Category Archives: data

Hey Vancouver! Why so miserable?

You’d think that living in a great city would make you happy, but apparently that’s not true for everyone.  Southseacompany points out this article about why people in Vancouver and Toronto are so unhappy.

Vancouver is now a place you try to survive as much as enjoy. All the problems are well known, the greatest being the high cost of housing. When you, as a young person, have little hope of making a comfortable life in a city that you love, of course it’s going to cause unhappiness. There is a sense that Vancouver is being yanked away from those who love it most, taken over by mercantilists and arrivistes from around the world who care little about a city’s “soul” so long as the skiing’s good and there’s a place that sells beluga caviar. And then there are those sitting on a lottery ticket with the house they bought years ago, waiting to cash out, and those sitting on a mountain of debt, praying interest rates don’t go up. It doesn’t sound like the kind of environment that would engender a cool community vibe, a place where relationships between people can flourish. And that, I think, is what the survey on happiness has tapped into.

Read the full article here.

BC slides

Kabloona pointed out this article: “dramatic drop in home sales makes B.C. an outlier among provinces”

“VANCOUVER—B.C.’s real-estate market has gone from being one of the strongest in the country to the weakest as the number of sales drops sharply in comparison to other provinces.

The B.C. Real Estate Association (BCREA) is forecasting a 21 per cent drop in sales in 2018. Meanwhile, the number of sales in July was 24 per cent lower than the previous July, according to Douglas Porter, chief economist and managing director of BMO Financial Group….

“…..Compared to the rest of the country we are noticing that it’s especially weak, which is quite a turnaround from what we’ve seen over much of the past 10 to 15 years,” Porter said. “It’s quite unusual for Vancouver to stick out.”

Read the full article here.

Realtor: Bubble correction is underway.

VCI Favorite Ian Watt says the bubble is deflating in Vancouver, with a correction of 10-15% in Coal Harbor condos so far in the last six months:

“Usually you’d have five to 10 sales a month, but we’ve only had one in the last six weeks. Everything above $2 million is pretty much dead; anything related to international money is gone right now.”

Prices have also declined for downtown condos in the $600,000 to $700,000 range, Watt said.

In relatively affordable Langley and Abbotsford, where a two-bedroom, two-bathroom townhome goes for between $300,000 and $400,000, it’s a similar story: seven or eight weeks ago, sellers would receive multiple offers. Properties are now sitting on the market for longer, said Tim Sawatzky, a realtor with 2 Percent Realty Valley.

Where it was once common to see lineups to buy condo pre-sales contracts, Sawatzky said developers in Surrey, Langley and Abbotsford are now offering a variety of incentives, such as a $20,000 “furnishing package,” or between $20,000 and $40,000 off the closing price when the building is completed. (When buyers purchase a pre-sale condo contract, they typically pay five to 15 per cent of the price up front and then pay the full amount after the building is completed.)

All sorts of cash incentives in the market right now if that’s your sort of thing.  Read the full article here.

No days with over 200 sales in 2 months

Can it be? Have we gone two month in the spring selling season without a single day hitting over 200 properties sold?

Myraandrews has gone through Paul’s numbers and it looks like that’s the case:

In over two months not a single day of over 200 sales

May 10 New 229 Sold 126 TI 10957
May 9 New 309 Sold 172 TI 10914
May 8 New 318 Sold 117 TI 10835
May 7 New 389 Sold 131 TI 10697

May 4 New 191 Sold 110 TI 10540
May 3 New 213 Sold 103 TI 10503
May 2 New 268 Sold 146 TI 10481
May 1 New 363 Sold 134 TI 10420
Apr 30 New 375 Sold 163 TI 10459

April 27 New 147 Sold 89 TI 10347
April 26 New 208 Sold 161 TI 10,332
April 25 New 239 Sold 123 TI 10,345
April 24 New 323 Sold 136 TI 10,299
April 23 New 385 Sold 145 TI 10,180

April 20 no post from Paul
April 19 New 211 Sold 133 TI 10,006
April 18 New 266 Sold 128 TI 9989
April 17 New 297 Sold 120 TI 9898
April 16 New 377 Sold 191 TI 9799

April 13 New 152 Sold 137 TI 9727
April 12 New 199 Sold 112 TI 9748
April 11 New 248 Sold 101 TI 9709
April 10 no post from Paul
April 9 New 382 Sold 117 TI 9450

April 6 no post from Paul
April 5 New 268 Sold 164 TI 9264
April 4 New 324 Sold 154 TI 9204
April 3 New 538 Sold 131 TI 9104

Mar 26-29 New 793 Sold 455 TI: 9032 (summary only)

March 23 New 123 Sold 110 TI: 8916
March 22 New 139 Sold 107 TI: 8944
March 21 New 193 Sold 138 TI: 8948
March 20 New 279 Sold 142 TI: 8931
March 19 New 307 Sold 120 TI: 8862

March 16 New 158 Sold 117 TI: 8743
March 15 New 154 Sold 127 TI: 8737
March 14 New 231 Sold 140 TI: 8749
March 13 New 277 Sold 159 TI: 8688
March 12 New 327 Sold 139 TI: 8642

March 9 New 139 Sold 91 TI: 8510
March 8 New 196 Sold 118 TI: 8496
March 7 New 204 Sold 99 TI: 8442
March 6 New 246 Sold 130 TI: 8372
March 5 New 316 Sold 104 TI: 8344