For North and West Van. In case you missed them.
Source: Alan Skinner a realtor, in North Shore Homes:
Comparison of Jan-May 2009 v Jan-May 2008
North Van
Detached: 17% less homes old. Average price down -18%
Townhouses: 7% less T/h sold. Average prices down -12%
Condos: 23% less Condos sold. Average prices down -16%
Inventory down a few % from 2008.
West Van
Detached: 30% less homes sold. Average prices down -21%
Townhouses: 70% less T/h sold. Average price down -29%
Condos: 27% less condos sold. Average price down -21%.
Inventory almost the same.
Both these areas had reached psychotic levels of over-pricing and I think they could come under further pressure if the economy and stock market falter.
Another View of American Exceptionalism
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Last week, I outlined the case for fiscal dominance (see Will the Next Fed
Chair Matter Much to Policy?). U.S. debt to GDP is rising and not
stabilizing. I...
22 hours ago
This is a dangerous market right now. And, I think the riskiest neighborhoods are the ones which have yet to see price drops as large as the North Shore. The Commercial Street area comes to mind, $800,000 for an eighty year old house with a 33' lot on a busy street in a mixed (not bad, not great) neighborhood- I'm not sure that makes sense? Even, if it has been re-modeled.
ReplyDeleteAnd, similar to what Fish said in the last thread: if you have a $500,000 mortgage (man: that seems like a lot of debt), you better hope that you don't lose your job- or, that your wife loses her's, for that matter. Well, at least from what I hear the government is spending a lot of borrowed money to seismically upgrade schools and other buildings, so that should keep some tradesmen working- but, will it be enough?
I just think people in this town have become desensitized to the- extremely- high cost of Vancouver housing. And, more importantly, to the huge debt that comes with its purchase- even with a substantial down payment.
In many ways, the macro-economic condition is starting to make this "spring bounce" feel more like the eye of the hurricane. Oh well...No matter what happens, without a doubt, this is going to be an eventful and interesting year- one way or the other.
Thanks for the post Fish. You keep me hanging in there.
ReplyDeletei think i smell the stock market faltering...
ReplyDelete