Tues Post #2: June stats for Downtown Condo market - market down over 20%. Ian Watt says 'take advantage of market fear'

Everyone's most annoying realtor is out with some interesting tidbits again.

Ian Watt has fired up the car cam to tell us the stats are out for June 2012 for the downtown condo market.

The statistics for the month were down 27% and Ian says it was the worst month, as far as activity is concerned, in Greater Vancouver in 10 years.

Watt goes on to tell us that year to day, market sales are down 20%.

Watt even concedes we are slipping into a buyer's market, that prices may correct 5% and then gets giddy as he suggests you might want to get out into the market to look around because:

"someone might be desperate, someone might be motivated, someone might be fearful of all this news."

Ian Watt... the Darth Maul of Realtors?

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Thurs Post #1: BC Real Estate Association declares, "there will be no price drops" - CBC

 

So CBC-TV ran a story yesterday titled "Vancouver home sales drop sharply in June" and is embedded above for your viewing pleasure. The central theme of CBC's piece is to determine if we will see lower real estate prices. Check out the very last portion of the story where the reporter closes by stating:

"So does all of this supply mean there are going to be bargains? An economist at the BC Real Estate Association says 'NO', that the price drops of 3.5% earlier this year are going to stay there."

It would appear the BC Real Estate Association is drawing a line in the sand on all this talk about a 'depressed' market and declining prices by declaring it simply won't happen. Contrast this with realtor Keith Roy who yesterday told his clients that, not only had he sold his house, but he was recommending that now is the time to "cash out" and sell your home. More significantly Roy said:

"if the media picks up on this story, you can be sure the rest of the market will follow the west side (with declining sales and exploding inventory)."

Well it certainly seems the BCREA is moving to quash this very outcome. After going through all that work to redefine the way the HPI benchmark price is calculated (twice this year, actually), it's clear they will brook no perceptions that house prices will go down.

You have to wonder how long before Roy receives a 'snot-a-gram' from the BCREA about his advice to clients.

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Wed Post #2: June sales data forces declaration of 'buyers market'.

As noted in today's Vancouver Sun, the number of residential property sales has hit a 10-year low in Metro Vancouver leading the Real Estate Board of Greater Vancouver (REBGV) to declare a buyer’s market.

But even with another month of declining sales, rising listings plus an average detached house price that has DROPPED 14% in just four months... the REBGV gleefully headlines (and the Vancouver sun obliges) that the Benchmark price for detached properties has INCREASED 3.3% from June 2011 to $961,600

To think, it only took two changes to way the HPI Benchmark price is calculated in 2012 to pull this rabbit out of the hat... ain't statistics grand?

The Vancouver Sun notes that this recent REBGV announcement is significant since the board has in recent months been calling the market “balanced.”

How painful was it for the REBGV to bring itself the make this declaration?

Of course this is the same REBGV which Vancouver Sun columnist Pete McMartin recently observed:

would have viewed the crash of the Hindenburg as the result of “normal deflationary conditions.”

According to the REBGV’s June report, sales of houses and apartments dropped to 2,362 last month, a 27.6% decline compared with 3,262 sales in June 2011, and a 17.2% drop from just last month.

The ugly truth is that June sales were, in many categories, the lowest totals for the month in the region since records started being kept in 1995 and 32.2% below the 10-year June sales average of 3,484.

Even Global TV was recently moved to call the Vancouver market 'depressed".

If it's a buyer's market, why aren't homes selling?

You just can't put lipstick on this one.

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Mon Post #1: Vancouver home prices are dropping

Realtor Larry Yatkowsky is out with his latest figures and for the fourth consecutive month the average detached home price in Vancouver has dropped.

Prices have gone from February’s high of $1,235,244 to a current average price of $1,061,067.

More significantly detached home sales are down 37% from this time last year and total active detached listing have soared 27% higher than this time last year.

Over on the blog Vancouver Price Drop, we are starting to see some significant price reductions. A couple of examples...

Address:# 206 1477 FOUNTAIN WY, False Creek, Vancouver West

March 09	V924617	$568,000	$0	0%
March 12	V924617	removed
March 28	V939572	$498,000	$-70,000	-12%
Open House: May 27
Open House: Jun 03, 10, 24
Open House: Jul 01
June 30	V939572	$320,000	$-248,000	-44%

Assessment: $463,000

Amazing Value-best price in the Creek! Experience one of Vancouver’s choicest communities at Granville Island with all its shops, restaurants, theatres and galleries. This well finished 2 bedroom condo exploding with light, enjoys a sunny SE exposed fenced patio in a tranquil setting. It also acts as a second entrance. With close to 1400 sq ft that will take your household furniture, a vaulted living room with garden outlook, air conditioning for comfort and a rustic kitchen with nook and library, you’ll feel instantly at home! Pluses include custom ensuite, large walk in closet, storage locker and full security. Easy wheel chair access & larger doors in the condo ease access. Open House every Sunday 1 to 3!

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 Address:4611 WOODBURN RD, Cypress Park, West Vancouver

March 15	V937107	$3,388,000	$0	0%
April 11	V937107	$3,188,000	$-200,000	-6%
April 24	V937107	$2,888,000	$-500,000	-15%
May 01	V937107	$2,688,000	$-700,000	-21%
Open House: May 20, 27
Open House: Jun 03, 10, 24
June 29	V937107	removed
July 02	V959849	$2,398,000	$-990,000	-29%

Assessment: $2,279,000

This 58,806 sq.ft. (1.35 acre) property offers total privacy with awesome ocean views. The gated entrance leads to a private rock bluff setting overlooking the views from Lion’s Gate Bridge to Vancouver Island. This spacious 5615 sq. ft home offers 3 bedrooms, 3 bathrooms, vaulted ceilings, sun drenched decks and a master bedroom with spa like ensuite. Perfectly located near Caulfeild Village, Rockridge High School and Caulfeild Elementary. This home offers a 3 car garage and indoor swimming pool to complete the package.

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 Address:3529 MATHERS AV, Westmount, West Vancouver

March 09	V924752	$4,188,888	$0	0%
April 12	V924752	removed
April 21	V944692	$3,980,000	$-208,888	-5%
May 26	V944692	$3,688,000	$-500,888	-12%
June 29	V944692	$3,288,000	$-900,888	-22%

Assessment: $3,412,000

A Sensational, almost new 5500 SQ FT, 5 bedroom, 8 bathroom home in sought after West Bay with good City and Ocean Views. Walk to Erwin Park Elementary School & the Beach. This luxury home features a large gourmet kitchen, large family room and elegant living and dining areas. The upper level features four bedroom suites including a lavish Master Suite with private patio overlooking the ocean. Enjoy a fully finished lower level with Games Room, Wine Room and Gym plus bedroom for nanny. Other features of this finely detailed home include beautiful hardwood floors, state-of-the art security system, hot tub, exercise room, wine cellar, triple garage, heated driveway. Best value in the Westmount/West Bay area…

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