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 31, 2008
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.
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.
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.
Saturday, April 26, 2008
April 26 Week Ending Stats
Inventory is continuing to rise, however, not at the pace that it was in March. According to this realtor's website, there are currently 4070 active listings in Greater Victoria. This is around 200 more than at the end of March. In comparison, the month of March saw an increase of around 350 listings on their website.
Today, there are 137 more SFH listings on MLS than on the 29th of March. The greatest increase in listings has been for SFH priced higher than $700k. There have been comments on the incredible number of listings with asking prices higher than $1 million. Today, there are 248 of such listings. Crazy!
There are 20 more townhomes listed today than there were on March 29. The number of condos listed is basically unchanged.
I have to pick on this one $1 million+ listings. MLS#240724. Seriously, what are these people smoking? $1049000 for this POS? Yeah right!
Today, there are 137 more SFH listings on MLS than on the 29th of March. The greatest increase in listings has been for SFH priced higher than $700k. There have been comments on the incredible number of listings with asking prices higher than $1 million. Today, there are 248 of such listings. Crazy!
There are 20 more townhomes listed today than there were on March 29. The number of condos listed is basically unchanged.
I have to pick on this one $1 million+ listings. MLS#240724. Seriously, what are these people smoking? $1049000 for this POS? Yeah right!
Monday, April 21, 2008
Thursday, April 17, 2008
The Housing Boom is Officially Over!
Thanks to anonymous for mentioning this occasion on Craigslist.
Yes, according to The Globe and Mail, and specifically Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc., the housing boom in Canada is now officially over. First quarter statistics are what helped him come to that conclusion.
Certainly, we are seeing this in Victoria. Inventory is ballooning and sales are the lowest in years.
Will we follow in the footsteps of our neighbours south of the border? Perhaps. Perhaps not. But the market is definitely not what it was in the previous 2 or 3 years.
Discuss away!
Yes, according to The Globe and Mail, and specifically Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc., the housing boom in Canada is now officially over. First quarter statistics are what helped him come to that conclusion.
Certainly, we are seeing this in Victoria. Inventory is ballooning and sales are the lowest in years.
Will we follow in the footsteps of our neighbours south of the border? Perhaps. Perhaps not. But the market is definitely not what it was in the previous 2 or 3 years.
Discuss away!
Sunday, April 6, 2008
Tuesday, April 1, 2008
March Sales Numbers
The Victoria Real Estate Board has posted March's sales numbers. Commentary on the numbers started in the last post. Please do continue. It looks to me like this year is going to the bears.
Following are SFH, condo, and townhome graphs for Greater Victoria. More are to follow in the coming days.
Following are SFH, condo, and townhome graphs for Greater Victoria. More are to follow in the coming days.
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