Is the Vancouver real estate market cooked?
Sales are plummeting and the lower mainland is choking on inventory.
Tsur Somerville decided it’s time to sound the warning bell in the Vancouver Sun:
“We’re getting this consistently now,” said Tsur Somerville, director, centre for urban economics and real estate, Sauder School of Business at the University of B.C., after a monthly report by the Real Estate Board of Greater Vancouver showed a continued rise in listings as sales drop.
“We’re in a market that’s much slower than what we’re used to and I think that will transfer into much more sluggish prices, at best.”
According to the board’s report, released Monday, May sales were the lowest total for the month since 2001 and 21.1-per-cent lower than the 10-year average for May sales. Local home sales in April were also the lowest total for that month since 2001.
…yeah, that’s right. Lowest since 2001. And the remarkable thing is that the word the real estate board has chosen to describe this market is ‘balanced’.
I guess it is very important to keep your balance while you’re sliding down hill.