Vancouver Real Estate – Sales Have Flushing Sound

Feeling Flush

Transpose George Washington with HM Queen Elizabeth on multi-colored currency and you’ll get the picture. It is meant to depict the state of our local Vancouver Real Estate Market. No, it’s not a dream. Yes, the sound you think you are hearing is the right one.

It would be nice to deliver some bright sunny news, but that news may be at the other end of the pipe attached to this porcelain bowl. The latest numbers from the board are not pretty and serve to confirm the path traveled since the beginning of this year.

Considering all the other news from the south and east this might just be the time to reach for the Tylenol.

On The Bright Side

Yes there is one! There are homes selling, just not as many!

On the “could it be worse scale”, the positive is that we really do have a much stronger banking system. This single aspect of our financial system serves us well in that while we will hurt a bit we won’t suffer the extent of pain and financial catastrophe being endured by our southern neighbors. It’s times like these when being a Canadian is defining our difference.

According To

The Real Estate Board of Greater Vancouver

Highlights

Residential Sales

Down 42.9%

09/08 – 1,585

09/07 – 2,776

New Listings Residential

Increase 28.8%

09/08 – 6,142

09/07 – 4,770

Detached Sales

Sales – 09/08 – 546

Sales – 09/07 – 1099

DOWN – 50.3% May – Sept 2008

Housing Price Index

Down – 5.8%

Apartment Sales

Sales – 09/08 – 764

Sales – 09/07 – 1177

DOWN – 5.1% May – Sept 2008

Housing Price Index

Down – 5.2%

Attached Sales

Sales – 09/08 – 450

Sales – 09/07 – 775

DOWN – 41.9% May – Sept 2008

Housing Price Index

Down – 5.2%

Dave Says:

“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”

I Say:

I like Dave he’s a smart nice guy. I guess I’m a bit cranky because I have taken exception to his words! Dave, doesn’t “realign” mean down? Isn’t the meaning of down the opposite of “unprecedented increase”. Come on Dave, DOWN, while not as nice, is more to the point. Stop the BS please. I agree that truth in plain talk can be brutal, but it’s time for straight talk. Real Estate is full of it most of the time, and with world conditions such as they are we need clarity from our leaders.

If the consensus you speak of is really a consensus, then it must be a consensus bereft of this board’s statistical facts. These numbers show a market continuing it’s slide.

Seeking reason in Dave’s statement one asks if in fact the “underpinning” he speaks of has unpinned the Vancouver Market?

Perhaps Evan Esar had it right when he said: Statistics: The only science that enables different experts using the same figures to draw different conclusions.

What do You Say

Flush with opinion? What do you really think of this market? Just remember, YatterMatters is a family channel.

Got a Vancouver Real Estate question? Always happy to answer it. Call or send me an email, Twitter or Skype me at YatterMatters.

Larry

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed. **Numbers provided may vary as they are dynamically posted by the REBGV.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

October 3rd, 2008 at 1:50 pm

I don’t trust statistics. The average human has one breast and one testicle. Oops, sorry kids.

October 3rd, 2008 at 8:54 pm

J.
What are the characteristics of a median human?

Octagonian Says:
October 4th, 2008 at 12:55 am

The ONLY reason “our banks are stronger” is because our real estate has not fallen as far — yet.

US banks had strong balance sheets until the real estate implosion picked up speed. Canadian banks will see their bottom lines decay toward bankruptcy as housing prices fall here.

So far, we have been about 18 – 24 months behind the US… Fall 2008 looks a lot like Spring 2008 in the US.

October 4th, 2008 at 9:09 am

@ Octagonian

Re banks: you may be right and time will tell. In the interim here is a little info on the difference between US & Canadian bank practice. BTW, I can’t speak to the writer’s qualifications.

http://tinyurl.com/3sjlku

your humble peddler 🙂

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