2697 replies to this topic

[Mike K.]

January will probably end at around 320.

[MarkoJ]

January will probably end at around 320.

 

I am going to guess 335.

[MarkoJ]

Very slow start to the year

 

Victoria Real Estate Board

Fri Feb 1, 2019:

 

Jan Jan

2019 2018

Net Unconditional Sales: 329 431

New Listings: 897 772

Active Listings: 2,057 1,491

Please Note

 

Left Column: stats for the entire month from this year

Right Column: stats for the entire month from last year 

[Nparker]

January will probably end at around 320.

I am going to guess 335.

Jan 2019 Net Unconditional Sales: 329 

It would seem the results fell nearly in the middle of your prognostications. Well done.

[MarkoJ]

Victoria Real Estate Board

Mon Feb 4, 2019:

 

February February

2019 2018

Net Unconditional Sales: 56 545

New Listings: 91 837

Active Listings: 2,001 1,545

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year 

[Nparker]

A strong start to February.

[VIResident]

Just an FYI 

Vancouver home sales fall nearly 40 per cent in January, as prices pull back - home sales fell to the lowest level seen in January in 10 years.

 

https://www.timescol...back-1.23622091

 

(Province will take a hit on the transfer tax they collect, builders/contractors/trades etc. likely see a downturn and so on) 

 

From G&M

".....after slashing the list price to $2,199,900 on Jan. 7, the knockdown sold days later for $900,000 lower than what the seller paid nearly three years earlier, or a 31-per-cent plunge. The seller had acquired the teardown for $2,880,000 in February, 2016. Six months later, the then-B.C. Liberal government introduced a 15-per-cent tax on foreign buyers in the Vancouver region.

....“We made a good deal,” said Gordon Ge, the agent who represented the Point Grey buyer. “The market is dropping down right now because of the extra taxes.”

https://www.theglobe...-housing-slump/

Edited by VIResident, 04 February 2019 - 08:48 PM.

[Szeven]

The last paragraph in the 2nd article is pure gold. I hope all their prospective buyers read what the CEO thinks about them sitting around in their basement suites.

"Eric Carlson, chief executive at Anthem Properties Group Ltd., said he expects sales volume for resale properties to be slow for another one or two quarters. For buyers considering entry-level condos, the thought of losing $50,000 in market value has been a deterrent, he said. “But they will get tired of sitting in basement suites or living with their parents or having roommates," Mr. Carlson said."

Edited by Szeven, 04 February 2019 - 09:31 PM.

[MarkoJ]

The last paragraph in the 2nd article is pure gold. I hope all their prospective buyers read what the CEO thinks about them sitting around in their basement suites.

"Eric Carlson, chief executive at Anthem Properties Group Ltd., said he expects sales volume for resale properties to be slow for another one or two quarters. For buyers considering entry-level condos, the thought of losing $50,000 in market value has been a deterrent, he said. “But they will get tired of sitting in basement suites or living with their parents or having roommates," Mr. Carlson said."

 

lol....wtf

[MarkoJ]

Victoria Real Estate Board

Mon Feb 11, 2019:

 

February February

2019 2018

Net Unconditional Sales: 152 545

New Listings: 308 837

Active Listings: 2,063 1,545

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[Mike K.]

I imagine our winter weather will put quite a damper on sales in February.

[LeoVictoria]

Sure that is basically real estate marketing 101 when sales are poor. Doesn’t matter what the weather is either.

Winter weather: “cold temperatures kept prospective buyers at home”
Nice weather: “nice weather encouraged people to play outside and out of open houses”.

[RFS]

Sure that is basically real estate marketing 101 when sales are poor. Doesn’t matter what the weather is either.

Winter weather: “cold temperatures kept prospective buyers at home”
Nice weather: “nice weather encouraged people to play outside and out of open houses”.

Yeah you need a nice mild day to sell real estate

[Mike K.]

Sure that is basically real estate marketing 101 when sales are poor. Doesn’t matter what the weather is either.

Winter weather: “cold temperatures kept prospective buyers at home”
Nice weather: “nice weather encouraged people to play outside and out of open houses”.

Dude, have you looked outside lately?

[UDeMan]

I think the best time to buy a house is when you we have lots of rain.

 

You can make sure the roof doesn't leak, and the basement doesn't flood.

Also check for proper drainage on the property.

[LeoVictoria]

Dude, have you looked outside lately?

 

For three days.  Big whoop.  Prospective buyers delayed a couple showings but if those sales were to happen they will happen in the following days and everything will even out.  It's not like this is some kind of factory where if you miss production for a few days those sales are gone forever.    Weather is an excuse for, not a cause of poor sales unless it lasts all month.  

[aastra]

 

Weather is an excuse for, not a cause of poor sales...

 

That's an interesting phrasing. So when we say it's an excuse, for whom or for what are we making excuses? Are we saying local realtors aren't working hard enough?

[aastra]

If that's what we're saying then it sounds like we do have some kind of factory-style expectation for ever higher levels of production? It just seems odd to me to put it in those terms.

[LeoVictoria]

If that's what we're saying then it sounds like we do have some kind of factory-style expectation for ever higher levels of production? It just seems odd to me to put it in those terms.

 

I'm not sure what you are saying here.   I'm saying that home sales are not like a factory good, where if you lose a few days of production you end up with a lower monthly total.

 

The number of home sales is entirely dependent on the number of willing buyers that have the means to purchase.   If they cannot view properties for a couple days due to snow, those buyers don't disappear, they simply buy a few days later.   So unless the interruption in sales happens for the whole month, or right at the end when it cannot be made up, a weather event won't make a significant different to the monthly sales total.  

[LeoVictoria]

That's an interesting phrasing. So when we say it's an excuse, for whom or for what are we making excuses? Are we saying local realtors aren't working hard enough?

 

Sales are currently pretty sluggish due to several factors (strained affordability and OSFI stress test being the chief ones).  In press releases from the real estate board however, the weather is a common factor to bring up to explain (aka excuse) lower sales.   This is a more palatable reason than "prices are too high and buyers either cannot or will not pay them in as great of numbers"