Comments on: Surprised? Home Sales Fell Off A Cliff.

By: The Best Real Estate Info » Blog Archive » Home Sales Officially Dead | Vancouver Secrets

Wed, 17 Dec 2008 05:24:10 +0000

[...] unknown wrote an interesting post today onHome Sales Officially Dead | Vancouver SecretsHere’s a quick excerptThis entry was posted on Tuesday, December 16th, 2008 at 9:30 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. … [...]

By: Blair

Blair — Tue, 16 Dec 2008 23:13:25 +0000

Wilson – the 42% decline is compared to last November.

So if the pattern continues, you know that desperation will set in and we’ll see steep declines.

By: wilson

wilson — Tue, 16 Dec 2008 21:29:49 +0000

‘sales decline of 42% in November’

which is fairly typical. Come Remeberance Day, many Realtors head south until mid January, leave unfinshed business with a partner, as sales are dead until early spring.

The sky is not falling. The market was VERY overheated and was in need of a correction.
Those who bought this & last year will have to actually live in their new house for a couple of years to get their equity out…..back to normal times

By: Powell lucas

Powell lucas — Tue, 16 Dec 2008 20:53:15 +0000

Fred: I hope your comments are meant as irony.
House prices in Calgary shot up around 300% in less than 5 years. Everyone complained about the exorbitant prices. Now they have dropped a WHOLE 10% and the world has come to an end. Tough.
A home is purchased as a place to live. Increasing value is a bonus. If you purchased a home simply as an investment to be turned over once the prices went high enough, then you are a speculator. If you speculate then quit whining when the bubble bursts. Speculation implies risk and if you can’t take the losses then stay out of the game!

By: bubba brown

bubba brown — Tue, 16 Dec 2008 20:32:17 +0000

I guess the “refugees” are all moving to the island, Qualicum, Parksville. Average single family in Parksville/Qualicum price is up a whopping 4% nov 07/nov 08 sales are down -27% average condo up 2% over the last year sales down -57% the real downer is property down -10% sales down -37%.I am told this does not include single family homes with acreage or waterfront homes, or mobiles.I think as the “boomers” keep coming to the island we will be pretty stable the average retiree coming here has sold elsewhere and is not looking for a mortgage.
Real estate, same as fish… market price. This is a good time to be looking a buyers market for sure. Unlike former times people here are willing to look seriously at resonable offers. Cash as always is King.
Cheers Bubba

By: Blair

Blair — Tue, 16 Dec 2008 19:04:57 +0000

So if you paid 200K and then it went up to 500K – it only needs to drop 60% to be back to the beginning. Most people forget this math.

So far – a property worth 500K in June is now worth 400K (if you could sell it). By this time next year it will be back in the 200′s.

This charts shows you what I mean:
http://vancouvercondo.info/2008/12/nov-2008-benchmark-house-price-drops-again.html

Won’t be long if the trend continues.