Saturday, October 13, 2007

Bear Cave - Growl Away

Here is an open thread for the next couple days.

Some questions:
Are the bears in hibernation?
Is the Fraser Valley Real Estate market starting to show signs of turning into a bear market with over 6 months of inventory and one month of price declines?
Is the Greater Vancouver market nearing the same with nearly 5 months of inventory and buyer reaching their exhaustion point?

Be back soon.


patriotz said...

Market ‘correction’ cools house sales in Chilliwack

Chilliwack home sales in September were down 20 per cent from the same time last year, and by about 30 per cent from the “sizzling sales” recorded just a month earlier in August.

Trude Kafka, president of the Chilliwack and District Real Estate Board (CADREB), says she was “shocked” when she saw the September sales figures, but it’s too soon to tell what caused the slump or how long it will last. Home sales typically decline in the winter months.

I'll tell you what caused the slump, Trude - you ran out of buyers.

The slump has crossed Zero Avenue and is heading up Highway 1.

Clarke said...

As I recall, Mohican called the top in June of this year, and I suspect this will turn out to be correct.

There are less and less buyers, and more and more supply. I was in the burbs yesterday and there were no shortages of for sale signs. It was an amazing run. Who knew there was that much stupidity and cheap borrowed money out there?

jesse said...

"Chilliwack home sales in September were down 20 per cent"

It seems reasonable that the outskirts will show the first signs of downturn, due to recent price compression relative to the central city.

Paul said...

If homes fly of the shelves this spring im moving to Cali!

Unknown said...

Read this… The Grandich Letter… this guy was just on BNN.

“What I’m about to write about is not pretty. In fact, it’s downright scary.”

freako said...

Read this… The Grandich Letter… this guy was just on BNN.

Jeff, you spammed three boards with your gold plug. Are you really a realtor? Why not prove it by providing numbers? Just once.

oh please said...

patriotz - Ms Kafka appears to have a short memory. Take a look at the cadreb numbers and you'll see that prices shot up unexpectedly in August, so September looks bad in comparison, but if you omit August the trend is mostly flat over the summer. Inventory is up in Abby as well, and things appear to be slowing down, but prices don't seem to be dropping yet.

IOW I don't think this a sign of the apocalypse, at least not yet.

Unknown said...

freako... sorry not a plug for gold... in this article he states "I would sooner be 100% cash versus 100% long"... however, if he had to be somewhere it would be gold.

I personally sold out of the market last week. i debated on my gold holdings, but then sold it all by Friday. I am holding onto my BCE shares at this point to get paid out when they convert next year... but i am increasingly skeptical on even those.

Cash is king and I personally believe there is a global real estate meltdown underway... and the stock market will likely be hit quite hard.

Unknown said...

freako, the area i work is Downtown, FCN, the Westend, and Coal Harbour.

What kind of numbers do you want?

I don't want too analytical a task as I left that career a few years back.