgage or gas in the US are about to get help from the one. That will lead to more Vancouver condo buying by rich Americans.
November 5th, 2008 at 7:50 pm
re: V733279
from the picture it looks like the unit faces north onto Pacific Blvd…..
traffic, lack of privacy and lesser security…..
November 5th, 2008 at 7:28 pm
@YLTNBoomerang
That TH looks like the first crash in a multi-car pileup. Like so many others, I'm hurlting towards the same wreckage in my own vehicle, with no exit in sight. I expect some serious bruising. How many lives will be devasted, how many will expect assistance and how many will just walk away?
Got popcorn?
November 5th, 2008 at 6:57 pm
"Wow, check out v733279"
I'm friends with a couple that moved into a simliar style place and I remember them saying it would be great once they have kids…it's not! She's walking up and down stairs all day with laundry and kids clothing and toys and strollers and it is driving them nuts. With prices coming down like this, I'm guessing they are underwater and wouldn't be able to move even if they could find a buyer.
November 5th, 2008 at 6:56 pm
this person must be desperate
Or realistic. The slightly larger unit next door went for $580,000 back in January.
It's mostly right under the tower so no roof deck. The ground floor only has windows on the street side. The back does peek out beside the tower on the 2nd and 3rd floors but no private balcony or patio there, just a common property walkway providing access to seven other townhouses. The lots across the street are ripe for redevelopment…a mess of parking lots, decrepit garages and dilapidated warehouses.
November 5th, 2008 at 6:55 pm
Krrriissh said he worked for Galen Weston before (superstore) and he works in the warehouse.
November 5th, 2008 at 6:14 pm
Hey YLTNBoomerang, how much would that Pomaria TH have been new?
It's $200k less than the next comparable and the next one after that is in the low $800's
I know of one rented TH in Pomaria for $2700 (the owner wanted $3300) so at $549k it almost breaks even which is quite significant since most of the specuvestments barely return 50% of the carrying costs (best case)!
November 5th, 2008 at 6:10 pm
Tony,pound signs are =letters wal mart fall shorts on pounds.
I realize that, I just thought Wal-Mart sounded more humiliating than Super Store, not that there's anything wrong with working at Wal-Mart or Super Store, for non RE moguls.
November 5th, 2008 at 6:07 pm
Wow, check out v733279
~1100 sqft on three levels sounds like a terrible layout, add in the noise from traffic and non-existent privacy… it's a decent buy at ~$330/sqft tops.
November 5th, 2008 at 6:07 pm
Tony,pound signs are =letters wal mart fall shorts on pounds.
November 5th, 2008 at 6:02 pm
I guess ###### ##### = Wal Mart?
November 5th, 2008 at 5:48 pm
Anon,
I work for canada's largest ###### #####,I don't have any job security but our bussiness is secure from any downturn,
I have secured few places for my self despite the current situation i feel like i did right thing by jumping in on right time in a current situation or further it was very difficult to reach where i am right now.
see even peak time is a good time to buy any other time does not match with your current situation-always.
November 5th, 2008 at 5:42 pm
Wow, check out v733279:
Listed back in June at 849,000 and now after many price drops, down to 549,000! This is a 35% price drop to 22% below assessed value at $451/sqft. Back in 2003 I sold my first townhouse for $474/sqft, this person must be desperate… either that or this crash is going to be bigger and faster than I dreamed!
November 5th, 2008 at 5:18 pm
What do you do browntowns helper? What is your job? do you have a job?
November 5th, 2008 at 5:12 pm
Most Recent Survey,Spins,and Confused Consumers.
Buff Buttler,Good post as always.Holgs,i wish i were holgs then what about me being bulls?I accept in⋅com⋅pre⋅hen⋅si⋅ble
,gramatic mistakes,and i love thumbs down arrow.
Survey
"Overall intentions to purchase a home in the next two years remain steady at 22 per cent and have not changed since January 2008,Meanwhile, a related annual survey prior to the eruption of the current financial crisis, found that 70 per cent of homeowners planned to renovate or make home improvements in the next two years, up slightly from 66 per cent last year."-a survey conducted by polling firm Ipsos Reid.
What’s your net worth?
Waaay Negative
Negative
Flat
$0-$50,000
$50,001-$100,000
$100,001-$250,000
$250,001-$500,000
$500,001-$750,000
$750,001-$1m
$1m plus
Results
http://poll.pollhost.com/cm9iY2hpcG1hbgkxMjIyOTkw…
"Home sales are not keeping pace with the positive economic conditions That’s a direct result of a loss of consumer confidence in the overall market."-Dave Watt.
"Canadian consumers should not expect to see a major price correction as in the U.S., suggesting that Canadians are not under particular duress to sell their homes.”Lower interest rates and a Canada-U.S. currency exchange rate will help support Canadian economic growth"-Gregory Klump.
November 5th, 2008 at 4:55 pm
Here is my job:
http://vancouver.en.craigslist.ca/ctd/907318839.h…
November 5th, 2008 at 4:43 pm
Seriously thums/brown/Krissh and whatever other names you call yourself.
What do you do for a living and what medication are you on?
November 5th, 2008 at 4:35 pm
Realtors from Hell (redundant) say:
" E-V-E-R-Y-T-I-M-E IS A GOOD TIME TO BUY "
( cue the evil laugh )
Bwaahahahahahahahahahahhahahhahahahahahahaha
aaaahhhhahahahahahahahahahahahaha
sign here
November 5th, 2008 at 4:26 pm
what do I do someone tell me what do for a living i do
well apparently you are quite good at mangling the Queen's English
November 5th, 2008 at 4:21 pm
you idiots!!
This is the best time to buy.
Don't complain again if you are out of the market.
grrrrr
November 5th, 2008 at 4:01 pm
RE #97 Browntowns Helper
Rebuttal
1)
Yes but if there were to be a "measure" of consumer confidence it would show to have gone down – there’s no way to dispute this. This decreased confidence means less buyers or less purchasing cash which can then be applied to the rules of supply and demand.
2)
The idea here was that decreased confidence in prices breeds more decreased confidence in prices and this will be a cycle until an equilibrium point is met. A parallel situation would be a hockey team on a loosing streak; what is a likely ending for the next game – a loss. In my opinion this will last until it makes "business sense" to purchase properties and by then you will have REITs jumping in to pad the bottom of the fall.
3)
You have part of a point here however;
Mortgage rules have changed; specifically 0 down which previously detached a purchaser from there income. Additionally credit has tightened meaning although some people can buy there will be less buyers then before. This would drop the equilibrium price for housing.
4)
Some forces of inventory are seasonal. From a post elsewhere an incomplete list:
-weather in both the leaving and settling location
-a lot of owners have kids that would affect moving on a seasonal basis. ie no moving during school
-market confidence has been destroyed for sellers
-law of diminishing returns; not everyone can be moving at once
-hiring cycles depending on your industry
5)
Are you serious???
One thing that will make you a better investor is to at least consider another point of view without BIAS. In finance and investing one of the most dangerous sentences is "its different this time"
November 5th, 2008 at 3:58 pm
what do I do someone tell me what do for a living i do
November 5th, 2008 at 3:46 pm
Re: Post # 82 "skull" versus "heart".
I watched the news on Global TV (Canwest owned) this morning, and it had a condo add by "Boffo" and mentioned the (2) CanWest owned Vancouver dailies ie SUN and PROVINCE.
Same old RE B.S., but it smacked of desperation to bundle the "Boffo" ad with an internal ad re: CanWest owning 3 local media. CanWest stock price was tanking, maybe connected to collapse in the RE market and drop in RE ad revenue.
Sorry, but traditional media is far too concentrated and censored .
In light of that,Blogs and Web Sites like Vancouver Condo Info are what we desperately need , an uncensored venue to exercise the Freedom of Speech, warts and all,( which may include "venting and ranting" , somewhat subjective terms anyway).
As the saying goes, no one is forcing you to read it, simply ignore it, but try to avoid the kool-aid line-up, which I think is the societal goal and contribution of most VCI posters , however they try accomplish it, warts and all.
November 5th, 2008 at 3:23 pm
Prices are not falling denial only buyers are on strike,Imagine anywork place productivity level before and after strike and between strike.so when ever buyers will return back on full stream prices will go more than previous height(yes…. in 2025.
…the mind boggles!