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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Best place on meth
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Best place on meth

@VMD:

“Troll Index is moderate-to-high,
forcast 65-80 sales today.”

We have a winner!

Best place on meth
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Best place on meth

@McLovin:

She’ll be dead before it sells, thank god.

paulb
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New Listings 183
Price Changes 91
Sold Listings 76
TI:18792

http://www.paulboenisch.com

McLovin
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McLovin

An idea of the prevailing attitude out there:

I was speaking to an 75 yr. old that listed her apt in White Rock 3 months ago. After two price drops she got one showing “tire kickers” she said. She is taking it off the market “until next year”. I told her that perhaps if she dropped the price more it would get sold. She said that it was already listed “under what its worth” and she will “wait for the market to get better”

I wonder how many expired listings are thinking the same thing?

People just can’t seem to understand that the ship is sinking fast even though the water is around their ankles.

Not a Realtor says
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Not a Realtor says

The only good Realtors to you guys are ones who give you numbers. None of you will know what a bottom is even when it’s staring you in the face.

Answer:
August 2012
March 2009

registered
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registered

@111 UnagiDon: Probably not the best way to display what is essentially 3D data in a 2D format. That it masks the effect of overall pop growth doesn’t help.

Makaya
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Makaya
@UnagiDon: That data is pretty consistent with my view of Vancouver: fun city to live in when you’re young and carefree in your 20s, but a tough city to live in once you focus on your career and raise kids in your 30s. That’s exactly my case. Arrived in Vancouver in my 20’s to study. Got a decent local job, met my (now) wife and we now have a kid. I initially thought Vancouver was a great city until I had a kid… Then reality kicks in: 2 to 3 years daycare waitlist in downtown. If you ever get a chance to secure a spot, you’ll have to bleed somewhere around $1,300 if you’re lucky. Result, my wife as been out of work for almost two years now, to look after the kid: ridiculous! Add to that the lack of… Read more »
Best place on meth
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Best place on meth

@Girlbear:

Now that’s a nice house.

Still only worth 1.5 million though.

Vote Down The Facts
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Vote Down The Facts
@ArthurFonzarelli: “Question to the data junkies out there. I’m skeptical of the HPI. HPI utilizes in its methodology an analysis of repeat sales of same properties to calculate its benchmark values. But in the past 10 years plus of this crazy market runup a HUGE number/percentage of old timers, Vancouver Specials, and other fixer-uppers have been extensively renovated.” Here’s what Teranet says about their index: ‘For the Teranet – National Bank House Price Index™, all properties that have been sold at least twice are considered in the calculation of the index; this is known as the repeat sales methodology. Properties that are affected by endogenous factors are not considered in the estimation. These factors may include: a) non-arms-length sale, b) change of type of property, for example after renovations, c) data error, and d) high turnover frequency (biannual or higher).… Read more »
Vote Down The Facts
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Vote Down The Facts

@/dev/null: “It’s generally just annoying that when prices are going up all the bulls want nothing more than to tout the average price shooting up and that’s all you see in the media. But on the way down suddenly the same characteristic of the average price is a serious deficiency and it should be disregarded. ”

You can make the same argument the other way – bears were against the average right up until the point it started showing them what they wanted to see.

Girlbear
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Girlbear

@Girlbear: sorry guys like “realtor” who are posing as realtors. WTF?

UnagiDon
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UnagiDon

@fixie guy: Thanks for the interesting chart.

“The 20-30 group has shown a dramatic increase over the last ten years.”

That looks to be true. But the 32-42 age group is at a 10-year low. I don’t think that can be explained by Echo Boomer effects.

That data is pretty consistent with my view of Vancouver: fun city to live in when you’re young and carefree in your 20s, but a tough city to live in once you focus on your career and raise kids in your 30s.

Girlbear
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Girlbear

Sometimes its fun to get baited by guys like troll just so we can be reminded how right we are 🙂

Bailing in BC
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Bailing in BC

@Realtor says:

I understand that you are not really a realtor. Do you just call yourself realtor because you are a douchebag?

Apologies to realtors who are the good guys (you know who you are)

Bally
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Bally

@Realtor says:

I wonder what job you have that is so bad that you pretend to be a used house salesman!?

Chabar
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Chabar

@Realtor says:

Time for meds?

Realtor says
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Realtor says

I gotta run kids. Have fun talking yourselves into sillyness, I’ll be back later 🙂

Realtor says
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Realtor says

That’s the renters of course. The Realtors are living mortgage free, in most cases, in places they bought cheap.

Girlbear
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Girlbear

Meth

For you viewing pleasure 🙂 Of course no way in hell is that land being turned into condos or high rises…

http://www.realtor.ca/propertyDetails.aspx?propertyId=11867501&PidKey=1811116642

Realtor says
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Realtor says

gokou3 – that was a test. You guys really have no clue eh?

I hear from top Realtors they are living in furnished 1-bedroom rentals for $2700 per month sucking their bank accounts dry until finally a landlord accepts them.

gokou3
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gokou3

@Realtor says: Over 20 apps per condo in first 24 hours. What I wonder is where the other 19 people are living?

Yeah, I wonder about that too, cause I don’t ever recall seeing any employed people (i.e. non-hobos) living on the streets. Maybe there wasn’t a shortage of housing to start with?

market stats
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market stats

@ZRH2YVR departure

In the end while housing is more costly than other places, I think your point about income opportunity is the main issue about the city. There is little industry here and I know several people here in similar or worse predicaments than you. In terms of re, you would think that at some point the price to income and rent ratios have to make an impact but it is impossible to wait forever. Many others will make your decision and it is too bad that the smarter people are making those choices.

Realtor says
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Realtor says

Girlbear – are you female? I thought all the wives wanted to buy, as Garth tells us every day. Besides I’m not a Realtor. I own a couple businesses and my employees take care of everything.

Girlbear
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Girlbear

I guess realtors lounge by pools all day 🙂 Good on ya buddy.

Now if you (as a realtor) think your home is worth $2.5 and you have a pool etc then you are not in the city of Vancouver. POssibly North Van or further.

I have some friends who just rented out a new home in Edgemont Village for $2500/month…with a pool.

Hhhhmmmm. I’ll take that $2500/mnth vs your $2.5mill.

But maybe that’s just because I like to play with numbers.

Sigh, why am I bothering to reply to a troll.

Realtor says
Guest
Realtor says

gordholio – for every idiot calling for a 25-50% decline I can find just as many calling for a 25-50% increase. You have to look out maybe 10 years to figure in a 100% increase is my idiot opinion 🙂