Ominous Signs Housing’s Taking a Header

Posted by Garth Turner: The Greater Fool

Share on Facebook

Tweet on Twitter


94aa52384933bffed241a3362858November was so bleak that housing sales were 30.3% below the 10-year average. On Sunday I told you to expect a 30% cratering of house sales in Vancouver when the realtors made their big reveal a day or two later. I was wrong. It was 29%. But Anyway you cut it, this is substantial news. Even the financial guys now know it.

Says BMO Nesbitt Burns: “Vancouver’s market is on the down slope of its historical roller-coaster ride.” When bankers start talking macho like that, you know what’s ahead. Minimum-wage hairdressers in East Van will have a nasty time getting million-dollar mortgages. It’s just so unfair.

Of course Vancouver housing is a proxy for real estate across the country. They just don’t know that yet in Calgary. The declines will not likely be as severe as they’ll end up being in The City that Mold Loves, but lower prices and sagging sales will be universal. And all the way down, real estate boards will probably lie to you.

Says veteran agent (and Van bad boy realtor) Sam Wyatt: “Anyway that you look at the pricing for detached Westside houses, they are falling… the lowest figures seen in nearly 2 years. 

… more and view chart HERE