FVREB
Sales down 9% YOY. Listings up 5% YOY. MOI over 7. YOY HPI - flat apartments and flat attachment, but SFH up 3.6%. Gotta love that HPI secret sauce, it keeps giving and giving.
Here are the numbers
REBGV
Wording changed to 'buyer's market!'
27.6% less sales that last year. 32.2% below June average.
3% less listings than last June.
List to sales of 13% worse than the FV! (FV is nearer fair value than Vancouver FWIW)
MOI nearer 8 than 7.
Benchmark SFH increased 3.3% YOY. Flat Apartments. Flat Attached. There's that HPI/ Benchmark again. Terrible stats. Average at 2010 levels and yet the HPI for SFH will not go down. The secret sauce that is sooo good, like KFC. Down ask what's in it, just enjoy it.
Here is the stats package. Thanks to VMD who up-loaded it to google.
Two Realtors were on the CBC radio afternoon show discussing the terrible stats for June. One said that it was the media that were whipping negative things up- what?! Our 'Newsapers' are little more than advertising rags pumping the RE industry.
The other one said that anyone who buys now and intends to stay put for five years will be ahead. Well lets look at the HPI for 5 years. We are still very near the top of the bubble, even so the 5 year HPI is negative for the following areas:
SFH-
Whistler, Sunshine Coast and Bowen Island
Apartments-
Burnaby East (-7%), Maple Ridge (-10.8%), Pitt Meadows ( -11.8%), Port Coquitlam and Port Moody, Squamish and West Vancouver.
Attached-
Maple Ridge, Pitt Meadows.
If we continue with negative growth over 5 years and we know that renting is cheaper than buying, often a lot cheaper, then being ahead over five years is not a sure thing by any means.
