Based on the REBGV stats package the following areas have negative 5 year price changes.
Overall (Composite)
Bowen Island -7.3%
Maple Ridge -3.7%
Pitt Meadow -2.3%
Squamish -2.0%
Sunshine Coast -6.6%
SFH
Bowen Island -7.3%
Maple Ridge -1.2%
Sunshine Coast -6.7%
Whistler -3.8%
Townhouse
Maple Ridge -7%
Port Moody -1.1%
Squamish -2.4%
Apartments
Burnaby East -9.2%
Burnaby North -2.2%
Coquitlam -4.7%
Maple Ridge -10.8%
Pitt Meadows -12%
Port Coquitlam -11.8%
Port Moddy -5.6%
Squamish -12.7%
Tsawwassen 2.1%
West Vancouver -8.3%
A significant portion of Vancouver Real Estate is in recession. However there are still areas with appreciation. Eg West Van SFH - which is up 20% over 5 years, but there are special reasons (see the last comment someone put up on my last post) or East Van SFH up over 30% due to forced gentrification from Van West's high prices. I think Whistler's apartment numbers must be an aberrant number.
What I see is a Mexican stand-off in much of Vancouver, with the very high priced houses still selling but at a discount.
A Hindenburg Omen in an oversold market
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*Mid-week market update*: What happens when an ominously sounding
Hindenburg Omen occurs when the market is oversold? David Keller described
the three comp...
2 days ago
I had an interesting exchange at an open house in North Van yesterday. I asked the realtor if the owner would accept an offer 10-15% off asking price.
ReplyDeleteTrying to steal it eh? he replied with a smirk.
"And what is the seller trying to do? Skewer the buyer?" I asked. "Selling it for 50% more than he paid for it 4 years ago, without even having up-dated it. I showed him the " I showed him the listing from 4 years ago on my phone with the pictures looking identical.
Wiped the smile off his face.
Only 1,800 jobs created nationwide.
ReplyDelete"BC recorded an overall loss in the number of jobs — the biggest downturn in the country, according to the Statistics Canada report."
"the biggest loss came in B.C., which reported 10,900 fewer jobs."
http://www.theprovince.com/Fewer+jobs+October+says+StatsCan/7489244/story.html#ixzz2BQKCsIUy
Bought 6 years ago for $500k+, acreage house in the Okanagan. Owner is now asking more than double of assessment value @$700k+. A lot of greed out there.
ReplyDeleteCoal tycoons from China will save BC real estate.
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Flickr founder is shutting down his Vancouver-based Glitch. Some 30 developers and associated staff will lose their jobs.
ReplyDeletehttp://www.biv.com/article/20121116/BIV0112/121119969/flickr-founder-closes-latest-vancouver-tech-venture-lays-off-staff
Not real estate, but still relevant as it gives an insight of how their brains are wired.
ReplyDeleteNo license
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No insurance
http://tinyurl.com/d2sxhqn
After only 2-1/2 months, the asking price drops $200k (-9.17%).
ReplyDeleteMLS#: V966851
Current BC assessed value is $2,011,000
2012 August 16, listed for: $2,180,000
2012 October 31, price reduced to: $1,980,000
Its previous neighbor at house #3280 had better luck.
On 2011-March-21, it was sold for $2,110,000, when its 2011 assessment value was $1,349,000 then. That was $761,000 above (+56.4% more than) the assessment value.
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ReplyDeleteMany buyers are looking for a sale offers and I think it is good sometimes as long as they did not lost too much.
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