20,000 Listings. Is this the top???

We just hit 20,000 listings in the REBGV and the trend would point to even more homes for sale this fall. Currently were up over 60% in YOY inventory and on track for 70%+ by month end. We saw prices decline last month and many feel prices are destined to continue moving downward. We will likely see well over 8 MOI (months of inventory) at month end compared with 3 MOI at the end of last July.

Is this a good thing or a bad thing? Does cheering a price correction make you a pessimist? I guess it depends entirely on your current position.

One thing is for certain, home prices we're growing at a rate that could not be sustained. Now our market is re balancing. I personally would not want to be holding a bunch of pre-sales right now.

What does this mean for buyers and sellers?

Sellers:

Price sharply. Don't get greedy.

Buyers:

Prepare to hold long term, and take this opportunity to negotiate favourable terms.

May 2008 Inventory and Sales Summary

Spring market eh? Well the chill in the air has cooled our Vancouver real estate market. The only thing red hot this spring is the growth of listings.

Last week we saw the sell/list ratio strengthen over early May, although not significantly. Let's see if we can get a healthy S/L for June.

Sales are down a startling 29% compared with May 2007, and even dipped under last month’s sales. For some perspective last year May 07 sales gained 28% over April 07 sales.

We started 2008 with slightly less inventory than 2007.We are currently up 39% over last year, and 69% over May 30th 2006.

What are you seeing out there? Keep on posting!

Here are some visuals:


REBGV Sales:

Listing Inventory:


REBGV: +39%

Van West: +63%

Van East: +27%

North Van: +81%

West Van: +57%

All inventory charts will be updated for the 31st: INVENTORY CHARTS

What's become of the million dollar house?

I remember a time not too long ago that a cool million dollars bought you an amazing home. Some may have even uttered the word "mansion". I realize that "amazing home" is a relative term, but let's do one last quick jaunt across Canada and see what's become of the exclusive million dollar house.

We will check out "mansions" in PEI, Montreal Quebec, Toronto Ontario, Saskatoon Saskatchewan and 2 entries from BC: Kelowna and East Vancouver (Van West is impossible).


Toronto Ontario: $1,000,000

Fabulous Custom Built, 4-Bedroom 2-Storey Apprx 4200 Sq Ft * Large Double Door Entry, Enter The Massive Foyer, Circular Stairs To Basement, Skylight & Large Windows, Bright Open Concept Layout, Sunken Living Room, Formal Dining Room, Finished Basement, Beautiful Wet Bar, Ideal For Entertaining, Situated On A Premium 60 X 160 Ft Lot ...

MLS listing here: LISTING


Saskatoon Saskatchewan: $939,900

Jaw Dropping Beauty only begins to describe tis custom built Northridge home. Located in desirable Briarwood on a quiet cul-de-sac within walking distance to parks and lake. The endless and flawless features of this home are sure to go beyond all expectations. With a large chef's dream kitchen with 10' ceilings and all the fixings it opens up to the great room with 18' ceilings, huge windows, gas fireplace and hardwoods...

MLS listing here: LISTING


Montreal Quebec: $999,000

Discover a UNIQUE MANSION... This magnificent 1914 residence built on a 30 000 s.f. land offers a 6,000 s.f. living space. An annexe to the original house enhances its spaciousness, with separated entry, that can be used for personal or professional purposes. Ask for a visit !

MLS listing here: LISTING


P.E.I: $950,000

Top quality home situated in the prestigious New Glasgow Resort and Golf Club. This beautifully appointed home features 6 bedrooms, & 5 baths. Over 6000 sq ft of top quality living space. Splendid landscaping, spectacular views. This home comes with 2 lifetime memberships to New Glasgow Hills Golf Club...

MlS listing here: LISTING


Kelowna BC: $969,900

A spectacular executive residence located on one of the most sought after streets in Kelowna. Offering over 4000 sqft of spacious living that is ideal for family living and entertaining. Nestled beside and buffered by a large natural green space, adding tons of appeal to this already spectacular property.

MLS listings here: LISTING


Vancouver BC: Van East $998,000 Living the dream ;)

Truly a gem in the Cambie/ Main area. Freshly painted exterior leads to an excellent Main floor plan with spacious L/R & D/R's, large country style kitchen plus den/bdrm. Up has 3 bdrm & huge funky bathroom. Down is a 2 bdrm mortgage helper(925/mo). Terrific shopping/dining/antiques area. Kids go to Wolfe Elementary & Hamber Secondary.

MLS listing here: LISTING

500-600k cross country single family home comparison

To change things up I decided to put together a post to compare 500k-600k homes across a few of Canada's provinces. I looked at Charlottetown PEI, Montreal Quebec, Toronto Ontario, Kelowna BC and of course the best place on earth ;)...Vancouver BC.

Toronto Ontario: $568,000

Renovated House.$$$ Spent On Upgrades. Great Income Property. More Then $2000 Profit From 2 Level. Bsmt With 2 Sep. Entrances, 5 Bedrooms In The Bsmt. Big Lot W/Beautiful Trees. Great Location! Perfect Neighbourood! Close To Everything-Synagouges, Ttc, Plazas, Gorgeous Park & ...**** EXTRAS **** New Fridge, New Stove, B/I Dishwasher, New Washer, New Dryer, All Elf's, All Window Coverings, All Furniture In Bsmt, Fridge, Stove, Washer, Dryer In Bsmt.

MLS listing here: Listing

Montreal Quebec: $509,000

IMPRESSIVE COTTAGE ON A PRIVATE, WELL LANDSCAPED AND FENCED 16,354 S.F.LOT WITH CIRCULAR UNI-STONE DRIVEWAY.MINUTES DRIVE TO BRIDGE + SHOPS.TOP QUALITY CONSTUCTION THROUGHOUT. BRIGHT,SPACIOUS ROOMS; HARDWOOD + CERAMIC FLOORS; LUXURIOUS BATHROOMS; PROFESSIONALLY FINISHED BASEMENT.

MLS listing here: Listing

Kelowna BC: $549,500
Investor alert. Mortgage helper! 2 bedroom home with 2 bedroom carriage house. Fenced yd. Includes al appliances for both.

Looks almost on par with Vancouver affordability wise. 860 sq.ft dream house ;)

MLS listings here: Listing


P.E.I: $550,000

30 mins from Charlottetown is this beautiful home:

Waterfront Luxury Home in Prime Stanley Bridge area. Complete with guest cottage, access to the ocean, a power boaters dream paradise. Professionally decorated and landscaped inside and out. House and Garden magazine candidate.

--I believe it's a 5 bed 4 bath--

More photos and information here at the Realtors site: Michael

Vancouver BC: Van East $558,000

All sizes and ages are approx only, buyer to verify if important to buyer. 2 bdrms up & 2 bdrm. Thompson High School. Desirable Knight area. Easy access to downtown and airport. Close to shopping and bus.

As can be expected a detached 500-600k SFH search in Vancouver does not allow us many options. "Desirable knight street".LOL!

MLS listing here: Listing