Category Archives: data

Summer sales fail on a streak

According to Paulb tuesday saw only 66 properties sold in Vancouver.

VHB says that makes a record 11 days in a row with double digit sales.

We haven’t broken more than 100 sales in a day for more than two weeks.

As VHB points out:

I have PaulB’s daily numbers for 2010 to now. The current streak of 11 straight double digit sales days is now a record.

You might think you could see this kind of streak in December or January. But August? This is nutty low sales.

Yesterday was Wednesday and we saw 71 sales.  That means we’re now on the 12th day of an unbroken chain.

Even if this record holds up through the end of the month it will likely be broken on Tuesday as sales made over the long weekend will add two days into one.

But what we also might expect to see next week is a flood of listings.  Here’s VHB again:

In past years, the September listings surge begins precisely on the Tuesday right after Labour Day. Last year, we had 356 listings on that Tuesday. In 2010, it was 282.

So, it would be a surprise if there are fewer than 1000 new listings hitting the books during the four days next week. Good chance to get over 1200.

And finally ZRH2YVR left a wrap up of what this market is looking like in a few select areas. We’re approaching a MOI of 20 (!) in some areas:

1.) SFH in West Vancouver will end the month with approx 1 sale per day. Down 50% from last month and down 70% from last year. MOI will now be over 20 and up from 5 last year. Inventory is near record at 530 units.

2.) Richmond SFH. July repeat. Same sales level, same inventory. I would say prices have to be down. MOI close to 20. The month had a blip in the first half with the first 10 sales days coming at 33 sales but the next 10 days being 21 sales. Quite a different second half.

3.) Van-West Attached (Appartment/Townhouse). This is a big big market so it’s tough to have it stop completely. It is the centre of the uninformed buyer especially young people with parents money. This month will be 15% below last month, 30% below last year and pretty much on par with 2008. Many sources have indicated prices are down but maybe about 5%. So many units are available. MOI in this large market will end the month close to 9, up from 5 last year and 8 last month. The sales pace in first 10 days and second 10 days were constant.

Read his full comment for the low down on other areas including East Van, North Van and Burnaby.

Pictures please: Exterior electrical boxes

We had a post a little while back about one of the reasons we see so many leaky condos around here: Improper installation of the wrong electrical boxes on exterior walls.

Robert Funk has sent in an updated informational PDF showing a simplified view of the right and wrong electrical boxes for exterior use.

And now he’s requesting pictures of any electrical boxes on exterior walls before lights or plugs are installed. If you can get any shots from construction projects around you he would very much appreciate them before Monday Aug 27th.

Here’s an example of an electrical box installed on an external wall:

The shots he’s requesting are closeup of those installations:

Continue reading Pictures please: Exterior electrical boxes

Vancouver is dragging the Canadian market down

Yeah, sales are down across Canada and prices as well.

Average prices across the nation dropped 2% in July on a Year over Year basis.

But it’s really not as bad as it sounds.

That national average is mostly being dragged down by Vancouver where average prices fell 12.2% in July according to the CREA.

So mostly it’s the Vancouver real estate market where prices shot through the roof and are now falling back to earth that is dragging down the national average.

No Canadian real estate market crash yet.

Housing crash implications for banks

If you haven’t seen it yet, you should really check out this post by Ben Rabidoux over at The Economic Analyst.

This report was put together mid-June and things haven’t gotten any better since then.

It’s a lot of stuff you already know, but some data you may not have seen and it’s jam packed with beautiful charts.

Check out the how the BC economy has grown in construction, but flatlined outside:

And there’s this little data point as well:

Before diving into the data, consider this fun anecdote: There are currently over 5,000 homes in Vancouver metro area for sale for over $1 million according to MLS.ca.  In comparison, the NAR reports that in April, just over 7,000 homes sold in the entire US were sold for over $1 million.  And this despite the fact that the US population is 135X greater than the metro Vancouver market, the average personal disposable income in the US is 20% higher than the Vancouver average ($37,100 vs. $30,800) while US per capita GDP is higher than the average for all of BC.

Do yourself a favour and read the full post over at The Economic Analyst if you haven’t already.

 

 

 

 

Friday Free-for-all!

It’s that time of the week again!  Friday is when we do our regular end of the week news roundup and open topic discussion thread for the weekend.  Here are a few links to kick off the chat:

Vancouver market in full retreat
Championship of lost sales
REBGV news release for July 2012
GVREB news release for July 2012
How much $ has left the economy?
New site forces realtors to compete
‘Think Housing’ contest winners
Renovation Boom
BCSC alleges million $ fraud
No new steps to cool market
New framework for credit unions
Global slowdown dashes hopes
Unsold Toronto condos growing

And here’s a couple of charts, the first one is from VMD and shows what the average Vancouver house price has done in the last two years:

This second chart is from Ben Rabidoux and was linked by Jesse – you can draw on your own red line for July:

So what are you seeing out there?  Post your news links, thoughts and anecdotes here and have an excellent weekend!