Sorry for the lack of posts. We are all waiting to see if the higher inventory and lower sales keep putting pressure on prices.
Another unequivical drop in average prices would be nice. Nothing too dramatic, just a few %. Enough to give the prudent some heart and put fear in the stomach's of the speculators but still stop the politicians from 'doing something'.
Here are some numbers for you. They are SFH from April 23- May 23rd. Even if we assume some sales are still to be loaded on the system, I think they show the lay-of-the land pretty well.
Sales/inventory (SFH)
Maple Ridge: 68/715
New West: 23/110
Sunshine Coast 28/669
Squamish 10/222 !
West Van: 58/518
N. Van 109/393
Surrey 238/2309
Abbotsford 66/840
Van West 105/1043
An insightful interview with Scott Bessent
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RenMac hosted an interview with Scott Bessent, who is Trump's announced
nominee for Treasury Secretary, in early 2021. While Bessent did not talk
about pol...
13 hours ago
North van is hot, the rest of the region decidedly not!
ReplyDeleteThanks Fishy. Any update on Whistler? Seems like ground zero in Canada now...
ReplyDeleteCheck out this ad on Craigslist:
http://vancouver.en.craigslist.ca/van/reb/3039570775.html
$129000 / 1br – 500ft² – Whistler Investment Properties ************** REDUCED ****************
Renovated studio with mountain view – right in the heart of Whistler Village and within 2 minute walk to the ski lifts. Listing price is well below its 2010 assessed value – this is an investment opportunity not to be missed. These lofted studios were selling at $369,000 at their 2005 launch after the $5 million dollar upgrade to the lodge.
That's a 65% hair cut!
Makaya- I have found Whistler's numbers to be unreliable. There seems to be a Whistler only listing service too, which means I cannot find all the listings on the MLS. However all I hear is pain and suffering there.
DeleteThe studio above going for $250/foot is evidence of that. That would have been unheard of a few years ago.
SFH from April 23- May 23rd
ReplyDeleteMaple Ridge: 68/715 - MOI: 19.5
New West: 23/110 - MOI: 4.78
Sunshine Coast 28/669 - MOI: 23.89
Squamish 10/222 ! - MOI: 22.2
West Van: 58/518 - MOI: 8.93
N. Van 109/393 - MOI: 3.6
Surrey 238/2309 - MOI: 9.7
Abbotsford 66/840 - MOI: 12.73
Van West 105/1043 - MOI: 9.9
..................
Thanks for the numbers.
Thanks Makaya.
DeleteStill wondering why there is such a discrepancy between the above MOI and the projections from Paul B's numbers (which give an over-all MOI of about. 6+).
I suspect that I either missed out some of the hotter areas or maybe not all the sales are loaded up yet.
In nay case some areas are disasters- especially Squamish and the Sunshine Coast.
Glad I didn't miss out much as I had been away.
ReplyDeleteTo continue where I left off earlier, the same couple bought their $3M condo in 2000 and by 2007 lost $1.35M in market value. They hung on to it and the market turned in the last 3 years, but sold it end of last year when foreigners must now pay additional 10% stamp duty.
Punters of residential properties are less enthusiastic as it is harder to flip for hefty profits. Instead they change the race course to commercial properties. Shops in unglamorous chinatown
http://www.youtube.com/watch?v=y3JkRkMH9j8
are asking up to $5,240/per sq ft.
http://tinyurl.com/6r9wm5h
Crash has different values to those with unlimited means.
ReplyDeleteFerrari
http://tinyurl.com/6wdbb76
Lexus
http://preview.tinyurl.com/7uva6q8
Our housing market shares a striking similarity with the tropical island city-state in that the top foreign buyers/investors are from the respective neighboring country across the border - either to flee the devaluing $ringgit or the weakening US$.
ReplyDeleteNow that I've spit it out, don't stone the messenger. If you do not like what you've read, please ask the host to delete it. Peace!