A Week of Days

Daily Activity

The week started off with a flood of listings then started to decline.

System Wide

REBGV’s Detached and Attached listings peaked at 325 on Tuesday dropping to 237 by Friday’s late afternoon.

Starting slow, unit sales crested by Wednesday and quickly dropped to less than half by Friday.

East and West Side Markets

To be expected the two sub-markets matched a similar pattern with the exception of the bullish number of units listed on Thursday.

Thoughts

Substantial numbers perhaps prompted by the shortening time period to take advantage of old mortgage rules and perhaps by the rumblings from the Bank of Canada suggesting that interest rates may soon climb.

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:

Boombust Says:
March 26th, 2010 at 9:09 pm

Done. Stick a fork in it.

What is so interesting to me, is that the Van RE correction was/is so PREDICTABLE!

MH Says:
March 26th, 2010 at 11:18 pm

Ya sure it is… the one you bears have been calling for 5-10 years now? Prices continue to make new highs.. pathetic bears

March 26th, 2010 at 11:29 pm

@MH

Whoa! – demz fightin words to some. 🙂

1 Says:
March 27th, 2010 at 8:55 am

Boombust,

Your calling an end too early. Hot hot hot sales still have a month to go.

If you look at agentwill stats you will see (much to my surprise, I must admit) pretty robust sales for March (per Larry’s anecdotal comments as well). Slightly lower than Feb sales (which is bearish). What is so utterly shocking is how many listings are now competing for a slightly declining bid.

I think one more strong month, beat the new mortgage rules, and then sales drop off and listings continue to climb, through 20,000 quickly and on to new records.

And then some, and then some.

yes, this market is (almost) done.

Charles&Tammy Says:
March 27th, 2010 at 4:45 pm

Note: link removed as I refer to local mortgage types.

Larry, how much of an impact do you think this will have?

davers Says:
March 27th, 2010 at 6:23 pm

Boombust:

Predictable???? Your kidding right? I dont think anyone predicted a 15% drop followed by a new high in the span of less than 2 years.

I agree the crash is coming, however I have no idea when, how long it will take or how big it will be.

March 27th, 2010 at 6:27 pm

@C&T
I would think that the effect of not being able to calculate the full amount of the rent will have a obvious impact on price.
First question asked by buyers is “does it have a suite”. Why? They need the money to qualify for the mortgage. BTW this was talked about a couple of posts back with Rob Regan-Pollack’s info.
**Sorry about the link I just don’t know that guy and my altruism re free advertising is limited. Do you know him? Is he local?

Charles&Tammy Says:
March 27th, 2010 at 10:27 pm

Hi Larry,

Nope, just something we came across, no affiliation.

Our only intent was to highlight the impact of April 19th changes. More dramatic (at least in the example provided) than we had thought.

March 27th, 2010 at 11:12 pm

@C&T
unfortunate, the explanation was nice and clean except for the advertisement.

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