Vaaarooommm

Baby You Can Drive My Car

Well… that’s what the Beatles sang, and now it seems, so is the British Columbia Real Estate Association(BCREA).

Reaching for the high notes, our good friend Cameron Muir, BCREA’S chief economist, warbled these words

“A relatively large number of homes for sale have created the most favourable supply conditions for home buyers in more than a year”…

Highlights

  • Multiple Listing Service® (MLS®) residential sales in the province declined 42 per cent to 5,784 units in July compared to the same month last year
  • seasonally adjusted basis, MLS® residential unit sales in the province declined 19 per cent in July from June 2010
  • average MLS® residential price climbed 6 per cent to $491,832 in July compared to the same month last year
  • MLS® active residential listings were 21 per cent higher in July than at the startof the year on a seasonally adjusted basis.
  • newly listed MLS® residential units now declining, tighter market conditions may emerge this fall

Help

Some Realtor® types have been suggesting during idle coffee conversations, that August may be the month that the summer drive in the car will end as current market conditions run out of gas.

Speculative anticipation – call it a guess, is that with a change in seasons there may be a coinciding change in the market as buyers decide to get a home before the winter rains wash away those hard earned summer tans.

Then again, maybe, just maybe, what I am really hearing is them quietly singing the other Beatles song entitled – ‘Help’!

BCREA Full Report

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.

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*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:

Dan Active Says:
August 12th, 2010 at 10:54 am

Love the chart.

Maybe it’s the Colombian drugs that are making the MOI higher.

August 12th, 2010 at 11:05 am

@dan
presumed is that this opinion not based on personal experience 🙂

jesse Says:
August 12th, 2010 at 12:11 pm

That be a mighty scary graph. One painfully disturbing question: where were the buyers in the late ’90s and early 2000s when prices were at 50% of current levels?

Best place on meth Says:
August 12th, 2010 at 3:22 pm

My Beatles song suggestions for the agents would be:

Cry baby, cry

I should have known better

Misery

You won’ t see me

Money (That’s What I Want)

Run for your life

Fool on the hill

You never give me your money

The end

And most appropriate of all:

YESTERDAY

August 12th, 2010 at 4:35 pm

@jesse
as I recall in the same cave waiting for the sun to shine

August 12th, 2010 at 4:38 pm

@best on meth
not bad! All popular tunes hitting the number 1 spot on the Top 100 Billboard – just as we Realtors® have and will again. Don’t spin that dial 🙂

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