Downtown Vancouver: If listings were buildings

If listings were floors in a building Spectrum would be the tallest building in Downtown Vancouver. This infographic shows an imaginary skyline based on number of units for sale in a few of the new buildings downtown based on Supersogs post from Monday.

Lots of properties out there for sale, not just in the downtown core.  Listings for the entire REBGV region have been accelerating lately a lot faster than they did in previous spring markets.  We’re close to adding 1000 new listings a week.  Even the spring before the 2009 market dip didn’t see listing rise this fast.  As of last night the inventory count was at 16,741.

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buffates
Guest
buffates

Recently, I have had my wife whisper "inventory" to me so I can get in the mood.

VanRant
Member
VanRant

My brother, who is a postman had told me that all condos in his Coal Harbour route is about 70% unoccupied. This is from talking with the building managers. I am sure a lot of these will be on the market once prices starts to drop.

Wanderlei
Guest
Wanderlei

LOL – I love how there's a "W" on top of the Woodward bar. Nice touch!

Globello
Guest
Globello

Entertaining morning on BNN TV.

It could actually be funny if it wasn't so sad.

-The Goldman Sachs defence looks more like posturing

-Portugal seeking help from Euro partners

-Greek debt downgraded yet again

-More than half of all properties in Spain are for sale

-Irish RE continues to crash

-Ukraine members of parliment forced to use umbrellas to deflect a barrage of rotten eggs from the gallery as debt mounts

-First punctures appear in China RE bubble

-Foreign dumping of US treasuries could put more pressure on int rates

While the smart money on the home front is scrambling to get out of residential RE, a few oblivious poor sods are still too busy shopping to have noticed the turning of the tide….or maybe they're tuning into RET for advice.

macchiato
Guest
macchiato

May want to revise the W numbers and increase the building height, I count 53 listings as of now on realtor.ca including both apparent addresses for the complex. Be bold and pay $750 a square foot for skid row or move to Suburbia!

VanRod
Guest
VanRod

@buffates: LOL, good one man

bhtbg
Guest
bhtbg

http://ca.news.finance.yahoo.com/s/27042010/24/f-

"Spain's jobless rate topped 20 percent of the workforce in the first quarter…

Spain is grappling with a collapse of its labor-intensive construction industry at the end of 2008….

The Spanish economy has proved especially vulnerable to the global credit crunch because growth relied heavily on credit-fuelled domestic demand and a property boom boosted by easy access to loans that has collapsed.

French investment bank Natixis estimates that prior to the crisis 30 percent of Spain's working population worked directly or indirectly for the construction industry.

"This was pure madness," it said in a research note last month, adding there are 1.2 million unsold housing units currently on the market in Spain."

PS. Spain is sunny.

paulb fan
Guest
paulb fan

Ok listen up guys. I need my hourly dose of numbers otherwise I start getting cramps. Is it too much to ask? 😉

specialfx3000
Member
specialfx3000

Nice looking skyline of Vancouver. Too bad it would not look too pretty in the evening as most windows will not have lights on – cause many units are unoccupied.

Pope, we need some mountains in the background. At least we could be proud of the mountains.

Raincouver
Member
Raincouver

@Globello:

#4 – Thanks for that recap, Globello. I am unable to watch BNN for long enough to glean that much information. My gag reflex kicks in. Kudos to your fortitude.

warren
Guest
warren

doing the same graph based on the % of the building that is listed would be a little more telling, since development like spectrum are 4 towers

interesting nonetheless

Absinthe
Member
Absinthe

Wow, you're on fire with the visuals! Nicely done.

jesse
Member

You'll need a special one for the OV since we're not sure if they will be listed on MLS or not. Maybe add a shadow at the top for the ones left vacant to be sold later! 😆

Vancouver2010Meltdow
Guest
Vancouver2010Meltdow

We are going to hit 20K listings this year. Sorry bulls, but you're going to lose a lot of $$$ if you hold on and hope. THE PANICK HAS STARTED – GET OUT WHILE YOU CAN!

Drachen
Member

Hey is it possible to post the latest inventory tally on the front page? I keep digging through the comments looking for it whenever I'm curious and I was just thinking it would be nice to have it up front and centre so to speak.

I'd imagine a lot of others are in the same boat.

Anonymous
Guest
Anonymous

@bhtbg: Spain is sunny. I'm thinking half-seriously about taking a job in Spain (Barcelona, to be precise). Although I grew up here in Vancouver, I have lived in other parts of the world for over 15 years and the rain is now really starting to get to me.

That's not a slight against Vancouver. As I tell friends and acquaintances who are relatively recent arrivals to the city, this is a rain forest. The fact that Vancouverites have been able to hack and build a city of 2.5 million people out of the wilderness does not negate the fact that it is still a rain forest.

Oh, and Spanish women are another enticement…

Neptune
Guest
Neptune

@averagejoe:

Im calling bull shit on this one. 7 out 10 in CH unoccupied?

Tony Danza
Member
Tony Danza

@Anonymous:

If you think the cost of living in Vancouver is expensive you will not enjoy Barcelona, I mean it's a beautiful city full of beautiful, friendly people but the rents are outrageous and the incomes (unless you work in finance) are low. All of the stupid sh!t Rennie and the other realturds spew about Vancouver can honestly be applied to Barcelona.

Raguz
Guest
Raguz

Is this true? Who are those people, do they really exist or the propaganda use them to keep locals scared and tension going on? People are getting a bit tired of those sort of information where you hear about some superior aliens coming from nowhere and keep spreading around like some disease. On the other hand why Australia had to do what they did when it comes to foreign factor?

From The Province:

The Lower Mainland’s hot market for luxury homes is mainly being driven by buyers from Mainland China, realtors say.

They’re snapping up $2-million-plus homes on Vancouver’s tony westside, and in West Vancouver’s upper levels, starting at $3 million.

It’s helped fuel a record first quarter of luxury home sales, with 227 luxury homes sold in Metro Vancouver, an 184-per-cent spike over the same period last year.

http://www.theprovince.com/business/Mainland+Chin

Anonymous
Guest
Anonymous

@Tony Danza: What's the average cost to rent a 2-BR apartment in a decent part of Barcelona?

Drachen
Member

@specialfx3000:

"Pope, we need some mountains in the background. At least we could be proud of the mountains."

Heh, I always found it funny how Vancouverites are so proud of the mountains. It's like people in this town think we built them or something. The only resource we have in Vancouver powerful enough to do something like that is hubris and all that energy's going into real estate.

jesse
Member

@Raguz: I think it would be foolish to think that there aren't at least some rich people buying real estate in Vancouver with large amounts of cash. Maybe the only way to win is not to play…

Tony Danza
Member
Tony Danza

@Anonymous:

I lived there in 01/02, economy was depressed and rents for unfurnished four story walk up 2 bedroom was about $1900 US, this was a short walk to Joanic metro. Not sure what it would cost at this moment but prices have increased since then… Barca is where rich euro/brit/us kids come to snort mom and dads money up their nose while studying spanish or "business"

realpaul
Guest
realpaul
#20 R, while it remains true that an average real tard couldn't tell a Chinese from a korean or a japanese there is a straw of truth that many buyers are flooding out of China on the Tsunami of stimulus dollars (Yuan) that the government pissed into the market there at zero percent. many of these borrowers will never return to China to pay back the loans. They hide behind the Canadian flag to avoid extradition for the fraud because they know CDA will not send them back, so we're stuck with 'em. Australia recognized this and stopped the game, CDA will not. The local pop would start screaming 'rascism' as loudly as they could even though the situation only exacerbates their own legitimate sons and daughters will face when maturing into the house market. We all know that the… Read more »
Vansanity
Guest
Vansanity

I wonder what the landscape of the global economy will look like when all the bubbles start to pop. Especially in China.

Imagine if there property bubble bursts and wipes out billions of "wealth" (debt) from the face of it. Should be interesting times.

I think the perfect storm to our local market is picking up steam, the timing of it… with what I see happening again globally could be devastating.