Okanagan melt down

[Thompson]

3) 346 sales with a total of 5793 listings = 16.7 months of inventory

MOI is not a good indicator when local market is too small, that's another reason I want to check the prices and the changes.

[registered]

You're spinning like Curly Howard's dick.

Having no direct experience with said object, I'll rely on your expertise.

[Thompson]

Having no direct experience with said object, I'll rely on your expertise.

what did you do after pee

[registered]

LOL, you sound stressed. Are you stressed? Business worries?

[robert james]

T...check the link that Metal provided. They are all in there. Take a second and look for yourself.

http://www.omreb.com/page.php?sectionID=2

I live in the Okanagan and I have never seen so many For Sale signs... Unreal !!! I know a couple that put their house on the market about 5 months ago,,a 725 K,,, 10 year old McMansion and they finally had ONE person that even looked at it last week..There are lots of price reductions but obviously not enough.. I read an article a couple of years ago that the OK will be ground zero for the R/E meltdown and now I believe it..If and when the rates go up this will be a bloody disaster here.. I can see condo s becoming like pizzas,, Buy One, get One Free ..

[metalhead]

"It's hard on them and it's hard on us," admitted Block. "Those buyers who paid full price bought during a different economy."

Read more: http://www.edmontonjournal.com/business ... l#Comments#ixzz0t7Gqt3jw

[Thompson]

LOL, you sound stressed. Are you stressed? Business worries?

Meredith Whitney cuts estimates on Goldman again ... she made me from a day-trader to an investor (bag holder) now.

[robert james]

"It's hard on them and it's hard on us," admitted Block. "Those buyers who paid full price bought during a different economy."

Read more: http://www.edmontonjournal.com/business ... l#Comments#ixzz0t7Gqt3jw

Yes I am sure it is hard on them.. You ever notice how it is always harder for the Stupid !!!

[Invisiblehand]

LOL, you sound stressed. Are you stressed? Business worries?

Thompson sounds stressed alright, don't worry Thompson its different here

[Taipan]

Sounds like they have already started their barbeque in the Okanagan.

How would you like your steak boys, rare or well done?

Oh and here is a surprise (NOT), see all those BMW car keys in the salad bowl, well after your nice piece of beef, just grab a set of keys from the bankrupted flipper, walk outside, push the button, and see what sort of beemer you get for free.

One warning, there are bottles of air freshner beside the salad bowls.

You need to take one of those to spray into the beemer, to attempt to overcome the smell of bullshit.

[jesse1]

Low sales and high inventory always precede price drops. I don't need to be James Bond to figure that one out.

Vancouver/FV seem to be doing better than the rest of the province in recent months. Victoria and Okanagan have abysmal sales numbers. It's hard to ignore what's starting to happen in those markets but I'm sure many will find a way.

[Thompson]

Low sales and high inventory always precede price drops. I don't need to be James Bond to figure that one out.
.

even you must understand inventory changes precede price changes

Why do you guys like to repeat the same shit, and no one tells "how much"?

[HanSolo]

Purchase price is fairly meaningless. It's all about the monthly payment budget for most home owners (the rent paid to banks.) This is why the abnormal, near-zero interest rate stimulus has helped to postpone our market correction in defiance of out-of-sync fundamentals like price/rent and price/income... but those bullets are now spent. Rates cannot go back up without doing some SERIOUS damage to a lot of owners.

[thirdlittlepig]

Purchase price is fairly meaningless. It's all about the monthly payment budget for most home owners (the rent paid to banks.) This is why the abnormal, near-zero interest rate stimulus has helped to postpone our market correction in defiance of out-of-sync fundamentals like price/rent and price/income... but those bullets are now spent. Rates cannot go back up without doing some SERIOUS damage to a lot of owners.

Purchase price is fairly meaningless if you have lost your job jor have to work flippin burgers to make ends meet. Unemployment for the okanagan has been around 16%, still losing decent jobs, "temporary" (meaning indefinite) layoffs, lots fewer construction, lumber, tourism, restaurant, retail jobs. Many have been forced to leave to find work elsewhere. I noticed some of the pricier places (small acreages, spiffier houses, waterfront) are selling a bit better than last year so that suddenly increases the average price. But many of the middle and lower end stuff is very slow moving, a sign that the economy is not doing so well.

Hansolo, would be nice to see a refresh on your graphs for the okanagan, they always make the picture clearer (and they are so pretty).

Oops, silly me, just saw it. Thanks as always.

[robert james]

I think the OK will be very interest rate sensitive as in,put your second house or condo on the market and hope some idiot comes along and buys it or when the rates go up you have to simply dump it or loose it.. Speaking of which,,Canada adds 93,000 jobs in June.. Maybe the interest rate will get bumped up again shortly..