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Go Back   SkyscraperPage Forum > Regional Sections > Canada > Alberta & British Columbia > SSP: Local Vancouver > General Discussion

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  #81  
Old Posted May 11, 2010, 6:34 PM
whatnext whatnext is offline
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Originally Posted by Yume-sama View Post
Welcome to every Spring ever. After awhile, the trends of the real estate market really should stop surprising people, you'd think.

Spring is not, and never will be, a "buyers time" to buy. Of course, it's the "preferred" time, and the market takes advantage of it.
True, but this slowdown seems more pronounced, especially considering we are still in early May, and people who still have low pre-approved rates are going to see them expire soon. Its almost as if stuff like crackshakormansion started making the rounds in the media, and buyers gave their collective heads a shake over where prices were going.
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  #82  
Old Posted May 11, 2010, 6:48 PM
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I suppose sales of crack shacks may have slown~

As I mentioned on the last page, that is very highly subjective and doesn't take in to account, well... anything.

It could have been made by Michael Moore.
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  #83  
Old Posted Jul 15, 2010, 6:15 PM
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So... resurrecting a slow thread.

Been talking to a few agents that specialize in the downtown area. Consensus is that sales activity is way down, while tours and open houses have been ghost towns.

Any contrarians out there?
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  #84  
Old Posted Jul 15, 2010, 6:24 PM
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I checked out a couple townhouses in the City Hall area and the agents told me the same. Prices had been cut too.
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  #85  
Old Posted Jul 15, 2010, 6:25 PM
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Originally Posted by s211 View Post
So... resurrecting a slow thread.

Been talking to a few agents that specialize in the downtown area. Consensus is that sales activity is way down, while tours and open houses have been ghost towns.

Any contrarians out there?
isn't this supposed to be the peak of the buying/selling season?
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  #86  
Old Posted Jul 15, 2010, 8:00 PM
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No, springtime is usually the peak. However things are definitely slowing down and prices are flat or falling a touch. Some of the new product is definitely seeing drops because of the HST. Someone from 700West8th called me back a week or so to say they had cut the prices on the 1 bedrooms there by $40k across the board, still pricy however.

On the other hand, 33 & Main is 25% sold in around 3 weeks with zero advertising, so it's not all bad.
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  #87  
Old Posted Jul 15, 2010, 9:42 PM
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I have been told pre-sales have slowed right down. Anything pre-construction that has not yet sold (or new construction with remaining inventory) has come to an abrupt halt. People can not afford to (or are extremely hesitant to, and will look at other options) be putting in another 7% tax, and in general I think there is a lot of misinformation, or unknowns about the HST and any possible rebates. We had a big boom prior to July 1st in this area, but now... nothing. Spring time is most definitely the peak, every single year. It starts slowing down come August, and becomes rather stagnant during the Winter, until it picks back up again in the Spring. I wouldn't be surprised to see existing homes selling faster now, with no great increase in prices coming. There will really be no choice, new construction just isn't happening. Come 2013 there are barely any projects that will be coming online, and 2011 & 2012 will only see a small handful. It will be interesting to see what happens then.

I really do think a lot of it has to do with HST misinformation I've heard new car sales have slowed down, along with certain other luxury items. Even though you ALWAYS paid GST & PST on them.

I've actually heard people saying "Well, I'm not going to buy that big screen now because of HST". *facepalm*

Or in the Sony Store, people talking about how "Your sales must have slowed right down with the HST..."
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  #88  
Old Posted Jul 15, 2010, 10:21 PM
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So... I forget, is it good or bad when house prices go down? (glances at the thread about cost of living in Vancouver)
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  #89  
Old Posted Jul 15, 2010, 10:27 PM
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Depends. It is unlikely they will ever be low enough to be considered "affordable", and if they should somehow inexplicably drop to that level, it would pretty much destroy the economy, and decimate everyone who lives, and owns, in Vancouver. Of course, the only way they could fall that low is if our economy went in to complete shambles. In which case, pretty much everybody is screwed. Even the people who rely on government handouts, which will completely dry up
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  #90  
Old Posted Jul 16, 2010, 5:00 PM
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Looks like the stats back up the anecdotes:

B.C. real estate a buyer’s market, as sales fall in June

When Maple Ridge’s Monika Novosadova went house hunting this spring, she faced an embarrassment of options looking at 28 homes before coming putting an offer down on a three-bedroom single family home at the end of June.

And it was a shrewd offer since, like much of British Columbia in June, she faced a buyer’s market with rising inventories and declining sales putting home-hunters more in control...

Read more: http://www.vancouversun.com/business...#ixzz0trioTBtj
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  #91  
Old Posted Jul 16, 2010, 5:54 PM
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Sounds like they're trying to drum up business. It's almost a regional past-time here... talking about how it's a great time to buy.

Prices are going down! It's a great time to buy!
Prices are going up! It's a great time to buy!

From what I've seen, I've rarely seen an article in the newspaper which says it's not a good time to buy. Funnily enough, there are lots of real estate ads in newspapers.

Note, I'm no conspiracy theorist but it's rather tiring seeing these boosterism articles. I'm not predicting a crash, but I'd just like to see some realism.
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  #92  
Old Posted Jul 16, 2010, 7:01 PM
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Originally Posted by Yume-sama View Post
Depends. It is unlikely they will ever be low enough to be considered "affordable", and if they should somehow inexplicably drop to that level, it would pretty much destroy the economy, and decimate everyone who lives, and owns, in Vancouver.
Hmmm and did that happen to anybody we know? Across the border maybe?
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  #93  
Old Posted Jul 16, 2010, 7:21 PM
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Hmmm and did that happen to anybody we know? Across the border maybe?
Yes, but we probably shouldn't wish that upon ourselves, should we?

It shows no signs of happening anywhere in Canada. And surely if it were going to, it would have happened at the height of the recession.

Even if the USA were to go in to the "double dip recession", its impact on Canada, as we have seen, would likely be minimal.
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  #94  
Old Posted Jul 16, 2010, 7:47 PM
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Even if the USA were to go in to the "double dip recession", its impact on Canada, as we have seen, would likely be minimal.
Umm.... riiiiight.
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  #95  
Old Posted Jul 16, 2010, 7:55 PM
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There is talk that the reason we didn't suffer a collapse here is because the government propped up the economy by taking measures to artificially ensure house prices didn't collapse.

If it's true, there's a chance that there may still yet be a collapse. Time will tell.
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  #96  
Old Posted Jul 16, 2010, 8:02 PM
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Umm.... riiiiight.
We were relatively unscathed from the first one, were we not? I don't see thousands of foreclosures, and "real" National unemployment near 20%.

Nor have any big banks collapsed, nor has our currency rapidly devalued like the USD, EURO, etc, personal bankruptcies have not skyrocketed...

Of course we were hit, mostly due to our relationship with the USA, but when you put it in perspective, not nearly as bad.
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Last edited by Yume-sama; Jul 16, 2010 at 8:13 PM.
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  #97  
Old Posted Jul 16, 2010, 8:05 PM
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i think a price correction is very likely - I don't doubt we will be sitting on a lot of unsold inventory and prices down 15 % come this time next year.
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  #98  
Old Posted Jul 16, 2010, 8:14 PM
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I think 5 - 10% is likely in Metro Vancouver. Downtown, I am not so sure, it really is its own market, and not much new is coming up.
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  #99  
Old Posted Jul 16, 2010, 8:21 PM
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I think 5 - 10% is likely in Metro Vancouver. Downtown, I am not so sure, it really is its own market, and not much new is coming up.
But open houses are all over the place downtown, and they are ghost towns.
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  #100  
Old Posted Jul 16, 2010, 8:22 PM
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Well, I'll be interested to see the statistics at the end of the month, rather than a perceived lack of people at every open house in the core

We are past the "prime time" right now, and there are a few things that could be scaring people away.
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