March 2010: home prices hit record high.

The Average selling price of a home in Vancouver BC has reached a new record high.  When inflation is factored in prices are actually higher than they were in 2008, meaning buyers from two years ago who have no transaction or carrying costs are well on the road to riches.

All sectors of the housing market are up; from single family homes, to townhouses, condos, semi-detached, yurts and drainage ditches.  The average price of a parking spot on leased land in downtown Vancouver has reached a new record shattering high of $87,983,223,431.32 imaginary moon dollars.

Even with the recent run-up this still represents tremendous value as the average spot size is large enough to hold a 1972 VW campervan AND a 10 speed Norco mountain bike.

The beginning of the month saw growing inventory as sales lagged, but emergency sales during the final hour of the month have reduced available sales inventory in the REBGV area to 4 units and a rusted out 50 gallon oil barrel, all of which are located in Whalley.  The remaining inventory is currently being fought over by thousands of wealthy South American investors who are visiting the area in anticipation of a UFC truck and tractor pull, tentatively scheduled for May.

In a surprise move early this morning Bank of Carney Minister Finance Flaherty announced the repeal of all mortgage limits currently in place for CMHC insured mortgages and a new set of guidelines.  “if it feels good, do it.  That’s pretty much our motto.” Flaherty said as he scratched at his beard with fingers caked in bright orange Cheetos dust.

Starting April 17, all applications for CMHC insured mortgages will be automatically approved unless the home buyer has proof of income.  The Government of BC also announced new homeowner grants which will see all homeowners receive a monthly cheque for $8,000 to help compensate for the dramatic difference between rental value and purchasing costs.  Interest rates have been reduced to -.5% effective immediately.

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asalvari1
asalvari1
10 years ago

According to Paul Boenisch second check, the new listings for April 1st stopped at 493 and sales at 92.

wow. I cant "believe" these numbers, new listings are record number I guess.

Ref: http://paul-northvancouverhomes.blogspot.com/

Chilled
Chilled
10 years ago

realpaul Says: April 1st, 2010 at 5:00 pm Meanwhile the poor sap Djikanski is rolling in his grave as his mother lets the killers off the hook for a cash settlement. It must have been her lawyers slathering after some payola is my guess, lawyers are cunts. If it was my kid I’d want to see the killers strung up Mussolini style with the village women cutting their balls off. Robinson and Millingtons head should be on a pike in the town square. The RCMP is an insult and a smear on the flag of this country. ==================== You're a hard guy to figure out. One moment you profess to be a bastion of free enterprise, common sense and refute anything to do with socialist ideals. The next moment you sound like Jack Layton. I suspect this is to maintain… Read more »

reknab
reknab
10 years ago

Inventory, kite is going to enjoy that update : O )

Inventory
Inventory
10 years ago

****UPDATE****UPDATE*** 12:17am, April 2

Mar 30, 2010 = 14721

Mar 31, 2010 = 14679

April 1, 2010 = 14667

GregK71
GregK71
10 years ago

The bulls on this and other RE blogs absolutely see the writing on the wall going into Q3 and Q4 2010, and beyond. They're not blind. Arrogant, yes. Foolish, perhaps. Blind, no. Oddly enough for a group of people apparently content and smug in their asset class, bulls never turn down the chance for a satisfying faeces toss on blogs like VCI. They're coming here to convince themselves to keep on believing house prices only ever go up. And it's worked like a charm. Now, although it doesn't always seem to come across in their posts, bulls understand market forces. They've made money in RE. Big money. Like bears, bulls too sense danger. In their gut, bulls comprehend irrational exuberance. Heck, they're the ones who're listing their presales and resales en masse, soon to push listings onward to 25,000 and… Read more »

GreatestRealtorOnEar
GreatestRealtorOnEar
10 years ago

Realtor targets part-time agents

http://www.nationalpost.com/scripts/story.html?id

Looks like they're eating each other now, ran out of FTB to feed on.

Raincouver
Raincouver
10 years ago

Is it me or is there alot of reverse mortgage ads on tv lately.

I've been watching those ads for a long time and always wondered how that might work out to be a good thing.

Apparently, it's a great idea…if you hate your family.

Anonymous
Anonymous
10 years ago

Is it me or is there alot of reverse mortgage ads on tv lately.

arit
10 years ago

bridgeman,

Thanks for the correction. "Caste", not "cast". Got it.

Regards

arit

Raincouver
Raincouver
10 years ago

Supraboy Says:

I love it, markets going higher fools. Bears are eating it bigtime.

It must hurt to be you.

Supraboy
Supraboy
10 years ago

I love it, markets going higher fools. Bears are eating it bigtime.

Raincouver
Raincouver
10 years ago

asalvari1 Says:

http://paul-northvancouverhome…..-pt-2.html

Thanks for sharing that. Good to know paulb still has his eye on what's happening on the Wet Coast.

Paulb
Paulb
10 years ago

455 list 91 sold. Holy shit! Here we go again!

reknab
reknab
10 years ago

He has done well borking for himself then…

bcubbins
bcubbins
10 years ago

"Obscenity is the last refuge of the inarticulate motherfucker."

Kite towards moon
Kite towards moon
10 years ago

reknab,

Mar 30, 2010 = 14721

Mar 31, 2010 = 14679

Apr 1, 2010 = 14523

If you look at the listings total on march 30 you'll come to know that we had additional sales 141,185,124,and 91 units without returning back to 14721 listings.So what if the rebound or adjustment push forward 455 units? Don't you think the total number is falling short.

Regarding your personal anecdotal,We have lots of other financial institutions include your own bank with other branches.There is a mortgage broker on this forum who has borked record high mortgages.

VHB
VHB
10 years ago

Hey Reknab: Cruise through this for daily listings up to 2007. I don't know where you might find 2008 daily listings.

reknab
reknab
10 years ago

Does anyone know when we last had 450 or more listings in one day?

Best place on meth
Best place on meth
10 years ago

Holy crap, the listings today!

They broke the MLS!!

bridgeman
bridgeman
10 years ago

#57

"Swearing is used by those that cannot articulate their thoughts and opinions in a proper way." ~ Girly Bear

"When angry, count four; when very angry, swear." ~ Mark Twain, 1835-1910, American Humorist, Writer

joycer
joycer
10 years ago

Inventory posted this in "You'll need to earn more money" #85

Mar 31, 2005 = 10820

Apr 1, 2005 = 10564

Mar 31, 2006 = 9268

Apr 1, 2006 = 9097

Mar 31, 2007 = 11137

Apr 1, 2007 = 10794

Mar 31, 2008 = 13063

Apr 1, 2008 = 12851

Mar 31, 2009 = 15598

Apr 1, 2009 = 15125

It shows the usual effect for the monthly change.

This years change:

Mar 31, 2010 = 14679

Apr 1, 2010 = 14523

bridgeman
bridgeman
10 years ago

"I guess we belong to different “casts”. I am in the “working” cast. I guess you are in the ruling elite."*

Arit, I think the ruling elite refer to is a "caste" system. Just sayin'. (unless you meant you are in the traveling company of the hit broadway musical "Rent", which would make you part of a working "cast")

But I digress, because I don't think you are a Hindu.

*Not to be internet tough, but Vancouver Rocks, you seem like a real tall glass of douche. Good day!

reknab
reknab
10 years ago

Hi Kite, yes epiries, but I don't recall EVER seeing it rebound almost 100% the day afterwards. I think this is a sign/trend of things to come (further inventory increase).

I have worked in the western mortgage approval center for TD Bank since 2004 and we are unusually slower than usual, most deals I get (greater than 50%) are refi's.

Kite towards moon
Kite towards moon
10 years ago

Listings glut is a rebound from expire listings at end of every month.sales numbers are due on Monday April 5th.Despite the expiry rebounds, listings level is too low compare to last month and it will go down month over month.This year September is April the early peak is behind us on March 30th.

Mar 30, 2010 = 14721

Mar 31, 2010 = 14679

Apr 1, 2010 = 14523

Inventory at # 63