Vancouver Real Estate - A Black Hole
Posted April 9th, 2008 in Observations, Real Estate
the black hole-powered core of the Circinus Galaxy lies 13 million light-years away from our own. - NASA
Image Credit: Credits: NASA, Andrew S. Wilson (University of Maryland); Patrick L. Shopbell (Caltech); Chris Simpson (Subaru Telescope); Thaisa Storchi-Bergmann and F. K. B. Barbosa (UFRGS, Brazil); and Martin J. Ward (University of Leicester, U.K.)
Our Universe
In the universe known as the Vancouver Real Estate Market, voices say it is about to enter a Black Hole - or, as Nasa describes Circinus, “a swirling witch’s cauldron of glowing vapors.”
The Voices
QuikDip West Side Active Listings REBGV
RBC in their March report stated that “affordability conditions deteriorated across every home segment in the final quarter of 2007″. They maintain that the “two-story segment continues to carry the brunt of the deterioration” and that the “Vancouver market remains in deeply stressed territory.” Confirmation is evidenced in Real Estate Board statistics showing a 17% drop in sales during March compared to the same month last year.
Graph: RBC
Witches’ Whispers
The RBC report notes that Vancouver’s average selling price is now “35% above the price of a comparable home in Toronto.” They state that the “sharp erosion in conditions is expected to start filtering through the resale market…the pace of activity slowing down.”
QuikDip
The Vancouver universe is glowing with price reductions. A QuikDip sample of west side listings reveals price reduction arrows pointing down on first 25 listings that appear on the search.
Alternative
Planning to sell? Your list price must be responsively accurate. The alternative is being caught in the swirling cauldron of a Black Hole closer than 13 million light-years.
Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email. Larry
