Tuesday, May 3, 2011

Vancouver lunacy continues..Fraser Valley and Victoria stall

Larry has Vancouver's numbers. I cannot even bear repeating them. I have yet to see a more parabolic curve for a high priced asset than Vancouver house prices. It even puts gold and silver to shame.

The Valley has stalled. Sales and prices flat. From the FVREB:

The Fraser Valley Real Estate Board processed 1,516 property sales on its Multiple Listing Service (MLS®) in April, a decrease of 15 per cent compared to 1,793 sold during April of last year, and a decrease of 17 per cent compared to March’s 1,818 sales.

Regarding prices, in April, the benchmark price for Fraser Valley detached homes was $525,510, an increase of 1 per cent from the April 2010 price of $520,423. The benchmark price of townhomes was $332,992 in April, an increase of 2 per cent compared to $326,367 in April 2010. The benchmark price of apartments was $252,689 in April, a 1.3 per cent increase compared to $249,453 in April 2010.

The huge drop between March and April supports the fact that there was a mad dash of buyers to get high leverage CMHC mortgage before they were pulled.

Meanwhile Victoria has the lowest April sales for a decade


  1. Central Okanagan also had the worst sales in a decade - down 32% since last year. Things here are imploding.


  2. "lunacy continues.." no doubt about the greed.
    Richmond's sale volume down 30%-40% in April from March, yet sellers' asking prices are 40% above their current BC ASS values.

    One SFH in Tsawwassen has expired from the MLS listing. FSBO promptly jacks up the asking price another 20+%.

  3. May numbers will be interesting to watch. A couple published news stated that significant $amount purchases clinched in the past few days with realtors flying to China to complete the sale contracts.

    Next event to follow will be the 15th. A 10-D investment tour designed for foreign buyers at a cost of C$4,500 per person, not including international airfares++. The tour covers Okanagan (days 4/5/6) and Prince George (day 7 onward).


  4. Haha. The tour has a picture of the northern lights. Too bad it is the wrong time of year.

  5. Lunacy continues in BPOE ... shady deal of iPad2 inside a Lexus SUV parked in the same compound of Best Buy. Undoubtedly, ICBC will pick up the tap at the expense of the general motor insurers. No doubt CHMC and the politicians have the economy wrapped round their little fingers.


  6. I really dont know why our pols have decided to sell the whole ranch to absentee Chinese investors, when every other country is trying to control this type of speculation, even China!

    I can only assume that we can no longer afford our health and welfare system and the pols are too frightened to tell us and instead decided to sell the whole place piece by piece.

  7. "Zillow now predicts prices will fall about 8% this year and says it no longer expects the market to bottom before 2012."

    "What a foolish boondoggle those tax breaks for home buyers have turned out to be. The government spent an estimated $22 billion between 2008 and 2010 on tax breaks to prop up the housing market. All it achieved was a brief suckers’ rally that ended last summer."

    frank, what are friends for if they don't scratch each other's back.

  8. bid wars on old houses with large lot in Burnaby. inventory down YOY

    detached inventory in Richmond higher YOY
    sfh prices should come down but have not
    sellers ask on average 40% above assessed values

    Urayasu in Tokyo Bay is like Richmond protected on the outside by Vcr Island. see what happened
    after the earthquake of March 11, prices came down 50% and properties not selling.
    "2011.03.13 Shin-Urayasu Japan Earthquake Aftermath "

  9. Cam Good et al have a thing or two to learn and impart to the less sophisticated buyers in Metro Vancouver.

  10. At last, MingPao caught up with the story of Burnaby that I mentioned months ago.

    MLS® V884349
    6925 Waverley Ave, Burnaby
    A/P: $989,000
    Sold: $1.5M

    see the photos here