Avg house price dropped $10k in July

The CREA has released stats and a forecast.. Apparently house prices are down and the expect them to stay that way.

“Earlier this year, the national average price was being skewed upward by sales in some expensive Vancouver neighbourhoods, but this factor is now diminishing,” CREA’s chief economist Gregory Klump said. “Upward skewing of the national average price is also shrinking due to overall sales trends in Vancouver, and most recently in Toronto.”

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patriotz
9 years ago

@Eddie:

The banks in turn are getting payouts from the government and allowing the process to grind to a halt because the “owner” is still free to spend in the general economy.

You've got this wrong. The banks must foreclose before they get any money from CMHC, because they haven't taken a loss on the principal until they've foreclosed.

Thus their incentive is to foreclose ASAP.

chip
chip
9 years ago

@Li Kai Shing:

Building these $30 million plus libraries around the Lower Mainland is like building a chain of horse stables just as the first Model Ts are coming off the assembly line.

The book industry is being revolutionized by technology and local council members are the last to hear of it.

bubba
bubba
9 years ago

Yeah..kind suspected this would happen.

BAIL OUT BANK DEMOLISHES NEW MODEL HOMES- HOUSING MARKET COLLAPSE

http://www.youtube.com/watch?v=4Ilayp2ykts

VICTORVILLE MODEL HOMES DEMOLISHED – SHOCKING VIDEO

http://www.youtube.com/watch?v=ZsgOaCZ2Lag&NR

Li Kai Shing
Li Kai Shing
9 years ago

Surrey's new iconic library set to open

http://www.bclocalnews.com/surrey_area/surreylead

=======================

Is it April Fools?

Surrey has a library?

Why?

Books just gather dust….except maybe Harley repair manual and Indoor Agriculture for Dummies.

Anonymous
Anonymous
9 years ago

@Anonymous: …This one was listed for 1.3 million in November 2010 then after switching realtors a few times it was listed with Rennie at 1.069 million where he sold it finally for 0.983 million. Add in all the expenses, commissions and taxes and this person took a serious hair cut over off this flip. That is with a supposedly hot market. I guess the chopper tour didn’t fly over the Village……

Maybe they were Muslim and couldn't accept HAM?

Starving Artist
9 years ago

A smart bear is diversified across asset classes. Equities down, bonds and PMs up.

lol cats
lol cats
9 years ago

damn… how many bears actually hold gold? i'm willing to bet a "high intrest" savings account is a popular choice, plus abo. 5K in stocks and bonds. keep your chin up, our system needs people like you

Frank
Frank
9 years ago

Here are Larry's numbers

Vancouver East & West*

New Listings – 65

Back On Market Listings – 3

Price Changes – 26

Sold Listings – 29

Vancouver All Areas*

New Listings -183

Back On Market Listings – 9

Price Changes – 87

Sold Listings – 80

Devore
Devore
9 years ago

@Anonymouse: It's not noise, it is what it is. We'll see next month and the month after what the trend looks like, together with other stats (sales, inventory, etc).

Whalley /Newton witc
Whalley /Newton witc
9 years ago

Prices are stable here.

Just like the primordial ooze which is allowed to Vote.

10 – 4

Van MD
Van MD
9 years ago

@Van MD:

oops broken link due to parentheses. actual link:
http://www.theeconomicanalyst.com/content/bank-ca

jesse
9 years ago

@Van MD: An acceptable compromise would be requiring larger DPs on a regional basis. Like say Vancouver.

And what happens when equity values fall? Such a policy putting a floor on DPs simply wouldn't work.

The Leak
The Leak
9 years ago

Eddie. I hear what you say. However, given that scenario, the value of homes plummet so when you do get back to work you may be able to afford to buy one providing you are in good credit standing. I have gotten to the point of no longer wanting to own a home even if the price of homes fall off the map. The perverse side of me just wants to see some hurt and to also be vindicated for knowing all a long we were all heading down a very bad path. Let's get back to a way of living where one saves to buy something rather than racking everything up on credit so people can "have, have, have" and make it look like they are "better off, better off better off." Such a lie out there.

bubba
bubba
9 years ago

Top 10 least expensive cities to buy a home

http://money.ca.msn.com/banking/homebuyersguide/g

QUOTE:

With the Canadian Real Estate Association predicting higher home prices for 2011, now might be the time to get in on the housing market in some of the lower-priced markets in the country. Affordability is out there — if you're willing to relocate. Which are the country's most affordable real estate markets? Click to find out.

Van MD
Van MD
9 years ago

Bank of Canada released Review today, suggesting Ottawa to increase down payment requirement. (note: LTV ratio of 80% = DP of 20%; LTV ratio of 95% = DP of 5%; to lower LTV ratio = to increase DP) "They consider the impact when the public authorities respond to a credit boom by lowering the regulatory maximum LTV ratio below its long-run setting of 80 per cent. The extent of the countercyclical response of the LTV ratio is determined by a regulatory rule that links the change in the LTV ratio to the level of mortgage credit relative to its long-run value. Housing booms and busts are often attributed, at least in part, to an easing of mortgage-underwriting conditions. We now turn to the case in which lenders themselves supply more credit and consider how the outcome might differ if the… Read more »

paulb.
paulb.
9 years ago

New Listings 186

Price Changes 91

Sold Listings 83

TI: 16422

Anonymouse
Anonymouse
9 years ago

$10k in a month? That's just noise.

Li Kai Shing
Li Kai Shing
9 years ago

@Eddie:

Simple:

If a " bear" …need a cave = basement suite.

Eat lots of salmon..go to sleep…and pay rent….put enough in cookie jar for beer, nachos and ESPN.

Eddie
Eddie
9 years ago

I have been a total bear on RE since 2006, but one of my biggest fears as a renter is that our housing crash will actually unfold similar to Florida's. Say for example that I rent a home next to my neighbor who bought their home in 2008. We both lose our jobs at the same time as the recession/crash finally arrives in BC. I can't afford the rent and am forced to move out into a bachelor pad. The "owner" next door just stops paying his mortgage along with thousands of others. He gets to stay in his house because the courts are so overloaded they are handling bankruptcies and foreclosures at a snail's pace. The banks in turn are getting payouts from the government and allowing the process to grind to a halt because the "owner" is still… Read more »

Best place on meth
Best place on meth
9 years ago

@CanuckDownUnder:

I see no bottom for U.S. real estate in sight and no top for gold so I wouldn’t make that trade.

If 90 ounces buys a house now it will likely buy 2 houses in the near future.

CanuckDownUnder
CanuckDownUnder
9 years ago

@Best place on meth:

I keep some interesting charts myself tracking Calgary and Vancouver RE prices against gold.

If I was American I would be very comfortable trading my gold for a house right now. As someone who is going to buy in Canada or Australia I'm still holding the yellow stuff.

Li Kai Shing
Li Kai Shing
9 years ago

I tink Ravishing Rick was the Bacon Brother now- on- slab .

Reason? = not hear from him…pool is getting dirty….. plus anyone live East Side of Pat-Oral bridge is basement suite troglodyte and/or loser….or drug dealer..or both.

Simple logic

bubba
bubba
9 years ago

@jesse:

The more Boobie Rennie STFU… aka " A-hole" AWOL….the greater the probability RE is tanking. Probably sitting on Peter Wall's lap wanting a hug.ahahhaaaaaaa

P. S. Where is Cam(the scam) Good ?

jesse
9 years ago

@Anonymous 39: Hey what happened to the elusive Dark Rimmed Sweatered One anyways? Any signs of double-parked Bugattis?