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VancouverGuy

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  1. CREAs own news release for February: $816,720 Same source for April: $746,000 A 2-month drop of 8.65% or an annual rate of 52%. Ignore the CREA HPI "Benchmark" price - that's a fantasy number. I don't know about Toronto, but this certainly aligns with what I'm seeing on the ground in Vancouver.
  2. Nope, it's prices. Average sales price is down 8.65% over the past 2 months, that's 52% on an annual basis.
  3. You should also note that it's currently falling at an annualized rate of greater than 50%.
  4. There's still a lot of inflow, but there's a few things to note: 1) There was a 'surge' in immigration as pent-up supply was released after the initial 2020 border-closures. It's tapered off now somewhat. 2) Many of the latest wave appear to be planning on not staying beyond a couple of years, citing high housing costs and out-of-control inflation 3) The current crop of new arrivals seem to be lower-skill, lower-earning, than in previous periods, and less likely to be competing for a $3M chipboard palace. 4) Vast cohorts of the skilled immigrants from before, have left in the past couple of years to lower-cost countries. Skilled-immigrant labor can quickly become skilled-emmigrant labor too. Pretty much my entire team from a previous job left the country last year - I've never seen anything like that. I don't subscribe to the narrative that immigration is driving housing costs, it's free money that's done that.
  5. No. That stuff was way up the valley. I watch North Van and Burnaby - prior to Feb 18th everything was selling for $100,000's above asking, almost a million above assessed. Then something magical happened on Feb 18th (actually that was just a few days before Putin got goin'), pretty much nothing selling since then, price reductions all round, anything that does eventually sell is below asking. Of course, if you only watch asking prices, you won't see this - but if you watch actual sales prices, then they're down $300-500k since the peak in February. If anything asking prices have increased very slightly as the agents are no longer trying to entice bidding wars.
  6. I suspect the UK figures are showing a lag of a month or two, compared to falls in US, New Zealand, Oz and Canada, simply because the sale prices in those other countries will be based on when the contract is actually signed, as opposed to when the transactions actually complete.
  7. Australia: https://www.smh.com.au/property/news/buyers-have-choice-melbourne-house-prices-fall-for-the-first-time-since-2020-20220426-p5ag9p.html https://www.smh.com.au/property/news/apartment-price-falls-signal-end-to-sydney-s-pandemic-property-boom-20220426-p5ag8g.html New Zealand: https://www.theguardian.com/world/2022/apr/13/new-zealand-house-prices-are-starting-to-fall-but-many-buyers-remain-locked-out Canada: https://financialpost.com/real-estate/canadas-hot-housing-streak-cool-down-prices-sales-fall-march US too: https://fortune.com/2022/04/28/march-home-sales-fall-home-prices-stay-high/ Just do some googling for more. Plenty of evidence now. The markets that I watch closely in the Vancouver suburbs are all off significantly since the peak, typically 15-20%. The amazing thing is how quickly it turned, 18th Feb was like a switch being flicked.
  8. Every other hot-housing country (Aus, NZ, Canada) is now showing dramatic declines.
  9. So fhat's why it's called an "infinity" pool then. Personally, I prefer my heating bills to be finite.
  10. The answer is simple... Sell. Rent. Then get a good, fee-only professional financial planner.
  11. I just felt a great disturbance in the force, as if millions of voices cried out in terror, and were suddenly silenced.
  12. Gumtree for cheap (ie; stolen) appliances - works great for me!
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