Oops, sorry about destroying the economy

Posted on Jan 25, 2019

Oops, sorry about destroying the economy

It has taken sustained stupidity but Canada’s leaders are finally managing to bring down one of the strongest economies in the free world

Frank O'Brien Western Investor
January 24, 2019





House and money
Less than a decade ago, the Canadian loonie was flying at 91 cents against the U.S. dollar, construction and natural resources...

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Dec 2018 Westside Market Update

Posted on Jan 08, 2019 in Market Update

The supply of Westside detached homes in December is down 12% from November (652 from 740) and up 6% compared to December 2017. Westside detached home sales (demand) this December were down 47% from November (32 from 60) and down 9% compared to 35 sales in December 2017. December sales are down 61% from the 10 year December average of 83 sales.
Mont...

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No change: B.C. voters back first-past-post system in electoral reform referendum

Posted on Dec 20, 2018

SCOTT BROWN (HTTPS://VANCOUVERSUN.COM/AUTHOR/SKOTTBROWN) Updated: December 20, 2018

"61 per cent of British Columbians voted in favour of the current first-past-the-post system


Elections B.C. says an overwhelming majority of 61 per cent of British Columbians voted in favour of the current first-past-the-past election system in British Columbia’s elec...

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Nov 2018 Westside Market Update

Posted on Dec 12, 2018 in Market Update

The supply of Westside detached homes in November is down 5% from October (740 from 776) and unchanged compared to November 2017. Westside detached home sales (demand) this November were down 5% from October (60 from 63) and down 26% compared to 81 sales in November 2017. November sales are down 47% from the 10 year November average of 113 sales.
Mo...

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Why I'm Voting No 

Posted on Oct 28, 2018

I would encourage you to read this article written by Geoff Plant. 

Introduction
Barring a postal strike, BC voters will start receiving their voting packages for the electoral reform referendum next week.  In case you're wondering, I’m voting no.  
What ails our electoral politics is cultural, not structural; changing how we elect our MLAs won’t fix tha...

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October 2018 Westside Market Update

Posted on Oct 04, 2018 in Market Update

The supply of Westside detached homes in September is down 1.3% from August (755 from 765) and down 10% compared to September 2017. Westside detached home sales (demand) this September were down 31% from August (38 from 52) and down 46% compared to 70 sales in September 2017. September sales are down 64% from the 10 year September average of 106 sa...

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The highest sales price for a Westside detached home in November was $15.5M in Point Grey. The lowest sales price was $1.5M in Dunbar. 

Compared to 68 sales in November 2016, detached home sales were up 19% to 81 in November 2017. Of those sales, 17 received the asking price or more and 64 sold below the asking price. November 2017 supply increased 39% to 738 homes from 530 in November 2016.
 
No. of SalesNov 2016Nov 2017
% Change
Detached 
68
81
19%
Attached
44
42
-4.5%
Apartments
296
380
28.4%

Compared to October 2017, November detached west side home sales, decreased 24% from 106 to 81 while Months of Supply (MOS) increased to 9.1, from 7.3. Prices finally showed the drop we were expecting, down 13%, from $4.54M to $3.93M on average while median prices decreased 13% from $3.8M to $3.30M. 

Average/Median
Price
Nov 2016
Nov 2017 % Change
Detached (M)   
$3.96/$3.4
$3.9/$3.3
-1.5%/-3%
Attached (M)
$1.28/$1.17
$1.43/$1.36
12%/16%
Apartment (K)$851/$663$986/$780   16%/18%
  
November Westside apartments supply & demand both decreased very little leaving MOS down to 1.8 vs 1.9 in October. Median prices are down 5% from $818K to $780K while average prices are down 2% from $1004K to $987K. Overall, prices have been quite flat since April 2017.
 
Townhouse supply in November is up 2% from 159 in October to 162, while demand is down 22% from 54 to 42 units in November. This gives us 3.9 MOS, up 34% from 2.9 MOS in October. This resulted in prices decreasing 3% on median from $1.399M to $1.360M and 8% on average from $1.56M in October to $1.436.

Mths of SupplyNov 2016Nov 2017
% Change
Detached
7.8
9.1
-6%
Attached
2.9
3.9
-44%
Apartments
2.7
1.8
-37%

Detached home price reductions are creating a good buying opportunities. Apartment and townhouse prices remain stable and reflect strong demand and continued short supply. 

Price range Detached
No. sales  Nov
2016       2017
% sales
2016       2017
$<3M
26             34
38%     42%   
$3M-$5M
28             2942%      36%
$5M-$10M
11             16
  16%      20%   
>$10M3             24%          2%
Total
68           81
      100          

Government regulations both here and in China continue to make it difficult for foreign buyers to bring money here to purchase real estate and that is which creating opportunities for local buyers. Interest rates, currency exchange and lending restrictions will continue to be dampen sales. 
 
We are currently in a buyers market for detached homes.

Click on the link at the top right for Westside Graphs.
 
Please call me at any time for a considered response to any and all of your real estate questions.

Merry Christmas and all the best for 2018!

Best regards,

Stuart