TD: House prices will drop

TD Bank is the most recent pessimistic soothsayer when it comes to the Canadian housing market, with a prediction of falling house prices in 2011.

While income and employment seems to be recovering quickly from the recession, the number of listings to hit the market and the number of new housing starts has caught the bank by surprise. It had previously expected prices to gain 1.6 per cent in 2011 in inflation adjusted terms, the bank now is calling for a 2.7-per-cent drop.

Ontario and British Columbia are expected to bear the brunt of the decline, seeing their markets drop 3.4 per cent and 3 per cent respectively.

Ah! They’ve been paying attention to listings growth.  Don’t they know that just means more options for buyers and that makes it a great time to buy?

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anon
anon
10 years ago

Estate agents are scum

Vancouver Blues
Vancouver Blues
10 years ago

Blame on our Liberal goverments whoes does not care for it own citizen, let the chinese oversea ruinning the real estate of Vancouver, they will continuied to jerj up the price , making tonn of profit … at the end they will profit the cash and run . The local citizen are the people will be servely hurt . What about your

childen in the next 10 years even they are professional making good wages still can not affort to buy a Condo in Vancouver then, sad case .

Wen Jiabao
Wen Jiabao
10 years ago

@Wen Jiabao: In rational market terms, it's called a hedge.

Wen Jiabao
Wen Jiabao
10 years ago

@painted turtle: It's quite likely the volatility of Chinese markets leads those at the upper spectrum of the income scale to park their money elsewhere, including local real estate.

Superfly
Superfly
10 years ago

Sales are still running way too high for city-wide price drops according to the Mohican model. At this point, it seems the new rules are having little effect.

(watch this post get voted down!)

patriotz
10 years ago

@granite countertop:

the fact that the average resident is under crazy strain to pay for their mortgage

The average resident is paying LESS for their mortgage than 10 years ago.

Homework assignment: why? Tip: the margin is not the same as the average. Note also: prices are set at the margin.

tincup
tincup
10 years ago

some crazy numbers in North Van today:

New:31

Price Changes:20

Sold:24

Some of the price changes I've seen are up to 15% off of the original list a month ago.

crashcow
10 years ago

@Johnnyrent: It's a fireworks finale for your viewing pleasure. Beautifully synchronized with the music at Rock 101.1FM

T-1000
T-1000
10 years ago

@Spin Doctor: Not to keep the off-topic thread alive. But I don't agree. If you don't like the excessive pay a company/bank issues to its employees/managers you don't buy the company stock. Their pay won't be coming out of your pocket. With civil servant compensation, you don't have the same choice. It comes from your (and everyone else's) tax dollars, which you cannot really pick and choose. If the government wants to buy votes from labour/groups (and how many times has that happened?), it will give them a sweet (re: unsustainable) deal, all on your dime. If that happened with private companies, you could just dump the stock or vote your proxies. I was involved in a small business that employed professionals, and the company lost a number of employees the last few years, because the civil servant jobs were… Read more »

Johnnyrent
Johnnyrent
10 years ago

Paul B

There seems to be a listing and buying frenzy at the same time. Is this market on steroids generally or is there some rationale explanation?

paulb
10 years ago

17,200

New Listings 395

Price Changes 148

Sold Listings 228

Happy Renting
Happy Renting
10 years ago

@NO-LYMPICS: Yes, Jameson House is raising from the ashes. I can see it from my CEO's office. It's gone high enough to block the view of the inlet.

Best place on meth
Best place on meth
10 years ago

We may just have our first ever 2000 listing week.

And if we do, hopefully it will be the first of many.

domus
domus
10 years ago

So, what is the inventory number for the day?

Busted a liar
Busted a liar
10 years ago

@Rod Chimpman:

No kidding, there are supposedly 50 people on line and only 1 comment???

paulb
10 years ago

New Listings 370

Price Changes 148

Sold Listings 216

Rod Chimpman
Rod Chimpman
10 years ago

I’m not saying that there are low life types, who pump and pimp real estate and has his own blog might want to make it appear that there are many more people on line then there actually are.

But if there were such a low life who might want to put up such a façade, what the low life might do is log in from a proxy server and open many windows.

NO-LYMPICS
NO-LYMPICS
10 years ago

Pre-Sales:

Anyone know if the Jameson is being built?

There are a lot of parties whose pre-sale deposits were being held by developers, and the Courts siding with the developers.

That's got to be the worst feeling, having money tied up in a project not even built in a tanking market, with the developer likley to come after you even if you try and bail by forfeiting the deposit.

NO-LYMPICS
NO-LYMPICS
10 years ago

Spin Doctor:

Forget the straw man argument, and BTW I never said I supported the list of pricks you mentioned.

Once you create an entrenched class that also feels entitlement, its only a matter of time. As per usual, the Gov't will never rollback the wages…but those with seniority will be fine as their more junior members get laid off .

Next bargaining round will get interesting. I wonder if the Gov't has the balls to ZERO , ZERO and STFU or we'll contract out !

crashcow
10 years ago

Just watch the RE pimps try to blame our falling home prices on the global economy again. When will they realize that Vancouver is falling on its own weight?

Best place on meth
Best place on meth
10 years ago

It's Friday morning in Asia, and the early trading is ugly.

http://finance.yahoo.com/intlindices?e=asia

Raincouver
Raincouver
10 years ago

'Straw buyer' seduced into mortgage scheme

Albertan may be liable for up to $158K

Read more: http://www.cbc.ca/canada/calgary/story/2010/05/06

Kite Towards moon
Kite Towards moon
10 years ago

@scullboy: Important information for you,Nasdaq Operations said it will cancel all trades executed between 2:40 p.m. to 3 p.m. showing a rise or fall of more than 60 percent from the last trade in that security at 2:40 p.m or immediately prior.Nasdaq said the stocks affected and break points will be disseminated soon.

sum yung gi
sum yung gi
10 years ago

oh ya nutslappa! your friend loser! gray whale check out OV! maybe by three like BDK! Greece need big fat printing press nutslaps!

scullboy
10 years ago

Kite, for the love of God put down the crystal meth and step away from the keyboard, you're even more incomprehensible then usual.