Home Sales Under Control
Posted February 18th, 2013 in Real Estate, Statistics | 
Subdued
Our good friend Cameron Muir, Chief Economist of the British Columbia Real Estate Association tells us in his most current missive that “BC Home Sales Remain Subdued but Stable”.
Up In January
“A total of 3,410 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during January, up 1.8 per cent from December on a seasonally adjusted (SA) basis, but down 13.6 per cent compared to January 2012. Similarly, total sales volume increased 3.8 per cent SA, but declined 16 per cent from the same month last year. The average MLS® residential price in the province was $514,134, up 3.2 percent from December, however, down 2.7 per cent from a year ago.”
Cam Says
“Despite a modest up-tick in consumer demand last month, home sales have remained relatively stable at a noticeably lower level since last August.”
Cam’s Call
“Continuing low mortgage interest rates combined with an easing back of home prices in some areas is expected to trend home sales higher during the spring and summer months.”
Cautious Cam
“The ratio of home sales to new listings is indicative of a balanced market at 42 per cent. However, there remains a backlog of existing home listings to either sell or be pulled off the market before supply and demand can be considered in check.”
Outlook
“Dramatic swings in average price statistics caused by a surge and subsequent pullback in luxury
home sales appear to be near an end. The year-over-year change in average prices now more
closely reflects the home price indices in Vancouver and the Fraser Valley.”
Reprinted with Permission British Columbia Real Estate Association – Format YatterMatters
well, perhaps off to the races yet again?
@smoking
do keep in mind his numbers are historic. Beware the ides of March
Cam knows all and he is one of the best in the industry. If he says “home sales to trend higher” then I believe him. I am not listening to anyone else.
His track record is pretty good, eh! BUT I wouldn’t buy a used car from him.
@lookout
good thing he doesn’t sell cars
I would rather undergo a painful, vigourous rolfing than to listen to anything Muir has to say.
@boombust
presumed is that you won’t be inviting Mr. Muir to your next BBQ
I would have to concur with Boombust.
I would rather undergo a painful, vigourous rolfing than to listen to anything Muir has to say.
It appears that judging by Lookoutbelows post, that Cam and his cronies still have a few more suckers to milk.
Cam knows all and he is one of the best in the industry. If he says “home sales to trend higher” then I believe him. I am not listening to anyone else.
It amazes me that after the Mac Marketing scandal, that there are still some greater fools left. The real estate industry, banks,and Vancouver media, are all conspiring to milk every last cent of every last fool out there. What is it going to take before people realize that Vancouver real estate is done. It is only a matter of time before the thousands of expired listings come on board with the current record high 15,494 listings . It is then that everyone who put their faith with the real estate industry will say ….. OMG, I never saw it coming.
@beenthere
LOL!! Yes indeed!
It must be one massive conspiracy to pillage all. Sadly, this knowledge leaves me to believe that I must be the greatest fool of all for I have merely considered Cam’s viewpoint exactly that – a viewpoint.
Cam’s viewpoint and stats are so blatantly skewed and biased that one can only ask why. For example. Using Jan 2013 numbers in comparison to the always slow Christmas month of Dec. Stating that it looks like sales are up. If we want to be open and honest, why have we not disclosed the facts about the real estate industries deceptive tactics. They mislead the media about the demand from offshore investors from mainland China. The Mac marketing scandal is now front page news in China. But here, in beautiful Vancouver , not a word. Maybe you can update your followers here Larry. At the same time maybe we could talk about the disastrous Chinese new years sales. Do we have any more helicopters full of Vancouver realtors, posing as wealthy offshore investors. Lets talk about the real facts Larry. A little honesty would sure be a breath of fresh air coming from someone involved with Vancouver real estate …
@beenthere
Whoa – pretty dramatic comment.
Let’s be clear – I’m not about to get into a pissing match over Cam’s stats.
Whether you like them or hate them is not something I have control over. To me they are what they are. My response is if you don’t like the meat that is cookin in the kitchen get out and “shut the front door”.
Re: Mac Marketing – people do stupid things and get caught. Nothing new! Don’t like Mac – don’t buy their products.
Re: Chinese New Years. Read up on latest Canadian immigration changes as well as changes in China. Might explain it.
Re: honest fresh air facts –
Listings are up, Sales are down with prices slowly adjusting.
Unless there is government intervention expect to see this type of market to continue for 5 or more years.
Here’s Carney’s latest thoughts-
http://m.theglobeandmail.com/report-on-business/economy/recent-economic-indicators-more-bad-than-good-mark-carney-says/article9021463/?service=mobile
“Re: honest fresh air facts –
Listings are up, Sales are down with prices slowly adjusting.
Unless there is government intervention expect to see this type of market to continue for 5 or more years.
Here’s Carney’s latest thoughts-
http://m.theglobeandmail.com/report-on-business/economy/recent-economic-indicators-more-bad-than-good-mark-carney-says/article9021463/?service=mobile”
That’s what we’ve been trying to tell you Larry! This time is not different. This seems to be playing out as one would expect.
BTW I don’t know why people give you a hard time for passing along stats and giving the average prices every month so promptly. Thanks for these.
@goundhog
“I don’t know why people give you a hard time for passing along stats”
woke up with the wrong woman/man I guess