Been a busy weekend, so a quick late night Sunday post for you.
It's midway through the month of November and we have some nteresting statistics from yet another Richmond real estate agent, Arnold Shurchat:
Over the last week in Richmond, there has been 75 new listings for real estate for sale, 74 price changes and 28 sold properties. All 74 prices changes were declines. The total number of listings for both detached singled family homes, condos and townhouses was 2,252 excluding multi-family units. In essence then, excluding new listings that keep hitting the market, it wold take almost 1.5 years to sell just what is out there right now for sale, at the rate things were last week. It is still definitely a buyer's market.
1.5 years of inventory for all real estate in Richmond right now and 74 price changes last week, all of which were declines.
In short... those that hoped the increase in sales in October over September were a sign the market was improving are about to be sorely disappointed. It's shaping up to be another brutal month in Richmond.
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Just a flesh wound, come January it is back to the mania... :)
ReplyDeleteSo you still might not be able to afford to buy a place in Vancouver until the end of 2010s, but you might just be able to buy a place at some what sane prices across a bridge by the middle of the decade.
ReplyDeleteI'll settle for that.
I've concluded that Vancouver is best visited and not lived in anyhow.
Here's my Christmas wish: that Richmond is a year ahead of Vancouver.
ReplyDeleteI would like to whole heartedly second that.
DeleteWouldn't want to finish up my degree at UBC without feeling vindicated for choosing to rent rather than buy a condo as a poor student (Even though I could afford 0 and 40 when I first moved to Vancouver)
That is a lot of inventory.
ReplyDeleteDid you guys all catch this little tidbit.
ReplyDeleteIMF considers raising Canadian dollar to Reserve Currency....
Status.http://www.bloomberg.com/news/2012-11-19/imf-may-classify-aussie-canadian-dollars-as-reserve-currencies.html
Which means in short that other Central Banks around the world will be holding it as one of their options in their reserves along with USD, Euros etcetera. The story is hardly getting the coverage I think it deserves. In the very big picture this may be part of a long term trend to create a global currency basket that many people believe is inevitable and necessary to reduce instability in the global financial system and diversify away from over reliance on the USD which may become unstable due to the many issues America faces at home.