“Hello Buyer’s Market!”
April 27, 2010 by John Grasty · 2 Comments
As local real estate Board (REBGV) members will know the MLS department is reporting, “…an extremely high volume of listings at this time. There are also many new listings being entered by Broker offices.”
You would probably also be aware that an increased numbers of permits and starts are being reported by home builders, which along with the new product being rushed to market before the HST is introduced on July 1st, probably means, “Hello Buyer’s Market!”
Of course, all real estate is local so in Metro Vancouver, where we enjoy a consistently high net in-migration, our local market conditions have little to do with what is going on in the rest of the country.
Are prognosticators of a double-dip “W” shaped recovery model starting to look smart?
Today we’re fast approaching 17,000 listings in the REBGV. It was only 15 or 16 months ago, when prices had dropped, that our MLS re-sale inventory was at over 22,000.
At that time what little new stock was available then was also being sold at “blow-out” prices for the developers to recoup their cash. It was amazing to see how much they were actually able to discount (obviously BIG margins).
Unfortunately the combined true local supply of “new” plus “re-sale” housing is not very often aggregated or reported. WTF (what’s that figure)? A meaningful combined supply figure is unavailable for a true metric (of supply Vs. demand) to be reported regularly to the public; Go figure!
Information on this website should be considered personal opinion or entertainment only AND NOT BE RELIED UPON. It is always advised to consult a relevant qualified professional at all times prior to taking any action which may result in financial loss. Posts on this website are sometimes based upon other sources, all of these posts have links to the original content and full credit of their information is credited to them.
