Vancouver is dragging the Canadian market down

Yeah, sales are down across Canada and prices as well.

Average prices across the nation dropped 2% in July on a Year over Year basis.

But it’s really not as bad as it sounds.

That national average is mostly being dragged down by Vancouver where average prices fell 12.2% in July according to the CREA.

So mostly it’s the Vancouver real estate market where prices shot through the roof and are now falling back to earth that is dragging down the national average.

No Canadian real estate market crash yet.

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patriotz
Member

@rp1:
But Chicago can’t be a world class city because house prices are only around 1/2 what they are in Vancouver.

http://www.trulia.com/real_estate/Chicago-Illinois/market-trends/

:-;

rp1
Guest
rp1

#152 @Girlbear: “It was also hard to imagine a top world class city with a Sears as one of it’s DT mall anchor tenants”

Chicago? I know it’s not what you meant.

rp1
Guest
rp1

#158 @VMD: “Government orders ICBC to slash budget”

We’re about to get reamed. Translink is surely right behind them.

Vote Down The Facts
Guest
Vote Down The Facts

@VHB: “LOL at bulls. Are they going to hyperventilate about inventory and wet their pants when inventory declines in Nov and Dec too? hahahah”

Nobody is hyperventilating over inventory – just the failed extrapolations from Jan/Feb, which were laughably optimistic.

Vote Down The Facts
Guest
Vote Down The Facts

@oneangryslav2:

That’s not an official announcement. Nordstrom have only said they’re entering the Canadian market. Your link and all the news sources say the same thing – “insiders tell us that…”.

I’d say it’s almost certain that they’re moving into the Pacific Center, but there’s not been anything straight from the horse’s mouth yet.

Girlbear
Guest
Girlbear

@Used House Salesperson: Yes, and Ireland is recourse mortgages also…in fact they are so strict there they can imprison you for failure to pay debt, including mortgage debt.

That certainly did not have any impact on their housing bubble and subsequent crash.

Here’s the thing. If you can’t pay it, you can’t pay it.

Not a Realtor says
Guest
Not a Realtor says

N – sorry pal 😛 No changes.
Only a few pinheads here will keep renting.
bahahahahahahahahahahhahahahahahahahahhahahahahahahahahahah

Not a Realtor says
Guest
Not a Realtor says

Girlbear – bunch of idiots, don’t know how to hold a conversation or anything else together. They vote you down if u don’t say what they want to hear and agree with them.

N
Guest
N

Interesting. The young couple shopping for their first home that I mentioned a few weeks ago posted on FB about it. Another friend, who recently bought a million dollar house, so is in no way a bear, commented that with all the talk of a market crash it might not be a good time to buy.

This is how market psychology changes.

Not a Realtor says
Guest
Not a Realtor says

“Here are two states that have recourse mortgages: Nevada and Florida. Can anyone tell me how that kept prices from falling?”

Ya idiot, second homes used for winter 😛

oneangryslav2
Guest
oneangryslav2

@Vote Down The Facts:

Nordstrom have made a commitment to 4 Canadian stores, but have not made any announcements regarding specific locations.

Get your facts straight! 😉

Retail Insider was just informed that Nordstrom has secured leases for 4 Canadian stores. These locations will include:

1. Pacific Centre in Vancouver, British Columbia – 225,000 square feet
2. Chinook Centre in Calgary, Alberta – 173,000 square feet
3. Rideau Centre in Ottawa, Ontario – ~200,000 square feet and
4. Sherway Gardens in Toronto, Ontario – 160,000 square feet.

The first three locations are currently occupied by Sears stores, while the Sherway Gardens store will be a new-build Nordstrom location, corresponding with an expansion of the shopping centre. The 225,000 sq ft Sears store at Sherway will continue to operate. Nordstrom’s board of directors is expected to approve these leases by early next week.

http://www.retail-insider.com/2012/07/nordstrom-signs-leases-for-4-canadian.html

VHB
Member
VHB
Oh! Odds increasing of ending the month with a ten-handle on MoI: Aug-2012 Total days 22 Days elapsed so far 11 Weekends / holidays 5 Days missing 0 Days remaining 11 7 Calendar Day Moving Average: Sales 85 7 Calendar Day Moving Average: Listings 194 SALES Sales so far 910 Projection for rest of month (using 7day MA) 935 Projected month end total 1845 NEW LISTINGS Listings so far 2251 Projection for rest of month (using 7day MA) 2138 Projected month end total 4389 Sell-list so far 40.4% Projected month-end sell-list 42.0% MONTHS OF INVENTORY Inventory as of August 16, 2012 18792 Current MoI at this sales pace 10.19 Note that the denominator really drives MoI when sales are at current levels. Even if inventory drops back to 18000, we’ll still be at 10.0 so long as sales come in… Read more »
Used House Salesperson
Guest
Used House Salesperson

Oh goody, I see some idiot trotted out the “different here because you can’t walk away from your mortgage” foolishness again.

Here are two states that have recourse mortgages: Nevada and Florida. Can anyone tell me how that kept prices from falling?

Bueller? Bueller?

Girlbear
Guest
Girlbear

lol. how could I be foreclosed for asking if it was 100% confirmed that Nordstrom was taking over tenancy of Sears location?

VMD
Member

in other news
8/16/2012 8:30pm
Government orders ICBC to slash budget, criticizes spending on managers and perks

CEO Schubert announces resignation in response

Vote Down The Facts
Guest
Vote Down The Facts

@Girlbear:

Nordstrom have made a commitment to 4 Canadian stores, but have not made any announcements regarding specific locations. Given that Sears were kicked out of the Pacific Center it would be silly to assume they didn’t have another tenant lined up to take over the space.

Vulture Fun
Guest
Vulture Fun

@Conrad: Okay, Conrad, an over eager bear cub made a bold prediction. Predictions are fun, but we can gradually start to set them aside because the wipeout is happening. It’s clearly reflected in the daily, monthly, yearly data. The bears have their popcorn ready. The previews are over and now the feature presentation is coming on. You can go ahead and practice your out-of-control sobbing and panic attacks. I will be working on my told-you-so dance and my evil laugh.

DaMann
Member
DaMann

@Conrad:

As bearish as I am I had said we wouldn’t hit 20k this summer. It’s somewhere in the posts. But I am liking the low low sales. It’s as good as 20k.

Have friends who bought a house in Langley and have to sell their condo in kits. I told them to cut and run but they have decided to wait. I think it will be a big mistake.

Vote Down The Facts
Guest
Vote Down The Facts

@Conrad:

22000, wasn’t it?

Conrad
Guest
Conrad

You were all wrong about inventory. Most were saying 20,000 by June. That did/will not happen. Please some accountability…anyone? just once?

Girlbear
Guest
Girlbear

@Not a Realtor says: Yup. That was a joke. It was also hard to imagine a top world class city with a Sears as one of it’s DT mall anchor tenants…

Girlbear
Guest
Girlbear

@oneangryslav2: 100 pct it’s Nordies going in? I heard that rumour but talking to commercial RE friends I can’t find that it was confirmed.

jesse
Member

@Not a Realtor says: “Therefore they end up stuck in the property and prices remain stuck and a bottom gets put in on prices very quickly.”

That is not what happened in the US. It only happened when prices stopped dropping. Again, Vancouver has not experienced an environment of monthly price declines that lasted more than about 8 months. If price declines take hold and are drawn out over several years (the US took about 6 years top to bottom) there will be a very different dynamic taking place than what we’re even now observing.

Anonymous
Guest
Anonymous

Makaya Says: we’re relocating in 2 weeks
Turner Says: Finally. Time to pull the jiffy pop off the stove.

Brittanny
Guest
Brittanny

I am in Kamloops.Whoa! Prices are going down by 10K/day here on average, even with all the new mining projects on the table. Never seen such a rapid decline in RE prices! Good luck to the speculators and anyone in related industries.