Teranet has released their latest numbers and they are down.
Again.
Vancouver house prices on the Teranet index are now down 2% over where they were the same time a year ago.
Prices would have to really start rocketing up to keep the YOY numbers from staying negative for a while since prices peaked around June 2012.
What does the RE industry report when they can no longer claim YOY price increases?
“Follow-up: looks like that [realtor] couldn’t even figure out the assessed value was of the previous tear-downs, lol. ”
They’re above-assessed mostly because there was work done to them. What’s the excuse of the below-assessed sales? Did they remove a bedroom? Tear up the back yard?
MC2 is not sold out. They email and call me often about units still available. The most recent call involved a $10k discount.
“A 19-year-old man was killed after a violent clash involving swords and bats in East Vancouver late Wednesday.”
Saw a news clip on this and have to say what stuck me was how uniformly ugly the houses on the street were. I think people living in Vancouver have become sort of conditioned to the ongoing uglification of the city, but if you’ve been away for a while it really hits home.
“It could be a subject-free offer.”
On the seller’s side too?
The subjects are always on the offer. The seller accepts the offer or he doesn’t.
Technically I suppose a seller could accept an offer subject to something, but it doesn’t make any sense. It’s the seller who wants the bid to be binding and the buyer who wants a way out of the bid by adding subjects.
Sorry, wrong link 🙁
(Do not even know how this happened…)
@Harry Wang
Thanks for the link (http://www.flickr.com/photos/pretty_like_drugs/5143678672/lightbox/)
““They like it in British Columbia because it’s safe and they’re accepted here,” Bosa said. “There is a good quality of life with universal health care and good schools.””
I am not sure how long the first statement will hold if hundreds of astronaut families continue to arrive just for the health care and schools. What about learning English, getting involved in local communities, volunteering, participating in elections, paying high taxes, starting a real business? Isn’t it part of the immigration package too? That guy is making Vancouver look like a health/education supermarket. Meanwhile, he is the one making millions without paying for external costs. I just hope he will get burned.
@37
Go for a stroll around that property on Google maps and you will see why!!! That place has got a lot more to drop methinks.
@39
No one with half a brain would believe the garbage that a bunch of developers are spewing. If things were so rosy Onni etc wouldnt be cancelling projects:
http://www.cbc.ca/news/canada/british-columbia/story/2012/12/05/bc-north-vancouver-omni.html
Oh and sales/prices wouldnt be way down either. Give me a break.
The amount of condos going up in White Rock right now is absurd.
23-year-old squatter in a foreclosed $2.5 million Florida mansion is claiming adverse possession of the property, which grants him legal title after living there rent-free/mortgage-free for 7 years.
Urban Development Institute panel optimistic about Vancouver’s real estate prospects
VMD, you deliver once again. Great posts.
Own the lifestyle for under 500K
http://www.realtor.ca/propertyDetails.aspx?propertyId=12641438&PidKey=-1134083990
Total days 21 Days elapsed so far 17 Weekends / holidays 7 Days missing 0 Days remaining 4 7 Day Moving Average: Sales 64 7 Day Moving Average: Listings 243 SALES Sales so far 981 Projection for rest of month (using 7day MA) 258 Projected month end total 1239 NEW LISTINGS Listings so far 4010 Projection for rest of month (using 7day MA) 972 Projected month end total 4982 Sell-list so far 24.5% Projected month-end sell-list 24.9% MONTHS OF INVENTORY Inventory as of Jan 24, 2013 13806 MoI at this sales pace 11.15
pricedoutfornow: I lived in South Surrey in 2000. I bought a nice place near 152nd and 32nd and it was a great lifestyle. About 5 years later the build out was unbelievable. The amount of people and traffic was crazy. The roads were built in the 1960’s yet there are 10x’s the people now. The whole area has been completely ruined. It is overbuilt and the amount of town houses under construction is nuts. A beautiful area has become Maple Ridge. In fact I was driving down 152nd today and saw a sign advertising “Hip town houses” I am not sure what is hip about living on 152nd and 32nd? I think a lot of the people out there have major downtown envy and try to compensate by telling us how great it is. It will end very badly for… Read more »
Yet another reason Vancouver has the 2nd most expensive RE on earth – who wouldnt pay millions for a little slice (no pun intended) of the Best Place On Earth.
“A 19-year-old man was killed after a violent clash involving swords and bats in East Vancouver late Wednesday.”
I was in conversation today with a boomer from South Surrey who was telling me that whole area (South Surrey, White Rock, Langley) was incredibly overbuilt and people overextended. I mentioned to her that we’re renting, but looking to rent a bigger place (rent, I said, not buy!) in our current neighbourhood of Vancouver. She suggested we should look into buying some townhouse in South Surrey-would only cost $1200 a month for two years, with the developer covering the strata fees and lending the downpayment! (or some crazy scheme the developer seemed to be having). I was waiting for her to give me the punch line and say something like “Only a fool would do something like this, given it’s all going to crash” But it never came. Huh. I politely declined and said I could never live in suburbia,… Read more »
http://adansprauer.com/blog.html/categories/sold+out+vancouver+mc2
So they said MC2 was sold out last year.
But they pop up on MLS again?
http://www.realtor.ca/propertyDetails.aspx?propertyId=12754705&PidKey=-2128981576
http://www.realtor.ca/propertyDetails.aspx?propertyId=12754700&PidKey=-211609079
New Listings 180
Price Changes 66
Sold Listings 63
TI:13806
@VMD –
A REALTOR(TM) providing misleading information?
According to the REALTOR(TM) ethics guidelines, it is forbidden to provide false or misleading information about the real estate market. Given that REALTOR(TM)s unfailingly adhere to these strict policies, I can only conclude that the apparent discrepancies must be due to an error on your part.
The 2 townhomes @ 2557 w8th have sold at last. Does anyone know the final sale prices?
I live in Van West and drive through the “nicer” (aka. ghost town) neighborhouds frequently.
I have to say, there are a TON of $2.5 – $4.0 million Chinese sh*t boxes being built.
Follow-up: looks like that [realtor] couldn’t even figure out the assessed value was of the previous tear-downs, lol.
“4225 Cartier ST. Vancouver West
Assessed: 3.338M, listed Dec/12 @2.998M, sold @3.88M in 28 days”
– the 2.998M listing was in Feb/11, for the tear-down. House was rebuilt last year. Listed at $4,280,000 in Dec/12. The assessed price was likely of the old tear-down.
“4098 W 11 AV. Vancouver
Assessed: 3.589M, listed Jan/13 @4.48M, sold @4.098M in 2 days”
– as Groundhog pointed out, this one’s been on sale since at least May/12. It was initially listed at 4.78M.
“3818 W 38 AV. Vancouver
Assessed: 3.118M, listed Dec/12 @5.188M, sold @4.68M in 31 days”
– this is new 2012 house. Assessed price was of old tear-down.
@VMD @groundhog
I’ve just seen the same thing on a recent sale of a new TH in NV. A three unit complex was completed last summer. The units were originally listed just under $900k. They dropped to $789k in the fall and then they were just recently recently re-listed with further price reductions, 2 @ $740k and the other at $698k. The final price change occurred on Jan 14. One unit ($740k) was sold on Jan 14 so the listing show DOM of zero. That obviously doesn’t show the entire picture.
@#19 VMD
I guess some of that ~$1T corrupt Communist officials fled China in 2012 with has been successfully safe-havened in Van West. All we need to know now is the names of the buyers. The first person able to solve this very important, yet very politically sensitive problem (provide concrete foreign RE investment info), will be a national hero and should be rewarded handsomely. And the first politician from any party to even mention this issue (highly doubtful) in the upcoming BC election has my vote..