Saturday, May 31, 2008

CMHC "Housing Now" for April

CMHC has released their "Housing Now" report for April for Greater Victoria.

There are currently 4618 active property listings, approximately 550 more than 1 month ago.

Saturday, May 24, 2008

May 24 Week Ending Stats

We live in some crazy times, and they keep getting crazier.

Oil hit $135 a barrel this week, and will go higher. Goldman Sachs is thinking $200 / barrel within 2 years.

Another Canadian bank, RBC, is proclaiming that the Canadian housing boom is over. We all know Alberta's market is slumping and Canada's is slowing dramatically. There are 17286 properties for sale in Greater Vancouver. There is an 11.2 month supply of homes in the US.

Victoria, of course, is no different. Sales have slowed. Inventory doesn't stop rising. Right now, we are at 4522 properties for sale in Greater Victoria.

On the MLS, today we have 154 more SFH listed than one month ago, 170 more condos, and actually 5 fewer townhomes. 2 out of 3 ain't bad!

In case anyone is interested, CMHC has released their 2nd quarter housing market outlook for Victoria.

Oh yeah, thanks for visiting this site and making it an active forum for comments. Let's remember to keep the comments civil and focused more on real estate. Thanks.

Friday, May 9, 2008

April Housing Starts

CMHC's release of April housing starts for Vancouver Island can be found here. Rising housing inventory shows no sign of slowing down.

Monday, May 5, 2008

April Townhome Sales Graphs

Just a couple of graphs showing townhome sales numbers and median sales prices over the previous years.

Thursday, May 1, 2008

April Sales Numbers

I see that discussion has already started on April's sales numbers, as published by the VREB. Listings are up, sales numbers are down. I think that the average sales price for this past month is a moot point. As long as inventory rises and quantity of sales decreases, we move into, if we aren't already there, a buyer's market. Prices then start to decrease. Sellers are still holding out at this point because they see their neighbour sell their house for near asking price, yet they don't see the five other neighbours that aren't selling their homes.

What I don't understand is this - I see sales prices via a realtor's PCS. Why are people buying homes for the asking price? If you are in the market for buying - start lowballing!!!

I'm also quite surprised at the number of $1+ million sales. I thought that the smart money was those who had money. Obviously not.

Anyways, here are my charts. More to follow.