2695 replies to this topic

[MarkoJ]

If the current rate of sales continue for the rest of the month, numbers will be way down from March 2017.

 

Yea but we only had a couple of business days of sales.

[Nparker]

...we only had a couple of business days of sales.

There's also a weekday stat holiday and a long weekend at the end of this month which might affect overall monthly sales.

[tjv]

Yea but we only had a couple of business days of sales.

so are those stats you really posted as of March 2nd?

 

I am the understanding the stats are unconditional offers.  So if someone posted an unconditional offer yesterday afternoon is that counted in the numbers you posted today?

[Mike K.]

The sales data reflects the day conditions are lifted following an accepted offer. Closing could be months later.

[tjv]

^I understand that, but Mark said

Yea but we only had a couple of business days of sales.

so the question I have is do unconditional offers made on the weekend count towards the Monday totals.  ie were 72 sales made in 2 days or 4 days?

 

I also think people would be stupid to make conditional offers in this market.

[MarkoJ]

^I understand that, but Mark said

so the question I have is do unconditional offers made on the weekend count towards the Monday totals.  ie were 72 sales made in 2 days or 4 days?

 

I also think people would be stupid to make conditional offers in this market.

 

Depends on when the realtor enters the unconditional offer into the system. You have 72 hours to report an unconditional offer.

[MarkoJ]

Victoria Real Estate Board

Mon Mar 12, 2018:

 

Mar Mar

2018 2017

Net Unconditional Sales: 235 929

New Listings: 424 1,217

Active Listings: 1,627 1,556

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[MarkoJ]

Victoria Real Estate Board

Mon Mar 19, 2018:

 

Mar Mar

2018 2017

Net Unconditional Sales: 401 929

New Listings: 723 1,217

Active Listings: 1,684 1,556

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[tjv]

sales do look to be steady overall and listings seem to be climbing.  From what I can tell there hasn't been any effect by the stress test

[Hotel Mike]

If the number of listings is increasing, will that put downward pressure on prices?

[MarkoJ]

If the number of listings is increasing, will that put downward pressure on prices?

 

When it gets to 5,000+ listings 

[Janion Fan]

When it gets to 5,000+ listings 

Was it ever at 5,000+ listings, Marko? What's the highest you've seen it, roughly? Just curious.

[LeoVictoria]

sales do look to be steady overall and listings seem to be climbing. From what I can tell there hasn't been any effect by the stress test

You mean other than the 20% reduction in sales?

[MarkoJ]

You mean other than the 20% reduction in sales?

 

Market was slowing before the stress test.

[tjv]

yes, it was slowing down for most of last year.  You can't just compare year over year

 

I can't see a downward pressure on prices for awhile yet, although I am going to assume the price increase are slowing over time

 

Talking to some house builders and construction costs are now averaging $300/sf for average quality with both labor and material price increases basically out of control

[LeoVictoria]

Definitely had a significant impact.  We saw the buyers being pulled forward in November, and now we are missing them in the market.  https://househuntvic...umbers-wrap-up/

[MarkoJ]

Definitely had a significant impact.  We saw the buyers being pulled forward in November, and now we are missing them in the market.  https://househuntvic...umbers-wrap-up/

 

Not sure I agree with you....maybe it re-distrubted the timing for some buyers but I don't think it has pulled a substaintially about of net buyers out of the market. Prices are still pushing record highs too.

[lanforod]

I agree with Marko here. I don't think the stress test has pushed that many people completely out of doing a purchase. What it likely has done more is pushed some people to purchase something a bit cheaper. 

Isn't a large chunk of buyers folks paying full out cash and not financing, or only financing a small percentage of the property? This is where a lot of folks go to retire, after all.

[Mike K.]

That's exactly it. You don't just stop looking for a home because of a stress test, you re-organize and re-assess your expectations.

[LeoVictoria]

Not sure I agree with you....maybe it re-distrubted the timing for some buyers but I don't think it has pulled a substaintially about of net buyers out of the market. Prices are still pushing record highs too.

Sure, it just reduces what people can qualify for. Of course won’t change their desire for a house.

The end effect is the same. Reduced demand.