Lots of property to choose from

The news is getting out there about the rising real estate inventory in Vancouver:

“We are close to that level where the seller either has to discount or lower the price or take the listing off the market,” said local realtor James Wong of Sutton West Coast.

The Vancouver-based Malaysian who sells properties in the neighboring city of Richmond told Xinhua that not all sellers were desperate to sell and could possibly delist their properties.

“They just want to catch a good price for what is perceived to be the value of their home. But most of them at this point have already missed the peak,” said Wong.

Full story in the english version of Peoples Daily Online.

Sort by:   newest | oldest | most voted
Gary
Guest
Gary
@VHB: My opinion is that 3month old and brand new ARE definitely different in the eyes of the market. The market will always price it higher and in a free’ish market it can’t be wrong. You could get lucky and get a brand new cheaper than a resale but the aggregate data would show that brand new IS different from 3 month old. The difference is probably somewhat small though assuming that the two are in the exact same location/condition. Its possible that the market prices the brand new in consideration of the warranty and uncertainty of acquiring a lemon. I wouldn’t know because I haven’t studied the price data and valued the warranties. However I’m sure there’s data out there somewhere that would give you the average warranty payout for a certain building type and you can compare that… Read more »
Anonymouse
Guest
Anonymouse
@VHB: [Quote]I enjoyed the back and forth with the anonymous 24 year old professional yesterday. Anyway. One bit he said deserved more scrutiny: Two errors here. 1) **CMHC will keep up its lending practices during a bust.** No. CMHC, like all insurers, give you umbrellas on sunny days and take them away when it rains. Once CMHC posts its first big losses, they will tighten their lending criteria. Goodbye 5% downpayments. Yes, the horse will already be out of the barn, but they will be under huge pressure to ‘do something’ to staunch the bleeding of their balance sheet. Credit **tightens** in a downturn; it doesn’t loosen. 2) **it can’t happen because it would be a catastrophe; I don’t want it to happen**. Sorry, kid. What you ‘want’ is irrelevant to what will happen. Also, yes, it would be a… Read more »
oneangryslav2
Guest
oneangryslav2

@Anonymous:

I was exactly in the those shoes in 2008. I wanted to move up, but I couldn’t sell. So I couldn’t buy. It was very frustrating.

Nonsense! Had you lowered your asking price, you would have easily sold the place.

jesse
Member

@VHB: A high level of expiries is correlated with low sales. AgentWill had a good graph (copied here on RET) showing the huge number of expiries when sales are low. I agree sales, listings, and expiries are not wholly independent of each other.

Prca
Guest
Prca

@JimTanned:

Rawks!!! Yor mother said when she got one from the back.

Boombust
Guest
Boombust

$2200 / 2br – ******Woodwards W43 Furnished 916sqft+den space+2 Full bath*** (Vancouver downtown) (map)

——————————————————————————–

Date: 2010-06-22, 9:08PM PDT

Reply to: hous-yqxzg-1806195665@craigslist.org [Errors when replying to ads?]

——————————————————————————–

…OR, you can rent this W unit for $120/night.

Uh oh.

paulb.
Guest
paulb.

Nice!

New Listings 232

Price Changes 162

Sold Listings 56

18862

VHB
Member
VHB

Well, we have about 2373 sales so far, with 5 business days left. Will sales hit 3K for June? Not at today's pace, they won't!!

Anonymous
Guest
Anonymous

@VHB:

I was exactly in the those shoes in 2008. I wanted to move up, but I couldn't sell. So I couldn't buy. It was very frustrating.

VHB
Member
VHB

Here is Larry's final numbers.

Vancouver All Areas*

New Listings – 231

Back On Market Listings – 2

Price Changes – 154

Sold Listings – 56

*Attached & Detached @ 06/23/2010 @18:04 PST YatterMatters.com: Courtesy REBGV. Data believed to be accurate but is not guaranteed.

VHB
Member
VHB
Vanrod is right that there will likely be a big drop on July 1st–I predict it won't go below 17K, but it isn't impossible that we'd dip down that low. But, in 2008 inventory rebounded back up as many of the places were quickly relisted. So even if we do dip that low, it will go back up over 18K rather quickly. Not to 20K, but back above 18K. About all those people who are just 'dipping their toes' in the market to see what they might get for their house. If they aren't serious sellers, then they are almost certainly move up buyers. If they can get someone to buy their place, then they will buy something else. If they had to sell to move out of town or something, then they wouldn't have the luxury to pull off… Read more »
Joe
Guest
Joe

Would somebody please find out what the current inventory is?

McLovin
Guest
McLovin

Vanrod Says:

June 23rd, 2010 at 4:47 pm

@VanRant: What are you smoking..no 19K this month. In fact on July 1st we will be back under 17K. Let time prove me right yet again.

You might be right Vanrod but all those houses that come off the market will reappear in the next several months as the owners realize that prices are dropping 3% per month. Unless as the Realturd's say "many people don't have to sell and can take their places off the market"

For what? So they can put them back on in panic when prices are down 15%?

Price reductions are more important than inventory for lower prices obviously.

JimTanned
Guest

When I was a freshie in University I did a lot of econometric modelling. To make a good prediction you need good model. Garbage in is garbage out. Bear on this forum have garbage model. A freshie would be smarter than the motley crue on this forum.

You bear ignore fundamentals. That is your detriment. Monkey's ass stay dirty if he has diarrhea.

Vancouver has the best fundamentals of any market in the world. Asian Hot Money, free education for kids and excellent medical for extendeds family.

This place rawks!!! Model say: Rawks=higher prices. Get it?

sensibleone
Guest
sensibleone
Campbell gets bellicose and defensive regarding CSIS allegations. This from a man whose government is in court for defrauding BC citizens and taking bribes in the BC Rail scandal. Nice try Gordo. A UN security analyst interviewed today referred to Campbell as 'greasy'. http://www.cbc.ca/politics/story/2010/06/23/bc-ca… Bully for Harper who had the guts to come out and call the federal Libs gutless and dishonest over the Air India murders. He says Babar Khalsa Sikhs are dispicable cowards who came to Canada for the single reason of carrying their tribal blood feuds ito this country. Kim Bolan pointed out in a recent article that not a single Sikh was on that normally busy flight. The reason was that the temple bosses had been complicit in forwarning the Sikhs that the bombing was planned. They're all complicit , they should all be deported for… Read more »
hombre
Guest
hombre

Almost 3 times more PRICE REDUCTIONS than sales.

Is that awesome or WTF!!!!!!!

Jeff
Guest
Jeff

I think sales will tank on July 1st as people think the HST is applicable to home purchases. Many people out there think everything is going to be taxed with HST on July 1st. So I think all purchases are being pulled forward this month and once we hit July 1st I expect sales to crash hard.

Anonymous
Guest
Anonymous

@Vanrod

Getting touchy now are we?

Aleks
Guest
Aleks
@BCite: "There is one reason I can think of that a person might prefer a brand new condo. If you are the first owner you get grandfathered into whatever the strata rules were when you purchased. So say you wanted to rent out your condo. Then strata decides to ban rentals in the building. You would still be able to rent out your condo since you were the very first owner." The flip side of that is when you move into a new condo, you have no idea what the strata council is going to be like, you can be pretty sure that the quoted strata fees are intentionally under-estimated by the developer to sell units and will rise in the first couple years, but you don't know by how much. With an existing condo, you at least have the… Read more »
Raguz
Guest
Raguz

@Vanrod:

Sure, without Richmond perhaps.

Absinthe
Member
Absinthe

@paulb.: 50 sold?! Wow, quite a day!

Vanrod
Guest
Vanrod

@VanRant: What are you smoking..no 19K this month. In fact on July 1st we will be back under 17K. Let time prove me right yet again.

Not much of a name..
Guest
Not much of a name..
@Gordon C.: Are you being dense on purpose or does it come naturally. " The HST will never show as a profit on your statements. If it showed as a profit, then you would pay Year end taxes on the tax. But I do like the statement “decreased loss”." You don't get this at all. The tax (PST) is currently an expense, thereby lowering your profits. Now, the PST portion of the HST is no longer an expense, therefore, assuming everything is equal, your profits will rise. So yes in a way you can say that the business will pay tax on a tax. Why do you think the feds were so eager to have the provinces to get on the HST train and even pay them for it? Here's a hint…they will earn more corporate income tax. If business… Read more »
Supersogs
Guest
Supersogs

@paulb.: Is this for real? I was surprised by yesterday's 240 list to a impressive 211 sales… but this is even more surprising. These last two days would've brought us 458 listings and 261 sales.

I thought the high sales were due to realtor's latest tactics. When I went to a few open houses last weekend, many of them said "Now's a great time to buy as you can get a DISCOUNT off the asking. If you don't jump on this ship now, it'll rise again just like it did when prices dropped in 08/09 and quickly rose in 09/10. Get it on the way down now as next year it'll rise again"

VanRant
Member
VanRant

23% sales ratio today and 168 added to the inventory, looks like the 19,000 party is back on