New unit sales across Vancouver.
Continuing with the theme of yesterdays post, inventory has posted the new unit sales numbers for all of Vancouver. Dramatic, though not as dramatic as Vancouver West alone. Are we seeing the biggest changes in the ‘most desireable’ neighborhoods like we did in 2008?
Aug New Unit Sales
1994 = 371
1995 = 357
1996 = 390
1997 = 412
1998 = 280
1999 = 364
2000 = 215
2001 = 250
2002 = 193
2003 = 416
2004 = 272
2005 = 560
2006 = 389
2007 = 385
2008 = 176
2009 = 383
2010 = 96 ***Aug 17
November 6th, 2010 at 12:54 pm
i think tyt radios aka fake ctss in poop call police
November 6th, 2010 at 12:51 pm
i live in curry cunts big ass hole pop corn
August 19th, 2010 at 6:33 am
#95 YLT-B. I saw one (1) panhandler on 42nd St close to Grand Central this am……no crackheads, crack whores, drunken yahoos….no bad people, homeless, no one sleeping on the street, in the parks, no pissing smell , no junkies crapping in the doorways of the needle exchange neighbours ( CAUSE THERE ISN'T ONE) no running sewage in the alleys, not a single rat, no roaches…….none of the things that are staring you in the face in Vancouver every day. And this is the biggest metropolis on the planet????????? Vancouver is a total shithole compared to New York. And…….great public transpo btw,,,,,airconditioned and on time….with turnstyles and conductors….easy to use.
The myth about people being rude here….totally false….people here are friendly and helpful.
August 19th, 2010 at 12:10 am
@realpaul:
…or homeless people, drug addicts, and crack whores that have fled the rest of the country for warmer weather and easy access to their poison of choice.
August 18th, 2010 at 11:17 pm
Scanned the rags this am…not a word from the pimps…..are they getting another propaganda campaign and coordinating their efforts? I expect so……come Sept…"prices will be down"…."rates will be low'….new appliances will be gleaming….. and the local meida whores will be doing walk through tours of the usual plaster cat boxes and spinning real estate porn for the unwary and the unusually stupid who may have just emerged from grandmas basement with a mitt-ful of cash from the old broads cold dead hand.
Meanwhile I 'm wandering the concrete canyons of Manhattan laughing at how some smarmy degenerates have the audacity to refer to Vancouver as a city. There are shopping arcades larger than Vancouvers downtown. Amazingly there are businesses dominating the street fronts instead of a dead zone of crappy condominium towers as in Yaletown and Coal Harbour etc. NYC functions as a city and not a strip mall. I actually walked more than six blocks and didn't run across the beginning of a deplapitated tract of crappy houses….very refreshing.
August 18th, 2010 at 5:15 pm
Aug Richmond Unit sales
1994 = 328
1995 = 269
1996 = 306
1997 = 282
1998 = 183
1999 = 200
2000 = 239
2001 = 359
2002 = 336
2003 = 485
2004 = 331
2005 = 529
2006 = 412
2007 = 502
2008 = 178
2009 = 480
2010 = 198 ** Aug 18
Aug Unit sales Port Coquitlam
1994 = 104
1995 = 103
1996 = 85
1997 = 88
1998 = 67
1999 = 86
2000 = 66
2001 = 86
2002 = 85
2003 = 111
2004 = 80
2005 = 116
2006 = 106
2007 = 139
2008 = 64
2009 = 117
2010 = 30 ***Aug18
Aug Unit sales Maple Ridge
1994 = 104
1995 = 196
1996 = 141
1997 = 157
1998 = 146
1999 = 128
2000 = 121
2001 = 206
2002 = 186
2003 = 268
2004 = 158
2005 = 222
2006 = 211
2007 = 169
2008 = 108
2009 = 196
2010 = 59 ***Aug 18
Aug Unit sales Coquitlam
1994 = 184
1995 = 236
1996 = 167
1997 = 173
1998 = 136
1999 = 167
2000 = 142
2001 = 218
2002 = 208
2003 = 258
2004 = 185
2005 = 295
2006 = 249
2007 = 253
2008 = 106
2009 = 290
2010 = 72 ***Aug 18
August 18th, 2010 at 4:15 pm
@jesse: Shouldn't these uber-riche Chinese tourists be flying over here in their G5's?
Mouldy bread, WTF? These are our new overlords, they deserve respect dammit!
August 18th, 2010 at 4:12 pm
@Woodrow: What do you think Mr. Woodrow? What does this mean? Not a fugging thing that's what.
August 18th, 2010 at 1:42 pm
@ superduperbstime: "impossible bear since everyone know rent didn’t go up in last 10 year according to most bear.
Pssst, chuckles… red line less than zero is four fours bad fortune:
http://cuer.sauder.ubc.ca/cma/data/ResidentialRea…
August 18th, 2010 at 1:39 pm
Looks like sales are pretty consistent around 90-110 on most days. What do the bears think, is this good or bad?
August 18th, 2010 at 12:56 pm
turn up Roten Apple by AIC and forget it all
I was actually listening to this on the way home from work today.
August 18th, 2010 at 12:48 pm
@crabman: impossible bear since everyone know rent didn't go up in last 10 year according to most bear. Unit should be $900 still and condo worth about 1 gold bear bar. It's all over anyway bear turn up Roten Apple by AIC and forget it all.
August 18th, 2010 at 12:37 pm
@Cranteeny Bitchezz: Less than minimum wage to make the numbers work. There are all sorts of tours already offered in Chinese, Korean, Japanese,etc. with different qualities. From what I saw the margins are razor thin on the tour packages.
A family friend flew through Shanghai to Vancouver. He said the meals were absolutely horrid. His bread was mouldy and the attendant told him everyone else was eating it so there was no problem LOL! Cheap fares but brown bag it. Competition is intense for tours from China. I don't think it will add to GDP as much as would other areas of tourism.
August 18th, 2010 at 12:04 pm
@jesse: Jesse, what do you mean?
August 18th, 2010 at 12:03 pm
@jesse: Yay!! Minimum wage tourism jobs for everyone!!
August 18th, 2010 at 11:35 am
@Anonymouse: I don't expect that luxury homes, or average SFH's in much of the westside will ever be cheaper to buy than rent. But for the kind of home the average person will buy, those numbers need to be very close. This would include most condos, and SFH's in most of greater Vancouver.
August 18th, 2010 at 10:58 am
@Anonymous: #79
I saw that story and was simultaneously amused and embarrassed at how this province sucks up to China these days in the hopes that they'll bail out our 1 dimensional economy by throwing a few yuan our way.
Gordo himself was there with a bunch of mounties in uniform bowing down to our new Chinese overlords.
The bewildered Chinese tourists looked like they just wanted to see some bears and get some decent dim sum for a change.
"Which way is Lichmond?"
August 18th, 2010 at 10:53 am
@Dan in Calgary:
"It’s been said more than once on this and other blogs that CMHC became RE pimps during this bubble"
I keep an eye on the pimps.
And they pimped aggressively because the more dates (mortgages) they pimped the larger CMHC's portfolio became and the more hundreds of thou$sands of dollar$ their pay increased.
Pay packages are based on the size of the portfolio managed, so it was in their personal interest to increase it at no personal risk.
Immoral bastards.
August 18th, 2010 at 10:45 am
@Anonymous: "they actually believe they are here to check out the sites."
Maybe they are but, from what I have seen of Chinese tours — and having actually gone on a couple — the local tourism industry won't be wringing their hands for very long.
August 18th, 2010 at 10:34 am
Just watched CBC's report on the arrival of Chinese tourists.
Silly tourism industry, they actually believe they are here to check out the sites.
Tour guides will be so disappointed when all the questions they get are "When is the open house?" or "How much above asking price do I need to bid?"
August 18th, 2010 at 10:33 am
@Best place on meth:
Sort of, he had two of those guys who wear top hats over the upper half of their bodies and paint lips on their distended bellies come out for a few laughs.
August 18th, 2010 at 10:05 am
@Not much of a name…: Oh, you're right. That was based on a whopping 7 sales!!
Those sales numbers posted earlier this week for "Vancouver West". I assume these are Vancouver Westside and not West Vancouver. Does this exclude downtown sales? The numbers posted seem low in general compared to the Vancouver total. Are there really that many more sales in East Van or is downtown excluded from Van West?
August 18th, 2010 at 9:56 am
@paulb.:
>>>Anyone going to check out Garth in Sept? I saw him here in 2008. He put on a good show!<<<
Did he bring puppets and do his impressions of Cameron Muir and Helmut Pastrick?
August 18th, 2010 at 9:55 am
@Anonymouse: Larry's numbers are useless based on the sample size. They are too small to be relevant. Look at the Kits posting…huge drops. It all depends on the sales mix.
Just wait for the "official" numbers in a couple weeks.
August 18th, 2010 at 9:43 am
@Crabman & @M-Says,
Interesting anecdotes on the rent vs. own. No offense, but when I think about home ownership rent vs. own I tend to think of SFH. To my mind, condos are the last resort option only because of high unaffordability with SFHs. I'm not being a snob, chances are I will end up in a "condo" ownership. But I think for the average family they are thinking of a SFH and I don't see that rent vs. own calc ever working again for a SFH. Anyway, I did my own calcs back in the late 90s and it always seemed cheaper to rent.
Those Fraser prices are crazy! Over $100k increase from last month?! This is even with median price so its not due to anomaly sales. But just the fact that median prices are even at $900k for that area (which I don't consider particularly desirable) just blows me away.
August 18th, 2010 at 9:40 am
"Anyone going to check out Garth in Sept.?"
I registered only yesterday for his "possible" second seminar. I hope they are able to go ahead with it.
August 18th, 2010 at 9:32 am
@fixie guy: "Most sales appear to have transpired at the high price end of the run."
I don't have CMHC's annual report in front of me, but they do address the loan vintage distribution in the report. Certainly there has been increased levels of CMHC insured loans in the past couple of years but that has to be weighed against the previous years' loans that will have some principal payback built up. In total CMHC makes some argument for their loss provision levels and I think they are not absolutely unreasonable.
Also LTV is based upon LTV at time of MI purchase, not market value and, as I mentioned, is adjusted for principal payback of the older vintages still under protection.
August 18th, 2010 at 9:18 am
@paulb.:
Thanks Paul
August 18th, 2010 at 9:12 am
@Jim Bob:
17k.
August 18th, 2010 at 9:11 am
New Listings 201
Price Changes 80
Sold Listings 91
Anyone going to check out Garth in Sept? I saw him here in 2008. He put on a good show!
August 18th, 2010 at 9:10 am
Anyone know what the current inventory levels are?
August 18th, 2010 at 9:06 am
@ jesse
"… it has not resulted in an egregiously low average LTV of the collateral. Much of the MI was accumulated when prices were lower…"
The first point is a bit of a question beg. Of course loan to value won't look bad at a bubble top. Re: the second, again, how do you figure? CREAstat's data shows nationally sales tracking prices, rising linearly from 2000 to 2009, followed by the 2009 burp and a return to peak levels. Most sales appear to have transpired at the high price end of the run.
August 18th, 2010 at 9:04 am
"As much as I’m bearish on real estate, what makes you think there will be as much oversupply in Vancouver as in these cities?"
Because, like those places, it's the best place on earth.
Silly!
August 18th, 2010 at 8:39 am
@Boombust: "Look to Miami and San Diego as places with HUGE condo gluts and see what happened to them."
As much as I'm bearish on real estate, what makes you think there will be as much oversupply in Vancouver as in these cities?
August 18th, 2010 at 8:29 am
Infamous Nanaimo rat house to appear on international TeeVee:
An international video crew brought the bright lights to Nanaimo this week to shoot footage about a woman's problems with a rat infestation.
London-based Darlow Smithson Productions was drawn here by Tamara Hounsome's story about a rodent problem first discovered in May.
The shoot is for a documentary to air on the Discovery Channel's Animal Planet.
…
"She still hasn't located her landlord, and this week, Orkin trapped a "huge mother" rat downstairs in her Wellington-area rental house.
"That's 32 rats now," she said.
Hounsome has been keeping a photographic record of the vermin, just in case the landlord returns demanding back-payment on the rent. She said she was advised by the B.C. Residential Tenancy Branch to withhold rent payments until the landlord addresses the rat problem. That still hasn't happened."
Read more: http://www.vancouversun.com/Rats+house+going+inte…
August 18th, 2010 at 8:24 am
I remember Patina (attached to downtown YMCA, still under construction) being marketed back in 2007. That was the pinnacle of the Vancouver boom. 1 bedroom suites with NO VIEW were asking for 500,000 and more. How do I know? I was stupid enough to line up overnight to buy.
However, all 1 bedroom suites were sold out just before it was my turn to buy. I was gutted, thinking I missed out on the great investment opportunity. I was thinking of using up ALL my saving and stock for the deposit, which was around maybe 100k?
Now boy am I glad I didn't line up early enough to grab a suite. If I had bought one, I would be spending sleepless nights. I can't begin to imagine having to face the prospect of being stuck with that large a mortgage for a shoebox. (My bank approving the financing would be a different matter…)
August 18th, 2010 at 8:21 am
Deflation the heck. Ask Pretcher and likes to explain to us why someone is bidding $130 for Potash now and the stock is now trading at $148, expecting more entering the bidding.
Ask him why those Farming equipment stocks are up.
Back to real estate. Those bears are looking for buying a 60 lot house on the West side below 1M. In their dream IMO. Look at prime real estate in cities like San Francisco, Palo Alto, D.C, downtown Seattle. They are only off 20% from its high!! Who cares if real estate is in a dumpster in Florida or LV. Location location. Nobody forced you to buy the rural areas. Germany experienced the least amount of real estate appreciation in the last decade and mind you, you still need > 1M EUR to buy prime real estate in cities like Heidelberg (100 KM south of Frankfurt).
http://www.immonet.de/exposeansicht.do?mandant=Af…
Those deflationists the size of the pea fails to realize that inflation or deflation is not a force exerting on all sectors at once. Those preaching deflation because M3 is falling or debt is shrinking have their eyes closed on the continuous inflation of the Central Bank's balance sheet. M0 or Money base is exploding and is leaking out to sectors like precious metals, farmlands, and fertilizers.
There are lots of money to be made in those sectors and Pretcher and the likes are asking people to sit on worthless piece of paper currencies???
Sure. Good luck with them waiting for 60ft lot on West side selling < 1M soon.
August 18th, 2010 at 7:44 am
"I don’t think it’s a sure thing that prices will fall much more than 8-10% cap on good quality condos."
Why not? Before this ridiculous boom began, a condo cost peanuts.
Now, with so much overbuilding, and with tonnes sitting empty, I think there will be gnashing of teeth and sorrow a'plenty before this is said and done.
Look to Miami and San Diego as places with HUGE condo gluts and see what happened to them.
Someone posted a Crigslist ad just today, on Garth's site. He/she/it is trying like hell to unload three assignments in D/T Vancouver.
Would YOU want to be in their shoes?
August 18th, 2010 at 7:32 am
@fixie guy: "Only 30% in two years would surprise me."
In terms of CMHC's portfolio, while they have insured many mortgages in the past couple of years, it has not resulted in an egregiously low average LTV of the collateral. Much of the MI was accumulated when prices were lower. Run the numbers however you see fit but, from what I see, CMHC's biggest flaw isn't its fiscal health, it's its mistaken belief that offering MI and clearing MBSs makes housing MORE affordable for homeowners.
August 18th, 2010 at 7:29 am
Hey bears, wake up! You are waiting for home price to come down to your income level. Tom Vu did not get rich using this strategy. He raise his income to match house price. That way he become so damn rich. You think girls care that I am ugly? No, because they see I drive Bentley with 2 more in garage. So time to get off your lazy ass, tell other lazy bear to get lost and start making money Tom Vu style!
August 18th, 2010 at 7:22 am
@Raguz: "I guess you meant it is a balanced market at that point?"
I'm not sure there will be much undershoot. I don't think it's a sure thing that prices will fall much more than 8-10% cap on good quality condos.
August 18th, 2010 at 7:07 am
This place is starting to give off vibes of a Florida or California RE forum circa 2006. 30% too drastic? Good luck with that.
August 18th, 2010 at 7:00 am
You have to buy know. This is the bottom before prices go to a new high. Buy now or you'll die of bitterness.
August 18th, 2010 at 6:54 am
"I suggest telling your spouse that due to your own/rent calculations there is virtual certainty of never owning a home in Vancouver (even if it falls 25%) and see what his/her reaction is."
– I suggest getting a spouse who isn't a financial moron.
August 18th, 2010 at 6:42 am
Unfortunately for the most desirable areas the buyers are usually moving up from the less desirable areas and condos. Rising prices increase the equity in these less desirable areas allowing them to be sold at a healthy profit. This gives them a big enough down-payment to move to the more desirable area and thus supports the price growth in the more desirable area. A crash in the less desirable areas will remove the move up buyers from the equation. Without them where is the support for the market going to come from?
It's a long way down from the top of a pyramid.
August 18th, 2010 at 6:38 am
@crabman:
Unless taxes, strata and maintenance came in well under $300/month it may still have been cheaper to rent.
Just goes to show how far down we have to go.
August 18th, 2010 at 6:29 am
@Eric Jackson:
Actually, Eric, I would argue that areas like Van West have been bid up the most and thus would have the farthest to fall (amongst detached properties).
Still, I'd imagine most areas will suffer a similar % decline, just depends most on what the % runup is from the long-term mean.
August 18th, 2010 at 6:04 am
What's this talk about Vancouver West won't drop by more than X%.
We all no that RE never goes down…so that is a moot point!