“Had a conversation with a Realtor today. She told me things were “really slow” for this time of year and that the market was “dead”.”

“Had a conversation with a Realtor today. She told me things were “really slow” for this time of year and that the market was “dead”. She sells mainly on the West Side and mainly to Chinese buyers. [But] she also said she’d seen a slight increase in activity over the last couple of weeks so, who knows, maybe we’ll have another year of insanity. In any case it certainly seems to be a difficult time to be a Realtor.
On a related note my previously bullish colleague (“HAM! Running out of land! Everyone wants to live here!”) has started making bearish comments and now believes prices will go down over the next year. He thinks it’ll only be a 5% drop but I was surprised how fast he changed his opinion.”

Bally at VREAA 23 Apr 2012 1:16pm

7 responses to ““Had a conversation with a Realtor today. She told me things were “really slow” for this time of year and that the market was “dead”.”

  1. Sales are going to come in at about 2900 for April. Things are slow but not dead.

    • Agreed.
      I suppose that in a small ‘n’ event, like numbers of properties sold per realtor, a slight slowing could mean that sales for some realtors go from 1 or 2 per time unit (month?), to ‘dead’, fairly quickly.

      • over qualified

        We have a Richmond condo listing that was shown no less then 60 times in the last 5 months, all but 1 showing to non-Chinese. Of the 140 or so units in the building, 20+ have come on the market since the end of last year, with 1 sale… I think that’s a lot of realtor busy running around from the foot traffic/conversation, but no sales. One couple came with their realtor in early January and again in early April, they must have seen every apartment that meets their space needs in Richmond 😛

  2. Wait till the end of summer. That’s when the SHTF…
    Now that CMHC is under the scrutiny of OSFI, the banks will have to do “a bit more” (/sarcasm) due diligence before issuing mortgages, which means all FTB are about to be excluded from the Vancouver market.

    • Renters Revenge

      FTB are already excluded and have been for some time.

      • Not from uber-overstretching into ‘starter’ properties, or gambling on pre-sales to try to get a “foot on the bottom rung of the property ladder”.
        So increased scrutiny will almost definitely effect those FTBs.
        It’ll also effect borrowing at every price level.

  3. Ironic that the original role of CMHC was to help FTBs.

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