14,000 places for sale

Just in time for the month end expiries!

We’ve hit the 14,000 listing mark and we’re still in the first month of the year.

According to VHB if we get 229 or more new listings today we’ll have the 2nd highest number of listings in the last 13 years.

And this is at a time when we have the 3rd lowest sales in the last 13 years.

Read his full comment here to see what the stats looked like for those years.

And enjoy the party.

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Q
Guest
Q

“A construction-industry conspiracy to inflate the price of building foundations for houses has been operating for nearly 15 years in the Toronto area, Canada’s Competition Bureau maintains in a 120-page search-warrant application obtained by CBC News.

The bureau says some of the biggest companies that pour concrete basement foundations for new homes have:

Agreed to fix prices.
Established agreements not to compete.
Attempted to stifle smaller competitors.
With more than 330,000 new houses built in the Greater Toronto Area since 1997, the alleged price-fixing could have added hundreds of millions of dollars to the total tab for home construction — or several thousand dollars per house.”

http://www.cbc.ca/news/canada/toronto/story/2013/01/30/concrete-forming-competition-bureau-price-fixing-allegations.html

No Noise
Guest
No Noise

I just left this comment on yesterdays post – thought I would add it here as well:

@40 Democrass

“..as long as Canada remains one of the world’s richest countries with a generous social wellfare system”

Because Canada has brought in so many rich foreign speculators with satellite families who drive RE sky high and pay no income tax yet use our health care and education forcing locals to go into massive debt to compete, Canada wont be a wealthy country with generous welfare system soon – the social system is already crumbling and underwater and after Canada’s RE crash CMHC will face a massive bill which will add to our debt – not to mention the imminent job losses spreading through FIRE etc etc. look at all the consolidation and places out of biz already..

richmond
Guest
richmond

i wonder why richmond has some of the highest childhood poverty rates. sounds like people there don’t pay taxes and appear poor on paper only because of understating incomes.

Turkey
Guest
Turkey

There’s an — um, interesting subtext simmering under this story. It’s about Flaherty’s drinking problem skin condition.

gokou3
Guest
gokou3

Re #3,

Poverty here is defined as a function of income. A lot of HAMs have enough assets that they don’t need to work at all, and thus the low income.

Bag it and tag it
Guest
Bag it and tag it

I would not be surprised if there was price fixing in these parts, and not just for foundations. My friend was deciding on whether to reno his West Van house, or build new. He checked around and all the companies quoted the standard price for building new in W.Van: $500 per ft2…which seems totally ridiculous.

An Observer
Guest

Very high poverty in the British Properties as well…

jesse
Member

So how many nK parties in February? I say at least two: 14K (again!!!) and 15K. If we hit 16K I’ll eat my hat ^——

As for February, I have penciled in (REBGV reported) inventory as 14335 and sales of 1891, based on looking at past years’ trends from 2005. That would be an MOI of 7.6. (That’s not good)

FlipFlop
Guest
FlipFlop

@Admin

Why can’t I hide the banner on the left anymore.

This site sucks to read on an ipad (other than that, this site rocks!)

FF

franco
Guest
franco

post #6

$500 per sq ft IS totally ridiculous.
Don’t know who your friend has talked to, but it’s at least double of what good, honest builders can use and still come up with a profit.
Material is stil reasonably priced, and there is no shortage of cheap labour. With low int rates, builders can afford to have new houses sit on the market while they hope to get their inflated asking prices, but that could soon change.

You ever wonder why new houses in most parts of the US are selling for a quarter our prices when the land value is only half.

An Observer
Guest

Jesse, why so low on the Feb month end inventory projection? Last year it was 1500 above January month end which would put it closer to 15,500 if that trend continues with a month end MOI of above 8

Also, just as a note, last year inventory from Jan 31 to Feb 1 only dropped 74 listings so we might still be able to avoid the 13K’s this time around!

space889
Member
space889

Well there are still tons of over priced SFH in Richmond. I was looking at No 3 Road to Garden City Road around Blundell Road. Most houses are still priced at $1M to $1.5M. There is only 2 or 3 houses asking below $850K which in my view is still over priced. Most of the houses in that area are all build with similar floor plans at around the same time. The two SFH listed below $800K I think have been on the market for quite a few months too. Looks like the sellers aren’t panicking yet. Even a 20% reduction in asking price per year for 3 years isn’t likely to bring housing prices down to reasonable levels. The bottom is still a long way away unfortunately.

jesse
Member

Don Cayo: The case for strata ownership of secondary suites
http://www.vancouversun.com/touch/story.html?id=7894503

We’ve already seen some of this. LOLz result when buying basement suites.

jesse
Member

Observer, While the past two years saw Jan-Feb inventory growth increase considerably, other years, such as 2009 and 2010, saw growth on % basis less. I’ll post my calcs a bit later on.

first time commenter
Guest
first time commenter
Responding to the comment thread about very wealthy newcomers- I am hearing many commenters share a common opinion: that our immigration system specifically tries to attract very wealthy individuals, but that the net contribution of these individuals once they are here is hard to quantify. This is a delicate topic- it is difficult to separate the process (our immigration rules) from the people (those that choose to immigrate). However, regarding the process, both the federal and the provincial governments have temporarily stopped receiving applications for wealth-based immigration streams, pending review of the programs. Dear readers, here is your chance to make a difference. Write to Jason Kenney (Minister of Citizenship, Immigration and Multiculturalism) and Pat Bell (MC Minister of Jobs, Tourism and Skills Training). Instead of blaming our newcomers for working within a system of rules that our own government… Read more »
@first time commenter
Guest
@first time commenter

not really. it’s a tax issue. the father makes money over seas and pays no canadian tax (illegal). the family lives here claim they have no income. they get free education, healthcare, all kinds of assistance that low income people get for glasses, eye care, dental, whatever.

these people are leaches. no nation in the world would tolerate this. well, except ours.

MadasHell
Guest
MadasHell

@first time commenter

They are call locust in Hong Kong.

http://blogs.wsj.com/chinarealtime/2012/02/01/about-that-hong-kong-locust-ad/

Beuller
Guest
Beuller

@first time commenter Says:

The best thing to do is gather as much info as you can on the “leeches” and turn them in to CRA and Immigration. I heard that a Richmond “new Canadian family” was reported after the wife who drove a brand new Mercedes SUV to drop her kid off at daycare while she went shopping all day was bragging to all the daycare moms how the gov pays for her daycare because her family had no income in Canada. The other “new Canadian” moms turned her in. I particularly enjoyed hearing that one.

Guy Smiley
Member
Guy Smiley

Can any of you info savvy/privvy folk tell me what the two houses on Ross Rd in NorthVan just sold for and what the asking prices were? They both sold fast (hopefully at deeply discounted prices). The one has about 5 neon “sold” signs on it – they are definitely making a show of it.

Anonymous
Guest
Anonymous

@first time commenter

“Write to Jason Kenney” —> already did.
“Is it realistic to believe that the flow of international money into Vancouver can (or even should) be stopped? ” —> Can = I believe it is possible to slow it down. Should = Yes! Just look at all the negative consequences, which, long term, outweigh the benefits.

space889
Member
space889
@MadasHell: you know what? This leeching all started with HKer who immigrated to Van during the HK transfer phase in the early 90s. In fact many still do! There are tons of empty condos bought by these people in the 90s and 2000s that sit empty or rented out for cash with no income being declared. As well, while they spend 6 months or more in HK, collects HK pensions, etc while paying no income tax, they are happily receiving all kinds of government benefits include GST/HST credits, low income assistances, OAS/GIS/etc to the tune of thousands of dollars a year. The only reason they are calling mainlanders locust is for 2 reasons only. One is their superiority attitude that they are special and better than mainlander Chinese, and two, mainlanders are using the same methods they used to leech… Read more »
patriotz
Member

” the gov pays for her daycare because her family had no income in Canada. ”

How do you get the government to pay for daycare if neither parent is (on the record) employed?

patriotz
Member

“The bottom is still a long way away unfortunately.”

Unfortunately for those who buy before it. Not unfortunately for those who wait for it.

Chabar
Guest
Chabar

Guess not so many big plasmas and LCDs are buying lately to decorate new condos.

http://www.vancouversun.com/news/Future+Shop+five+Best+stores+closing/7900657/story.html

kabloona
Member
kabloona

Chabar, yeah that blows me away….no more Best Buy in Victoria….just that hole-in-the wall BB “Mobile” store at Mayfair Mall. Plus Sears Canada still bleeding jobs, another 700 get the axe…..

Great time to buy a house!! 😉