sales down, prices up and set to flatten

Home sales in BC are down 11 percent in May 2010 compared to April, but prices are up and set to flatten according to the BC Real Estate Association.

The survey also concluded that, year-to-date, B.C. residential sales dollar volume increased 50 per cent to $17.5 billion, compared to the same period last year. Residential sales rose 31 per cent to 34,619 year-to-date, while the average price climbed 14 per cent to $505,468 over the same period.

The BCREA said in another recent survey that it expects sales to rise next year by about four per cent.

A separate survey by the Canadian Real Estate Association (CREA) recently forecast that prices would rise 2.3 per cent this year across the province before slipping back by 3.5 per cent in 2011.

Full article in the Vancouver Sun

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Supraboy
Supraboy
10 years ago

I don't understand how some of you would say you can afford to travel more as a renter than a homeowner. If you Had more money, you wouldn't be renting in the first place. Obviously the homeowner is taking your bitter money and piling up more cash while you have to take a percentage of your earnings each month to make the fat get fatter. I know quite a few homeowners getting rich renting their paidoff homes. Those who bought 20 yrs ago are laughing to the bank. Those who have parents with half a brainshould be enjoying multiple paidoff homes purchased more than 30 yrs ago.

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[…] outlook is at odds with the BCREA and CREA market surveys released a few weeks ago that predict flat or rising prices for 2010 and then falling prices in […]

House buyer
House buyer
10 years ago

@grimreaper:

Let those pathetic losers whine coz they don't have a solution,while homeowner are laughing and waiting for next month rent.

House buyer
House buyer
10 years ago

@grimreaper:

Let those pathetic loser whine coz they don't have a solution,while homeowner are laughing and waiting for next month rent.

Dave
10 years ago

@r_j_b:

I don't know about that. I think companies who pay all their taxes like the HST because it makes them more competitive with the companies that have been paying people under the table.

At the end of the day, the consumer ends up footing the whole bill whether they pay the tax or the builder. It's the total tax at the end of the day that matters. For new housing, consumers are paying way too much tax. It's obscene.

patriotz
10 years ago

@buff_butler:

Greece being a currency taker does not have any control over its currency whereas Canada does.

If the Canadian government was seen to be taking actions that would result in a falling CAD that would INEVITABLY result in higher interest rates.

Countries that are seen to have weak currencies always have high interest rates. That is one of the main reasons why Greece and the other "Club Med" counties joined the Euro – to get lower borrowing costs. Which they took full advantage of, which is one of the reasons they're in trouble now.

Trashing your currency is never a free lunch.

Starving Artist
10 years ago

@4slicesofcheese: Wow, living the life of the super-rich is great, who would have thought??!? What a fluff piece. This town is way overdue for a reality check.

4slicesofcheese
4slicesofcheese
10 years ago

Saw this cover story on the newsstand last month http://www.vanmag.com/Real_Estate/Ditch_The_House… They go into the upside and downside of ditching the house for a shoebox in the sky.. QUOTE: UPSIDE We don’t have to look at gutters that need cleaning, spider webs on the eaves, or leaves in the pool. Instead, we enjoy five-star amenities and valet parking. And less space means we have no room to store all the junk that the kids are just going to throw out anyway when we die. Never mind the phenomenal gain in property values for condos compared to detached houses. DOWNSIDE Everything we worried about turned out to be a plus. The tranquility of our house, which we thought we’d miss, now seems boring. We also thought we’d miss having relatives stay with us. But it’s a plus: they no longer invite themselves… Read more »

House buyer
House buyer
10 years ago

@Anonymous:

Outright lie from frustrating bears

Anonymous
Anonymous
10 years ago

@Chilled:

"I need to get a grip on the concept of someone who is ‘90′ even contemplating buying a place. Maybe someone could enlighten me?"

I know, it's kind of mind-boggling isn't it? But I guess in that generation, people don't rent, ever ever (even if death is not TOO far away). She bought an old mobile home to live in, so oh well, what's the loss. She also travels internationally regularly, and I've heard that she's questioned often by customs officials who look at her puzzled…"really, you were born in 1920??"

People are living longer and longer…(and she's not about to run out of money either, she's got an old-style company pension and several hundred thousand dollars in the bank-without the sale of the house) lol!

specialfx3000
specialfx3000
10 years ago

@Chilled:

unless you are also being cynical, you're my fucking problem

chip
chip
10 years ago

@kabloona:

The Vancouver School Board is in trouble for one reason. It increased spending, mostly on teachers' wages and benefits, at the same time that enrollment was falling. The trustees can't do math, or refuse to.

As for the supposed dissimilarities between Greece and Canada, the problem with the VSB shows we have a lot more in common than you think. Decades of unprecedented prosperity and security in the West has insulated us from the truism that there is No Free Lunch.

grimreaper
grimreaper
10 years ago

Bear everyday you rent is one day closer to the day you DIE. I've taken many bear and they all beg not to take them until they BUY. Who wants to die a RENTER. Only losers that's who. Your obituary will read "FORENTER,LOSER,BEAR"

buff_butler
buff_butler
10 years ago

@patriotz: Greece and Canada are in different situations. Greece being a currency taker does not have any control over its currency whereas Canada does. That being said:

1. Canada can run higher theoretical debt levels

2. There are different options to the outcome. None of them particularly awesome but such is life.

Now in regards to the EMU, unfortunately, one by one these countries will likely fail to meet their liabilities due to the fact that each one has to have net positive euro's entering the country to be mathematically possible to meet liabilities (minus a few things that are now working against them in this equation).

doubladay
doubladay
10 years ago

@Abolish CMHC, post #2

"After decades of living and spending beyond their means, Americans have suddenly started to save more and spend less. If you bring up the charts its quite startling."

This is due to mainly due to two factors: credit lines being cut, and defaults on debt and resulting writedowns. Believe it or not, that is included as "savings" in the statistics.

Chilled
Chilled
10 years ago

@specialfx3000:

Don't be so fucking cynical!! I would pay ANYTHING to live in skid row, what the fuck is your problem???

Chilled
Chilled
10 years ago

@anonymous:

anonymous Says:

……….She’s 90 years old and doesn’t exactly have time to spare, she’s bought another place closer to family………..

+++++++++++

I need to get a grip on the concept of someone who is '90' even contemplating buying a place. Maybe someone could enlighten me?

paulb.
paulb.
10 years ago

Ten more listings

New Listings 247

Price Changes 160

Sold Listings 122

18,830

Tony Danza
Tony Danza
10 years ago

@specialfx3000: Gingerliving means it's built for redhaired folk with freckles etc… Everyone knows Gingers like to form their own communities where they can live without fear of non-Gingers.

I think it's great that developers are willing to take into account the special needs of our Ginger folk.

elvince
elvince
10 years ago

@mattymatt: Those renters that become buyer would leave that many apartments/houses empty, either making them great deals for owners who wants to sell and become renter, or plain and simple distressed landlord who now has to sell cause he's bleeding thousands per month.

"A-Sharp"
"A-Sharp"
10 years ago

@Boombust: Question: Is Vancouver RE similar to MonaVie?

It's definitely running on "miracle juice"

r_j_b
r_j_b
10 years ago

The construction industry loves the HST. Why?

“Beyond July 5, we will be speaking about the benefits of HST to the construction sector, as well as the public and to our members,” said McLachlan.

“Under the PST, there is approximately $875 million that the industry has to absorb in their operating costs. Under the HST, this becomes a flow through cost. The reduction in industry operating costs will result in a reduction in costs to the buyer of construction services.”

That $875 million will now be paid by individual taxpayers instead of the construction industry.

http://www.joconl.com/article/id39160?search_term

mattymatt
mattymatt
10 years ago

Thanks for your insight "Anonymous". I am actually one of those renters and love what I'm seeing in the market. -10% and falling. I hope your predictions are correct!

Teddy Bear
Teddy Bear
10 years ago

Well, in May 2008 I remembered this particular one bedroom condo in the West End because of its price: it was listed for $550k. The realtor was dropping the price 10%, than 15%, eventually they sold for ~ 380k. Was that a good deal? No. Only looks like one, because the listing price was ridiculous. Who is to blame for this? The realtor, who refused to see the reality for what it was. How on earth he thought he could sell one bedroom condo in a plain concrete building, in this city – not New York or Paris, for over a half a million is beyond me.

jesse
10 years ago

@paulb.: Halfway through the month and I have sales around 1586. That puts us on pace for about the same sales volume as May. Let's see what the second half of the month brings!