Sales, like a tramp steamer running of gas is sputtering, and slowing down..
In March we had .."a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010." REBGV
We are on course to have 2900 sales for the REBGV for April.
That would be 10% less than last year and 20% less than April 2010.
That cannot be a pleasant situation for the 10,000 Realtors in the region (give or take a few hundred as these are 2010 numbers)
Now of course every sales has two parts a listing Realtor and a selling Realtor, so 2900 sales become 5800 transactions.
Rounding the numbers that comes to one transaction for every two Realtors in April. Even with our sky-high prices, that leaves a lot of agents with little or no income in April and on-going expenses.
Of course like many other fields, the top 10-20% are probably accounting for the lion's share of the transactions.
‘Extreme Speculation’ – “The problem is that the diversion of resources into investments that are only justified by the stream of new money and artificially low interest rates will destroy wealth at the same time as it is boosting activity.” - The Vancouver RE market can only be understood as part of a global phenomenon of too-cheap money encouraging ‘extreme speculation’. -vreaa “When the centra...
22 hours ago