‘Vancouver Real Estate Market In Full Retreat’

Chart by Ben Rabidoux, hat-tip jesse.

“…the latest statistics show Vancouver’s housing market is mired in a 10-year low for sales with no immediate end in sight.
Each month is starting to look worse than the previous one for Canada’s most expensive housing market as property sales in July dropped 11.2% from June — marking a decade low for activity.” …
“… the Real Estate Board of Greater Vancouver reported the worst July since 2000, and 31.2% below the 10-year average for the month of 3,051 sales.
The board said there were 2,098 residential property sales of detached, attached and apartment properties in July — off 18.4% from a year ago.
“People appear to be cautious about making significant financial decisions right now. While our local economy appears to be quite robust, there may be some concern about the impact of international markets and the federal government’s tightening of mortgage regulations,” said Eugen Klein, president of the board.
Prices continue to hold with the board saying the composite benchmark price for all residential properties in Greater Vancouver rose 0.6% to $616,000 from a year ago but dropped 0.7% from June.”
– from ‘Vancouver real estate market in full retreat’, Garry Marr, Financial Post, 2 Aug 2012 [hat-tip allen]

“July home sales in Vancouver, once the country’s hottest real estate market, continued to slide and hit their lowest total for the month since 2000.”
– from ‘July home sales in Vancouver drop to lowest level since 2000’, Globe and Mail, 2 Aug 2012 [hat-tip Dimitri Tishchenko ]

Greater Vancouver Average Prices:
DETACHED – $1,041,300
– Down 15.7% in 5 months from all-time high in Feb, 2012 ($1,235,200)
ATTACHED – $538,300
– Down 9.2% in 4 months from all-time high in Mar, 2012 ($593,100)
APARTMENT – $406,400
– Down 15.9% in 15 months from all-time high in Apr, 2011 ($483,400)
– adamtheman at his Vancouver Bubble thread at redflagdeals, 1 Aug 2012 [hat-tip ScubaSteve]
[Simple averages are vulnerable to outlier effects, volatile in illiquid markets, and of questionable statistical value, but, with those caveats, they’re still one number everybody watches. When the detached average drops through the $1M mark, for instance, it will make local and national headlines, and will have further psychological effects on the market. -ed.]

“The Months of Inventory (MOI) metric for Westside Vancouver houses rose for the fifth consecutive month in June. It has risen from 4.39 in February to 12.51 in July.
Active listing volumes for detached Westside houses are still over 1000 listings and sales dropped to only 83 homes this month.”
– good-format relaying info from Sam Wyatt at VCI 1 Aug 2012 9:31pm

“I went for a bike ride in the westside just now.
Up and down at least 40 blocks.
Many, many blocks had two to three for sale signs.
I must have counted a sixty or so in total.
And get this muppets….NOT A SINGLE SOLD SIGN….NOT ONE….NADA…ZIP…ZERO…ZILCH
Holy truck, it’s begun.
Still, we have a way to go before we hear widespread screams in the night.”
– Romeo Jordan at VCI 31 Jul 2012 8:24pm

“Richmond’s MOI is currently at 22 for detached homes. To put it bluntly: In August, only 1 out of every 22 homes in Richmond will sell. The other 21 will sit there with for sale signs up. Imagine if you were trying to sell your house and had to compete with 21 other homes, knowing only one of yours would sell.”
– ScubaSteve at VCI 1 Aug 2012 12:16am

2785 Chelsea Cr, West Vancouver
“I just had an email sent to me regarding the home in West Vancouver, Chelsea Park – Residential Detached – 2785 CHELSEA CS, V7S 3E9. It sold July 27th for $1,610,000. Assessed at $2,154,000. Interesting to say the least!”
– designer69 at vancouverpricedrop 30 July 2012 4:17pm [hat-tip Zerodown]