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Interest rates up, prices down

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156 Comments

That’s right, the Bank of Canada just DOUBLED the overnight rate, which would be oh so much more impressive if we weren’t starting at .25%

The overnight rate is now one half of a percentage point. Was it in anticipation of these new dramatically higher interest rates that the Average Vancouver house price dropped by about $45,000 last month?

And how are the banks reacting? By dropping mortgage rates to give you “one last chance” at the easy money. But Check out Mr. Mark Carney, he’s all “caution this and caution that“. Rock bottom rates may be with us for some time yet!

I know many bears out there are dreaming of the American bubble situation, where house prices plummet AND interest rates stay near record lows. Could it happen in Vancouver?

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KopyrightKlepto

June 2009 (from PaulB's stats)

Sales: 4298

– Daily Avg: 195

– Daily Min: 121

– Daily Max: 253

Listings: 5227

– Daily Avg: 238

– Daily Min: 191

– Daily Max: 289

June 2008

Sales: 2497

Listings: 6613

So today we had more listings than the highest listing day in June 2009, and fewer sales than the slowest sales day in June 2009.

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TOL

Thanks girlbear for uncovering the sham. No one could make that kind of mistake, not even an ESL idiot

$5,899,000 i/o $899,000

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realpaul

#99 GB, right, it's like trying to describe the variations of 'insane'. 5 mill for a cat box, that's a good price. I'm only hoping Soupnutz is getting his beauty sleep for tomorrow so he can buy treeeeeeeeeeeeeeeeee and his mom can buy treeeeeeeeeeeeeeeeeeee !!!!! Because we all know the dim sum joints are rocking.

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Browntown

With lots to talk about i'm a bit suprised everyone is impostering others. Anyway, i'm going to be Browntown.

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manx

you're right, rich asians don't watch CBC. They watch the chinese news on Fairchild Network. Once it hits the news there, every grandma in the grocery stores will be talking about it.

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chip

"I agree with one thing: rich Asian foreigners don’t watch CBC."

Do Canadians watch the CBC?

Flagship news program The National is now getting fewer than 500,000 viewers a day, down some 40% and about a third of CTV.

Since the CBC has about a $1 billion annual budget I propose giving those half million viewers a one off payment of $2000 to forever stop watching. All future savings to the taxpayer can be allocated to the pending foreclosure crisis.

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Anonymous

@Tony Danza: Daniel Silveira… sounds like '70s porn star, funny stuff one can find here.

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oneangryslav2

People, read the posts with more care. Many of you responded to posting by someone whom you all thought was "Dave", but if you look more closely, the poster's name was Dave. (i.e., Dave, with a period (.) at the end of his name. This person, alas, is not our Dave.

Carry on.

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Anonymous

@girlbear: Fraser Valley Buyers Enjoy Abundant Selection Surrey, BC) – Property buyers continued to see an increase in selection while sellers faced more competition as listings grew and sales decreased on Fraser Valley’s Multiple Listing Service® (MLS®) in May. The Fraser Valley Real Estate Board posted 1,477 sales in May, a decrease of 2 per cent compared to the 1,501 sales processed on the MLS® during May 2009. At the same time, the Board received 3,457 new listings, taking the number of active listings to 11,411, an increase of 14 per cent compared to the 10,047 listings available during May of last year. Deanna Horn, president of the Board, puts the numbers into context. “May’s sales were 16 per cent below our ten-year average, 1,760 sales for that month. Considering how busy the market has been in the last decade… Read more »

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Tony Danza

Well it looks like the CBC is wrong in their reporting of falling prices and sluggish sales in Vancouver:

http://tinyurl.com/3y66xrd

Daniel Silveira, esteemed realturd, has posted an excellent article over on the Vancouver Observer titled "Olympics aftermath: rising home prices and a seller's market". Unless things have really changed since yesterday the CBC looks like they need to up the research budget. /sarcasm

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Chilled

I've got Tattoo in a choke hold and if I hear one more reference to "fine corinthian leather" I am going to snap his neck!!!

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Tony Danza

@Dave.: You spend an inordinate amount of time arguing/baiting anonymous strangers on the internet displaying a shocking lack of logic, I think you need to re-evaluate your definition of a good life.

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Anonymous

@jesse: They have sattelite dishes from bell express view or Dish network,Telus and Shaw also got full pkg $15 per month per channel or $100 per month include basic pkg.However those channels cost them $2.50 per month back home.

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Chilled

@RPcounter:

RPcounter Says:

June 2nd, 2010 at 11:13 am

@realpaul: I am out of a job, Realpaul has not made one shit or cunt reference in almost a week.

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

WRONG!!!!!!!!!!! He just said Realwhore and *THAT* is a shitty cunt.

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superboomtime

@girlbear: Bear this is tactic to get multiple offer on table fast. Should sell for 6.1 million by next week.

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jimmy j

@girlbear: The time and effort these realtors put in to their craft is really quite impressive. I mean the training that they must go through to make sure that no detail is overlooked so that the client's home is presented in the best possible light to the perspective buyer… man these realtors really earn their commission. They truly are professionals in every sense of the word and worth every penny…. General Description Views! Corner Suite! 35th Floor! Avoid the GST and buy this unit today. Extra Large 2 bed and 2 bath. Enjoy peaceful living far abouve th e city below. This fabulous city home offers endless views from the North Shore Mountains, to Mt bakerand beyond. Ocean, City and Mountain views! Bonus-Internet, heating and hot water included in maintenance fee;s. Unique 2 level W-club located on the rooftop makes… Read more »

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jesse

I agree with one thing: rich Asian foreigners don't watch CBC. LOL

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Anonymous

@Animal Spirit: Can you help me close this mf blog site it takes 10 minute to reach to desirble comment and the story unfold to be bearshit for decades.I don't think Vancouverites should be punished just to click on this site.

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Neptune

@Dave.:

Right Dave, time is so short you decide to spend it being a bull on a bear blog site. Right Dave, right.

Have you ever thought of going back to school and getting your grade 12?

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jimmy j

@girlbear: You would think that with how much that idiot realtor makes she could afford to take an ESL class or 2. Don't they cover English in that 5 week internet course you take to become a realtor?

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Dave.

@Animal Spirit:

Not at all. Life has been good to Dave this year. 2010 will be one of my all time favourites. I can already see that 2011 will be even better, but that's as far as my crystal ball can see. The biggest problem in my life is shortage of time. That's my only negative right now.

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Animal Spirit

@paulb.: Can someone interpret Jake Molodwan's hand language from just after a minute in that video. Seems to me he was clenching pretty tight on the answer and then almost indicated 'stop' when saying 'leveling.

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Stu

Now listen son, Stu watches CBC sometimes, that dinosaur Tony Parsons barks out the news sometimes. That show with the hindus on the prairie is funny, good to see the browns busting out of Newton. This old crusty Larry Y pops up a bit recently. Stu doesn't like it, I'd hire that young punk PaulB before that crusty old renter.

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Raguz

@Dave.: Davy Boy, what do "owners" watch? Please enlighten me.

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Animal Spirit

@Dave.: Dave, are you o.k.? sound a bit depressed. Let us know if we can help cheer you up 🙂

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