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rMBA13
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Is Vancouver housing sales beginning to slow down?

Wed May 25, 2016 2:48 pm

I'm just beginning to notice anedoctically that listings are sitting longer than the last couple of months. Can realtors confirm this?
 
Harahomes
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Re: Is Vancouver housing sales beginning to slow down?

Wed May 25, 2016 8:43 pm

I'm just beginning to notice anedoctically that listings are sitting longer than the last couple of months. Can realtors confirm this?
I think your right. But I am noticing the properties that are over priced and not so ideal are sitting
 
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jesse1
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Re: Is Vancouver housing sales beginning to slow down?

Sat May 28, 2016 4:20 pm

I think it has slowed a bit but it always does leading up to the mid-spring and summer. Sales are still very strong though...
There is no shame in overpaying
 
eyesthebye2
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Re: Is Vancouver housing sales beginning to slow down?

Sat May 28, 2016 9:40 pm

Sales still brisk, but big listings surge this past week added inventory. Asking prices not cheap though...no bargains out there.
 
rMBA13
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Re: Is Vancouver housing sales beginning to slow down?

Thu Jun 02, 2016 6:13 am

 
eyesthebye2
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Re: Is Vancouver housing sales beginning to slow down?

Thu Jun 02, 2016 10:53 am

sure lol

This in the comments section of that article rMBA:
"Topped out, are we? Consider the source of this article. Various banks and the real estate sector really don't want Canadians to do anything to stop or slow the flood of money from abroad into our real state market. Of course not. And meanwhile, the Globe and Mail and other business sources are openly saying that the outflow of trillions of dollars in "investment" from China is only going to rise over the next five years. We are not "topped out" at all. It's just going to spread out. The blast of money from abroad is just going to hit other Canadian cities, folks, until we're all screaming. This is not going to stop until we kick our governments' butts hard enough that they slap sharp taxes on these foreign speculators so they quit using our housing as a stock market".
same with what Jimtan was saying - that it's interest rates as a reason for high prices. Ignore the real facts and the problem will continue. It's just distracting from a real solution
Last edited by eyesthebye2 on Thu Jun 02, 2016 9:03 pm, edited 1 time in total.
 
jimtan
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Re: Is Vancouver housing sales beginning to slow down?

Thu Jun 02, 2016 2:36 pm

Right!

"Scotiabank curbs mortgages in Vancouver, Toronto as prices soar: 'We're a little concerned'

http://www.nationalpost.com/scotiabank+ ... story.html
 
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jesse1
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Re: Is Vancouver housing sales beginning to slow down?

Thu Jun 02, 2016 7:14 pm

Concerned with a +30% increase in prices? Naah!
There is no shame in overpaying
 
eyesthebye2
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Re: Is Vancouver housing sales beginning to slow down?

Fri Jun 03, 2016 8:45 am

What is your angle jimtan?
Why post false information?

May sales were 35% over 10 yr avg and represent some of the highest activity ever seen.
Some areas saw detached prices up 10%...not year over year, but just month over month!!!!

Again, minimizing the problem or distract from the facts will not bring a solution on how to address these ridiculous prices increases.

Just looking at May stats it's pretty obvious government needs to put an immediate HOLD on all foreign buyer transactions until suitable rules can be implemented.
 
jimtan
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Re: Is Vancouver housing sales beginning to slow down?

Fri Jun 03, 2016 5:50 pm

What false info? I posted the article above the banks cutting back on mortgage creation.

I posted this ...

http://www.realestatetalks.com/viewtopi ... 8&t=129574

"... Foreign investors made up four percent of buyers, according to this latest REBGV survey..."
 
eyesthebye2
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Re: Is Vancouver housing sales beginning to slow down?

Fri Jun 03, 2016 7:02 pm

The buyer demographic is not known...the real estate industry is hiding it because they want this party continue. What you posted is basically a bald faced lie. You are supported this lie by bringing that false information here.
What false info? I posted the article above the banks cutting back on mortgage creation.

I posted this ...

http://www.realestatetalks.com/viewtopi ... 8&t=129574

"... Foreign investors made up four percent of buyers, according to this latest REBGV survey..."
 
whattodo
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Re: Is Vancouver housing sales beginning to slow down?

Fri Jun 03, 2016 9:20 pm

Jimtan, you can't seriously believe this can you???
Foreign investors made up four percent of buyers, according to this latest REBGV survey
This would not cause prices to go up 30% year over year & now 10% month over month. Locals are not buying anything over 2.5 million. I would guess in Vancouver foreign buyers make up 30% of buyers by volume and 50% by dollar amount. But, that's just my guess. But, I guarantee my guess is alot closer to the actual number than the 4% they say.
 
jimtan
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Re: Is Vancouver housing sales beginning to slow down?

Fri Jun 03, 2016 9:39 pm

There's no way that foreign buyers represent 30% of REBGV. :roll:
 
whattodo
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Re: Is Vancouver housing sales beginning to slow down?

Fri Jun 03, 2016 10:49 pm

I said city of Vancouver not Greater (Metro) Vancouver.

How many open houses have you been to lately? how many realtors do you know? I know several and based on what they say It's closer to 30% than 4%. A benchmark house in Vancouver is over 2 million. How many Canadians are buying these? Not many.

If the number actually was 4% then banning foreign money/ownership would have very little effect on home prices (dropping) but yet the government doesn't even want to consider it. I wonder why? :roll:
 
jimtan
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Re: Is Vancouver housing sales beginning to slow down?

Sat Jun 04, 2016 6:39 am

Wake Up! :roll:

The 4% figure mentioned in the article is for Greater Vancouver. There's no way that foreign buyers constitute 30% of CoV. Perhaps, not even 30% for westside and downtown.

BTW, foreign buyers is being defined as foreign residents (Europeans and Americans included) and temporary local residents (students). That is, foreign buyers = investors.

CoV and Richmond has a large non-Caucasian population. But, the overwhelming majority are long term residents and second generation citizens. That is, local buyers = investors + residents.

Read the article I linked to. Domestic investors are a bigger factor than foreign investors. However, foreign buyers are concentrated in westside and are making the headlines. :lol:

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