Landcor Q2 2011 Report

Here is a link to the Q2 2011 Landcor Report.  https://www.landcor.com/market/reports/Q2_2011_Residential_Sales_Summary.pdf

Some highlights:


"In Q2/2011 overall residential sales in BC were up an impressive 49.7 percent over the previous quarter, from 19,152 sales to 28,668 sales. However, on a year-over-year basis, total sales are off by almost 19 percent compared to the 35,253 homes changing hands in Q2/2011. Total value shows the same pattern: up an impressive 64.5 percent to $16.03 billion in Q2/2011 but off by 3.5 percent compared to Q2/2010 that saw $16.61 billion in product sales.

Translation: homes are getting more expensive - median prices are rising, and yet fewer homes are selling as the desire for homeownership bangs heads with affordability."


 . . . . .

"In overheated Metro Vancouver, contrary as always, year-over-year sales are down by more than 10 percent but values of all product types continue to climb. Meanwhile, Q2 2011 month-over-month figures keep on trucking. Whether or not there’s a cliff ahead is, as always, the subject of much debate.

Outside of Metro Vancouver, the figures are far more volatile.

Up the Fraser Valley, recent sales and values are going up, but put against the post-HST trough, the activity is muted, off by more than 25 percent. On a year-over-year basis however, prices are near stagnant, which bodes well for would-be new homebuyers.

On Vancouver Island, the Capital Regional District is holding firm, whereas the rest of the Island is still coming out of the trough. The second quarter looks good compared to first quarter and yet, y-o-y, the Island is in the red across the board, save only for attached product.

In the Okanagan, Q2 2011 sales and value are up from the first quarter, but once again, year-over-year, not good. SFD and attached are holding somewhat steady but condo is not.

Up in the BC North/Northwest, the same pattern. Y-o-y sales and values have declined but there’s a disconnect; SFD and attached have fared poorly yearover-year and quarterly but condo product is holding strong. However, up here, with a mere 1,793 titles spread over the huge area, condos are as rare as
nuns wearing bikinis in winter."