Will this be a better week for sellers?

Good monday to you all!

As we head into another week it will be interesting to see if the current dismal sales trend holds.

VHB puts it into perspective:

If we get another week like last week, we will be on pace for sub-2008 September sales. Pause and think about that. In the middle of the biggest financial crisis in 75 years, more houses were sold than now. Wow.

Wow indeed.

So let’s look short term – what do you think?  Will this week reverse the trend that kicked off the month or are we going to see more of the same?

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gokou3
Guest
gokou3

I’d rather see our FIRST 20k inventory

jesse
Member

I wrote about the “fall rebound” here
http://housing-analysis.blogspot.ca/2012/09/fall-sales-rebound-in-greater-vancouver.html

Summary: Only 18% of the September-November months in the past 13 years have been “better” (defined as >5% sales volume increase) than the previous August’s numbers. 46% are “worse” (= -5% and <= 5%).

If you're looking for a sales trend to lead to increased sales in the fall, using August's sales as a gauge, it's not looking so good. Further, if you are predicting at least one month in September through November with sales at least 5% better than August, you would be right 5/13 times.

Further still, only 3 of the last 13 years saw average monthly September through November sales increase over August by at least 5%.

And to put the infamous 2008 into perspective, 2008 saw sales of September through November compared to August as 2%, -12%, -44%.

Bo Xilai
Guest
Bo Xilai
Chip
Guest
Chip

Would you really want to be a rich and foreign property owner in Greece when the Big Hurt comes?

Anonymous
Guest
Anonymous

@Bo Xilai: “What you can get in Greece for 700K to 2.6M…”

I am not sure I would want to run out and buy any of those places at a fraction of the price. The problem is those properties are subject to property tax at what ever rate the Greek government sees fit. When governments go broke they tend to tax ‘rich’ foreigner property owners who have no voting rights the most.

Nom Nom Nom
Guest
Nom Nom Nom

@anonymous: “When governments go broke they tend to tax ‘rich’ foreigner property owners who have no voting rights the most.”

… do you promise that the Canadian government will follow that assumption?

Anonymous
Guest
Anonymous

whatever way the market turns out, vhb is comfy in his place and feeling sorry for you people; hence the numbers are donated out of his sympathy.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Any day now, the crash is coming! Just wait! Bulls repent!

joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
I agree that it would probably be a poor decision for a foreigner to buy real estate in Greece given the political instability in that country. However, I think those Greek properties do underscore the poor value you get for your real estate dollar in Vancouver. Those places in Greece look really nice and the view of the sea is just magnificent and the climate is great too. Those Greek places are the same price as the crack shacks in Vancouver. It may not make me want to run out and buy a house in Greece, but after seeing that, I sure would feel ripped off if I recently bought a place in Vancouver. I can’t get over how beautiful those pictures were. People are so deluded to think that Vancouver is seriously the best place on Earth when there… Read more »
VanRant
Guest
VanRant

More Nails for the coffin: Immigration Minister Jason Kenney says his department has begun the process of revoking citizenship from up to 3,100 individuals, as investigators probe nearly 11,000 people suspected of misrepresenting themselves in their quest to become citizens of Canada.

Read more: http://www.ctvnews.ca/politics/11-000-individuals-being-investigated-for-immigration-fraud-kenney-1.949485#ixzz265QRNV97

rockerguy
Member
rockerguy

My friend is a top-10 best selling realtor on the North Shore. Told me on the weekend that he’s able to spend a lot more time at home with the kids now, because the market is so slow. He doesn’t see any change on the horizon, and feels that this is the reckoning the Vancouver market has been long overdue for.

Reminds me that we shouldn’t assume all realtors are market pumping dolts. The best of them understand that the market comes and goes in cycles, and that they need to have a different strategy to extract the most value out of each part of the cycle.

Anonymous
Guest
Anonymous

just got back from the states last night. Going through customs at the airport I was in the “Canadian citizens” lineup and had to wait forever because the few parties ahead of me had not answered one question on the customs form.

officer- “you haven’t answered one question”
traveler- silence
officer- “can you speak any english?”
traveler- nods no
officer- “we’ll have to bring over a translator”

this happened in two of the 3 open stalls

seriously….

Anonymous
Guest
Anonymous

@VanRant: “More Nails for the coffin: Immigration Minister Jason Kenney says his department has begun the process of revoking citizenship from up to 3,100 individuals, as investigators probe nearly 11,000 people suspected of misrepresenting themselves in their quest to become citizens of Canada.”

Would the last one leaving Dunbar please turn off the lights.

good-format
Guest
good-format

My landlord’s husband must be so frustrated because he just noticed this market is going to crash.

The house was changed hand in July, 2012.

Anonymous
Guest
Anonymous

my neighbour’s son was constipated this morning. I wonder what it had to do with bears and real estate! Opss. time to line up for the soup kitchen.

Vote Down The Facts
Guest
Vote Down The Facts

@Anonymous: “seriously….”

Maybe they spoke French? 😉

Meh
Guest
Meh

@VanRant: In other news, do a map search on Richmond. Must be whole streets up for sale.

Vote Down The Facts
Guest
Vote Down The Facts

@Anonymous:

Probably worth adding that people over 55 are exempt from the requirement to know either English or French in order to become a Canadian citizen.

Lewis
Guest
Lewis
ArthurFonzarelli
Guest
ArthurFonzarelli

Looks like we are starting to see the slow bloodletting of RE-related jobs: August stats released last week show strong job growth in BC except for a few key sectors, including construction, real estate, finance, and insurance. Doh!

Anonymous
Guest
Anonymous

@Lewis: That is good news. Interest rates are not going up until 2015 and the market is crashing so why not wait till 2015 and buy at low price and low interest rate?

Lewis
Guest
Lewis
Kenney
Guest
Kenney

Know HAM?

“I encourage anyone who has information regarding citizenship fraud to call our tip line to report it. There is no time limit for investigating this type of fraud.”
The citizenship fraud tip line can be reached through Citizenship and Immigration Canada’s Call Centre at 1-888-242-2100, or via email at Citizenship-fraud-tips@cic.gc.ca. The CBSA also runs its own Border Watch Tip Line that can be reached at 1-888-502-9060.

Read more: http://www.ctvnews.ca/politics/11-000-individuals-being-investigated-for-immigration-fraud-kenney-1.949485#ixzz2664cauvr

HFHC
Guest
HFHC

New Listings 215
Back On Market Listings 10
Price Changes 77
Sold Listings 67

AS OF 12:51pm

ALL LOWER MAINLAND

Supersogs
Guest
Supersogs
Thoughts from the ground: – Anyone else notice the increase of emails from developers of projects all over the lower mainland handing out price cuts on pre-sale or just built developments? – In the Burnaby Metrotown area, it’s looking like timing is everything. One year ago, pre-sales at Chancellor, Metroplace and Soveriegn sold out swiftly and without question. In fact, most of the sales team touted that this would everyone’s last chance to buy a condo in the Metrotown area because as anyone can see, there’s no more room. Fast forward to one short year later and we now magically have space for 3 new developments – Silver, Moda and the Met. All 3 are arguably in better if not equal locations and offers pretty much the same tired act, but all 3 have not sold out and have already… Read more »
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