Tuesday, May 3, 2011

Vancouver lunacy continues..Fraser Valley and Victoria stall

Larry has Vancouver's numbers. I cannot even bear repeating them. I have yet to see a more parabolic curve for a high priced asset than Vancouver house prices. It even puts gold and silver to shame.

The Valley has stalled. Sales and prices flat. From the FVREB:

The Fraser Valley Real Estate Board processed 1,516 property sales on its Multiple Listing Service (MLS®) in April, a decrease of 15 per cent compared to 1,793 sold during April of last year, and a decrease of 17 per cent compared to March’s 1,818 sales.

Regarding prices, in April, the benchmark price for Fraser Valley detached homes was $525,510, an increase of 1 per cent from the April 2010 price of $520,423. The benchmark price of townhomes was $332,992 in April, an increase of 2 per cent compared to $326,367 in April 2010. The benchmark price of apartments was $252,689 in April, a 1.3 per cent increase compared to $249,453 in April 2010.

The huge drop between March and April supports the fact that there was a mad dash of buyers to get high leverage CMHC mortgage before they were pulled.

Meanwhile Victoria has the lowest April sales for a decade