Saturday, February 10, 2007

the soap box (again #3)




Here is the soap box again. Speak your mind.

I spoke to my realtor neighbour-in-building today, and asked him how things are out in Surrey. He reported that inventory is climbing, sales are falteringly flat, and prices are down about 7%. He then went on to say that he didn't think prices will fall. A cagey, mixed message. His trades come for a day every week or so, but beyond that, the building is going up as slowly as the snails featured yesterday.

What do any of you think? See?

14 comments:

frenchie said...

I am looking for a house in Richmond and can't find something decent for lack of choice and inventory. Have they stopped building over there? Everything seems to be facing the traffic on main roads. Compare to other areas I found the inventory in Richmond pretty low for new homes below $700,000. Any comments?

solipsist said...

I really only watch East and North Van. I don't know much about other areas.

Uncertain Buyer said...

I just sold in in Surrey/Langley a few months ago. Things were definetly slower, and prices were down. This is what prompted me to start researching the housing market.

When my neighbours sell in a matter of days, back in the summer, and I am sitting on the market, with a lower price, for a couple of months it makes you wonder.

I wasn't the only one, there were other listings in my neighbourhood that had to drop to sell as well.

There is a lot of new houses there that seem to be attracting the buyers, so selling a "used" home is a little tougher. So you need to attract someone looking for a deal.

I have put my earnings in a GIC and have moved into an apartment. I am going to wait untill I either get a good deal where my mortgage is and tax's are equl to my rent or I feel the market has hit bottom.

This may take a while and I realize that. It is kind of refreshing to be in an apartment again without all the hassles of upkeep that come with a house.

mk-kids said...

Looking at rental apartments in Port Moody today & there were open houses at the two new buildings with a whole bunch of people waiting to go up & view (it appeared they were making people wait & then taking up a group together, I can only think they were doing this to create a feeling of urgency...)

My massage therapists lives in south van & reports that a few of the houses on her street that were sitting through the fall have both recently sold.

not looking good...

wg2c said...

He reported that volume is climbing, sales are falteringly flat, and prices are down about 7%

Not sure what he's saying. Does "volume" refer to "inventory"?

patiently waiting said...

I think its possible that City of Vancouver is diverging from the rest of the region. All the anecdotes I've heard about bidding wars and housing selling have come from the better areas of the City of Vancouver.

All I watch is the New Westminster market, and it remains dead. On VHB, I heard that NW SFH is actually negative YOY. I've heard that weakness in one place is a sign of things to come for other areas.

I think NW condos will also be negative YOY very soon. One thing I'm noticing is a couple of pure spec units - having been vacant since bought 3-4 years ago - were just dumped on the market. It appears some speculators think the top is in.

Jesse said...

"not looking good..."

There is still money around. I still believe significant house price drops can only occur if the employment situation deteriorates or if there is significant supply overhang. I don't see either yet but maybe in a few months I will change my view.

solipsist said...

Does "volume" refer to "inventory"?

Yes. Sorry - inventory as opposed to volume.

I'll edit the post, and go take some selenium.

TQN said...

i saw a few sold signs on the way to work on those aging listings between 43rd and 49th on victoria, there are three sold signs which i didnt see last friday. i cannot find a listing below 500k on renfrew area; and a few newly build two storey house in renfrew asking for $799 which used to be 650k last summer??? Spring buying arrives early? and
who is the last of the herd jumping in?

aetakeo said...

On Craigslist rentals, there seem to be a LOT of Yaletown/Coal Harbour studio & one bedrooms advertised for quite a bit more than the rents I know current tenants in the area are paying.

solipsist said...

Thanks for the comments.

I'm seeing a lot of sold signs. I'm also seeing a lot of for rent signs.

I've further noticed that construction is taking ages. My realtor neighbour is building a McMansion next door, and it's been going on for five months, and, it looks as if it will be a couple of more months at least. I am seeing this all around.

When they all complete at about the same time, it will take out the top shelf prices in East Van., I think.

You can already buy a similar sized house on a bigger lot on the West side for the high end prices on this side of town. Price compression is here.

Jim said...

The market is stratifying. Well priced attractive properties are selling quickly.With multiple offers. Over priced or flawed properties sit and rot. Last year every listing (terrible or otherwise)sold with in 60 days at or near asking. I am watching only SFH on the westside. This year is different.

Anonymous said...

Is there anyone out there who's found a unique way to buy into our overpriced real estate market. I'm a tv producer looking to do a couple of real estate stories and I'm interested in people who've combined their moneys to buy something together or any other ways people have found to get into this market. Please email me at vreekenw@cbc.ca if you have any constructive suggestions.

TV PRODUCER said...

Sorry - didn't mean to post that anonymously. Let's try again.
Is there anyone out there who's found a unique way to buy into our overpriced real estate market. I'm a tv producer looking to do a couple of real estate stories and I'm interested in people who've combined their moneys to buy something together or any other ways people have found to get into this market. Please email me at vreekenw@cbc.ca if you have any constructive suggestions