There were 232 new listings yesterday, and 165 sales, for a sell/list of 71.12%. There were 52 price changes. Inventory broke 11,000, reaching 11,o024, of which 2,729, or 24.75%, were over 90s.
Filed under Daily Numbers
Thanks for the numbers. I’ve sorta stopped watching the total inventory and am more interested in the over 90’s. January will be interesting indeed!
As a side note, I haven’t heard anyone mention Victoria recently. Apparently SFH were down almost 5% ( 4.7%) I think. MoM for October. Condos and TH were even or .5% gain. Price compression?
Thanks for the numbers, Rob. Looks like the bulls have had some days going their way over the last couple of weeks. 😛
Battlestar Galactica and Bionic Woman stop production in Vancouver due to writers strike. 200 people laid off from caterers to carpenters, etc.
I think Bionic Woman would have stopped production soon, strike or no strike. Absolutely brutal show. 😉
I like bionic womans gadgets, go go gadget D!ld@!
Most shows in town will be done shooting by the end of January. Almost everyone in film owns a house/condo and alot of people in film own multiple houses. It will not be good for them if the strike lasts any longer than December/January.
from across the pond:
The three-month London interbank offered rate for sterling, known as BBA Libor, rose to a two-month high of 6.49pc, indicating that banks are unwilling or unable to lend to each other.
liquidity squeeze, great for housing prices
“liquidity squeeze, great for housing prices”
if it is difficult or impossible to get a mortgage than you have way less sales putting pressure on high valuations, the only direction is down.
i shoulda been more informative in my original post… too much satv i guess 🙂
Almost everyone in film owns a house/condo and alot of people in film own multiple houses
I have a few clients in the film biz (wardrobe, director’s asst., locations, and three others, whom I know not what they do. I also have a producer.) and none of them own anything – except for the producer. (and her wife (?) is a Dr.)
It’s only a billion dollar industry (film). The Conservatives’ mandatory-jail-time-for-pot-growers Bill will have a bigger impact, me thinks.
Way to kill BC’s economy Herr Harper! (f*%k-stick)
These folks think “credit crunch” is a cereal!
actually it’s more like a candy bar….
it may look like chocolate but is actually Exlax….
coco, You sure like to gloat about other’s misfortunes.
It is not the end. It is not even the beginning of the end. But it is, surely, the end of the beginning…Winston Churchill
Home Prices Rise Modestly in Vancouver and Victoria
Vancouver, BC – November 21, 2007. British Columbia Real Estate Association (BCREA)
reports residential sales volume on the Multiple Listing Service® (MLS®) in BC climbed 23.5 per
cent to $3.40 billion in October, compared to the same month last year. Residential unit sales
increased 12.8 per cent to 7,358 units during the same period. The average MLS® residential price
hit $462,912, up 9.5 per cent from October 2006.*
good article on CDN mortgages and borrowing
Rate cuts on the way:
I work in an industry that depends on a good economy. I post all kinds of news articles for information purposes on our economy. Don’t worry, if I get laid off, I will post that too.
SFH prices in Victoria were DOWN 4.7% MoM in October. Condos and TH were even. Of course that part doesn’t get reported. Just the year over year increases.
Banks boost Canadian profit to record but subprime fall-out looms
“Canadian banks exposure to fixed-income investments is not on the level of banks in the U.S. and Europe, although the cost of credit available to banks is likely to rise going forward”
I don’t think 25-50 basis points, if the BoC gives that over the next 6-months, will have any material impact on RE.
Possible future subprime writedowns could tighten any mortgage interest rate decreases too.
No offense, but it seems like you’re trying to have it both ways. If rates increase from 5.25 to 5.9% you seem to indicate its a problem, but you write off a projection of rate drops. I think its becoming increasingly clear that we’ll see less pressure from inflation, more liquidity and lower rates. Less inflation is downward pressure (nominally) for real estate, but increased liquidity and lower rates go hand in hand, and are upward pressure on prices. The lending business is competitive, which means lenders are going to want to get money out – lower rates won’t go hand in hand with tighter rules (at least I don’t think they will).
I think much more important will be the economy in general, and how we respond to a US recession. Low rates and liquidity may become remarkable for their inability to spur a strong enough economy to spread the benefits of our commodity windfall. In other words, we’ll see more of the split economy – strong Alberta, and to a lesser extent BC and Saskatchewan, and a suffering East.
There seems to be an assumption that if the Bank of Canada lowers their lending rate, that mortgage rates will be lowered as well. This is probably an incorrect assumption, considering what has happened in the U.S. since the Federal Reserve lowered their lending rate.
“If rates increase from 5.25 to 5.9% you seem to indicate its a problem, but you write off a projection of rate drops”
I’m not writing off anything…remember I’m the one looking to purchase, wouldn’t a mortgage rate decrease benefit me? Since, no one has lower mortgage rates by a significant amount yet, why count your chickens before they are hatched?
Last time I talked to my financial advisor at the bank, I was told there was a “possibility” of the rate coming back down, but they were not sure of that. Even if the rate comes back down, I’m preapproved at the same rate right now.
Bond yields have fallen since banks raised mortgage rates in October, that is over a month ago and still no decrease in long term rates.
“The overnight Canadian Libor rate dipped to 4.5767 from 4.5817 on Wednesday.”
Part of the problem is that banks are still fearful lending to each other. Libor still remains slightly above BoC rate.
Canadian Banks May Report First Earnings Decline in Five Years
Mortgage seekers are the Main Street collateral damage of credit crunch (Canada)
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