As of yesterday inventory was a few hundred over 16,000. Will we see 17,000 places for sale again this year or has inventory peaked?
bear renters buy from bear realtor? the end is here! so where is the 25,000 party discussed 3 years ago?
You need to put those quotes in context. Amalia was talking about specific segments of the market in that article (specifically the mid-range downtown condo market). When you see developers trying to maximize profits by including 1 parking stall with 2+ bdr units that ask 800+ psf, is it any wonder you have all this new inventory sitting stale.
Meanwhile, entry level condos still go quick. Priced under 500k downtown for a 2bdr (or 300-350 for a 1) are snatched up. Entry level homes on the east side start around 650-700 and don't last long. 1.5m for land value is the Dunbar start, and always multi-offer.
Segments of the market remaining white hot. Other segments remain stale. If you want the base stats, everything from REBGV in July is in the blog.
actually they prefer the term Hermit Crab Empire
i bet there are old wasp blue hairs living in quilchena and west van wondering WTF?? lol
Inventory will build slowly. Average prices will decline slowly. Harper has been paying attention.He will make sure it is a slow painful decline.It is amazing how little is said about CMHC. Your kids and grandkids will be picking the tab for that. Wealth is winding up into to few peoples hands. Money ALWAYS wins.ALWAYS.
North Delta needs cleaning up, says Delta mayor's daughter http://www.delta-optimist.com/North+Delta+needs+c… QUOTE: Barb Jackson conveyed her concerns about the state of North Delta in a letter to the Surrey Leader, writing, "Drive down any given street and they should be renamed either Crack House Alley, Grow Op Lane, or Renters Avenue." Jackson, who grew up in North Delta but moved away in early adulthood, has returned to live with her family since her sister's death. She lives in a house with her mother, the longtime Delta council member who's been mayor since 1999. She said over the years it seems like rental properties have ruined North Delta, adding people used to have pride in their homes, yards and gardens, but that's not the case any longer. In a telephone interview this week, Jackson told the Delta Optimist her concerns were not… Read more »
No….the psychological bubble is the key one.
Use the Titanic as apropos symbolism.
Vancouver has felt UNsinkable.
OOPs…the Global economy , in many markets ( RE stocks commodities tanks aka the iceberg)
People will feel "oh f*ck"…man the lifeboats..every man for themselves.!!!
Chasing the market down will inflate inventory.
Many prognosticators say it will be years, even decades IF/Before peak prices are again reached.
I say they never will, bubbles are also synonymous with fantasy.
End of lesson
"I say listings reach 20,000 by Mid September"
it's been stuck below 17000 for a couple of months now and you think it will go to 20,000 in 4 weeks? that would be nice, but i really doubt it.
No matter where and or when, Hong Kong, Vancouver, Tokyo, or Florida;the huge inventory builds up after the crash,
@N, "We have been saying that in the RE crash sense for almost as long as religious people have been saying it in the second coming sense. At this point I wouldn’t be too surprised if the later came before the former."
Both _will_ happen. Seriously. And I suspect you _will_ be surprised regarding the latter.
Nothing sacred about 17,000…is that RE equivalent of 666 ???
Drove to Abbotsford today….See a lot of listings in the rural areas….much of them appear to be the family BIZ….nurseries,…berry farms etc. etc.
Kids don't want them…parents were hoping this would be their retirement package….but demographics would show this is going to leave a lot of people holding the bag, and no choice to list and go fishing for buyers.
I say listings reach 20,000 by Mid September
Vancouver All Areas*
New Listings – 221
Back On Market Listings – 3
Price Changes – 91
Sold Listings – 85
*Attached & Detached – Date: 08/11/2011 Time: 18:36 Pacific YatterMatters.com: Courtesy REBGV. Data believed to be accurate but is not guaranteed.
Metro Van becoming one big Hospice;
Scare Mainland Chinese away…make Meth Man very UNhappy….hope he not HULK.