Larry has his numbers out and they paint a mixed picture.The Average prices showed:
Detached and attached moved up and condos lost value. Detached went up about 5% MOM. Just when you think this market has started it's descent up it pops like dracula ready to bite some flesh off unsuspecting buyers.
I said that I expected one of the indices for one of the categories to be flat YOY and it seems like apartments will fit the bill.
The YOY rise in average apartment prices is about 1%. Less than inflation.
Detached is up about 9% YOY with higher inventory and flat sales. What does that mean - it means more expensive houses are being sold. The 1% are buying more than the 99%.
If so the HPI or median may paint a different picture.
So what now?
Well we got a pop in the most expensive segment, detached, with the same sales and higher inventory. I don't think this is a sustainable and I would have to say that detached SHOULD have a big drop in even the average price next month.
We have moved from challenging each other and nit-picking to calling our shots, and if we are wrong, so be it.
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ReplyDeleteHigh ends sell because of the rezoning of Cambie Corridor.
ReplyDeleteOur City Hall is sold to developers. Ask Suzanne Anton/Greg in the next debate.
Anon 10:18am Nov 2: those lots were sold way high, all the developer "profits" will be eaten away by community amenity contribution (CAC) fees to the City. Apparently experienced planners and developers are laughing their heads off at some of the prices on those lots. No doubt now, there is "Dumb money" at play in Vancouver with a capital "D".
ReplyDeleteIt is crazy. At three Million + a pop, how many do you need for a multi site? 3? And how many units could you get out of that. Guestimate 30. Throw in all the other costs and it seems like over-paying. But they have the money not me, so they must know what they are doing.
ReplyDelete