BC sales slightly beat previous month!

BC Real Estate sales just beat the previous month slightly on a seasonally adjusted basis.. Which sounds a bit confusing, but also sounds more positive than them being 36% lower than a year ago.

“Market conditions have improved, with the months of supply declining from 11.1 in June to 8.9 in September,” association chief economist Cameron Muir said in a news release. “A balanced market typically exhibits five to seven months of supply.”

That means fewer sellers are putting homes on the market reducing the potential that supply will overwhelm demand.

Muir added that declining mortgage rates, which have fallen back to near all-time lows, should also bolster some housing demand “as consumers take advantage of a second opportunity to secure near record low interest rates.”

In his report, Muir said the average B.C. home price hit $493,846 in September, which was four per cent higher than the same month a year ago, and almost one per cent higher than B.C.’s August average price.

Did you read that last bit? prices are up almost one percent in one month. If you draw a line through those two months and extend it out to infinity that’s almost 12% gain in one year.

Read the full article in the Vancouver Sun Sports/Real Estate section.

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China Friend
China Friend
9 years ago

@scullboy:

Bye Bye our wealthy Chinese friends will move in.

shikko
9 years ago

@patriotz: I was down at Circuit City recently looking at cable TV hardware when the sales guy came over and explained them to me. He said the plain metal connectors for OK for analog TV, but you needed the expensive gold-plated ones for digital TV. Of course the reverse is true, you need higher quality cable and connectors for analog.

Reminds me of when CDs first came out and all the stereo shops were selling “digital speakers”, as though they had a USB interface or something.

I wish I'd been there for that; I would have told the sales droid that anyone that can prove they can tell the difference between 3 meter thousand-dollar cables and three meters of lamp cord may be able to win $1 million dollars: details.

oneangryslav2
oneangryslav2
9 years ago

@NO – LYMPICS: The story of the rise of the "Celtic Tiger" is decades long in the making. When Ireland joined the EU in 1973, it was a predominantly agricultural, culturally backward (as a result of the stultifying influence of the Catholic Church–I can't be a bigot since I'm also Catholic) backwater of Europe. Thanks to structural funds from the EU (EC at the time), Ireland built up its infrastructure over the next 15 years or so. With the Internet boom, Ireland was a perfect recipient of investment funds from huge MNCs such as Cisco, IBM, and Microsoft. Why? It was in Europe, labour was cheap relatively to the rest of the continent, and you had a relatively well-educated, English-speaking population. The economic boom in Ireland up until the early 2000s was real and based on productive investment. Then things… Read more »

realpaul
realpaul
9 years ago

The Silent Majority are so deep in the shit…..suffering homeowners still play the "I'm allright" song while in reality they're sucking windage. Garth …as usual has the com….. "And this unfortunately is not the first time I’ve heard a story like this. Another guy I know bought a house in the Okanagan for “investment purposes”, decided to sell shortly after…and oops, didn’t receive one offer, despite lowering the price to less than what he paid for it, of course. The thing sat vacant at a cost of $2000/month. Now I think it’s being rented for considerably less, leaving the guy with at least a few hundred dollar shortfall each month. And there are more stories just like this one..people who are losing at least a few hundred a month on rental properties. Which is ok, right, because “Real estate always… Read more »

hip
hip
9 years ago

@lostin thecrowd:

thats right. US didn't have the gold. There also never went to the moon.

logic
logic
9 years ago

@77: re UK.

—-

Yup, and with the UK governemental spending cut reviews due in later this month, the cuts in govt. spending haven't hardly begun. It is going to see major public sector layoffs and programme cuts. More pain to come.

Jimmy
Jimmy
9 years ago

Confidential deal allows home sellers to list on MLS for a fee

http://www.theglobeandmail.com/report-on-business

Canadian homeowners will be able to list their homes on the Multiple Listing Service for a flat fee, but they’ll still have to compensate any real estate agent who brings a buyer to their doorstep, according to the confidential terms of a deal between the industry and Ottawa’s competition watchdog.

lostin thecrowd
lostin thecrowd
9 years ago

then why did Nixon refused to hand over US gold to France?

because it was gold plated tungsten.

Foreclosures R Us
Foreclosures R Us
9 years ago

Anyone know Dave's address, e-mail or postal?

Dave
9 years ago

@Foreclosures R Us:

Blaming things on outside forces comes a close second to 'ya but'…

chip
chip
9 years ago

@Best place on meth:

"Never before have we been looked down on by the rest of the world until Harper and his clowns took office."

Yeah, when I travel all I hear from the rest of the world is Canada this and Canada that. Clearly we need to elect someone else so the ROtW can get back to living normal lives again.

ReadyToPop
ReadyToPop
9 years ago

Britain’s property market is on a “knife edge” as estate agents warn house prices to fall further amid a sharp increase in property for sale.

Britain's property market on 'knife edge' as estate agents warn of house price falls

I don't think we're far behind…..RTP

Landless Serf
Landless Serf
9 years ago

From CBC:

Canadian Dollar at Par

Goods will get cheaper

Inflation won't rise

Interest rates stay low

Real Estate Goes Up!

Everything is tied to RE going up!

Anonymous
Anonymous
9 years ago

wow man this crash is crazy, prices are dropping so hard!

paulb.
paulb.
9 years ago

New Listings 165

Price Changes 98

Sold Listings 103

NO - LYMPICS
NO - LYMPICS
9 years ago

71 pricedoutfornow Thanks: Found some background on it. http://www.irishtimes.com/newspaper/weekend/2009/… Especially in the areas around Dublin, a tiny number of speculators and developers could control the supply of building land. In Fingal county – the area of north Dublin where most of the city’s growth took place in the boom years – it was shown that just 25 individuals or companies owned 50 per cent of the building land in 2003. With this kind of power, the landowners were able to push up the prices they got from builders. Before the boom, land made up about 10 to 15 per cent of the cost of a house. At the height of the boom, it made up a breathtaking 40 to 50 per cent. Given the huge absolute rise in house prices, this generated vast profits for those who controlled the land.… Read more »

pricedoutfornow
pricedoutfornow
9 years ago

@NO – LYMPICS:

There's a good book written by Fintan O'Toole called "Ship of Fools" which details the ineptness of the Irish government. It leaves one shaking their head at how incompetent any government could actually be-the government handed out tax credits (ie money) for builders to build houses no one would never live in (then let the builders flee the country without paying any tax, no questions asked, basically.) And while the world was touting Ireland as Europe's "economic miracle", meanwhile the whole thing was actually crumbling. Kind of reminds me of a certain country which goes around bragging about how safe its' banks are. Hmm…now which one could that be….

NO - LYMPICS
NO - LYMPICS
9 years ago

realpaul

"In Canada meanwhile the Federal Gov is trying to juice the unemployment numbers by adding hookers, teasers and crack dealers to the ‘Jobs Bank’ data."

So thats why the courts recently deemed prostitution as legal.

Now politicians have acheived legitimacy.

BTW Trivia: Worlds oldest profession..anyone want to guess?

Best place on meth
Best place on meth
9 years ago

@realpaul:

This is the most pitiful, incompetent and embarrassing government Canada has ever had.

Never before have we been looked down on by the rest of the world until Harper and his clowns took office.

At least the fucking Israelis still love us.

NO - LYMPICS
NO - LYMPICS
9 years ago

65 Best place on meth

You can't take it with you, so NOTHING has any value…

PS paper money will burn if you are on a deserted island

realpaul
realpaul
9 years ago

#63 NO….Commercial RE is already taking a shit kicking….more black holes in the wall than ever before. I was in NYC recently and it was grim on the usually busy streets…talked to retailers and was told that business was down by half. Lots of black holes in Hawaii strip malls…more than ever…..the traffic out of CA is down some 30++ % the locals say. Lots of carpenters etc etc bagging groceries and drinking beer on the beaches.

In Canada meanwhile the Federal Gov is trying to juice the unemployment numbers by adding hookers, teasers and crack dealers to the 'Jobs Bank' data. Too funny…..the kids lemonade stands are next to be counted as 'seasonal workers'.

http://www.montrealgazette.com/business/Wanted+On

Googles
Googles
9 years ago

@No More Gordocracies

Gold has risen about 40%… AND its just starting. USD to zero!

While an argument could be made that everything will get more expensive, ie. inflation, I'm personally not convinced this will be the case.

Also, if the USD actually goes to zero then the world would be in a state of complete anarchy. In this case, I would much rather have a basement full of supplies (food, water, etc) and a damn good way to protect them than a pile of coins and bars of some shiny, soft, heavy metal!!

As for me… I'll continue to watch HOUSING as a place to live, because, I don't think the world is ending just yet.

Best place on meth
Best place on meth
9 years ago

@NO – LYMPICS:

Actually, it's paper money that has no value.

It's backed by nothing but a promise from the government.

See Zimbabwe for an illustration showing how worthless it can become when the people don't believe in the governments promises anymore.

NO - LYMPICS
NO - LYMPICS
9 years ago

The Irish condo story is interesting.

A Brit we know stated that Ireland wa sbasically a backward place when the EU was formed. After,the EU ploughed a lot of money into Ireland to upgrade roads etc.

Ireland was hailed as an economic miracle a few years back , wasn't it? My suspicion was that all sorts of investment was subisidized by the Gov't, miracles don't happen otherwise.

The Irish condo market probably parallels the one in Spain, which boomed then collapsed.

Typical sign of Gov't intervention…but couldn't happen here in Canada right?

NO - LYMPICS
NO - LYMPICS
9 years ago

56 realpaul

Yeah, I was wondering when that Alt A shoe would drop.

Isn't commercial RE in the US due for a big shite-kicking?