Vancouver Secrets

Wait Till Spring

More signs that a meltdown will hit BC real estate this spring:

- In the comments section people are discussing making lowball offers on multiple properties – to payback the sellers for the multi-offer days.

- From a comment on pre-construction sales:

Many of them will be left holding the bag so to speak when they can’t assign their contracts,. They will have to complete at a loss. For some that may be easier said than done.

Due to financial constraints I cannot complete this purchase

http://vancouver.en.craigslist/81511.html

I have to give me deposit away for free because i can’t complete.

http://vancouver.en.craigslist…..65992.html

I’ve placed a deposit but cannot complete. Need someone to take this assignment from me.

http://vancouver.en.craigslist…..53522.html

Owner cannot complete on this property.

http://vancouver.en.craigslist…..14206.html

I won’t be able to close.

http://vancouver.en.craigslist…..66059.html

Our life-style has changed in the last 2 years and we will not be able to close http://vancouver.en.craigslist…..93833.html

the completion is in 2 weeks and my bank did not approve my financing. Therefore I can’t complete on this sale. http://vancouver.en.craigslist/40776.html

For those that like the stats:

Latest REBGV projections:

Listings: 3067 (-13% yoy)

Sales: 923 (-69% yoy)

Sell/List: 30% (-54 pts yoy)

MOI: 21.1 (462% yoy)

Actives: 19507 (76% yoy)

Avg Price SFH $753,967 (-7% yoy) (-9% mom) (-18% from peak)

Pre-construction investors killed real estate in Florida – now I’m witnessing the exact same scenario playing out here in Vancouver. I’m very happy I chose to rent – good times ahead for buyers.

The realtors will respond…

photo credit: ecstaticist