Thanks for the housing market data!

Hey all, This is my first submission, mostly I lurk in the forum but read this site daily.

I just want to send out a big thank you to everyone who shares otherwise unavailable Vancouver housing market data here.

Watching the stats roll in day after day has been fascinating.

It’s amazing to watch the market change day by day, and the aggregate data provides an even clearer picture.

First of all of course there’s Paulb who’s been providing daily numbers for a long while.  It’s thanks to Paul that we see the daily number of new listings, sold properties and have a total inventory count.  Pauls website is here.

Then there’s VHB, who consistently posts analysis tracking the numbers through the month.  Here’s his most recent post.

We have a new commenter going by the name of HFHC who has been providing other great stats including listing data for the entire lower mainland and a break down of sales by category.

Then there’s Inventory, who’s provided excellent number breakdowns for specific markets as seen in yesterdays post about the low June sales numbers.

And of course everyone else who provides such amazing data, analysis and comments.  I started listing your handles, but the list went on and on and I knew I’d leave out some the best so I’m opting to just send out a big general thanks to ALL of you, you’re amazing.

Keep posting!

-kray

121 Responses to “Thanks for the housing market data!”

- ♦ ↓ ↓ ↓ Click here to leap to comment form ↓ ↓ ↓ ♦ -

    Having these numbers are great for a few reasons, first being that they have been good at predicting month-end sales after about 5 business days of sales. (Inventory is a bit more uncertain but still we have a fair guess.) That is a powerful indicator allowing us to determine market strength in the coming weeks. In effect the blogs know the news weeks in advance of any of the MSM press releases. If nothing else it’s a cool party trick!

    More hilarity on “da stream”:
    Apparently even if you buy Vancouver property today with 4% EBITDA and 5:1 leverage you can still get a return on equity of 10%! Beat that, hedgies.

    Like or Dislike: Thumb up 0 Thumb down 0

    Keeping An Eye On The Pimps Says:
    2

    And then there are previews of thing to come:

    “Ireland’s property crash has hit young first-time buyers the hardest – with many now struggling to hang onto their homes.

    The buyers who paid sky-high prices at the height of the Celtic Tiger property boom are now paying the price”

    Read more: http://www.irishcentral.com/news/First-time-buyers-pay-the-price-of-housing-bubble-burst-says-new-report-161192815.html#ixzz1zepWpPuE

    Like or Dislike: Thumb up 0 Thumb down 0

    pricedoutfornow Says:
    3

    @Keeping An Eye On The Pimps:

    I can see this happening here: “the biggest drop since the peak is in the value of one-bed and two-bed apartments” Too many condos with only one or two bedrooms. It’s not easy to stuff 4 people into a 2 bedroom apartment, I’m living this reality every day :s

    Those are huge price drops! Yikes, average price of a one bed condo went from $300,000 to $110,000 (not exactly sure why they are quoting these prices in dollars, not euros).

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    4

    Re: Ireland Article

    “There isn’t really an investor market at the moment, and the people coming five or 10 years after those who bought for the first time in the boom aren’t really interested in a one or two-bed home.”
    ______________________________________________________________________

    I thought investors swooped in and snapped up cheap properties if prices come down even 10%? I guess that only happens in Vancouver.

    Like or Dislike: Thumb up 0 Thumb down 0

    fixie guy Says:
    5

    @3 pricedoutfornow: Makes sense, during the bubble small units would have seen increasing demand as larger ones moved beyond the reach of typical buyers. Developers would have targeted new product towards the highest demand, increasing supply.
    It would be interesting to see whether civic markets like Miami and Las Vegas experienced the same thing as Ireland did nationally.

    Like or Dislike: Thumb up 0 Thumb down 0

    @pricedoutfornow: Prices are in dollars because it’s an American based magazine.

    Like or Dislike: Thumb up 0 Thumb down 0

    I would like to add ZRH2YVR to the original commenter’s list, for his detailed & insightful posts

    Like or Dislike: Thumb up 0 Thumb down 0

    Harry Wang Says:
    8

    http://business.financialpost.com/2012/07/04/vancouver-home-sales-plunge-to-10-year-low-in-june/

    Vancouver home sales plunge to 10-year low in June
    June report is out

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    9

    @fixie guy: “It would be interesting to see whether civic markets like Miami and Las Vegas experienced the same thing as Ireland did nationally.”

    It is not just about how many bedrooms but more importantly it is the overall size of the unit. I am not sure the average size of the units in Ireland but we know a 1 bedroom in Toronto or Vancouver means 600 square feet and 2 bedrooms are around 800 square feet. In places like Miami you can look at the recent condo stock built and 1 bedrooms are generally 800 to 1200 square feet with 2 bedrooms 1200 to 1800. It gets pretty tough to find a condo built in the last 10 years over 1200 square feet in Vancouver. A recent article said the AVERAGE size of a new condo in Toronto is around 650 square feet. Demographics better point to lots of families of one coming in the future.

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    10

    @AG Sage:
    Quoting the prices in dollars overstates the decline because the Euro has gone down against the USD over the last 5 years. Remember the mortgages, rents and wages are in Euros too.

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    11

    @patriotz: “Quoting the prices in dollars overstates the decline because the Euro has gone down against the USD over the last 5 years.”

    They obviously would have converted all the figures at the same exchange rate. When they looked at old price history it is in Euros not USD. The percent decline is the same. The USD is only relevant to those buying with USD.

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    12

    @Anonymous:
    Let me make it more clear.

    Suppose over the last 5 years the Euro had gone down 50% against the USD, but RE prices in Ireland had not changed at all.

    Thus quoting in USD you would see a 50% decline in Irish RE prices. But for the people in Ireland nothing would have changed.

    What we have in real life is a decline in the Euro price of RE, which matters to the Irish, and a decline in the Euro against the USD adding to the decline in USD, which doesn’t.

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    13

    @Anonymous:
    “They obviously would have converted all the figures at the same exchange rate.”

    Forgot to comment on this. Why “obviously”, and at what rate?

    Like or Dislike: Thumb up 0 Thumb down 0

    Troll Says:
    14

    @Harry Wang:

    “Today, our sales-to-active-listings ratio sits at 13%, which puts us in the lower end of a balanced market.

    Wow, the lower end of the balanced market keeps getting lower.

    Like or Dislike: Thumb up 0 Thumb down 0

    Rightsizer Says:
    15

    @MrV: I agree, ZRH2YVR is awesome!

    Also: Jesse, best place on meth, b5baxter, patriotz, and too many more to name.

    I come here for the news, I stay for the discussion.

    Like or Dislike: Thumb up 0 Thumb down 0

    Best place on meth Says:
    16

    @Troll:

    “Wow, the lower end of the balanced market keeps getting lower.”

    Yes, I noticed that too.

    Based on their own numbers MOI now sits at about 7.9 yet they still choose to call this a balanced market.

    I’m not sure whether to call this spin or outright lying by the board.

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    17

    @Harry Wang: On the article:

    Prices appear to be stabilizing base on what the board calls its composite benchmark price index which is up 1.7% over the last year and 0.7% down from May.

    Translation: despite all our effort, hard work and multiple “adjustments”, we couldn’t make the benchmark price go up again this month, but hey, it’s still going up YOY. not too bad he?

    Supply does appear to be trending down with new listing off 18.9% in June from May. Compared to a year ago new listings are down 3%.

    Translation:The numbers are so terrible this month that this is the only piece of stats that we could spin with a positive tone. Of course, we won’t tell you that new listings in May had been at record high, pulling some listings forward, which maybe could explain why listings in June are below May and just slightly below last years’ June.

    ““Conditions have trended in favour of buyers in our marketplace in recent months,” said Eugen Klein, president of the board. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.””

    Translation: WTF are the buyers??? Don’t they know that prices can only go up in Vancouver? You need proof? just look at our benchmark price!

    Like or Dislike: Thumb up 0 Thumb down 0

    Troll Says:
    18

    @Best place on meth: The thing is, at least be consistent with your neighbor, the FVREB. On their Sales to Active Listings chart they show a balanced market between 18% and 22%. That’s a far cry from claiming 13% is balanced.

    Also noticed that the Van Sun copy of the story shows the YOY price increase, but leaves out the MOM price decrease as included in the FP copy. Honest mistake.

    Like or Dislike: Thumb up 0 Thumb down 0

    fixie guy Says:
    19

    9 Anonymous Says: “It is not just about how many bedrooms but more importantly it is the overall size of the unit..”

    My post spoke to size and didn’t mention number of bedrooms.

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    20

    According to the REBGV Chief Comedian Eugen Klein, a balanced market is when sale to list ratio is between 10% and 20%. See his explanation here: http://youtu.be/6OYphI3WFU8 (starts at 58 seconds).

    But funny enough, some of their members didn’t get the memo about the new definition of a “balanced market”. According to this realtor blog:

    “Official Market type: Balanced market with average 15% sales ratio (14% is a Buyer’s Market)”

    Funny, eh?

    Like or Dislike: Thumb up 0 Thumb down 0

    shriller Says:
    21

    I find the HPI spin amusing. It’s such garbage. I have problems with the Teranet indices because I think they mix house-specific and market-specific pricing factors somewhat dubiously but at least Teranet tries to create a sensible index. The clowns who publish the HPI are, at best, trying to create a matching-estimator for house prices statistically. And with the number of sales last month the standard errors must be getting rather large so any `increase’ is statistically irrelevant. But I’m sure the `matching’ part is not properly done either.
    I can’t wait for Zillow to invade the Cdn market.
    As for inventory, while I like the concept, what really matters is the shadow inventory. I imagine that, listed or not, the shadow inventory must be getting larger. Especially if the HELOC to mortgage refi party is coming to an end. I really wonder how many home owners are going to get squeezed here.

    Like or Dislike: Thumb up 0 Thumb down 0

    Good mortgage data from BMO in this CBC story, shows 20% of all outstanding BC mortgages have MORE than 25 years left to pay. Remarkable. That’s compared to a national national average of 12% and only 7% in Ontario.

    http://www.cbc.ca/news/business/story/2012/07/04/bmo-survey-mortgage-duration.html

    Like or Dislike: Thumb up 0 Thumb down 0

    fixie guy Says:
    23

    20 Makaya Says: “According to the REBGV Chief Comedian Eugen Klein, a balanced market is when sale to list ratio is between 10% and 20%.”

    How does product entering a market five to ten times faster than it’s absorbed calculate out as balanced? ‘Analysts say’ doesn’t quite have enough detail. The industry apparently maintained so tenuous a link between pronouncements and logic that they’re now comfortable just letting go. Up and up 4ever!

    Like or Dislike: Thumb up 0 Thumb down 0

    shriller Says:
    24

    @ Troll.
    Interesting survey results to be sure. What I would really like to know is the comparable number for Greater Vancouver. In lots of parts of the province, I don’t think people stretched as far to buy homes.

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    25

    For those of you who understand french, here is a famous quote from former president Chirac: “les merdes, ca volent en escadrille”

    News keep getting bad for Vancouver…

    Vancouver no longer ranked in the top 10 most livable cities

    Let’s call it “a blow to the BPOE myth”…

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    26

    @Makaya:

    I knew somebody would post that link without reading the article. Specifically the bit that says that they didn’t include the smaller cities, including Vancouver, Melbourne, and Vienna.

    You can’t win a game you’re not playing in.

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    27

    @Vote Down The Facts: “Specifically the bit that says that they didn’t include the smaller cities, including Vancouver, Melbourne, and Vienna.”

    There goes also the myth that Vancouver is a World Class city…

    The thing is, whether you like it or not, Vancouver no longer makes the headlines as “the most livable place in the world”, which was a total fallacy anyway.

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    28

    @Makaya: “The thing is, whether you like it or not, Vancouver no longer makes the headlines as “the most livable place in the world”, which was a total fallacy anyway.”

    It probably will make the headline again (or at least be in the top 5) once the Mercer survey comes out. Then you can all start complaining about how these surveys don’t actually mean anything.

    The best comment is on the Vancouver Sun article from a poster who says “In other news, the Canucks failed to win the World Series”. That about sums it up.

    Like or Dislike: Thumb up 0 Thumb down 0

    Best place on meth Says:
    29

    @Vote Down The Facts:

    The Mercer survey is designed for use by employers assigning hardship allowances as part of job relocation.

    It’s irrelevant when it comes to quality of life for locals.

    Like or Dislike: Thumb up 0 Thumb down 0

    oneangryslav2 Says:
    30

    @shriller:

    And with the number of sales last month the standard errors must be getting rather large so any `increase’ is statistically irrelevant.

    I’ve commented on this before and suggested that an enterprising reporter (or blogger!) may want to ask the RE Board for the size of the standard errors in their calculations.

    Like or Dislike: Thumb up 0 Thumb down 0

    gokou3 Says:
    31

    @Vote Down The Facts: The point, at least by one organization, Vancouver is not considered in the same league as NYC / HK / London / Toronto (!) etc.

    Like or Dislike: Thumb up 0 Thumb down 0

    Best place on meth Says:
    32

    Vancouver rated 16th most livable city on Monocle’s index.

    http://www.psfk.com/2010/06/top-25-most-liveable-cities-2010.html

    Important criteria in this survey are safety/crime, international connectivity, climate/sunshine, quality of architecture, public transportation, tolerance, environmental issues and access to nature, urban design, business conditions, pro-active policy developments and medical care.

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    33

    @Best place on meth: “The Mercer survey is designed for use by employers assigning hardship allowances as part of job relocation. It’s irrelevant when it comes to quality of life for locals.”

    When people relocate for work they become locals, by definition.

    The surveys are irrelevant in my opinion because they have to assign an arbitrary weighting to the various metrics they use. If somebody doesn’t care too much about healthcare because they’re young and fit, for example, then if a high weighting is used in that category it skews the results against things that actually matter to them.

    If I remember correctly Vancouver slipped down the rankings in the 2011 survey due to traffic congestion between Victoria and Nanaimo, or some such nonsense.

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    34

    @Best place on meth: “Vancouver rated 16th most livable city on Monocle’s index. http://www.psfk.com/2010/06/top-25-most-liveable-cities-2010.html

    That was in 2010. In 2011 Vancouver ranked 20th.

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    35

    @gokou3: “The point, at least by one organization, Vancouver is not considered in the same league as NYC / HK / London / Toronto (!) etc.”

    Yes, because they used size as part of the qualification criteria. Vancouver isn’t as big as NYC, HK, London, or Toronto. That’s indisputable.

    Like or Dislike: Thumb up 0 Thumb down 0

    Best place on meth Says:
    36

    @Vote Down The Facts:

    So we’re falling on 2 lists, and dropping right off the other.

    Like or Dislike: Thumb up 0 Thumb down 0

    patient renter Says:
    37

    This is good for a laugh!

    The Manhattenization of Toronto. Quick, buy now or be priced out forever!

    http://ca.finance.yahoo.com/news/the–manhattanization–of-toronto-will-change-family-housing-dreams.html

    Like or Dislike: Thumb up 0 Thumb down 0

    June 2012 REBGV Stats Package (pdf)

    I’ve also collected 2001-2012 REBGV Stats packages, see here

    Like or Dislike: Thumb up 0 Thumb down 0

    midnite toker midnite toker Says:
    39

    @Anonymous: Who can afford to have more than 1 kid today. People ask if I’m going to have another, I say “maybe we’ll get a puppy”

    Like or Dislike: Thumb up 0 Thumb down 0

    Best place on meth Says:
    40

    Summary of June HPI:

    All -0.7%
    SFH -0.6%
    Apt -0.9%
    T/H -0.3%

    I was expecting no change for June and declines to start next month so this is a bit of a bonus.

    Like or Dislike: Thumb up 0 Thumb down 0

    Best place on meth Says:
    41

    Richmond and Van West detached both down 2%.

    And we’re off…

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    42

    @Vote Down The Facts: It probably will make the headline again (or at least be in the top 5) once the Mercer survey comes out.
    By definition, you won’t know until the report is out… what’s your point?

    Then you can all start complaining about how these surveys don’t actually mean anything.
    Who is complaining? Other than that, do you have any value to contribute to this blog?

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    43

    @Best place on meth:

    HPI down.

    Yes, this is a “balanced market” with lots of new opportunities for first time buyers.

    Hey Global, are you reading this? Make sure you report it on tonight’s news.

    Like or Dislike: Thumb up 0 Thumb down 0

    A friend of mine a RE agent on the North Shore just told me that RE agents are leaving Vancouver for Ontario/Alberta because it is so slow. I guess the GVREB would call a BALANCED market. Also a shift amongst moving companies over the past 5 mnths, many customers are selling and moving into rentals because they are aware that the market is unbalanced and overpriced. I guess the GVREB would call it a TREND.

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    45

    @Makaya: “By definition, you won’t know until the report is out… what’s your point?”

    My point is obvious – that Vancouver didn’t exist on the list you posted because the city wasn’t large enough to be considered for inclusion. There’s no reason to believe that Vancouver would drop off the Mercer survey at this time, as there’s been no substantial change in the city to cause that to happen. The change that caused us to fall off the EIU list was they changed their selection criteria to remove 50% of the cities that were previously on it, including cities such as Melbourne and Vienna (previous top-stop contenders).

    “Other than that, do you have any value to contribute to this blog?”

    Yes – correcting basic facts. You were too busy trying to be first to bash Vancouver to actually read the article you posted. Being anywhere in the top 20 of these lists is an achievement residents should be proud of. Whether you’re 3rd or 15th makes very little difference due to the arbitrary weightings they use, as already stated.

    Like or Dislike: Thumb up 0 Thumb down 0

    Single Family Home HPI and Median prices:

    Area      HPI-MoM  HPI-YoY  MEDN-MoM  MEDN-YoY
    Van West   -2.0%    +3.2%     -6.0%     -14.0%
    Richmond   -2.0%    -2.7%     -7.4%     -6.9%
    Van East   +0.3%    +7.1%     -3.7%     +2.3%

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    47

    @Vote Down The Facts: Yes – correcting basic facts. You were too busy trying to be first to bash Vancouver to actually read the article you posted.

    First, I read the article before posting it and it’s not me who wrote the headline of that article, I just reposted it. If you had been around this blog longer, you would know through my comments that I like Vancouver a lot, like most people on this blog, yet I’m well-traveled enough to know that these rankings are just BS and don’t mean anything. Vancouver is not, by far, the most livable city in the World. Actually, this city is a nightmare for young middle class families with young kids. Here is a recent article for you: http://www.theglobeandmail.com/life/parenting/todays-modern-parent-daycare-poor-with-little-to-save/article4385208/

    Vancouver is not the Best Place on Earth, get over it. Vancouver is just a nice, little provincial city that has its own set of issues (crappy weather, outrageously expensive and a cultural desert come to mind).

    Like or Dislike: Thumb up 0 Thumb down 0

    ScubaSteve Says:
    48

    DETACHED – HARDEST HIT AREAS

    West Vancouver (Down 65%)
    Jun/12 = 47 sales
    Jun/11 = 134 sales

    Port Moody (Down 65%)
    Jun/12 = 11 sales
    Jun/11 = 31 sales

    Richmond (Down 52%)
    Jun/12 = 76 sales
    Jun/11 = 158 sales

    Vancouver-West (Down 52%)
    Jun/12 = 102 sales
    Jun/11 = 213 sales

    North Vancouver (Down 52%)
    Jun/12 = 73 sales
    JUn/11 = 153 sales

    Vancouver-East (Down 41%)
    Jun/12 = 107 sales
    Jun/11 = 180 sales

    Coquitlam (Down 31%)
    Jun/12 = 101 sales
    Jun/11 = 147 sales

    Burnaby (Down 31%)
    Jun/12 = 83 sales
    Jun/11 = 120 sales

    Like or Dislike: Thumb up 0 Thumb down 0

    @fixie guy:
    “According to the REBGV Chief Comedian Eugen Klein, a balanced market is when sale to list ratio is between 10% and 20%.”

    WTF? I’d say that sell to list ratio that low is indicative of a crashing and burning market. Eugine Klien apparantly thinks that markets are booming or balanced only. A real estate crash has never ocurred in the history of the human race according to Eugine Klein’s definitions.

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    50

    @Makaya:
    None of the international rankings take into account cost of living versus salaries (because they are for the expense-account crowd), and thus are totally meaningless for the ordinary local.

    The Canadian Moneysaver (I think it’s from them) rankings do and we’ve seen where Vancouver ranks in them.

    Like or Dislike: Thumb up 0 Thumb down 0

    data junkie Says:
    51

    Klein doesn’t write the press releases, FYI. The Board’s internal communications drones write them up, put as much spin on them as possible, and then just insert this year’s President in the “______ said,” line.

    Like or Dislike: Thumb up 0 Thumb down 0

    Richmond detached benchmark dropped below 1M:

    Richmond
    $998,700 201.1 -2.0% -2.5% -0.5% -2.7% 44.8% 45.0%

    Like or Dislike: Thumb up 0 Thumb down 0

    [2012 VCI RE Prediction Contest – 1st Round Results]
    We are just past the halfway point in 2012. Here are the results of both the original contest (based on HPI prices), and the Alterate Median-price-based scoring (based mainly on Median prices)

    http://s15.postimage.org/7cth9wcrf/Contest_VCI.jpg

    In the original (HPI-dominant) contest, it seems that the more bullish you are toward HPI, the better you do.
    #1: Jesse – 13
    #2: The Ant – 8
    #3: VMD – 5

    In the alternate (Median-dominant) contest, it seems that the more bearish you are, the better you do.
    #1: 604x – 9
    #2: Jesse & ZRH2YVR – 8
    #3: Absinthe – 6

    In 6 more months, we will find out who will come out on top and claim the prized 2012 VCI Golden Bear Award!

    Like or Dislike: Thumb up 0 Thumb down 0

    camper Says:
    54

    I would like to echo kray’s thanks to the posters. The blog has influenced whether I buy in Vancouver or not. Down payment is not an issue I could go over 20% easy, interest rates not really a big issue as I like to pay off property very promptly. However I had a sneaking suspicion that real estate in Vancouver was way too out of line with reality.

    So I looked around. Luckily I found this blog and finally got a different viewpoint. Very interesting to see it play out this spring. Thanks everyone. I like Vancouver, but at these prices I will remain a visitor every now and then. The rest of the province gets a kick out of how few Vancouverites can go to a Canucks game. We go all the time from the interior. We live in lovely small towns, ski like crazy and enjoy great summers outdoors. Life is good in BC.

    Like or Dislike: Thumb up 0 Thumb down 0

    oneangryslav2 Says:
    55

    @Vote Down The Facts:

    Being anywhere in the top 20 of these lists is an achievement residents should be proud of. Whether you’re 3rd or 15th makes very little difference due to the arbitrary weightings they use, as already stated.

    Let me alter this slightly to reflect reality (and to also reflect what the numbers are actually measuring):

    The fact is that anytime these lists are put out, CANADIAN cities are always in the top 20. At any point in time, all of Ottawa, Calgary, Vancouver, Montreal, and Toronto have been in the top 20 of these lists. If one were to perform a multilevel hierarchical regression analysis of these indexes, you’d find that most of the variance in ranking would be explained by the country the city is in. It’s no surprise that the top cities are in Australia, Switzerland, Austria, Germany, and Canada (with Finland, Sweden, etc., popping in periodically).

    The manner in which these indexes are created and weighted, they value components that all Canadian (or German, or Australian) cities have in common. So, ultimately what is being measured in the “quality-of-life” (I’m not going to get into the debate about whether these indexes are, in fact, measuring “QoL”) in Canada, Australia, etc.

    Like or Dislike: Thumb up 0 Thumb down 0

    Surrey or Bust Says:
    56

    While it is great to see those median and HPI drops for Vancouver, anybody know how the suburbs in Delta and Surrey are fairing?

    I have a lot of smug colleagues and relatives out that way and would love to be able to drop some good stats down on the dinner table and around the water cooler.

    Like or Dislike: Thumb up 0 Thumb down 0

    1.@Surrey or Bust:
    FVREB stats package also out on their official site:
    http://www.fvreb.bc.ca/mls-statistics.php

    2. btw the vci contest is located in the vci/vancouver peak forum

    Like or Dislike: Thumb up 0 Thumb down 0

    People! When you are comparing last year HPI YOY%, dont forget to revisit ur data set. One before and after REVGB changed the calculation…

    Like or Dislike: Thumb up 0 Thumb down 0

    Surrey or Bust Says:
    59

    http://www.fvreb.bc.ca/mls-statistics.php

    _____

    Wow! I guess I will be eating crow instead of my colleagues!

    Prices in the burbs have been going up year over year and month over month! White Rock/South Surrey saw a 14% gain year over year! Wow!

    I guess its just Vancouver that gorged on credit and screwed itself over….

    Like or Dislike: Thumb up 0 Thumb down 0

    @ScubaSteve:

    Straight to the “Chinese MSM” headlines:
    http://www.westca.com/House/articles/op=view/sid=235955/lang=schinese.html

    fyi, most of those blinking colorful ads are realtors/developers/mortgage brokers…

    Like or Dislike: Thumb up 0 Thumb down 0

    HAM Solo Says:
    61

    @ Surrey bust

    Better save some of that crow to share with your colleagues later on, they may get hungry.

    My guess is that prices in those areas are far more sensitive to local employment income levels (Mr. Rennie’s pooh-poohed fundamentals) as well as CMHC/bank guidelines. Given that both employment income and credit have turned down of late, I’m thinking some catch up is in order.

    Like or Dislike: Thumb up 0 Thumb down 0

    GVREB Says:
    62

    #44

    We believe you mean REBGV.

    We here at GVREB fail to see how 13% sales to active listings is a balanced market. However, definitions do evolve over time and there be differences of opinion. Some of these differences may be caused by factors which are not explainable by rational or economic factors however.

    Like or Dislike: Thumb up 0 Thumb down 0

    Not much of a name... Says:
    63

    @HAM Solo: Benchmark was down MOM and up 5.9% YOY. Depends on which numbers you want to use.

    Like or Dislike: Thumb up 0 Thumb down 0

    ZRH2YVR Says:
    64

    I think the Fraser Valley Real Estate Board needs a calculator – – anyone want to go read that thing and let me know if they see the same math error? Rediculous because there was no price increase of 3.6% based on their math.

    Like or Dislike: Thumb up 0 Thumb down 0

    Best place on meth Says:
    65

    @ZRH2YVR:

    Oh, you mean this?

    “The composite benchmark price as determined by the MLS® Home Price Index (MLS®HPI) of a single family
    detached home in Fraser Valley increased 3.6 per cent in one year. It went from $548,000 in June 2011 to
    $551,000 last month.”

    Yeah, they used last months price instead of last years.

    Like or Dislike: Thumb up 0 Thumb down 0

    vangrl Says:
    66

    http://www.theglobeandmail.com/report-on-business/economy/housing/vancouver-now-a-buyers-market-report-finds/article4389244/comments/

    The comments on this article are priceless,this is one for the memory books! Not one pro real estate comment out of literally hundreds of comments…. How the hell did we let it get this bad? And can you even believe that Toronto is still “hot”?, someone’s gotta call them

    Like or Dislike: Thumb up 0 Thumb down 0

    For presale condos, do they go into stats at completion date?

    Does anyone have a list of downtown condos to be completed soon in the next 12 months?

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    68

    @G:
    I don’t think they go into stats at all as they are private sales, i.e. not through MLS.

    REBGV only uses their own data for stats.

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    69

    @vangrl:
    I did see the token “big-government” basher who came out against foreign ownership controls.

    Of course “big-government” such as throwing taxpayer’s money at the RE market at both the provincial and federal levels somehow got under his radar, as it always does for such types.

    Like or Dislike: Thumb up 0 Thumb down 0

    @patriotz:
    I see the Cosmo building is completing this summer and there are 30+ units on mls for sale. I am sure many of the owners are freaked out.

    I wonder which other presale condos are completing in the next 12 month

    Like or Dislike: Thumb up 0 Thumb down 0

    Not much of a name... Says:
    71

    @G: I see the same for some condos in NV.

    Like or Dislike: Thumb up 0 Thumb down 0

    pennysaver Says:
    72

    This is very frank assessment of the westside housing market by this realtor:

    http://keithroy.com/blog.html/time-to-cash-out–1976393

    Like or Dislike: Thumb up 0 Thumb down 0

    Keeping An Eye On The Pimps Says:
    73

    Heard the Chief Real-estate Guy on PimpRAdio98; nothing to worry about, Vancouver’s fundamentals are intact. Sales are down, but prices firm.

    Reminded me of Bagdad Chemical Ali.

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    74

    @Makaya: “Vancouver is not the Best Place on Earth, get over it. ”

    Strawman. I never said it’s the Best Place on Earth. It’s a very nice place (after all, if I didn’t like it I wouldn’t choose to live here), but it’s not without it’s problems either – weather, homelessness, relative geographic isolation, cost of living, etc, are just a few of them.

    Obviously people’s opinions are based on what’s important to them. To expect everybody to agree universally on what city (or colour, or food, or anything else for that matter) is “best” is never going to happen, for obvious reasons.

    Like or Dislike: Thumb up 0 Thumb down 0

    HAM Solo Says:
    75

    @ vangrl

    Truly amazing. As you say, every one of the 300+ comments are bearish on Vancouver RE, as is the story.

    What is interesting to me is that if you polled each of those 300 bearish commentors, I would bet that over half of them own Canadian bank stocks and also believe that Canadian mortgage lenders represent good investment risks. However, if real estate corrects even half as much as those comments suggest (my unscientific average in reading those predictions was for a 50% drop) then there are going to be job losses and investment losses of legendary proportions. It’s just the next dot ahead on the connect the dots puzzle and yet there is this huge blind spot when it comes to thinking about implications.

    Like or Dislike: Thumb up 0 Thumb down 0

    New Listings 401
    Back On Market Listings 51
    Price Changes 180
    Sold Listings 185

    ALL OF LOWER MAINLAND AS OF 5:19 PM

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    77

    @HFHC: 401 in July seems like a bit of a panic to me. Does anyone have the numbers from July 4ths gone by?

    Like or Dislike: Thumb up 0 Thumb down 0

    Turkey Says:
    78

    These five Strathcona turkeys (V939354, V939353, V939338, V939337, and V939341) have just been given some colourful new Coroplast signs. They go on top of the old signs, and they read “PRICE REDUCED”. The bright red seems a tad forced.

    This is clearly somebody’s nightmare playing out. The “Strathcona Gateway” signboard has been up for over 6 months now, and used to say something like “Move in January”. It still says “Move in May.” Not one of the units has sold. All five units just got ~8% price cuts (surrendering even the coveted $888k price point).

    I know East Van’s stats look downright cheery compared to Richmond, but not all is well in the People’s Republic.

    Like or Dislike: Thumb up 0 Thumb down 0

    @Anonymous: Those are *all lower mainland* numbers; not comparable to the usual PaulB dailies.

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    80

    @Keeping An Eye On The Pimps:
    IRELAND’S PROPERTY MARKET GO DOWN SO QUICK AND DEEP DUE TO SMALL OR EVEN NON-EXISTENCE OF CHINESE RESIDENTS.VAN IS HOLDING VERY WELL WITH IMMENSE CHINESE SUPPORT.PRICE MAY DROP 10 TO 20 % IN 2020 BUT IT WILL NOT GO DOWN,ABSOLUTELY,TO PRE-98 LEVEL;WHETHER YOUR BEARS LIKE IT OR NOT,YOU GUYS STILL NEED 600000 PLUS ,MINIMUM , FOR A TEAR-DOWN ON PRIOR STREET AND KNIGHT 1N 2020.

    Like or Dislike: Thumb up 0 Thumb down 0

    vangrl Says:
    81

    what the…. 48 minutes into Global news and no mention of Vancouver real estate, i think that’s a first!

    Like or Dislike: Thumb up 0 Thumb down 0

    piklishi Says:
    82

    @Anonymous Says:
    July 4th, 2012 at 5:48 pm

    Wow, take it easy Mr “Anonymous” you don’t have to scream so much, unless you are scared…If you re so confident please use lower case. Who cares about the money, we bears are all rich. :)

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    83

    @pennysaver:

    This is very frank assessment of the westside housing market by this realtor:

    http://keithroy.com/blog.html/time-to-cash-out–1976393
    _____________________________________________________________

    Interesting. When realtors are cashing out the ship is really sinking. He will probably have his license suspended for being honest.

    Like or Dislike: Thumb up 0 Thumb down 0

    New Listings 324
    Price Changes 145
    Sold Listings 165
    TI:18894

    http://www.laurenandpaul.ca

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    85

    @Keeping An Eye On The Pimps: Most sellers should hold steady. Hold their prices and wait it out. Wait until the guy down the street sells for 10% under anything you would consider acceptable. Then wait another six months when the lady across the street sells for 14% less than the guy down the street sold for. It makes for an exciting market. For bears.

    Like or Dislike: Thumb up 0 Thumb down 0

    All my posts are showing up as anonymous. The last one was mine. Here’s another gift for bears. Yesterday I went over to Brian Ripley’s blog. His homepage is a reminder of what happened in 2008 and how fast the average price fell. But look at how much faster they’re falling now:

    Average Vancouver SFD lost $122,900, or 15.9% in 8 months in 2008.

    Now, the average has fallen… what is it… 14.9% in only 4 months.

    Now that’s bear food.

    Like or Dislike: Thumb up 0 Thumb down 0

    @VMD: Looks like I’m going to lose the second leg; the competition is mighty fierce! Oh well! :)

    Like or Dislike: Thumb up 0 Thumb down 0

    Sales are hitting 10 year lows? Oh my, that’s not good at all. Any idea what was going on 10 years ago? hint: there are similarities and differences, alas none in good ways for current conditions.

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    89

    @jesse: “Sales are hitting 10 year lows? Oh my, that’s not good at all. Any idea what was going on 10 years ago? hint: there are similarities and differences, alas none in good ways for current conditions.”

    June of 2002 was close to the bottom of a 10 year bear market in Vancouver real estate. I remember a friend buying a house in Dec 2002 and it was a bidding war. That was the first time I heard of such a thing. He paid $135K for a SFH in Langley. In June 2003 the Olympics were announced and then things really took off and the rest of the bubble is history. The only question now is how long it will take to deflate. The full 10 years or can we get this over in 3 to 4 years?

    Like or Dislike: Thumb up 0 Thumb down 0

    @Anonymous: In theory, banding together works. Buyers banding and reducing sales increases MOI. Sellers banding and reducing inventory decreases MOI. In practice, good luck to anyone who thinks they can steer the herd.

    Like or Dislike: Thumb up 0 Thumb down 0

    Keeping An Eye On The Pimps Says:
    91

    @Anonymous:

    IRELAND’S PROPERTY MARKET GO DOWN SO QUICK AND DEEP DUE TO SMALL OR EVEN NON-EXISTENCE OF CHINESE RESIDENTS.”VAN IS HOLDING VERY WELL WITH IMMENSE CHINESE SUPPORT”

    Silly me, what was I thinking, thanks for guiding me back to reality, a bit of wishful thinking on my part. How could I possibly think the bubble would burst in Vancouver as it did in Ireland?
    I forgot we ran out of land, people in Vancouver have all paid cash, and none of them are overextended and up to their eyeballs in debt, all the millions and millions of Chinese Billionaire are moving here, we have very high family incomes, miles and miles of palm tree lined beaches, and of course the world has our calling card from the Olympic days.

    Silly, silly me I forgot this is the best place on earth.

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    92

    Wednesday night (sad) joke, referred by Garth post tonight:

    Toronto realtor calls for stiffer bidding war rules after clients offer $90,000 over with no rival bids

    This one deserve the “dumbest buyer award”. Competition was fierce, but it beats them all…

    Like or Dislike: Thumb up 0 Thumb down 0

    Mortgagee Says:
    93

    Did I miss it or has no one brought up the fact that Vancouver has plummeted in the Economist’s Livability Index released today?

    http://www.vancouversun.com/business/2035/Vancouver+longer+ranked+most+livable+cities/6882707/story.html

    Like or Dislike: Thumb up 0 Thumb down 0

    Mortgagee Says:
    94

    My mistake, the city wasn’t included in the ranking this year.

    Like or Dislike: Thumb up 0 Thumb down 0

    Urbain Says:
    95

    @Turkey: I thought I knew these damn Strathcona boxes well; I had no idea they were strata. When those things went up, after they had been burned to the ground mid build, the horrible workmanship was evident from the street when passing by car. Walking by them, it was even worse. I wouldn’t by one of those at half the price. I hope the builder/developer takes a bath.

    Like or Dislike: Thumb up 0 Thumb down 0

    UnagiDon Says:
    96

    @Turkey: Let me fix the MLS listing…

    Amenities Nearby: Heroin Dealers, Injection Sites, Female Companions.

    One must admit, that is a pretty damn convenient location. Almost enough to justify $647/sqft.

    Like or Dislike: Thumb up 0 Thumb down 0

    Joe_blown_away_by_high_housing_costs Says:
    97

    What a monstrosity!!!

    “A 30-storey glass arch structure of up to 2,000 residential units will act as a window between BC Place and False Creek, anchoring a massive mixed-use complex that will transform a dead zone into the heart of a vibrant entertainment district, according to a proposal to the city.”

    Best comment is by jhane ball:

    “Most of us realise that the loose the viaducts plan is really all about freeing up more land for the developers and not the creation of so called human scale parks and neighbourhoods. But seriously if this design is the best Vancouver architects can do and a sample of the shape of things to come, not only visually, but density wise, then g** help us.”

    Like or Dislike: Thumb up 0 Thumb down 0

    Simple Says:
    98

    Looks like “Makaya” and “Vote Down The Facts” have finally settled their argument.

    http://www.vancouversun.com/Roommate+facing+charges+after+Kitsilano+attack/6883191/story.html

    Like or Dislike: Thumb up 0 Thumb down 0

    Crikey Says:
    99

    I occasionally see discussion/consternation here about the different statistics reported by different RE bookkeeping organizations. Why are formulas changing so often? What are those formulas, exactly? And, can those statistics possibly ever be wrong? The answer to that last question, at least, is a resounding “YES!!!”.

    I hate to repeat something I’ve said in other threads, but we only need to look at recent history down south get see evidence of statistics shenanigans by supposedly “reputable” organizations:

    As recently as 7 months ago, the NAR (National Association of Realtors) in the U.S. released a BIG bombshell that somehow went relatively unnoticed by the MSM — since 2007 through 2011 they had been double-counting many sales, producing numbers that were sometimes as much as 20% off from reality! (The NAR only admitted this after another stats organization made it painfully obvious how full of BS the NAR was)

    So, what are the repercussions of the most prominent U.S. source for statistics on their housing market publishing complete bullshiat for years? (Bullshiat, which, coincidentally seems to have always worked in their favour)

    If you know about any class action lawsuits that I don’t, feel free to correct me on this, but apparently the repercussions are: nothing. Nada. Zilch-o.

    All those people who made decisions based on the data, lost money based on the data? Funny story – they’re just SOL. Ha-ha, yes?

    Anyways, what do you think would happen if, “somehow” statistics gathering organizations for local RE were to “accidentally” get their math wrong for several months or years? If our neighbours’ history down south is any indication, apparently nothing.
    http://housingdoom.com/2011/12/14/as-we-suspected-the-nar-cant-count/

    Like or Dislike: Thumb up 0 Thumb down 0

    Joe_blown_away_by_high_housing_costs Says:
    100
    patient renter Says:
    101

    ok, so it’s a story on the front of the CBC website. The video is great right up until the last 10 seconds when they give the last word to an “economist at the BC real estate association” who says that there will be no bargains.

    http://www.cbc.ca/bc/

    Like or Dislike: Thumb up 0 Thumb down 0

    pricedoutfornow Says:
    102

    @pennysaver:

    Re: Keith Roy-This is unbelievable! A realtor stating the obvious (when there’s more supply, prices go down). And selling his own home!

    That’s it. It’s over. I can feel it, there will be blood on Vancouver’s streets very soon.

    Like or Dislike: Thumb up 0 Thumb down 0

    Lionel Hutz Says:
    103

    @Makaya:

    “Toronto realtor calls for stiffer bidding war rules after clients offer $90,000 over with no rival bids”

    Oh man that gave me a good laugh. A realtor getting rooked by another realtor. You’d think these crooks would be up to speed on all the usual realtor sleazeball tactics from their colleagues.. I don’t feel sorry for these buyers at all. They seemed all too willing to overpay and if they are stupid/gullible enough to fall for this basic tactic from a listing agent then they are getting what they deserve. I can’t believe the realtor is claiming she was duped though. Was she born yesterday?

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    104

    @Makaya:

    There must be something missing from that story (the $90k over ask with no competing offers). If they’d written in any subjects at all they could have found a way out of the deal, and told both realtors where to shove it. Could these fools have submitted a subject-free offer? Why did they “negotiate” a $45k reduction instead of walking away in disgust?

    Like or Dislike: Thumb up 0 Thumb down 0

    Joe_blown_away_by_high_housing_costs Says:
    105

    “The lack of affordable rental housing doesn’t just negatively affect the bottom line and quality of life for people like Patton, it’s negatively impacting Canada’s economy, according to a report released Wednesday by the Federation of Canadian Municipalities.

    Read more: http://www.vancouversun.com/business/Vancouver+style+high+rents+drag+national+economy+report/6884931/story.html#ixzz1ziiyf64A

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    106

    @Crikey: “Why are formulas changing so often? What are those formulas, exactly?”

    They’re unpublished as far as I’m aware, which is suspicious in itself. If they wanted to be taken seriously they’d put them out there for others to review. They’d probably claim that there’s some sort of trade secret in their recipe, which puts them on the same page as KFC and hydraulic fracturing in my book.

    Like or Dislike: Thumb up 0 Thumb down 0

    ReadyToPop Says:
    107

    It wouldn’t surprise me if many over bidders are also prone to drive around to several outlets to get a few cents off their favourite deoderant.

    Like or Dislike: Thumb up 0 Thumb down 0

    HFHC Says:
    108

    New Listings 408
    Back On Market Listings 52
    Price Changes 181
    Sold Listings 185

    @Turkey –

    V939354
    780k 23-mar-12
    719k 27-jun-12

    V939353
    888k 23-mar-12
    818k 27-jun-12

    V939338
    898k – 23-mar-12
    828k 27-jun-12

    Also Sold today Breakdown

    Townhouse – 41
    apartment – 82
    House – 58
    duplex and acerage – 4

    Like or Dislike: Thumb up 0 Thumb down 0

    Lionel Hutz Says:
    109

    Re: Keith Roy

    I would be more willing to give this guy some credit for being honest if it weren’t for the fact that his assessment is entirely self-serving. Of course he wants to induce people to sell, how do you think he makes his money? What better way than to create panic: SELL NOW OR BE PRICED IN FOREVER. His schtick is no different than other used house salesmen when the market is going up. No matter what the market conditions are, it will always be a good time to buy and it will always be a good time to sell. All these realturds are out for themselves, don’t ever forget that.

    Like or Dislike: Thumb up 0 Thumb down 0

    Romeo Jordan Says:
    110

    Thanks for the great stats breakdown!

    Watch for simple average price decline in the 20%+ range by year end. As the year over year comparison starts with a higher 2011 price (given last year’s price trend).

    The HPI or whatever that bullshit is should be down in the high single digits by then.

    Hold onto yer ginches, this ride will pick up steam as we move into the fall.

    Like or Dislike: Thumb up 0 Thumb down 0

    Tick Tock Says:
    111

    Reminder property taxes are due today…. i saw a line up at Money Mart in Vancouver this morning coincidence?

    Cracks are showing, credit cards are maxed, Home Depot empty, get popping those kernels!

    Like or Dislike: Thumb up 0 Thumb down 0

    Absinthe Says:
    112

    @Turkey: I’d actually not mind living in that area, sketchy tho’ it is, if those were, what, 60% off?

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    113

    @Vote Down The Facts: They’re unpublished as far as I’m aware, which is suspicious in itself.

    Actually, the HPI formula is published. Here you can find it here:
    http://www.yattermatters.com/wp/wp-content/images/2012/05/HPI-User-Guide-mls%C2%AE_hpi_user_guide.pdf

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    114

    @Makaya:

    That’s awesome, thanks for the link.

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    115

    @Lionel Hutz: “Oh man that gave me a good laugh. A realtor getting rooked by another realtor.”

    The realtor didn’t get rooked. Both realtors made more money by taking a commission on the 90K over asking. Remember the buyers agent is actually wooking for and paid by the seller. The buyer obviously did not realize this when he/she got sucked din to the ‘bidding war’.

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    116

    @Vote Down The Facts: “If they’d written in any subjects at all they could have found a way out of the deal, and told both realtors where to shove it. Could these fools have submitted a subject-free offer?”

    Any bidding war is typically all no subject offers. If it was a true bidding war an offer with subjects would never be accepted if there was an offer with no subjects.

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    117

    @Lionel Hutz: “I would be more willing to give this guy some credit for being honest if it weren’t for the fact that his assessment is entirely self-serving.”

    It is true his blog post is a marketing ploy, but the fact is he did sell his own house and does support his point of view with facts. He even calls out his association. The more realtors who market like this the better. He is also sacrificing potential buyers agent commissions by doing this.

    Like or Dislike: Thumb up 0 Thumb down 0

    Vote Down The Facts Says:
    118

    @Anonymous: “If it was a true bidding war an offer with subjects would never be accepted if there was an offer with no subjects.”

    Even if the subject-free offer was at a lower price?

    Like or Dislike: Thumb up 0 Thumb down 0

    Can we expect another round of Chinese ponzi money and the associated media hype?

    http://www.alsosprachanalyst.com/real-estate/real-estate-transaction-volumes-picked-up-markedly-in-major-chinese-cities.html

    Like or Dislike: Thumb up 0 Thumb down 0

    oneangryslav2 Says:
    120

    @Vote Down The Facts:

    They’re unpublished as far as I’m aware, which is suspicious in itself. If they wanted to be taken seriously they’d put them out there for others to review. They’d probably claim that there’s some sort of trade secret in their recipe, which puts them on the same page as KFC and hydraulic fracturing in my book.

    +1,000,000!!

    Wishing to see the data (or formulas) is wishful thinking as it would undermine the whole RE ponzi scheme. But at a minimum, they (REBGV) should be willing to supply summary tables of parameter estimates and standard errors.

    Like or Dislike: Thumb up 0 Thumb down 0

    Devore Says:
    121

    @Vote Down The Facts:

    Even if the subject-free offer was at a lower price?

    Yes. Even without conditions, they’re often sent back to “improve”. But if you’re in a bidding war scenario, you do your pre-inspection, arrange your financing, and bring a fat deposit check with your condition-free offer on offer day. A conditional offer can trivially fall through as the overstimulated top bidders get cold feet after a night’s sleep, an unconditional one is a done deal right then and there.

    Like or Dislike: Thumb up 0 Thumb down 0

VCI Network

  • Take a Peak.

    The Vancouver Peak Discussion Forums are now open for collecting stats, sharing data, etc. Please register at the new site and let us know what you think.
Leap to comment form