Real Estate Sales Lowest in 10 Years

The Pres Says

Forget all the candies you collected at Halloween, they don’t add up to a house sale.

According to the Pres. of the Vancouver Real Estate Board, sales ranked as the second lowest October in the last ten years.

October’s Video Update

From the perspective of a Vancouver home seller this may not be good news. Sales are what count and when combined with the selling price, whether your home sells is the bottom line. The other stuff is jam on toast.

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:

Bubbleboy Says:
November 8th, 2011 at 8:27 am

Larry,

Does this mean we are going through a correction? Or do you still see a pattern similar to last year?

Boombust Says:
November 8th, 2011 at 11:37 am

I would certainly think so. It’s about time…LONG overdue.

We’re no different from any other Bubble Town. Just later to correct due to Federal Government /Bank- inspired shenanigans.

All that is finally, changing though,since the buyer pool is exhausted and there is a build-up of both REBGV inventory along with HUGE “shadow inventory”.

BubbleBoy Says:
November 8th, 2011 at 3:09 pm

@boombust

The shenanigans are not over yet. There’s always something the Feds can pull out of their @ss to keep the party going.

L8erdude Says:
November 9th, 2011 at 11:05 am

do you readers even notice the stats Larry is posting?
Sell/list is running 70% these days.
And we’ve lost about 20% of our inventory in the last week.

Boombust Says:
November 9th, 2011 at 5:29 pm

“…do you readers even notice the stats Larry is posting?”

Nice try. Peddle it somewhere else.

Bubbleboy Says:
November 9th, 2011 at 9:46 pm

@L8terdude,

Those dailies stats are not accurate. The listings have slowed down, but sales haven’t picked up. And all the bad news about the world economy is not good for RE. You should really look at what’s going on with RE in US, China, Aus, Spain, Greece, Italy, Eng. We are not immune to this. We in Canada cannot tweak the rules anymore. It’s too late now that the Feds have messed things up and many families will be destroyed.

November 9th, 2011 at 11:00 pm

@bubbleboy

“Those dailies stats are not accurate”
Silly statement!
Of course they are accurate at the time they are posted. What you fail to acknowledge or possibly understand is that they are dynamic which makes it difficult to nail down a constantly moving target.

November 9th, 2011 at 11:12 pm

@L8r
we’ve lost about 20% of our inventory in the last week.

possibly, but month end is always a clearing house so your number is nullified by the month end cycle.

L8erdude Says:
November 10th, 2011 at 8:21 am

agree somewhat Larry, but we haven’t gained that inventory back. Each successive month will bring less and less inventory.

BubbleBoy Says:
November 10th, 2011 at 8:24 am

Dailies does not say a whole lot about the market. How about all the shadow inventory sitting around with no buyers? There are so many speckers and flippers trying to offload assignments. Even on the MLS their are specker homes. Look at this one on 2556 trinity st. This is not the only one. By people purely speculating, is killing affordability and those people will be stuck being landlords. RE is being fuelled by cheap money and emotions. Not fundamentals.

November 10th, 2011 at 9:55 am

@l8r
re: inventory back

If cyclic patterns hold I would expect that we won’t see it return. Following that pattern as we are head into the winter months, active listings ‘traditionally’ find an annual low.

November 10th, 2011 at 9:58 am

@Bubbleboy
your comparable examples used re the dailies –
apples and oranges methinks.

Re: “RE is being fuelled by cheap money and emotions”
– so is sex but we both know this is not a revelation:)

L8erdude Says:
November 10th, 2011 at 12:15 pm

@ bubbleboy,

Real estate is never fueled by fundamentals, it’s fueled by buyers. Some of them fit your square peg definition as approriate and most do not.
One thing is certain, 99.9% of the detached housing stock in Vancouver is purchased for the purpose of raising a family (past or present).
I can’t say the same for the condo inventory as there’s a speculative component of unknown quantity.

bbcoq Says:
November 10th, 2011 at 7:06 pm

Larry-do you agree that uncertainty over the HST replacement is “overhanging” the market and adding to this sales volume decline?

Rob Says:
November 10th, 2011 at 7:41 pm

@ L8erdude
“99.9% of detached housing stock in Vancouver is purchased for the purpose of raising a family”

Ah nice try. Would love to see you back that statement up with proof. So all the guys I know trying to flip homes or cut them up into rental garbage adding laneway rentals etc.. are just a mirage?

November 10th, 2011 at 8:53 pm

@bbcoq,

if one considers that the majority of homes sold in this market are resell then no. However, if I was building condo’s and new homes then of course I’d be all over the idea. It’s a little self serving IMO. Better to be fair to every buyer and get rid of the Property Purchase Tax. That little cash cow doesn’t seem like it will ever go away.

L8erDude Says:
November 10th, 2011 at 9:00 pm

@Rob,
Yes, there are probably several hundred homes in the hands of flippers…a very low percent.

JRoss Says:
November 11th, 2011 at 12:50 am

“Each successive month will bring less and less inventory.”

Inventory will drop over the winter? Bold prediction.

In other news, the sun is predicted to rise tomorrow morning.

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