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Krammer
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New Stats for Every Area in Metro Van. 5 Pages per area

Tue Aug 09, 2016 2:30 pm

Very detailed report. If you have an interest in the Real Estate Market? It's a must read.
Visit www.relocationbc.com then click on Statistics then click Detailed Stats

Regards
B. Vattoy
www.relocationbc.com
 
Geyser
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Sun Aug 14, 2016 2:29 pm

Here's an interesting site too. Average Vancouver detached home prices appear to have dropped by $400K since March and still appear to be heading sharply down, and this collapse started months before the new 15% tax was announced!

https://www.zolo.ca/vancouver-real-estate/trends

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In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
tdma800
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Sun Aug 14, 2016 2:37 pm

Very detailed report. If you have an interest in the Real Estate Market? It's a must read.
Visit www.relocationbc.com then click on Statistics then click Detailed Stats

Regards
B. Vattoy
www.relocationbc.com
This is obviously an authorized site with up to date licenced data instead of a dodgy site relying on 3rd party info
 
Geyser
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Sun Aug 14, 2016 2:56 pm

I don't think you should describe MLS numbers as "dodgy 3rd party info". They can and have been criticized for their so called "Frankennumbers" and other ways of spinning the stats, but they are not third party.

Your recommendation of checking the City Assessed Value makes good sense in today's falling market.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
yzfr1
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Sun Aug 14, 2016 9:39 pm

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All the bears use to show this website, http://www.chpc.biz/plunge-o-meter.html trying to cherry pick, even back in 2011... Price support for Vancouver is 68% drop to $503,141 for a detached home... good luck with that.

This website is showing the actual REGBV numbers, but will just wait 1-2 months and we can re visit this thread and see if the 20% drop reported is BS or not.
www.relocationbc.com
 
tdma800
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Mon Aug 15, 2016 8:50 am

Image

All the bears use to show this website, http://www.chpc.biz/plunge-o-meter.html trying to cherry pick, even back in 2011... Price support for Vancouver is 68% drop to $503,141 for a detached home... good luck with that.

This website is showing the actual REGBV numbers, but will just wait 1-2 months and we can re visit this thread and see if the 20% drop reported is BS or not.
www.relocationbc.com
The more amusing part well ok suppose a stereotypical 30 year old Vancouver Special box home goes for $500,000 next year instead of the typical 1 million it does now  - Sure, if things dropped that much, its a buying opportunity, if one can afford it - the thing is -- if things drop that much, its likely that many wont be able to afford it anyway.
 
Geyser
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Mon Aug 15, 2016 1:51 pm

The more amusing part well ok suppose a stereotypical 30 year old Vancouver Special box home goes for $500,000 next year instead of the typical 1 million it does now  - Sure, if things dropped that much, its a buying opportunity, if one can afford it - the thing is -- if things drop that much, its likely that many wont be able to afford it anyway.
In which case simple economics dictates the prices will fall further until supply and demand become somewhat balanced again.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
tdma800
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Mon Aug 15, 2016 2:14 pm

if homes drop that fast its likely there will be increased unemployment and people still wont be able to afford a 500k house isntead a 1m
 
Geyser
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Mon Aug 15, 2016 2:23 pm

if homes drop that fast its likely there will be increased unemployment and people still wont be able to afford a 500k house isntead a 1m
Thats exactly why why sellers will need to drop their prices even further. That's the kind of self-perpetuating cycle which home prices in Vancouver  and in Tokyo to drop by 90% in our and their previous bursting bubbles. Let's hope we get off lighter this time.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
yzfr1
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Re: New Stats for Every Area in Metro Van. 5 Pages per area

Mon Aug 15, 2016 6:13 pm

That's why the age old saying of location, location, location is key.

Significant drops in some areas I can see, new developments in Langley and surrey. Cookie cutter neighborhoods where all the houses are the same and everyone bought new at the same time. Usually down payments are 5-20% range for families starting out + all mortgages will rest at more or less the same time. It will take huge un  employment before people panic sell-off, if that happens these cookie cutter type houses will be hit hardest. People will let it go down negative before they sell, no one will sell because on paper its worth -50% just like no one takes a 50% profit UNLESS they cant make the payments.

Established neighborhoods in Vancouver are hard pressed to drop huge amounts. Most of the houses are clear title for the longest time OR they needed to have HUGE down payments. 500,-800K worth of equity. No one will walk away from that type of equity, hence I don't see the prices free falling like the US where people started off in the negative equity territory. 

As for condos... who knows, dime a dozen. Maybe the good ones in a transit location can stay afloat as rentals. Apartments are so poorly made these days, the long term maintenance implications are still not yet know.

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