Vancouver Peak

Everyone is welcome to join the ongoing "Vancouver Bubble" discussion going on at the RedFlagDeals.com forums:

http://forums.redflagdeals.com/vancouver...s-1194032/

It is entertaining and some good stats/charts posted there on a daily basis. Would like to see some VC'ers over there joining in the fray.

Here's an update posted there today:

adamtheman Wrote:*** February stats are out ***

As I predicted yesterday, we saw detached prices spike up MoM, while condo/attached prices went down MoM. And all prices are down YoY. This is due to the low detached sales and high prices. In fact, according to Larry the realtor, detached sales were down the most (down 35%) YoY. Total sales come in at 1790. Here are his stats:

Detached:
2013 = 707 sales @ $1,221,037
2012 = 1103 sales @ $1,235,244

Attached:
2013 = 333 sales @ $549,793
2012 = 424 sales @ $557,134

Condo:
2013 = 760 @ $426,276
2012 = 1,020 @ $455,689

Note that Larry has since revised his 2012 sales to the correct 2568 number posted on the REBGV (before, Larry had them at 2406). So this makes February's numbers even worse compared to last year:

2013 = 1,790 sales
2012 = 2,568 sales
2011 = 3,097 sales

No wonder realtors are so worried. Even with 35% reduced sales and some high priced sales, detached average was still unable to pass last years. And Condos sunk big time YoY and continue their slide downwards. Sales are down overall 30.3% in 1 year, and 42.2% in 2 years. Prices eventually have to follow. Law of supply and demand. But according to FireBot, everything will be okay. Somehow, this will all just work out.