Westside SFH Inventory at All-Time Highs for the Bubble Years

– inventory chart at vancouverpeak.com 21 May 2012 care of VHB (the Vancouver Housing Blogger), who also noted: “We are at 1027, which in my records is the highest [inventory on record]. My records (they are incomplete) go back to 2005. We also saw a nice one day +23 spike in VE SFH, but VE has been well below levels we’ve seen in other years–is VE finally joining the inventory party? VW condos are tracking 2008 levels, but much below 2010 levels. We’re now at 827; peak in June 2010 was 1142.”
In keeping with this, in the extreme-westside, Point Grey has hit an inventory level of 90 SFHs listed on MLS, as far as we know the highest on record. – ed.

Sure, this is only one sector of the market, but all sectors are interrelated. – vreaa

10 responses to “Westside SFH Inventory at All-Time Highs for the Bubble Years

  1. Housing shortage.

    Or something.

  2. “Just because sales are slumping don’t bank on prices doing the same.”

    If Global TV said it, it must be true. Time to realist and raise the asking price.

  3. Renters Revenge

    Quick! We need moar high-rises NOW!!!

  4. West Vancouver sfh inventory is also surging higher, pushing through 500 to 503. The all time high last seen was heading into the summer of 2010 when West Van. had 577, which was a number that was matched in 1998 in the heart our last real estate recession. In the summer of 2010, West Van. was saved when HAM arrived and bought up our inventory. Of West Van’s 503 listings, 324 are over 2mil. Also, there are probably about 100 new homes under construction that are being built for HAM, and are not completed yet, or are on the market. The local market is not interested in the type of home being built, nor the price point. The builders of most of these homes have no clue about demographics, or absorption rates. They are gambling.
    North Vancouver which has always had much lower sfh inventories over the past few years has also started to climb, up to 382 at present. North Van. is a little like the East Van. market in that the average price is consideriably lower then it’s neighbour to the west, but sales are slowing, and inventories are climbing.
    Interesting times ahead. For most people selling their home it is relative transaction in regards to price, provided that they buy, and sell at the same time, and stay in the same area. That is why I think prices could fall significantely.
    I have seen lots of West Vancouverites sell out to take advantage of the crazy numbers, and move geographicly to a different location. The locations are as close as North Van., but I have seen many exiting Vancouver all together for the Okanagan, and Vancouver Island.
    The other big seller I have seen this year has been the empty nester crowd that can now afford to buy a local strata town home, or condo, and a condo in the southern U.S.

    • Thanks for all the info regarding the North shore.

      “The builders of most of these homes have no clue about demographics, or absorption rates. They are gambling.”
      (Agreed. Same all over the city, IMHO.)

  5. @VREAA host, ““The builders of most of these homes have no clue about demographics, or absorption rates. They are gambling.”
    (Agreed. Same all over the city, IMHO.)”

    I agree very strongly with this too, based on my observation. I wish word could be got out to the builders that a). there’s not much market for these expensive new houses and b). they’re not selling. I see a lot of them sitting on the market for weeks and months.

    One thing that endlessly frustrates me is that the MSM, via bullishness or laziness in not interviewing “bears,” is contributing to builders’ delusions here. Why is Van West inventory at record levels? Well, at least one reason: livable/more affordable smaller house after smaller house has been/is being torn down to be replaced with places very few people can or want to buy. Lots of not only unaffordable but empty houses on Vancouver’s West Side now. I hold the MSM partially responsible for dispensing torrents of Kool-Aid.

  6. Sorry for my ignorance but what does HAM stand for?

  7. I wish this bubble would pop already! I just did the math – we (renters) are losing out on an 8% tax free equivalent yield!

    http://northamericaneconomics.com/2012/05/22/the-other-housing-bubble-casualties/

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