Given how difficult it is to get a straight answer as to what is happening in the Vancouver Real Estate Market these days, I wanted to provide you with some hard evidence so here are a number of graphs illustrating the number of sales, by month from 2005 through May 2010. The data below was taken from the REBGV MLS system and while deemed to be correct, is not guaranteed. I have compiled graphs ...
Posted by Shaun Kimmins
on June 24, 2010
So what's going on with the luxury condo market in Vancouver? Good question. The brains that be will tell you all is well. Maybe that was the case in years past but the hard numbers tell a different story. No wonder so many buyers and sellers are confused. In this day of blogging and Twitter, everyone is a reporter, everyone is a news source and there's really no way to verify anyone's claims. ...
Posted by Shaun Kimmins
on June 23, 2010
Ron MacDonald of INVIS published the following tips this morning. Thanks Ron.
Buying a home? Here are some things you need to know...
For most Canadians, buying a home is the single largest financial transaction they will ever encounter and it’s critical that prospective homebuyers prepare themselves before they start their search. Here are some tips for those ...
Posted by Shaun Kimmins
on June 18, 2010
So where did all the buyers go? Could it be that they are sensing a potential "correction"? I hesitate to use the word bubble, given that all the experts are saying we don't and won't have one and that Vancouver is different, but I will say this: Vancouver's condo real estate market is no less immune to global economic macros than any other market is. "But the Chinese are coming here in droves ...
Posted by Shaun Kimmins
on June 14, 2010
Sellers are getting scared
I have been receiving a lot of calls lately from condo owners who are becoming increasingly concerned about what they're seeing and hearing about the downtown Vancouver real estate market and I'm sincerely grateful for the opportunity to assist sellers who actually allow me to exercise my professional knowledge and skill in order to help them out of what for some ...
Posted by Shaun Kimmins
on June 11, 2010
Please find below another opinion I sent to an owner of a luxury waterfront condo in Coal Harbour.
Downtown Vancouver’s Luxury Condo Market
Vancouver’s downtown condo market has become increasingly challenging for sellers in 2010. Uncertainty surrounding interest rates and global economics continue to cause would-be buyers to hold off, wait-and-see. At the same time, many sellers ...
Posted by Shaun Kimmins
on June 9, 2010
Relativity applies to physics, not ethics - Albert Einstein
Had Albert been a Vancouver Realtor, he might also have included real estate sales in downtown Vancouver in his list of things unaffected by such petty annoyances such as ethics. How can that be? We are all supposed to work by a strict code of ethics and are required to act in the best interest of our clients - always. I guess ...
Posted by Shaun Kimmins
on June 8, 2010
For anyone who still believes that the Vancouver real estate market and The Fairmont in Coal Harbour "are different", below is the latest listing to post a significant price reduction. Unit # 2409 is a NW corner unit that initially listed for $5,088,000, reduced its price to $4,880,000 and has now reduced to a stunning $4,300,000. Wow, that's $1585/sq ft - a long way from the reputed prices north ...
Posted by Shaun Kimmins
on June 8, 2010
Don't believe everything you read The Bristish Columbia Real Estate Association published a piece today calling for MLS slaes to pull back 3% in 2010 and then climb back 4 % in 2011. They cite erroding affordability as being a factor despite improving economic conditions. They take the safe stance and call for sales near the 10 year average this year as well as next. In addition, the ...
Posted by Shaun Kimmins
on June 7, 2010
"The basis for optimism is sheer terror - Oscar Wilde Oscar's quote pretty much sums up what I've seen in the downtown condo market for the past month, and indeed, for much of 2010. Buyers and sellers are scared, but of different things. I myself am suffering from pricing-fatigue and it’s time to set the record straight.
Fantasy Land
The majority of condo-seller's (wildly-pumping) greed ...
Posted by Shaun Kimmins
on June 4, 2010