Tag Archives: drop

Detached home sales collapse in June

Wow.

It looks like the number of detached home sales in a number of lower mainland areas are coming in very low for June this year.

It’s useful to look at what sales looked like in June 2012 compared with the last many years.

Fortunately Inventory posted a bunch of month-end stats showing exactly that this weekend.

Here’s Richmond, which saw an all-time low number of sales of detached homes:

Continue reading Detached home sales collapse in June

Friday Free-for-all!

It’s the end of another work week and that means it’s time for our regular end of the week news round-up and open topic discussion thread. Here are a few recent links to kick off the chat:

‘House of cards’will implode
Inventory squeeks back to record level
May sales to list so far is 41%
CEO welcomes Vancouver price drop
Are Canadians ready for higher rates?
Condos need depreciation reports
Rennie wants to see numbers
20% drop in Toronto condo sales
Canadian Mortgage Market Primer
No US style 30 year mortgage
Money contracts in China
How to format a link on VCI

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

Average Vancouver selling price down 9.8%

The problem with using averages is they can look terrific on the way up and horrible on the way down.  Remember all that talk about the ‘average’ Vancouver house now being worth $1 million?  One year later it’s apparently worth $735,315.  What will it be worth next year?

The average home price in Canada in April was up 0.9 per cent from a year ago at $375,810.

“It bears repeating that the national average price was skewed higher last spring by record level high-end home sales in Vancouver’s priciest neighbourhoods, and that a replay of this phenomenon was not expected this year,” said Gregory Klump, CREA’s chief economist.

Sales in Canada’s largest markets are having opposite effects on the national average, with slowing sales in Vancouver dragging, and soaring sales and prices in Toronto exerting upward pressure.

The average selling price in Vancouver was down 9.8 per cent compared with a year ago at $735,315, while the average price in Toronto was up 8.4 per cent at $517,556.

Read the full article is in the Vancouver Sun.

BMO: Vancouver price drops for next 2 years

A Bank of Montreal report is predicting that Vancouver house prices will continue to fall for the next couple of years:

BMO Senior Economist Sal Guatieri says the price of homes in Vancouver and uncertainty over long-term mortgage rates are creating a buyer’s market.

He also says rich foreign investors who have driven up real-estate prices in Vancouver are now looking at cities that are less expensive.

“The sizzle is coming off the Vancouver housing market,” Guateri says.

Read the full article over at News 1130.