Drop in west side sales?

Reader Barb Rennie posted this in yesterdays thread, can any Realtors vouch for it’s accuracy?

Total number of Sales in West Vancouver for Detached Homes:

Month of January 2014 – 55
Month of January 2015 – 36

Total number of Sales in Vancouver Westside for Detached Homes:

Month of January 2014 – 147
Month of January 2015 – 77

Are all sales from January 2015 are tabulated yet or is this apparent drop in west side sales simply due to incomplete data?

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Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Whistleblowers: US Gave Visas to Suspected Forgers, Fraudsters, Criminals

in other words they gave visas to chinese citizens, lol.

http://abcnews.go.com/US/whistleblowers-us-gave-visas-suspected-forgers-fraudsters-criminals/story?id=28671577&singlePage=true

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

east side is the new west side. the old west side is a frozen store of value. locals are priced out.

think of the properties on the old west side as being bars of gold sitting in the vault which is our system of property rights, laws and courts.

Westside Realtor
Guest
Westside Realtor

Barb Rennie is bang on.

Westside sfh market is deader than a doornail, so to speak. The numbers speak for thenselves.

Oy way sales are getting done is for sellers to get realistic.

Not surprised that the low mortgage rates are spurring middle class buyers to load up on debt and compete over listing. But even that is getting old and tired and will run out of steam as we go through the year.

The top is now firmly on the rear view mirror, reality will and is gradually set in.

Just so you know how this story is set to END.

WSR

crabman
Guest
crabman

Hey WSR, give us the new listings and inventory numbers for the west side. Thanks in advance!

patriotz
Member

@2: “think of the properties on the old west side as being bars of gold sitting in the vault which is our system of property rights, laws and courts.”

You mean like civil forfeiture? You can hide gold, but not RE.

RFM
Guest
RFM

The VANCOUVER REALTOR HUNGER INDEX for January 2015 was 71%.

How does this compare? The 18-year average for January is 69%. At 71%, the 2015 January VRHI was higher than 9 years and lower than 8 years since 1998. We’re riding the wave of ‘average.’

Details and comparison data for 18 years at: http://vancouverpeak.com/showthread.php?tid=64

bobwestsiderealtor
Guest
bobwestsiderealtor

Canada Inc. is in a much better mood today.

Royce McCutcheon
Member
Royce McCutcheon

Here’s your big chance WSR, give us the numbers.

Oracle
Guest
Oracle

Poloz is playing a dangerous game by slashing rates to zero.

He will be out of ammo with regards to rates if housing crashes afterwards.

Then these things may happen:

1) Immigration increases/offer citizenship for buying a home –> backlash by Canadians seeking jobs?

2) Help stressed homeowners by writing down value of mortgages at the expense of renters.–> riots by renters?

3) Introduce the 15 year fixed mortgage in Canada –> Bank stocks would crash.

The best case scenario is sow growth over the coming years. Good luck with that.

Lets hope the spring market is on fire….the crash will be bigger! Need some deflation in asset prices. A reset. Don’t let the likes of Patriots tell you deflation’s a bad thing

space889
Guest
space889

@Westside Realtor – how many years have the top been called on this blog?? Given that Jan just ended 3 days and most sale subject have 2 to 3 weeks time frame, I doubt the data is anywhere close to complete.

I will believe the top is in when I see inventory piling up and price cut plastered across the For Sales sign for at least 2 quarters.

Right now all I see on MLS.ca are no new inventory and very low existing inventory. Not how a top looks.

space889
Guest
space889
@Oracle – He’s far from out of ammos: 1 – Offer PR for purchase of homes over $500K or $1M in Vancouver like in Europe has very few repurcussions since most buyers wouldn’t be working here. 2 – Start QE program of purchasing GoC debt and remit the interest back to the government -> lower GoC interest cost and push down interest rates. Maybe do the same for provinces which Que, Ont, BC and now AB would all love since they could now borrow for almost free and lower their interest payments to boot. 3 – Have CMHC start another round of mortgage buying from the bank to free up their balance sheet and then sell mortgage backed bonds to BoC. 4 – NIRP!!!! It’s all the rage in Europe, no reason why you can’t do it here. Banks will… Read more »
kabloona
Member
kabloona
“More signs of Alberta housing slump: Edmonton sales down nearly 26% from a year ago: http://business.financialpost.com/2015/02/03/edmonton-housing-sales-down-nearly-26-in-january-from-a-year-ago/ Garry Marr | February 3, 2015 1:57 PM ET More from Garry Marr | @DustyWallet Edmonton realtors maintained Tuesday the influx of new listings the market faced last month is good news for buyers facing tight inventory levels. But the Edmonton Real Estate Board’s monthly figures shows sales in the Alberta capital were down almost 26% in January from a year ago and 13.5% from a month ago. New listings jumped almost 30% in January from a year ago and 148.5% from a month ago… …Like Calgary, the board blamed the impact of low oil prices for a slump in sales which it said was making buyers cautious. The board expects interest rates will help drive the market though. For January, at least, the… Read more »
bobwestsiderealtor
Guest
bobwestsiderealtor

Think it might be time to go long CAD/USD.

A guy
Guest
A guy

Does anyone remember the guy a few years ago who pretended to be Li Kai Shing?

Mortgageslave
Member
Mortgageslave

@space889

“Right now all I see on MLS.ca are no new inventory and very low existing inventory. Not how a top looks.”

Agreed. But the reasons may not be the same. I personally know of several places taken off the market because they could not near get asking price. When a market is maxed and buyers are more cautious it takes time for prices to come down. As we know, this will be lead by people who need to sell, which there are plenty of today. Layoffs, no wage growth, retirees. Not much to cheer about for the bullish side, IMHO.

Oracle
Guest
Oracle

This is no top.

I just got an offer (no conditions) through my realtor even though no showings till end of this week. Apparently buyer seen it 6 months ago when I bought it.

Big deposit or hold off until weekend? Or even hold off and relist in spring?

low inventory because no one in a rush to sell (except me). Maybe I’m wrong.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

talking about real estate on the west side is like talking about the geography of mars. on the one hand it’s interesting, on the other hand living there is not possible in anyway for any of us it’s kind of pointless.

the west side may as well be another planet. a piece of they city that has detached from the rest and is floating somewhere in space.

funny thing is that i think the rest will follow. has anyone looked at prices in richmond?

83% of detached houses for sale in richmond are one million dollars or more.

good thing you listened to the bears and not the mainstream media, somerville, real turds, etc.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

remind me again where CMHC funding caps at.

space889
Guest
space889

Jan RE sales increase 10% compared to last year, especially in detached….hmm….don’t quite match with what’s posted here..

http://www.vancouversun.com/business/affordability/Greater+Vancouver+listings+drop+sales+detached/10784210/story.html

Mortgageslave
Member
Mortgageslave

I think you mentioned putting your place in Delta up for sale? Care to supply the address, how much was offered?

Nobody believes you and your BS.

Oracle
Guest
Oracle

The problem is that waiting for a correction or crash takes time. Time in life is more valuable than anything. Many people I knew just moved away to other cities or the USA as they realized they could never get ahead with the high cost of housing here.

I’m probably going to move away as well but not because of the high housing cost. I prefer British character cities over Asian character cities. I’m not racist, it’s just my preference.

Vancouver will become predominantly Asian eventually so if you like that type of city then wait. If not, what are you waiting for ??

Mortgageslave
Member
Mortgageslave

@space889

Let’s just wait to see what the Jan HPI comes out in a week or two. I think that will tell us the true story. Trend has been down and picking up over the past 6 months. I can’t see any reason for this to change.

space889
Guest
space889

Hotel turning into long term rentals for intl students:
http://www.vancouversun.com/news/metro/Downtown+hotel+converting+housing+foreign+students/10781986/story.html

Great money maker and at a rate of 1 to 2 properties per quarter, lots of demands!!

Though I wonder about people who put these poor intl students under staircases, or install hidden cameras to spy on female students?? Chinese or Western??

space889
Guest
space889
@Mortgageslave – Everyone knows winter months are not a good time of the year to sell, and greed by sellers are rampant. So I can’t see how your explanation can possibly be correct that the top is in. At best, it’s a guess. As I said, without massive supply and actual evidence of sellers dropping price, you can’t say a top is in. There is no reason why those sellers can’t come back to the market at higher price come spring time. The argument about the must sell crowd has been on this blog for years and it hasn’t pan out. Frankly, these people exists in bull and bear markets. A low inventory give these people more bargain power since if you want to buy, you have to pay up since you don’t much choice or seller competition for your… Read more »
space889
Guest
space889

@Bull! Bull! Bull! – No reason why government can’t up the CMHC cap, it’s not written in stone.

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