Cold Spell in Vancouver
Posted October 14th, 2009 in Real Estate, Statistics | 
A Spell
Vancouver West’s detached real estate market during the past 14 days has almost performed a disappearing act. At the end of the week spanning September 30 to October 7 the Genie must have liked the way it’s lamp was rubbed. He came out and told us that there were 607 Total Listings of which 24 Expired, and 25 Sold.
Big Chill
With the rain and wind of fall the Genie it seems, felt a chill. REALTORS rubbing hard to warm the smoke, found at the end of the following week the Genie coming out to say that during the last period of, October 7 to October 14, 2009 Vancouver West had a Total of 566 Listings. Continuing his report he noted that 4 of those Expired and while holding a Kleenix to smother his cough – the Genie further announced that only 4 Sold.
Behold the Future
What secrets does the Genie hold? If his latest report is a tip of his turban, you might anticipate an un-welcomed future market. Winter’s cold weather approaches and so does the traditional slower period of real estate sales. Added is the underground rumor extolling the possibility that Vancouver real estate may slow further due to traffic closures during the Olympic season. Tipping his turban now, the Genie may be suggesting that in the weeks ahead, Vancouver real estate may be the benefactor of a dismal spell.
wow 29 sales in 2 weeks in all of Vancouver West? I thought the lousy weather would hurt the market but this is worse than I expected.
Is it possible that September was the last hurrah for Vancouver real estate?
Davers,
yup, you would think the West side market went up in Genie smoke. As for September being the last hurrah, only the Genie knows.
There are 59 listings under $1M in Van West.
There are 310 listings under $2M in Van West.
That leaves 256 listings > $2M.
I would expect the number of people capable of affording these prices to eventually dwindle. People with this kind of money tend to be wiser investors. Maybe they are listening to Carney’s strong language that he might intervene and flatten the credit bubble, following what Stevens said in Australia. Oct 20 is D-day.
Time will tell.
Alternatively we’re coming up to the worst time of the year for real estate, and Oct is usually a bust for the stock market, so it could be a seasonable adjustment.
Chris,
re: capable -> Don’t be fooled, there is an amazing amount of wealth out there.
Tradition dictates the fall/winter season tends to slow.