Double Hot
Posted March 21st, 2011 in Real Estate, Sharing the Experience | 
Decaying Orbit
According to the CBC ‘it’s taken a NASA spacecraft 6½ years to travel 4.9 billion miles to Mercury, the sun’s closest neighbour, where it now orbits.
In contrast, it has only taken about 10 weeks for a wobble to appear in the Vancouver market in what may be the beginning of a decaying orbit around high prices and record sales volume.
Double Hot No Foam
The Hubble telescope was not needed. The coffees brought to the table by these Realtors® at this meeting, came without milky ways of foam sprinkled with star dust chocolate.
As if signalling an apparent unwillingness to linger in extended orbit, the heat of the no foam coffees fired each in unison as they delivered their views of Vancouver’s market.
The caffeinated opinions – scribbles on a napkin, are transcribed here –
- March 18th’s end of the 35 year amortization may have a greater affect than previously thought
- Sales have slowed!
- Early outlook, expect March numbers to retrench
- Happened fast prompting the question – was the spring market over before spring arrived?
- buyers are indecisive
- interest rates are not an issue
- listing inventory is becoming a factor in slowing the market
- seeing solid buys on condo’s as some sellers are getting anxious
- some ‘sleeper’ neighbourhoods such as Brentwood about to take off
- proposed towers along Kingsway/Broadway corridors upsetting Mount Pleasant locals prompting future moves
Thanks Larry for the insider update. The only thing surprising is that it has taken so long to reverse course (although, we’ll need more time and wait and see if it truly has reversed) – after reaching comical levels of $1.2M avg. SFH sale prices for ALL of Greater Vancouver – truly makes Tulips in old Holland seem under-priced! Vancouver is NOT Beverly Hills, NY, London, Hong Kong or Paris, nor do we have anywhere near the incomes and wealth of those cities (even after accounting for any Mainland Chinese buyers).
@ vanpro
Thank god we’re not any one of those places. I couldn’t live in those “world class” cities.
Doesn’t this speak to why Vancouver may eventually topple all the aforementioned cities in house price? It’s about livability – not about tourism, commerce, high fashion, etc. It’s about finding the best place in the world to raise your family, breathe clean air, be active, live in peace, enjoy political stability, etc.
You love to get the bears all a twitter, Larry. Don’t be devilish now because we know you’ll be posting about multiple offers and the like in the not-so-distant future.
L8erDude:
…and earn enough money to pay your mortgage.
L8erDude:
Agreed, but the pricing of homes still requires people with $’s to pay for it . NY, for example, has 12M people with higher avg. incomes and far higher concentration of millionaires and billionaires on a tiny island…..Again, all the fresh air in the world doesn’t compete against all that income/wealth….
“Vancouver is NOT Beverly Hills, NY, London, Hong Kong or Paris”
I’ll say…
I’m calling March 1st 2011 the top of the Vancouver market.
@vangrl
I agree on the March 1st top call, until the next top is reached, then the next, then…
Larry,if wealthy Chineses are driving the SFH Westside and Richmond market, what impact does the 35 yr amortization have? Nada? Also I thought Realtors preached the “all real estate is local” mantra? Yet this post seems to generalize across the entire GVRD. Or am I being picayunish?
Hi Larry,
Just want to thank you again for keeping those numbers flowing.
Wow, quite the bull day. (ln my mind, a nice collection of last minute shoppers).
The next couple weeks will be interesting
Have a great evening!
@jim
little people need homes too!
“am I being picayunish” – sure but, who cares about details
@special
Welcome! BTW, it’s Monday and the weekend flood comes in so it pushes the numbers.
seeing lots of sold signs around here Larry!
Maybe cashed up Westside and Richmond sellers relocating to a cheaper market?
BTW explain your comment re: Brentwood (nice area) and “sleeper” neighbourhoods….
@bbcoq
Brentwood – close to town or central if you wish
under priced at this time IMO = sleeper