Nov 2008: Benchmark prices drop again
The benchmark price for a Single Family Home in greater Vancouver is now $666,525. Vancouver West is seeing the biggest drops in detached house and town homes. Both of those benchmark prices are now down at least 18.5% year over year. Overall the benchmark house price for Greater Vancouver has dropped $104,725 since May of 2008. That’s a few free cars worth for those keeping track. Thanks to cashisking and gadwin for pointing out these numbers.
Post any other interesting things you find in the stats package in the comments section below and I’ll update this post when I get a chance.
December 4th, 2008 at 2:10 am
Lilly:
I'm with you, except instead of a garden I dream of a kitchen. Actually I frequently dream of the home I used to have. It wasn't large (maybe 800 Sq Ft) but it was just perfect for me. And the kitchen! It was so well organized that there was tons and tons and TONS of counter space, yet you were never any more then 2 steps away from what you needed.
Like you I'm getting by renting. It's been very hard to swallow my pride and first accept a place on my own that wasn't what I used to have, then to move and find a roommate.
But I suck it up every day like I imagine you do. I put my feel on the floor when I get out of bed and I do my best for that day.
It's been so damn hard to listen to people like Pandora and her stinky ol' box with their faux cultivation and te snottiness that only comes with being nouveau riche. I've known some of the most accompliched people in Canada, including three Olympic gold medalists, a CBC news anchor and a very senior bank exec and *none* of them displayed her level of sanctimony.
These days it's a little easier getting out of bed. I don't bother discussing real estate with home owners any more. Why bother? Believe me, they ALL know EXACTLY how much they paid and though they may not admit it, they're doing the math.
These days the math is all about subtraction. Or perhaps more accurately…. percentages.
The pendulum is coming back the other way. Nobody can stop it. we all knew this would happen…. now we get to switch sides with the bulls.
December 3rd, 2008 at 6:48 pm
Lily Pad:
Eat right and exercise. Nothing else is as important! Drink wine with friends, laugh, watch good movies, etc,etc. And you'll still be dead in the end, and your toys don't count.
Oh, practical matters you meant. Stay out of debt, keep a job you don't hate, lose a job you do hate, but only after you find a job you don't hate. A job you love is a nice bonus, and worth less money, but can't be counted on.
Don't spend money on things you you can't afford, don't need or don't like.
Grow some laugh lines, not frown lines. Get old, wrinkly and happy. Cherish your sweetie, or find one. Dump the jerk if you need to.
Darn, I'm off practical matters. But these are the important ones.
December 3rd, 2008 at 3:03 pm
Re: Post # 101
REBGV data on Units sold 1980 – 2008
Interesting statistics with respect to gross sales numbers.
However , we have to keep in mind that since 1980
— the population has grown ,
— we had a post Expo 86 boom based on offshore investment
— liberalization in lending practices
— that a per capita number may also be useful (ie X sales per 1000).
(This is not to say that no matter how you slice it, the numbers actually do reflect a very bad RE market).
December 3rd, 2008 at 2:56 pm
Look for prices to go down even further. There is zero sense to buy in the next 2 years from the investors perspective when there are much sweeter deal down south and they havent even bottomed out yet.
The world is in a recession = rock bottom for the tourism and less demand for Canadian resources. Even if property prices will drop another 50 percent; with a Grim world recession I'm curious if any investors will even buy given prices won't go up again till like 2015. And investors are even reluctant buy stock options and you are asking us to buy property?
The only winners in this crisis are young couples or first time buyers that have equity. Condolences to those that bought in the last 2 years. Right now for many it's not about living it's about survivng eg families putting food on the table,paying bills on time.
In this crisis if you are a home owner consider yourself lucky if you can get 70 percent of market value. Buyers are looking one to 2 years down the road and some listings on mls are beyond funny.
December 3rd, 2008 at 1:12 pm
"It’s bears like yourself who keep adjusting their purchase prices downwards..in the end you will never end up buying because you always want it cheaper!"
It's bulls like yourself that keep holding their list prices high.. in the end you will never end up selling because you always want more money than the market will b-e-a-r!
December 3rd, 2008 at 12:43 pm
"77 Montery Says:
December 3rd, 2008 at 7:36 am
In looking over condo’s in Burnaby near Central Park, sub-$300K for a 2 bed concrete highrise with sub-$250/mo maintenance fee is fairly priced. Except now I’m adjusting my price-point downwards. I’m willing to pay $250/sqft downtown, but out in Burnaby I’m willing to pay $125/sqft."
It's bears like yourself who keep adjusting their purchase prices downwards..in the end you will never end up buying because you always want it cheaper!
December 3rd, 2008 at 12:24 pm
I had asked how far back one must go to get a November with less sales, 'inventory' on chipman's blog rocks the casbah and put the numbers up, here they are, thanks inventory … you have to go back to 1988!!!!
REBGV SFH+TH+APT Unit sales (Nov 1980 to 2008)
YEAR UNITS SOLD
1980 362
1981 397
1982 437
1983 279
1984 378
1985 480
1986 455
1987 671
1988 672
1989 1140
1990 3352
1991 2242
1992 2786
1993 2434
1994 2256
1995 1830
1996 2870
1997 1837
1998 1595
1999 1866
2000 1791
2001 2674
2002 2650
2003 3115
2004 2594
2005 3064
2006 2416
2007 2952
2008 889