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
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.
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.