The incredible sinking Richmond

Inventory posted this update to detached sales in Richmond and it’s astounding.

We’re not at the end of the month quite yet, so this number will rise, but we would have to have an incredible amount of sales to not have July 2012 register as an all time record low number of sales.

Here’s the comparison for July detached sales all the way back to 1995, we’re currently sitting at about half of the low normal level:

Richmond Detached July

1995 = 108
1996 = 117
1997 = 122
1998 = 86
1999 = 113
2000 = 96
2001 = 183
2002 = 154
2003 = 209
2004 = 129
2005 = 170
2006 = 97
2007 = 175
2008 = 92
2009 = 221
2010 = 107
2011 = 123
2012 = 54 (-56%) ***July 29

Just what is happening there to the south of Vancouver?  Have houses in Richmond fallen out of favour with buyers for some reason?

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ScubaSteve
Member
ScubaSteve

Something tells me that house fires in Richmond are going to go way up next year.

I hear realtors in Vancouver are now blaming the olympics, saying that all the rich asians have left to go watch the games in London, and all the people left here are too busy watching them on TV. Oh, and also, the weather is nice (really?0, so everyone is too busy outside to buy. Doesn’t nice weather usually increase sales? Hmmm. It’s going to be a cold winter. Ice cold.

rp1
Guest
rp1

I blame the NDP. Elected or not, you know that’s coming.

G
Guest
G

@ScubaSteve:

Didn’t the olympic just start 2 days ago??

Krusty the Clown
Guest
Krusty the Clown

Wonder if the MSM will report this in a headline? Likely not. But if it were an all time sales HIGH, it would be the top headline in the Sun and Global.

I hate Richmond. My least favourite YVR suburb.

chilled
Member
chilled

I’m told those yummy, yet often hard to find pork buns, are currently available just about everywhere in Richmond.

specialfx3000
Member
specialfx3000

@chilled:

Hehe, your post about pork buns remind me of an old HK movie.

http://www.imdb.com/title/tt0103743/

Brian
Guest
Brian

Richmond is a cold suburb. Not bike able, not walk able except around No 3 Rd. and about 70% overpriced.

SunBlaster
Guest
SunBlaster

Was considering to call Shaw and reinstall cable to watch Olympics but then remembered all commercials breaks and changed my mind.

So not everyone is watching Olympics :o)

Anonymous
Guest
Anonymous

I’d say GOOD LUCK to the Mandarin condo sales.

FlipFlop
Guest
FlipFlop

@Sunblaster

as long as you have a digital tuner built into your TV (assuming you’re using a plasma or LCD), something like this should work.

http://www.youtube.com/watch?v=TRS4GMGJr7M

Just point it at the mountains.

I made one that was a little more involved, but this one is too simple NOT to try it out. I believe you’ll get Global, sportsnet, and CTV.

joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
Richmond actually did used to be a nice place back in the 80s, before the condo boom destroyed it. Things I like about Richmond: -a little less rain than you get in Vancouver -Flat. I like flat land–I don’t really like cities that have too many hills or where you feel like your bunched up against a mountain. I like the flat open feeling you get in Richmond -the farms, esp. the blueberry farms. I spent a lot of time as a kid on a blueberry farm in Richmond. Back then, it really felt like you were out in nature. You’d hear the coyotes howling every night and they’d come and kill the chickens. I felt like I got a taste of growing up in a rural area. -the farmers’ market on Steveston Hwy and Hwy 99. It’s an actual… Read more »
FlipFlop
Guest
FlipFlop
Manna from heaven
Guest
Manna from heaven

Apologies if this story has already been posted.

“Ratings agency Standard & Poor’s has revised its outlook downwards on seven Canadian financial institutions, citing high housing prices and consumer debt.”

http://www.theglobeandmail.com/globe-investor/sp-downgrades-7-canadian-banks/article4445550/

I haven’t owned any Canadian financial stocks in years and have contemplated shorting them.

procrustes
Guest
procrustes
Patiently Waiting
Member
Patiently Waiting

So what? Less than 9 billion dollars in residential real estate across the whole United States? Once again, HAM blown out of proportion by realwhores.

“According to data released last month by the National Association of Realtors, non-U.S. buyers accounted for $82.5 billion in residential property sales in the 12 months ended March 2012. Chinese purchasers made up 11 percent of this total, while Canadians continued to represent the largest swath at 24 percent.”

http://www.businessweek.com/articles/2012-07-29/chinas-gift-to-u-dot-s-dot-homeowners

French_In_Exile
Guest
French_In_Exile

@Brian: Steveston Village is pretty cool tho…

HFHC
Guest
HFHC

New Listings 143
Back On Market Listings 9
Price Changes 121
Sold Listings 52

AS OF 1:37PM

ALL LOWER MAINLAND

taylor192
Member

Where did all the bulls go? It seems sales are not the only thing that is falling off.

ScubaSteve
Member
ScubaSteve

@HFHC:

Those are sad, sad numbers. Could we see sales under 50 today for Paul’s numbers?

Someguy
Guest
Someguy

@Krusty the Clown:
YVR is in Richmond, making it the only YVR suburb.

Anonymous
Guest
Anonymous

@taylor192: bulls have works to do. unlike you people, nothing to do but flush your saliva out all day long!

gokou3
Guest
gokou3

@HFHC: Do we have price changes for over 100 listings often?

fuzzybear
Guest
fuzzybear

I totally agree that prices will come down, but for how long? What if US house prices start to climb again in a year or two along with good economic improvements? Even prices by then are still out of whack, speculators will then return with high confident level to push prices up once again. How will prices return to normal level?

blamegame
Guest
blamegame

@fuzzybear: How does that logic work? It seems that if you follow that thought process the US market should have started rocketing up in 2009 when they saw the Canadian market going up. Wouldn’t the non-bankrupt speculators buy the prices that are going up in the US, not the ones that are going down here?

FlipFlop
Guest
FlipFlop

taylor192 Says:
“Where did all the bulls go? It seems sales are not the only thing that is falling off.”

They’re all busy trying to make that digital antenna I provided instructions to, cuz they can’t afford cable anymore.

FF

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