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chemgear · 07-27-2010, 02:37 PM

Here is another good site for Vancouver/Fraser Valley numbers:

http://www.robchipman.net/chipmans-b...estate-numbers

Looks like they're in a similiar situation as Calgary (funny how it's supposed to be different here and there.) Anyhow, list-to-sales price is down 2-3% pretty consistently and inventory is actually closer to 8 months. Glancing at the numbers it looks like it's also translating to similiar price drops week-to-week/month-to-month.

I wonder how long before the mainstream media picks up on the story (I assume when the respective real estate boards put out their month numbers.) It's not going to go over well when people realize first time home buyers are essentially wiping out their entire downpayment and underwater in just a month's time.

Keeping in mind of course that the usual first time home buying downpayment of 5% down means what, 2.75% in CMHC fees? After realtor fees, these buyers couldn't even pay off their mortgage if they tried to sell their house after a month. This isn't going to be pretty.

07-27-2010, 02:37 PM	#1109
chemgear Franchise Player Join Date: Feb 2010 Exp:	Here is another good site for Vancouver/Fraser Valley numbers: http://www.robchipman.net/chipmans-b...estate-numbers Looks like they're in a similiar situation as Calgary (funny how it's supposed to be different here and there.) Anyhow, list-to-sales price is down 2-3% pretty consistently and inventory is actually closer to 8 months. Glancing at the numbers it looks like it's also translating to similiar price drops week-to-week/month-to-month. I wonder how long before the mainstream media picks up on the story (I assume when the respective real estate boards put out their month numbers.) It's not going to go over well when people realize first time home buyers are essentially wiping out their entire downpayment and underwater in just a month's time. Keeping in mind of course that the usual first time home buying downpayment of 5% down means what, 2.75% in CMHC fees? After realtor fees, these buyers couldn't even pay off their mortgage if they tried to sell their house after a month. This isn't going to be pretty.