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?
September 10th, 2012 at 12:10 am 1
I’d rather see our FIRST 20k inventory
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September 10th, 2012 at 12:40 am 2
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%.
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September 10th, 2012 at 4:01 am 3
What you can get in Greece for 700K to 2.6M…
http://www.businessinsider.com/northern-europeans-buying-greek-luxury-villas-2012-9?op=1
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September 10th, 2012 at 4:14 am 4
Would you really want to be a rich and foreign property owner in Greece when the Big Hurt comes?
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September 10th, 2012 at 7:33 am 5
@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.
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September 10th, 2012 at 8:12 am 6
@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?
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September 10th, 2012 at 8:32 am 7
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.
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September 10th, 2012 at 9:13 am 8
Any day now, the crash is coming! Just wait! Bulls repent!
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September 10th, 2012 at 9:50 am 9
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 are these beautiful Greek islands in existance.
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September 10th, 2012 at 9:52 am 10
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
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September 10th, 2012 at 10:14 am 11
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.
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September 10th, 2012 at 10:16 am 12
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….
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September 10th, 2012 at 10:18 am 13
@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.
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September 10th, 2012 at 10:19 am 14
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.
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September 10th, 2012 at 10:41 am 15
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.
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September 10th, 2012 at 11:08 am 16
@Anonymous: “seriously….”
Maybe they spoke French?
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September 10th, 2012 at 11:13 am 17
@VanRant: In other news, do a map search on Richmond. Must be whole streets up for sale.
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September 10th, 2012 at 11:48 am 18
@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.
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September 10th, 2012 at 11:54 am 19
Well interest rates aren’t going up anytime soon.
http://www.bloomberg.com/news/2012-09-10/fed-stuck-at-zero-into-2015-seen-in-swaps-qe-odds-reach-99-1-.html
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September 10th, 2012 at 12:02 pm 20
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!
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September 10th, 2012 at 12:18 pm 21
@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?
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September 10th, 2012 at 12:26 pm 22
All of a sudden I’m seeing “sold” stickers all over New Westminster.
http://www.theglobeandmail.com/life/home-and-garden/real-estate/the-lower-mainland-has-a-new-neighbourhood-darling/article4436080/
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September 10th, 2012 at 12:31 pm 23
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
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September 10th, 2012 at 12:51 pm 24
New Listings 215
Back On Market Listings 10
Price Changes 77
Sold Listings 67
AS OF 12:51pm
ALL LOWER MAINLAND
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September 10th, 2012 at 12:52 pm 25
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 or will begin offering discounts. This is not to mention the upcoming Station Square condos which would bring the number of new highrises in the Metrotown area to at least 9+ in just the upcoming years. I’m highly anticipating the completion of the first couple of developments and seeing the influx of units being flipped and units being rented. There’s going to be many disappointed landlords finding out they can’t get the rent that was promised (Metroplace sales team told me 2 bedrooms should fetch $1800-2000 minumum).
- I have quite a number of clients who bought pre-sale in various areas intending to flip it upon completion. However, many of the pre-sale projects did not sell out and the developer is handing out discounts at a blink of an eye the average “investor” can’t keep up with. Case in point – client purchased a 2 bedroom unit in Reflections (across from Edmonds Skytrain in Burnaby) with the idea of doing a quick flip upon completion which was a few months back. A email promo from the developer back in July said there was only 7 units left. Another email promo followed last week in which the 7 units were still available, but now at a $25-30k discount. He now has a unit on his hands that offers less than some of the developer’s offerings but is priced higher.
- Did a quick search for “assignment” on craigslist. Looking forward to seeing the amount of people wanting to offload their assignments as many are noticing the derailing of the condo market.
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September 10th, 2012 at 12:56 pm 26
Year those non English speaking Canadian citizens eh? It annoys me every time an old granny speaks Greek instead of English when I visit Kitsilano or Commercial. I sooo wanny eavesdrop, how rude of them!
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September 10th, 2012 at 12:57 pm 27
@Anonymous:
“When governments go broke they tend to tax ‘rich’ foreigner property owners who have no voting rights the most.”
EU members have to tax citizens of other EU countries at the same rates as the locals.
I think the larger issue is that the Greek government is likely to hike property taxes for all luxury properties.
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September 10th, 2012 at 12:59 pm 28
I don’t think sales will improve. Sellers refuse to cut prices and as prices head higher it will be very similar to the stock markets.
LOW volume and HIGHER prices.
Frustrating!!!
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September 10th, 2012 at 1:12 pm 29
@Vancouver: If by ‘prices’, you mean Avg price, then maybe. Benchmarks will continue to decline if sales remain low.
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September 10th, 2012 at 1:13 pm 30
Rents don’t drop as housing slows down because more people “wait and see” and rental demand goes up…It’s a wash to own or rent you won’t Save money.
http://seattle.craigslist.org/apa/
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September 10th, 2012 at 1:52 pm 31
@Bill: What happens to all the empty investment condos if prices stop appreciating (i.e. “profits” stop) and sales are slow (i.e. can’t cash out)?
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September 10th, 2012 at 2:02 pm 32
@joe_blown_away_by_high_housing_costs:
Well, they’re not making any more islands… …or are they…?
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September 10th, 2012 at 2:18 pm 33
@/dev/null:
“and sales are slow (i.e. can’t cash out)?”
Sales are slow because owners won’t cash out. The causality is the other way.
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September 10th, 2012 at 2:22 pm 34
@/dev/null:
Filed under http://www.ehow.com/how_2081346_stop-stampede.html
We should see more media stories soon about:
(1) How I overpaid for my house and now I have to declare bankruptcy:
“Sorry. I am so sorry. I am such and idiot for thinking I could get ahead of everyone else by just following along with my basest impulses. I regret that my parents didn’t discipline my irrational impulses when I was young. Don’t blame me, blame my parents… etc”
(2) How I had no idea that I was overpaid in my last job by 500% and I bought an overpriced house because I was truly unaware of how unskilled and untalented I really was:
“Two years after my job was downsized I finally got a job paying about 1/5 what I was making in my former management position. Nobody told me during my last job how, in reality, I won a lottery and should have been saving every penny before I was outed as for the drain on society I really was. I had no idea the job “skills” I was praised for were actually absolutely worthless and I blame society for encouraging my entitlement delusions. I am so sorry… etc”
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September 10th, 2012 at 2:26 pm 35
Troll:Post ratio is only 17.6% today (6 out of 34)
In other news, the Port Mann Bridge and Patullo Bridge have been shut down due to several individuals threatening to jump. Two of the men are described as “Mid 40′s” and wearing “Cheap knock off suits with black running shoes”. According to the police, one of the men has demanded a time machine so he can travel back to 2005.
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September 10th, 2012 at 2:28 pm 36
Spam-to-Post ratio is only 17.6% today (6 out of 34)
In other news, the Port Mann Bridge and Patullo Bridge have been shut down due to several individuals who are going to jump. Two of the men are described as “Mid 40′s” and wearing “Cheap knock off suits with black running shoes”. According to the PD, one of the men has demanded a time machine so he can travel back to 2005.
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September 10th, 2012 at 2:29 pm 37
Hmmm, submitted a comment, awaiting moderation. Then submitted it again tried to remove some keywords (maybe troll, police?) still didn’t go through. WTF.
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September 10th, 2012 at 2:33 pm 38
@patriotz: Yes, you’re right of course. The only reason you can’t sell is because the price is too high, isn’t that what you say?
I guess I meant that initial period when they sit bewildered as to why someone won’t pay them “market price”. In the absence of a sale and not wanting to let it go for “less than it’s worth” I wonder how many will end up on Craigslist rentals.
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September 10th, 2012 at 2:44 pm 39
“Maybe they spoke French?
”
let’s just say they had packets of plum sauce sticking out of their back pockets.
Not sure how old they were, but between the two families I’d say at least 3 of them were younger than 55
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September 10th, 2012 at 3:07 pm 40
Hey People –
I was listening to Punjabi news on the radio this morning while driving through surrey. When in Rome, do as…
Anyway, as I have said in the past, Indians are more real estate crazed than HAM. The news program that I was listening to had an interview from a branch manager of BMO (I believe). I tuned in at some point after the start of the program but I could tell they were addressing fears of a real estate bubble.
This is the gist of what was said,
Guest: The Bank of Canada decided not to raise interest rates but cautioned on future increases. But, we have to ask ourselves how much will rates go up? At most, 0.25% so it isn’t a significant concern if they go up.
Guest leaves.
Host: And if they go up, they will probably go up slowly so people have time to react before hand.
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September 10th, 2012 at 3:09 pm 41
Just as a quick update……went to four Open Houses (SFH) on the West Side this weekend in order to gauge the market. Very dead all of them. Demeanor of Realtors has certainly changed from a year ago.
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September 10th, 2012 at 3:26 pm 42
Didn’t you morons say last year we’d be down 50% by September?
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September 10th, 2012 at 3:37 pm 43
@Vote Down The Facts:
My friend’s MIL became permanent resident two years ago when she was 69. Since then, she has been studying (not just attending) on several English ESL courses and goes there 4 days a week after days of babysitting and kitchen adventures. She can now speak some basic language and can fill the immigration form without help. And I say bravo to her as I am sure she would be able to take citizenship exam in English.
No requirement for 55+ residents to study English/French is just another loophole in a very soft Canadian immigration law that should be considered for tightening. IMHO.
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September 10th, 2012 at 3:51 pm 44
@Patsan:
My friend’s MIL became permanent resident two years ago when she was 69. Since then, she has been studying (not just attending) on several English ESL courses and goes there 4 days a week after days of babysitting and kitchen adventures.
She must be somewhere from Europe.
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September 10th, 2012 at 3:51 pm 45
@Patsan:
Requiring 55+ immigrants to learn English/French to become citizens would have little practical impact, since few of them leave the country for extended periods anyway. They would just remain permanent residents and use the same services as if they were citizens.
What would really have an impact would be requiring them to learn English/French before they immigrate, which few could manage in all likelihood. Note that almost all such immigrants are family class and there is currently no language requirement for this class.
This would effectively shut off the immigration of parents as family class. Do you think any party would do this? Or do you think we’ll just see a restriction on citizenship, which sounds good but doesn’t save any money?
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September 10th, 2012 at 3:54 pm 46
@VanRant:
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.
Air China jets are on standby at YVR to whisk them all home.
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September 10th, 2012 at 3:58 pm 47
@patriotz: “This would effectively shut off the immigration of parents as family class. Do you think any party would do this”
Last year the government extended the terms of multiple-entry visas. Family members of citizens (residents?) can come to Canada for extended periods to live. Family class is still a large portion of immigration, however, but there is now no good reason to increase intake, at least according to the CPC.
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September 10th, 2012 at 3:59 pm 48
@Best place on meth:
Note that no breakdown by country of origin has been given.
Why they would make an announcement without giving such numbers – which they obviously already have – is something to ponder.
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September 10th, 2012 at 4:03 pm 49
@real_professional:
Surrey isn’t going to hell. It will just slowly sink into the Fraser river. But don’t worry!!! Dianne Watts cheeks will surely act as flotation devices and allow the entire city to float out into the ocean. Once there, it will become the most exotic island in the world, and real estate prices will go up another 1000%. Landlords will then be asking $10,000 a month for a “1 bedroom” suite. Careful though – if you look at his daughter the wrong way you’ll come home and find all your clothes on the front lawn.
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September 10th, 2012 at 4:03 pm 50
@Best place on meth: There was a story not too long ago of a guy who emigrated from China about 10 years ago returning to China because of outstanding fraud charges he faced in China. He claimed he wanted to return because he wanted to come clean. This is simply speculation on my part, but I tend to think some other event tipped him into returning, and it’s unclear how much of the money he has been charged with embezzling is returning with him. Something to watch in the years ahead, given Canada’s new-found desire to foster closer economic ties with Asia.
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September 10th, 2012 at 4:10 pm 51
Does revoking citizenship imply deportation? Or do you just get “demoted” to resident?
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September 10th, 2012 at 4:27 pm 52
@/dev/null:
They would be revoking citizenship as a result of fraud which would mean sending their fraudulent asses back to their country of origin.
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September 10th, 2012 at 4:36 pm 53
http://www.huffingtonpost.ca/2012/09/10/vancouver-housing-bubble-shiller_n_1871140.html
“Vancouver’s housing bubble is more extreme today than California’s was a few years ago, says one of the U.S.’s most renowned housing market analysts.”
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September 10th, 2012 at 4:36 pm 54
Ian Watt’s new video. Is he trying to say there are many downtown condo owners trying to sell now, because the price is coming down?
http://www.youtube.com/watch?feature=player_embedded&v=PzW34FtTkGE
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September 10th, 2012 at 4:46 pm 55
@patriotz: Why would they give such information? To fuel the rampant ethnic stereotypes? I think they were absolutely right not to give out that information.
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September 10th, 2012 at 4:47 pm 56
Lots of new listings on the market today. I predict tons of inventory coming on this week. Lots of lots are coming on the west side as well. Today, lots of 50 foot west side homes are listing in the 1.5-1.7 range.
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September 10th, 2012 at 4:51 pm 57
@vangrl: if you look at the comment section, there is still lots of denial out there…
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September 10th, 2012 at 4:51 pm 58
@Anonymous:
“To fuel the rampant ethnic stereotypes?”
They would be combating stereotypes by giving out the information. Withholding facts only contributes to rumour and stereotypes.
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September 10th, 2012 at 4:53 pm 59
It’s a lose-lose situation from this point out for any bulls.
1) If sales continue at this pace, we will hit record low sales again for another month, ultimately driving prices down and eventually leading to #2 below.
2) If sales do start to pick up this month (after such a long stagnant period of double digit sales), it can only mean one thing: price declines.
Only question is, will we will #2 now, or will the market prolong its suffering? I still maintain my prediction of sub $1 million average prices before the end of 2012.
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September 10th, 2012 at 5:01 pm 60
@patriotz: We all know its the Norwegians, but there is no need to confirm it.
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September 10th, 2012 at 5:11 pm 61
@vangrl:
Why is it that none of the media articles mention that Tsur (sewer) Somerville is actually with the Real Estate division at UBC Sauder?
C’mon, even Google tells you this.
It’s like asking a Ford salesman if its a good time to buy a Ford.
I’d expect this level of investigative journalism from the Sun/Province, but not Huff!
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September 10th, 2012 at 5:14 pm 62
@patriotz: As long as it is only rumours it cannot be cited as fact in support of racist stereotypes. Disclosure would combat the stereotypes only if the numbers don’t in fact match up with what people suspect. I think its best to leave people guessing. In fact, I think it is likely to be a mixed bag, with people from a number of different countries and continents seeking a citizenship of convenience.
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September 10th, 2012 at 5:19 pm 63
This is a condo case study and another ‘on the ground’ report on the reality of the Vancouver real-estate market:
In summer 2011 Pinnacle International completed a 105-unit condo project at 1887 Crowe Street (corner of 2nd Avenue in Vancouver West) called Pinnacle Living False Creek (phase 1). I give this a ‘C’ location (some units with a decent view on lower floors would be a ‘C’; all units facing 2nd Avenue would be a ‘C-’ because of traffic noise; a few upper units with decent views west and north would be a ‘C+’). Now, a year after completion, the developer’s marketer (Anson Realty) has four units still listed for sale on the MLS (V960628, V960635, V960647 & V960678). However, recently I noticed that there was a ‘presentation center’ at the building. I wondered: why would Anson Realty have someone on site six afternoons a week if they only have four units left for sale? Today I stopped by the presentation center to find out.
The current price list available at the presentation center shows two townhouses and 10 apartments for sale. I toured a representative sample with a helpful salesperson. Asking about units with larger bedrooms, he told me that there was a penthouse also available, but not listed on the price sheet. We toured that and I mentioned the traffic noise from 2nd Avenue. He then told me there was another penthouse available for the same price on a quieter corner. So, in all, there are at least 14 units still available for sale from the developer in that building (at prices ranging from $649,000 for a 930 sq. foot 2-bedroom 2-bath facing west to $1,100,000 for either penthouse of 1,260 – 1,380 sq. ft with 2 to 3-bedrooms and 2 baths). Construction quality is average.
A couple numbers to consider: units unsold by the developer equals 11% of the building (remember, this is one year after completion); unsold units listed on MLS (there is one additional unit listed as a resale) under reports actual unsold units by 66%!
In my experience, developers uniformly and routinely over report sales. They typically report that X% of units sold on the opening, but do not follow up and report on the number that canceled during the rescission period. Also, they under report units remaining for sale while the project is under construction and after completion. If we take the numbers here as representative, then the MLS listings for units available for sale in newly completed buildings could be under reporting a huge number.
The salesperson said the current prices were ‘firm’ but that they could possibly negotiate an additional parking space (priced at $35,000). He reminded me that HST is payable on the purchase price.
So, what do you think? Are the MLS condo numbers understated? Is there a glut of unsold inventory forming? Is somebody gonna get hurt?
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September 10th, 2012 at 5:43 pm 64
I agree with patriotz.. Sellers will refuse to sell.
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September 10th, 2012 at 5:43 pm 65
@Anonymous:
” Disclosure would combat the stereotypes only if the numbers don’t in fact match up with what people suspect.”
You’re assuming that everyone holds the same stereotype, when the reality is that they vary considerably. A stereotype is an attitude unsupported by facts.
There are many falsehoods, but only one truth.
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September 10th, 2012 at 6:01 pm 66
Ridiculous amount of listings on the north shore today – most I’ve seen all year.
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September 10th, 2012 at 6:24 pm 67
@patriotz:
Here’s at least some info:
“The government plans to revoke the citizenship of 3,100 people — most from Persian Gulf states — who had lied about their residency and failed to reside in the country for three of the four previous years when they submitted their applications. They were reverted to be permanent residents and must re-apply.”
In other words, Iran. Maybe that explains all the North Shore listings
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September 10th, 2012 at 6:34 pm 68
@Patiently Waiting:
“In order to maintain residency or qualify for citizenship, cheaters would typically hire unscrupulous immigration representatives — at $25,000 for a family of five — to establish evidence of residence, such as bill payments and tax returns, while living abroad.”
Which appears to mean that they were targeting entire households which weren’t living in Canada, rather than – you know who.
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September 10th, 2012 at 6:39 pm 69
Where’s Wal Do?
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September 10th, 2012 at 6:40 pm 70
@RFM:
there is mirror to your pinnacle , pinnacle at broadway. exactly same shit^h^h^h ituation.
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September 10th, 2012 at 7:35 pm 71
New Listings 439
Back On Market Listings 24
Price Changes 180
Sold Listings 141
ALL LOWER MAINLAND
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September 10th, 2012 at 7:47 pm 72
New Listings 355
Price Changes 151
Sold Listings 116
TI:18612
http://www.paulboenisch.com
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September 10th, 2012 at 7:50 pm 73
@HFHC:
Only 25 houses sold in the entire Fraser valley today?
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September 10th, 2012 at 7:55 pm 74
Streak of 18 straight days of under 100 sales has been broken.
BULLISH!
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September 10th, 2012 at 7:57 pm 75
@patriotz: “EU members have to tax citizens of other EU countries at the same rates as the locals.”
So what happens when Greece leaves the EU?
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September 10th, 2012 at 7:58 pm 76
Notes:
- still behind the pace for sales from 2008: 1585.
- Will we hit 19K by end of the week???
- The streak of <100 sales has ended. We hit **18**! My daily data (from PaulB) only go back to March 2010, but we've never done anything close to 18 since March 2010. (I suspect we might have had something like 18 days in Jan/Feb/Mar 2010 owing to the Olympics. But I don't know.)
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September 10th, 2012 at 8:10 pm 77
@RFM: “So, what do you think? Are the MLS condo numbers understated?”
For new condos and even houses most do not hit the MLS. Some new condo projects don’t list any of the units on the MLS. So yes there is inventory over above the MLS numbers. For areas where the FSBO has taken off like Alberta there would be even more hidden inventory.
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September 10th, 2012 at 8:34 pm 78
Updated daily sales chart
http://i48.tinypic.com/ndx34w.gif
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September 10th, 2012 at 8:35 pm 79
@Patiently Waiting:
Patiently. Iran is not a ‘Persian Gulf state’. These are Qatar, Dubai, Saudi etc. Check on Google if you want.
I actually had a look at the new West Van listings to see who the owners were. There were 20 listings. 7 had Chinese/FarEast names. One was East Indian and two were Eastern European and 10 were anglo-saxon. I didn’t see any Gulf names.
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September 10th, 2012 at 8:45 pm 80
@patriotz:
Patriotz,
I disagree with the point that requirement for 55+ to learn English/French would have little impact. I believe that the impact will be huge and every such case would give a fantastic example to the children and to virtually every immigrant on how people should assimilate into Canadian society.
Chabar, you are right, she is from Europe.
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September 10th, 2012 at 8:57 pm 81
A little uptick in sales, but a massive dump of new listings. This reminds me of the proverbial dead-cat bounce of a declining stock, when every piece of limited good news draws out massive supply.
Let’s face it, for every foolhardy construction worker new hire with a deathwish who is buying a house there are four or five meatloaf-luvvin boomers pounding in the “for sale signs.” This is like the opposite of today’s stock market where bad news is QE-related good news. Here, every uptick in the local economy is a reminder to the Simon & Garfunkel types to list their place … or be locked-in forever.
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September 10th, 2012 at 8:57 pm 82
@frank
Sorry, but technically Iran is a Person Gulf state as it borders the entire eastern coast of the Persian Gulf.
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September 10th, 2012 at 8:59 pm 83
@HAM Solo:
And remember the old adage… Gotta have sales for price declines
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September 10th, 2012 at 9:15 pm 84
@Anonymous: “So what happens when Greece leaves the EU?”
Nobody is talking about them leaving the EU (the geopolitical entity), only the Euro (the currency).
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September 10th, 2012 at 9:16 pm 85
@Muff Diver Mike:
Iran is on the Persian gulf but the term ‘Gulf State’ applies to the Arab states that have an association with each other. Economic, political and Militarily. Anyway I won’t beat this to death but it does not seem to have had much effect on listings…yet.
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September 10th, 2012 at 10:13 pm 86
@frank: You did say ‘Persian Gulf State’, not ‘Gulf State’. You’re thinking of ‘Arab States of the Persian Gulf’…but that’s not what was stated.
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September 10th, 2012 at 10:34 pm 87
@Bag it and tag it: Correct. Regardless, the only country on the Persian Gulf that has any kind of significant immigration to Canada — more than just rich Princes owning Coal Harbour condos – is Iran. It really is the only reasonable conclusion considering that country is also the same country that just got spurned by our Conservative government.
So therefore, the use of “Persian Gulf states” in the Torstar article was really just code for “Iran”.
As for my point about North Shore listings? I was only kidding, hence the emoticon. Truth be told, I feel quite bad for many local Persians who are going to have their lives become more complicated in the near future, through no fault of their own.
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September 10th, 2012 at 10:59 pm 88
wow huge sales day..
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September 10th, 2012 at 11:13 pm 89
@Patiently Waiting: “Correct. Regardless, the only country on the Persian Gulf that has any kind of significant immigration to Canada — more than just rich Princes owning Coal Harbour condos – is Iran.”
CTV reporting tonight the scam is done to gain access to a Canadian Passport for ease of travel so they don’t need a visa. It is affluent Arabs who are doing it. Could be some Iranians but my guess is mostly affluent people from other Arab countries.
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September 10th, 2012 at 11:49 pm 90
Huge sales day, trend is broken, serious upside ahead!
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September 11th, 2012 at 12:13 am 91
@Vancouver: Hahahaha! Awesome! 1/3 sales to list is ‘huge’ these days, love it! We just broke 18 straight days of sub 100 sales by 16.
A tiny percentage of used house salespeople shall dine well tonight, Party on bulls!
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September 11th, 2012 at 6:01 am 92
@Anonymous:
“Could be some Iranians but my guess is mostly affluent people from other Arab countries.”
From Arab countries, not “other Arab countries”. Iranians are an Aryan people, indeed the two names are from the same root.
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September 11th, 2012 at 9:04 am 93
@patriotz: “Where’s Wal Do? ”
28th and Comosun.
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September 11th, 2012 at 11:58 am 94
@Lewis: This story is complete BS. a) there hasn’t been a house sold for $450K in New West since prior to 2007 and b) New West is a shit hole. Anywhere you can see Surrey from is a shit hole.
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September 13th, 2012 at 5:28 pm 95
4812 Dumfries,a new house in a shitty area sold for 1.2 million to a middle class Chinese just landed in Vancouver;who said Vancouver Real Estate is in a retreating mode.Only those bipolar nutheads, Vancouver bears?When they will face the reality man?
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September 22nd, 2012 at 6:31 am 96
[...] need to have a different strategy to extract the most value out of each part of the cycle.” – Rocker Guy at VCI 10 Sep 2012 10:14am Share: This entry was posted in 09. Delaying Buying and tagged Anecdotes, British Columbia, [...]
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