Real Estate Talks

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Discounts are more prevalent in the multi million dollar range.

Still not seeing listing growth that would lead to any meaningful price reductions. 

It is what it is...

"Vancouver Luxury Property Is North America’s Worst Performer


... Prices at the top end of the market plunged 7.6 percent in the six months to March, making it the world’s second-worst performer during that period, according to the latest global survey of prime properties by Knight Frank LLP. Only Stockholm did worse, falling 9 percent, while Toronto rose 6 percent and the top gainer was Seoul.

The findings -- based on the top 5 percent of the housing market in each city -- lend support to anecdotal evidence of a slowdown in Vancouver’s luxury segment after the hike of a tax on foreign buyers to 20 percent from 15 percent in February, the introduction of a speculation tax, and rising interest rates..."

https://www.bloomberg.com/news/articles ... -performer

Finally, condoland's turn for a cold shower...

" Vancouver Condo Market Goes Flat in April"

http://vancitycondoguide.com/vancouver- ... -in-april/

Prime selling season it is not. 

The governments are trying to reduce speculation...

"Broadway subway may significantly alter Vancouver's urban fabric

... A policy report is expected to be released sometime in June with details about how speculation will be curbed on West Broadway.

The goal is “to preserve affordable and rental housing and job space” even as TransLink develops the Millennium Line Broadway Extension Project, a.k.a. the Broadway subway, which will run from VCC-Clark Station to Arbutus Street.

The city’s announcement comes after at least 19 sites along West Broadway have changed hands since December 2016, including some locations west of Arbutus Street, according to a recent report by commercial realtor Avison Young.


... Housing, he argued, should only be rental, because that doesn’t drive up land values at anywhere near the same rate as strata-title condos.

Higher land prices drive away businesses that can’t afford to expand, undermining employment..."

https://www.straight.com/news/1082326/b ... ban-fabric

IT HAS FINALLY HAPPENED...

"Greater Vancouver Condo Market Has Finally Shifted...

Condo inventory has climbed higher each month following a ten year low registered in December 2017. While the recent uptick is part of a seasonal trend, the year over year increases have been far from normal. Condo inventory levels increased by an eye watering 40% year over year in Greater Vancouver, and 48% in the Fraser Valley...

The risk may now be for the speculators who bought on assignment. If they can’t find buyers, they’ll have to close the deals themselves and pay those taxes and legal fees. Then they’ll still have to sell or rent their investment properties.

“It happened in 2008,” Ronse said. “A lot of people, when the market shifted, they were left holding the bag.”

http://vancitycondoguide.com/greater-va ... t-shifted/

Flash - SFH down double digit YoY

"Point Grey single-family home prices fall 12.8 percent in a year; Dunbar detached homes down 14.1 percent"

https://www.straight.com/news/1117541/p ... homes-down

While the bulls erase their posts, here's something to chew on …

"Vancouver Detached Average Sales Price Sinks 19.7% in September

… Price declines are becoming more prominent. The average sales price of a detached home in Vancouver registered a 19.7% decline in September. The median sales price reported a 7.8% decline, while the MLS benchmark price which tends to be a lagging indicator now shows a 7.6% decline year-over-year. We are seeing detached houses on the west side of Vancouver selling back at 2015 prices, while the East Side has held better, and is off about 10-15% from the peak. Price declines can be hard to quantify given sales volumes are at record lows..."

https://vancitycondoguide.com/vancouver ... september/