Here’s a Quarter
Vancouver’s love affair with high prices continues. In a snub to down side market patrons,provincial government tax disincentives and affordability, Vancouver prices have exhibited irreverent sentiment similar to Travis Tritt who flips his former lover a quarter and says – “Call Someone Who Cares”.
Average Price 1977 – 2016Yattermatters – Average Price October 2016
Vancouver Real Estate Average Numbers
|October 16 – $1,598,824
|October 16 – $724,406
|October 16 – $562,248
|October 15 – $1,584,110||October 15 – $658,017||October 15 – $494,689|
Vancouver Real Estate Inventory – Active Listings
|October 16 – 5,183
|October 16 – 1,197
|October 16 – 2,763
|October 15 – 3,964||October 15 – 1,260||October 15 – 4,345|
Vancouver Real Estate – Units Sold
|October 16 – 659
|October 16 – 403
|October 16 – 1,178
|October 15 – 1,439||October 15 – 666||October 15 – 1,543|
*Percentage = YOY
A Sordid Affair
Vancouver real estate’s love triangle is a sordid affair between wealthy buyers foreign and otherwise, government interventionists, and cause celebre locals demanding affordable housing.
The harsh decrease in the number of sales should give cheer to locals seeking an affordable home claiming that this indicator is the beginning of the end. However, the reality is that entry level homes are still very much beyond financial ability.
Sellers who saw rapid gains accrue in the past last year evaporate remain bouyed by overall prices that are for the most part are standing pat or rising. For foreign buyers the relevance of the battle ground is only to bypass the 15% tax and instead of wasting effort, seek transactions beyond the battle lines prescribed in the guidelines determined by political intervention.
For now the push and shove lovers melee on this price battlefield will continue. On the primary battle field the victor has yet to be declared and when they are they will be regaled with fan fair as only the press can provide.
Less obvious fallout will be the many “Number 1 Realtors®” who are used to ‘eating the prey they kill’ having given little forethought to the future where the de rigueur market is one with few sales. Will anyone will flip them a quarter?