Friday, March 4, 2011

All is not well in the OK corral

While Vancouver is reaching nose-bleed levels due to the reasons I put down in my previous posts and fear of being left out forever (too late with 300% gain in just over a decade!) some places are not doing so well.

The OK is one of them. Here are the MOI from the latest stats for feb:


Total listings up a few %. Sales down 25% YOY and MOI at s staggering 23 months!


Total listings up. Sales down 15%. Total volume of sales was less than one of our priciest homes in Vancouver. MOI..23 months again.


30% drop is sales YOY. An unbelievable 39 MOI!!!!

They need an influx of Albertan money Asap, or the place is toast. That shouldn't be a problem with the price of oil hitting $103.

Compare that with Vancouver. VHB on Condo forum calculates the MOI for Vancouver in the low single digits.

What does that tell me? It tells me that I was right in this post (and wrong in many other things) :

The prices in Vancouver are driven by things that are unique to Vancouver. Crime, commodities and Mainland Chinese investors as well as the usual reasons. The rest of the Province is in a full fledged correction since they do not benefit as much from these factors.






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5 comments:

  1. AnonymousMarch 5, 2011 at 10:53 PM

    Hey Fish do you have any idea what the numbers in the Nanaimo area are doing?

    Thanks

    ReplyDelete
  2. fish10March 6, 2011 at 11:27 PM

    Sorry Anon- dont follow Nanaimo or the central or mid-Island.

    ReplyDelete
  3. fish10March 7, 2011 at 7:07 AM

    Whistler

    For Feb:

    12% more listings than last year
    29 sales
    756 listings
    MOI = 26

    ReplyDelete
  4. fish10March 7, 2011 at 7:09 AM

    That's two years!

    ReplyDelete
  5. frenchMarch 7, 2011 at 8:52 AM

    Whistler is still very expensive. Maybe there are 26moi but prices are not coming down, at least on the properties I follow.
    On the other hand, I talk to some builders I know and they confirm to me that most big ticket sales now in vancouver are between people of asian origin. And they pay only cash. One of them lost a contract because he wanted to have invoices and well documented accounting rather than just cash. Our black economy is very strong, much stronger than what many think.

    ReplyDelete