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Inventory: Double Double

While you’ve been watching the big milestones on the growing number of houses, condos and townhouses for sale in Vancouver (15,000! 16,000! 17,000!) there’s a little milestone you may have missed: The doubling of number of units for sale since the beginning of the year. We started off 2010 with 8724 units for sale, which means 17,448 is the magic number.

Could we triple inventory this year? To do that we’d need to hit an inventory of 26,172 places for sale, which would be far higher than any year in recent memory. Have we ever had that many units for sale in Greater Vancouver? The West Side has the biggest head start – they’re already close to 150% of the number of listings from January 1st.

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McLovin

11 years ago

Whybuywhenyoucanrent I've been waiting for you here. You'll like this site so much more.

McLovin

Whybuywhenucanrent

11 years ago

Double Double…

Protein-style with grilled onions, extra tomatoes, extra letture, and fries!

Mmmmm.

WBWUCR't'13?

game_over

11 years ago

Yes, please understand that those regulators, bankers and politicians did indeed know this would end bad.

They engineered it to.

And they will also give you the solution too.

Problem – Reaction – Solution

Learn it. Live it.

patriotz

11 years ago

@chip:

What’s quite amazing is that something so apparent as “there is an unsustainable housing bubble” eluded so many people for so long…
But the high flying economists, regulators, bankers and politicians?

They know damn well there's a bubble, indeed the Canada-wide bubble was created deliberately by many of these people.

They're lying.

manx

11 years ago

I graduated from UBC engineering in 2003 and tuition was about 15k total for a 5 year program (with co-op). I looked at the fees on their page today and it's roughly $150 per credit or $450 for a 3 credit course. Was $100 per credit just when I graduated. Cost of books hasn't changed much. Gas, parking, transit, housing, food, I'm guessing, has increased?

http://www.students.ubc.ca/finance/fees.cfm?page=…

I do think students have it easier today (remote computing, technological advances, more opportunities) but based on the numbers above, costs did go up.

other ted

11 years ago

Would like to add for courses like engineering amongst the biggest costs were textbooks. Those have stayed the same in nominal terms or dropped as it is much easier to get copies online now. Sorry don't buy the more expensive part. Can someone show me numbers to back up there claims.

other ted

11 years ago

I think people have brought up a lot of points with regards to education. I agree with real paul success is determined by who you know rather than what you know in BC. For those who know no one I am not sure if a degree helps, my experience tells me its arbitrary as to who succeeds. Sure if you have no degree its hard to get a job that requires one but those jobs don't pay anymore than unskilled jobs now adays. As for online degrees or not it doesnt have anything to do with education costs. I can't speak for baby boomers but educations has not increased drastically from 15 years ago. The biggest costs are still rent and food. So being someone in my mid 30's I don't get the original argument that people like me had… Read more »

chip

11 years ago

@crashcow:

What's quite amazing is that something so apparent as "there is an unsustainable housing bubble" eluded so many people for so long. I know a fair number of joe schmos who like myself sold out of the market in 2006 or so because it seemed pretty obvious.

But the high flying economists, regulators, bankers and politicians?

It really goes back to the previous debate we had over education. What good is an advanced degree if you cannot grasp principles that have seen societies through good times and bad: thrift, skepticism and moderation.

Paulb.

11 years ago

@granite countertop:

It's as bullish as they come these days 😉

domus

11 years ago

@paulb.: Funny you say that. When a day for the bulls is a day in which we add 150 new listings and inventory passes 17,700, it really means that the air has changed!

Inventory is exploding, but a few sales make it look bullish. Funny! I will be happy to take many more of these 'bullish' days.

Short CDN Subprime

11 years ago

@96 Crashcow:

Thanks for the reference. I actually had that book given to me last week as a gift. Great book!

crashcow

11 years ago

@Short CDN Subprime: you'll like this very neat article (based on Michael Lewis' new book, The Big Short):
http://theburningplatform.com/blog/2010/05/10/how…

"Steve Eisman, Michael Burry, and 3 guys operating out of a garage with $1 million, figured out independently from each other that as the 2000’s progressed an immense bubble of bad debt was being created. The question was how could they take advantage of their discovery."

"He showed Eisman this little chart that illustrated an astonishing fact: since 2000, people whose homes had risen in value between 1% and 5% were nearly four times more likely to default on their home loans than people whose homes had risen in value more than 10%. Millions of Americans had no ability to repay their mortgages unless their houses rose dramatically in value, which enabled them to borrow even more."

C-Note

11 years ago

From the link posted by manx:

"Chen now marches back and forth on the sidewalk in front of the presentation centre wearing a sandwich board …"

This guy has $1.4m to blow on a condo and no day job to support it?

granite countertop

11 years ago

@paulb.: So a day where there's almost as many price changes as sales, almost 2x as many listings as sales, is a day for the bulls?

manx

11 years ago

@CondoConundrum:

Heres the reference article
http://www.cbc.ca/canada/british-columbia/story/2…

I understand why he's complaining but why the protest? New buyers on may 15 are buying units that are already built. He should spend his time trying to get his foolish 140k deposit back.

vancuver_condo_man

11 years ago

The problem with market is too much worry about interest rate rise never happen. Bond keep going up in price as chinese investor look for good canada bond. The inflation under control no BOC rate rise in sight. Once buyer see this truth the market will take off like gold future.

paulb.

11 years ago

New Listings 340

Price Changes 166

Sold Listings 179

Blah, day for the bulls

17,719

Jim

11 years ago

Speaking of Surrey and the FV, can anyone please post some daily stats on that as well? We're not that far from vancouver! =)

Chilled

11 years ago

@Best place on meth:

85 Best place on meth Says:

May 12th, 2010 at 7:33 pm

Speaking of Surrey, they have about 6000 properties for sale there which aren’t even counted among our 17,700.

+++++++++++++++++

There is this fundamental belief, that by ignoring Surrey, it might just go away. The enema the Lower Insaneland so desperately needs, wants, but won't talk about.

CondoConundrum

11 years ago

Watching the CBC news tonight. Some speculator crying about his assignment not having the view that he had hoped for. $140,000 on the table for his $million plus condo.

Boo hoo. I never thought it was in me but Schadenfreude is a rather consoling feeling.

Chilled

11 years ago

@Best place on meth:

Best place on meth Says:

May 12th, 2010 at 7:25 pm

@chilled:

Absolutely, glad to help out.

http://www.flickr.com/photos/kden604/384594462/

+++++++++++

Thanks!! Is that signed by Ghandi himself?

Chilled

11 years ago

@DaMann: DaMann Says: In reagrds to online degrees holding no cred. I used to think the same thing so I talked to our recruiter where I work. He said makes no difference. He flies all over the world interviewing and hiring for our company. He said there are a lot of online Unis that hold just as much cred, if anything they look at many other factors not just what Uni you went to. Mind you this is the business world not science so it could be different. +++++++++++++++++ Yeah, no kidding about the science thingy. I doubt I'd be comfortable with my heart surgeon or dentist, or even my plumber, for gawds sakes, earning his/her degree online. Me thinks that if an online degree is acceptable within any organization, the business is selling the sizzle, not the steak. Sounds… Read more »