An anecdote from southseacompany:
Post from one of my LinkedIn connections;
“Lead indicators … Vancouver’s Development Permit Board reviews major project applications. Their agenda looks rather empty. ”
July 22, 2019 – Cancelled
August6, 2019 – Cancelled
September 3, 2019 – Cancelled
September 16, 2019 – Cancelled
“When I served on the DPB (1999 -2002) we commonly had 3 to 4 items on the agenda EVERY two weeks.”
We saw and increase in prices last month, but so far that isn’t showing an impact on prices which continue to fall.
That’s according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), which said that despite the bump, sales remained 7.8 per cent below the 10-year July sales average.
“Despite the bump in sales, prices have continued to slide. The benchmark price for a detached home across the region in July was $1.4 million, down 10.5 per cent from July 2018 and down 0.5 per cent from June this year.
Read the full article here.
Central 1 credit union is forecasting further big drops in sales and a “marshmallow soft” market for the next few years.
The province’s median home resale price across the year is expected to decline 4.1 per cent in 2019, then a further 1.2 per cent in 2020. This will be followed by the most meagre of recoveries in 2021 with a 1 per cent rise, which doesn’t even bring the median back to 2019 prices.
The biggest short- to medium-term price declines are expected, unsurprisingly, in Metro Vancouver, said Yu – but this could be what puts the market back on track in the longer term.
“In Metro Vancouver, on a benchmark basis, prices are down around eight per cent and we’re expecting that to fall further, giving us a total peak-to-trough decline of about 12 to 15 per cent. So that will erase a lot of the gains we saw from 2016 onwards. But this should pull some people back into the market.
Read the full article here.
Over at the Globe and Mail commenters are ‘feeling the schadenfreude‘ over falling Vancouver real estate values.
As a 32-year-old, I am definitely feeling the schadenfreude here. Housing prices are unrealistically high across much of the country, and I would like few things better than to see that market crash so that I can have a shot at buying a decent house myself
Read all the select comments here.
Best if you’re hoping for price drops on real estate that is.
We dont have official numbers for March yet, but realtor Steve Saretsky says that we just saw the lowest March sales numbers since 1986:
Saretsky said prices are in fact taking a dip, however the slide isn’t evenly distributed.
“You know you can probably get a 40 per cent discount at a house in West Vancouver, but you might only get a 15 per cent discount on a house in East Vancouver.”
He added that condo sales also saw an 18-year low last month.
Of course he did say this on April 1st. Read the full article here.