Vancouver Real Estate’s Defining Moment

Almost But Not Quite

Active Listings continue to climb!

With rising inventory and declining sales Vancouver Real Estate might be almost but not quite ready, to become a buyers market.

Defining Point

Some anticipate that the ever climbing active listing count in combination with the current drop in average price and telling reduction in sales as noted in the latest report from the Greater Vancouver Board, may be the sun setting upon the meteoric rise in Vancouver’s house prices of the last few years. To many, the combination suggests a defining point of market change approaching.

As with Kim Turner’s painting entitled ‘The Waiting‘, there are as well, many who have claimed to be standing guard over the valley of Vancouver real estate readied to swoop and snatch bargain remnants of what were once they claim, overtly expensive Vancouver properties.

The question asked – will this watchful group be as fervent in their readiness to buy Vancouver homes as those who bought before?

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:

bbcoq Says:
August 11th, 2011 at 7:28 pm

So Larry-is summer officially here and the market slowing down accordingly? or
Global economic woes scared turtles back in to their shells? or
Sellers see higher prices and determine now is the time to list? or
Buyer exhaustion setting in? or what re your thoughts?

August 11th, 2011 at 9:11 pm

@bbcoq,
– yes summer seems to be having it’s affect as minds turn to holidays and some fun in the sun. this part doesn’t seem unusual.
– re global stuff – yes I do think that those with money in the stock market may well have thought they took a swim in a very cold lake
– not certain about the high price/list idea. It’s probably more the case that prices simply got too high – reaching a level beyond the level of most local high income earners causing a slow down.
– as to listing at the high price before the much anticipated but unlikely crash I don’t think so. You have to remember that many sellers and Realtors rely on the historic numbers of past sales to establish a price. Few are willing to understand that a market can turn quickly and historic sales numbers will mislead you. They can act as a guide but certainly do not reflect a ‘current’ market. On the upside this anomaly explains multiple offers and over ask sales. I suspect we are dealing with the reverse of that at this time. A sharp price will win the day.
– exhaustion, an interesting thought. I suspect it has become almost boring introduction talk at parties to say “can you believe those prices’
– my thoughts. Your list covers most of it. My guess is that it is all of these things and some others we haven’t thought of such as Realtors taking holidays. What ever it is the little street talk I’ve heard says ‘slow’.
As counterpoint I’m actually quite busy with current and upcoming business. Go figure!
I’ll target Labour day weekend as the time to take stock of what’s actually happened. Market events are so much easier to rationalize in hindsight.
Hope this helps 🙂

Reggie Says:
August 11th, 2011 at 9:52 pm

Thanks Larry, great post and interesting comments.

We watch with interest.

Chart – wowzer….if listings continue to climb (note: I said “if”) up through 17000 and beyond this summer and fall, and sales stay sluggish then I think prices will pull back and an easy ten percent can come off this market in a matter of a handful of months….in fact, I think this is likely, as it’s frothy out there.

Glad to hear things are going well in your end of the pool, all the best and have a happy rest of the summer!!

August 12th, 2011 at 6:12 am

@reggie
thanks for the good wishes. need to find some time for some more sailing while it’s warm. Was hoping to get up to Princess Louisa – it’s a magnificent place.

bbcoq Says:
August 12th, 2011 at 1:59 pm

Thanks Larry-enjoy the remains of your summer.
Not expecting a crash but a correction is overdue and would actually be healthy for a number of reasons.

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