Documenting Vancouver real estate price movements
Here are the latest stats showing how many new listings are actually recycled listings that had been previously pulled. The first number for each month shows the number of newly listed properties that are actually recycled and the second number shows what % of “new listings” were actually recycled.
Overall recycling rates have gone from 17.0% in April to 20.2% in May, 24.6% in June, 27.5% in July and now so far in August we’re at 30.5% overall. West Vancouver is at a quite alarming rate of 47.5% of new listings being recently pulled and relisted properties…
As noted, this is the listing recycling rate, which usually implies price drop.
This further implies that other properties are either new or stagnant listings that have not dropped price.
Obviously, continual price drops mean buyers are either sitting at the sidelines or don’t exist.
West Van, where they have very expensive homes is not a surprise…there are only so many wealthy people. Many of these may be seeing their wealth evaporate in the global economic climate.
Richmond…very speculative market as well.
Other areas like Port Moody and Squamish are not surprising…my premise would be that these areas outside the core , at the periphery… lured others during the boom via less expensive, but lured too many, and now a glut exists . Such areas can only sustain population growth that is true growth reflective of the economy, not bubble growth.
Areas like White Rock tend to attract people who have cashed out in Metro Vancouver and wish to settle farther away. It too may have inflated due to this chain link connection.
Expect this pattern to continue.