Land sales indicate end of boom

In a sign that builders seem to see an end to the current housing boom land sales have dropped off in the first half of this year.

Land investment is down 51% in Toronto, 30% in Vancouver and 52% in Calgary compared to the same period last year.

Richard Vilner puts it this way in the Financial Post:

“The slowdown began to happen in mid-2012. There was a big time slow down versus those robust two years pre-slowdown. The cranes you are seeing now are for residential land deals that closed a couple of years ago.”

There’s still a lot of land in the pipeline though, condos will be going up in those cities for some time yet even if no more land changes hands.

Read the full article here.

63 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
RewardingWays
RewardingWays
7 years ago

Nice post. I was checking continuously this blog and I’m impressed! Very useful information specially the remaining section 🙂 I care for such info much. I used to be looking for this particular information for a long time. Thanks and best of luck.

tedeastside
tedeastside
7 years ago

but if you lived in La Jolla you wouldnt be walking distance to park royal mall they got a winners

crabman
crabman
7 years ago

#58, What looks like a better deal?

This $5.5M La Jolla home,

http://www.realtor.com/realestateandhomes-detail/1712-Valdes-Dr_La-Jolla_CA_92037_M15736-91857

Or this one for $5.8M in West Van.

http://www.realtor.ca/propertyDetails.aspx?propertyId=13461861

I’ll take the one in La Jolla.

tedeastside
tedeastside
7 years ago

thats because Califorinia actually has high paying jobs, industry and a real economy to support the real estate market, versus vancouver’s rock-bottom wages, pitiful career opportunity and disgusting weather

Anonymous1
Anonymous1
7 years ago

just got back from La Jolla (San Diego)…

RE prices there make Vancouver look like a bargain….

It should be noted that there was a Ferrari, Lambo, or a Rolls Royce seen every 30 seconds or so…no kidding.

$17 Million homes…and no, they weren’t huge mansions.

I think a lot of money chasing limited resources.

Naked Official #9000
Naked Official #9000
7 years ago

@56, 57

tests are merely optional, culturally insensitive scare mongering tactics from the government of splittist running dogs!

patriotic, loyal compatriots can share surgical implements! compatibility and purity is part of our superior culture, unlike your mealy mouthed “tolerance” (why come not tolerant of an entrepreneur doing a public service?!)

slavish subserviance to “rules” and “regulations” merely exists to part a hard working man from his next glorious downpayment and Canadian taxpayer subsidized, CMHC backed future profits!

you will never find the good Dr. Wu! he is the Robin Hood of dentistry! a true socialist: privatized profits, socialized losses! resistance is futile!

Son of Ponzi
Son of Ponzi
7 years ago

The phony dentist had 1,500 clients.
All are being requested to be tested for Hepatitis and HIV.
Guess who will foot the bill for all these tests?
Answer: MSP, paid for by the stupid citizens of BC.

Canada Man
Canada Man
7 years ago

#6 Mr Chow I hope you brought your parent and child and make claim for low income subsidy. You don’t have to declare income and you can get free breakfast for child at school and tell government you are low income, so all law abiding Canada Man can subsidize you.

pricedoutfornow
pricedoutfornow
7 years ago

But yesterday the headline was “Royal Lepage says real estate headed for upswing!” Today, it’s a “major slowdown”.

So confused!

http://www.cbc.ca/news/business/story/2013/08/08/business-real-estate-study.html

chilled
chilled
7 years ago

Interesting reading GT’s comments tonight – insulting his readers a bit more than usual. Then along comes comment #73 demonstrating what, with hindsight, is patently obvious – he’s in the sauce!! LOL!!! Now it all makes sense!!!

one migrant economy
one migrant economy
7 years ago
one migrant economy
one migrant economy
7 years ago

‘never believe anything until it’s been officially denied’

http://opinion.financialpost.com/2013/01/16/philip-cross-dutch-disease-in-canada-a-myth/

Son of Ponzi
Son of Ponzi
7 years ago

# 49.
After all not a bad deal for the buyer.
The “dentist” threw in 100 k worth of fake gold fillings to clinch the deal.

Naked Official #9000
Naked Official #9000
7 years ago

@49

you are simply jealous, disloyal basement dwelling splittist!

such disharmony – perhaps if you showed the benevolant, entrepreneurial spirit Loyal Cadre Wu showed, you would be able to afford such a luxurious abode.

Lurker
Lurker
7 years ago

@48 – some moron paid $858,000 for that POS and we are not in a bubble? Yeah right!

Naked Official #9000
Naked Official #9000
7 years ago

@47 – never believe anything until it’s been officially denied

“Dr” David Wu, loyal cadre humanitarian doing benevolant charity work for strongly loyal compatriots – good news, softly – his house “sold over asking!” at $20 per filling that’s a lot of work.

http://keithramzan.com/mylistings.html/details-22290416

one migrant economy
one migrant economy
7 years ago

http://www.barchart.com/headlines/story/11478061/jpmorgan-faces-criminal-probe-over-mortgage-bonds

“We are not responsible for the housing market collapse that caused mortgage loans to default at unprecedented rates and these securities to lose value as a result,” the bank said in a statement this week.

paulb
7 years ago

New Listings 243
Price Changes 82
Sold Listings 150
TI:17588

http://www.paulboenisch.com

Burnabonian
Burnabonian
7 years ago

Softy Quote: “The same reasoning applies to the second comming of Christ and armageddon. Now do you understand why you have been wrong for 12 years? No reasoning ability.” *** 1) Christ is a character from a work of historical fiction. And yet even then, the fact that he hasn’t shown up yet does NOT disprove his existence. Because Jesus’ second coming, like the coming of a housing crash, CANNOT be disproven. 2) Armageddon IS actually 100% guaranteed to happen. http://en.wikipedia.org/wiki/Sun#Earth.27s_fate You can only argue that this will not happen if you repeated grade 6 three times but didn’t manage to graduate. (Not that there’s anything wrong with that as Grade 3 will get you into realtor school amirite!) You have actually given excellent examples of the difference between what you are arguing (“Christ is not returning and Armageddon will… Read more »

Many Franks
7 years ago

Jesse, I’m leaning towards requiring fresh meat — but hey, if you can make a good pitch for including old stuff, I’m all ears.

Son of Ponzi
Son of Ponzi
7 years ago

We have not heard from Cameron, Tsur, Bob and Helmut for a while.
So we just have to put up with Softy’s proclamations for our entertainment.

jesse
7 years ago

Many Franks, can we trawl the archives for clichés or does it have to be fresh meat?

Many Franks
7 years ago

@Turkey: Bagged, but I’ll call a moratorium on this particular cliche for Softy until the next thread.

A “steal” is where someone who’s on the scoreboard posts a cliche themselves. Doesn’t apply in this case because Softy isn’t on the scoreboard yet.

Mick Murphy
Mick Murphy
7 years ago

VPD renews call for ‘blessing scam’ victims to come forward
Elderly Chinese women being targeted for cultural beliefs

http://www.news1130.com/2013/08/08/vpd-renews-call-for-blessing-scam-victims-to-come-forward/

Best place on meth
Best place on meth
7 years ago

Another question:

If US home prices are the same today as they were in 2003, does that mean they’ve been flat for 10 years?