Friday, September 24, 2010

I know what you are thinking

Fish posts twice a week and now he is posting every five minutes.

Ok so I am a little hyper-active at the moment.

We are at a crucial point in the market. We could go up or down or sideways :)

Seriously though. Demand is down. Price reductions are routine. MOI is now 7 months in Vancouver and much higher 30 minutes drive or a short ferry ride away. Wages have run up YOY and this puts pressure on the BoC to raise rates. Flaherty WANTS home prices to come down. What does this all add up to>>>>lower prices.

However some agents I speak to, say there are lots of regretful Randolphs, upset at having missed the quick crash of 2008/9, who are waiting for the slightest sign of weakness to pounce on a 'perceived bargain'.

BTW in the spirit of fairness I will have to say that North Van must have got the sales that they didn't have time to put on the system yesterday. From 1 sales yesterday we are up to 10.

In fact the numbers are 15, 9, 10.

But for Van West they are bearish today at 57, 39, 17. Some really nice reductions in there from crazy prices to just insane.

Most other places have list/sales from 30-60% nothing too exciting.

Can't read too much into any one day's results.

Have a great week-end.

1 comment:

  1. You're right, we're at a point in the market where it's all pretty dull. Nothing to see here folks. I remember this stage in the US back in 2005-2006. Not much selling, but no exciting price reductions either. Inventory ticking up.
    Then-BAM! Ben Jones' Housing Bubble Blog was full of sad stories of people losing their houses, massive price reductions etc. It seemed like it happened overnight, but I guess it didn't.
    I wonder if that will happen here. Spring 2011 possibly?