Buy in the suburbs, prices dropping like crazy.

Astute reader ‘reveal the truth‘ pointed out a few similarities between a recent Business in Vancouver article about people buying in the suburbs and an earlier article published in June:

Millenials Decamp to Suburbs”, published August 20, 2014, sure sounds a lot like “First Time Homebuyers Driving Surrey Market”, published June 24th.

Let’s see:
June 24th: Shayna Thow, director of sales for BLVD Marketing Group – which handles marketing for two Surrey developments for Vancouver’s Fairborne Homes Ltd. – said Surrey has become a viable option for first-time homebuyers who can’t afford to buy in Vancouver. While the average price for a single-family detached home in Greater Vancouver has soared to more than $1.36 million, the average price in the Fraser Valley is still under $655,000.

August 20th: Shayna Thow, director of sales for BLVD Marketing Group – which handles marketing for two Surrey developments for Vancouver’s Fairborne Homes Ltd. – said Surrey has also become a viable option for first-time homebuyers who can’t afford to buy in Vancouver. While the average price for a single-family detached home in Greater Vancouver has soared to more than $1.36 million, the average price in the Fraser Valley is still under $600,000, she noted.

Uh-oh. The only thing that stayed the same was the word for word structure. The PRICE however showed a DROP of nearly 10%! Yikes!!

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UBC in Crisis Mode
Guest
UBC in Crisis Mode

Never heard of BIV,and apparently it has zero credibility when talking about RE. BIV= VAN RE ?

PG
Guest
PG

How can the reporters claim professional excellence, when all they do is regurgitate?

News indeed!

tedeastside
Member
tedeastside

BIV is funny they said Vancouver can never have a downturn because vancouvers lifestyle is too world class and the best in the world, no mention of dismal economy and job opportunity just more best place on earth chest thumping

what with all the skiing, snow shoeing, kayaking, jogging, roller blading, going to parks drinking coffee,playing badminton, watching tv because its cold and rainy 10 months a year …..gee! van has Miami New York and LA beat hands down!!!!

david
Guest
david

How to earn a journalist’s paycheque in August while on vacation somewhere….cut-and-paste an old piece, with a “minor” edit.

Poloz
Guest
Poloz

I Am NOT raising rates when the Americans raise them.

That’s it. Rates will be low like Japan for a long time. Unlike Japan, immigration will keep the RE market up.

Son of Ponzi
Guest
Son of Ponzi

“decamping” sounds just right.
Buy an overpriced tent in the burbs instead of a ridiculously overpriced one in Vancouver.
Either way, you’re gonna be in the weeds.

A
Guest
A

coming to canada line

Foreign Passenger Loses Consciousness in Shanghai Metro, Passengers Run Away Without Any Helping

http://www.chinasmack.com/2014/stories/foreigner-passes-out-on-shanghai-subway-causes-panic.html

LazyCanadian
Member
LazyCanadian

From the BBC, Chinese move into luxury Manhattan property.

“The National Association of Realtors reports that the Chinese invested $22bn (£13bn) in American residential real estate in the year ending in March, a nearly 72% increase from the year before. ”

“According to the Shanghai research firm Hurun Report, 64% of Chinese individuals with a net worth of more than £1m are either emigrating or planning to do so.”

http://www.bbc.com/news/business-28894478

Joe Mainlander
Guest
Joe Mainlander

Re # 8. $22 bn invested by Chinese.

Value of RE sales in Metro Vancouver alone is over $20 billion a year. In comparison the value of RE sales in the whole US must be in the $100’s of billions a year. In that context $22 billion is not a lot. Interesting how the RE industry spins these numbers by not putting them into context.

patriotz
Member

@9:

Just saw another report (on CNBC) about slowing US house sales, and that’s before any rise in interest rates.

http://www.cnbc.com/id/101940801

NAR will not fail to grab at any straw to convince people to buy, as they’ve proven over the last decade.

Clayton Heights
Guest
Clayton Heights

Anyone been keeping track of surrey/langley prices? Myself, I live in clayton heights in surrey and have noticed about a 10% price decline

tedeastside
Member
tedeastside

most people are decamping to other provinces because of BC’s pitiful dismal joke of an economy

@tedeastside
Guest
@tedeastside

Only locals priced out are moving. They are easily being replaced by International migrants who continue to come in waves. Economy? You didnt get the memo?

Vancouver will become a resort town for 2+ Billion Asian and South Asians.

Time for the Cayman Islands, Barbados, Switzerland to move aside.

@clayton heights
Guest
@clayton heights

There has been no decline.

@patriotz
Guest
@patriotz

Rise in interest rates? Bond yields are approaching record lows again.

But you already know that.

@joe mainlander
Guest
@joe mainlander

Are you f%%^& kidding? And the upvotes? dumb upvoters.

$22 Billion = 22,000 Million dollar homes….per year.

Retake math.

Joe Mainlander
Guest
Joe Mainlander

@#16 There are 40,000-45,000 sales a year in Metro Van both side of Fraser. Average sales price $600-700k.

If there are that many sales in Metro Van alone, then 22,000 sales ain’t a lot over the whole of the USA.

Oracle
Guest
Oracle

S&P 500 JUST SHOT THRU 2000!!!!!!!!!!!!!!

The world is awash in money!

I told you guys but go voted into oblivion. They will inflate their way out.

2200 is next target. Only 10% more. Anyone in stocks the last few years has made an absolute killing.

patriotz
Member

@17: “22,000 sales ain’t a lot over the whole of the USA.”

There are abougt 5 million sales year in the US.

http://www.nahb.org/fileUpload_details.aspx?contentID=55761

Westside Realtor
Guest
Westside Realtor

Oracle,
Too bad you blew all that money on the Surrey building lot.
Well, maybe the girls on plentyoffish will be impressed by that.
Happy hunting my friend, hope you are able to attract a mate who will give you that family you so desperately want, and for which you claim having property is a prerequisite.
Interesting world you live in.

Are the suburbs slowing
Member
Are the suburbs slowing

Tsawwassen prices appear to lower…

paulb
Member

New Listings 202
Price Changes 98
Sold Listings 114
TI:16223

http://www.paulboenisch.com

tedeastside
Member
tedeastside

vancouver is a place for elderly people who like quiet small cities with no nightlife no urban attractions and constant cold rain

fitzrovia
Guest
fitzrovia

Ted- Vancouver is a place for money made elsewhere.

that can be Ab or Ont or untaxed millions from Asia

Son of Ponzi
Guest
Son of Ponzi

Listings are picking up in Richmond.
Check A. Shuchat’s blog:
http://www.shuchatgroup.com/blog.mobi

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