In mid-August I was interviewed by a reporter from the North Shore News. The interview was published Friday August 15th. I received a few e-mails and a number of comments from clients and peers, mostly positive but one I would not repeat in full, from a West Van home owner who said, and I’ll paraphrase gently “you’ve got it all wrong”.
My opinion that “the North Shore is as close as we (in Vancouver) could come to a ‘bulletproofed’ market” and “the investment in our real estate was a most sound one during our life time and beyond” was condensed to read “we’re really bullet proofed for our lifetimes and beyond”. This earned the comment “You'll be selling used cars soon with that kind of rubbish” – ouch. My offer, in reply to that e-mail communication, to explain the misquotation has obviously fallen on deaf ears. Ah, well, the anonymity of the critic.
A commentator in the US said last week of their market that it has become “a combination between a beauty contest and a price war”. A fair comment which could well apply in Canada too and somewhat echoes my last month’s message “to sell one must stage the property and price it to compete”.
I’ll address my usual “supply vs. demand” comments in a more basic way this month (although I won’t omit the usual N/Van – W/Van synopsis in closing). I’m addressing the number of actual sales (8 mth – year to date) of all residential units and end of August inventory ’07 vs. ’08.
N/Van first – total sales (’07) 746 vs. (‘08) 536 – down 28%.
Units for sale Aug 31/07 – 425 vs. Aug 31/08 – 687 up by 62%.
W/Van – total sales (’07) 1975 vs. (’08) 1491 – down 25%.
Units for sale Aug 31/07 – 425 vs. Aug 31/08 – 860 up by 102% (more than double).
This tells us that the pairing off of willing sellers and willing buyers was far more plentiful in ’07 than thus far in ’08. It also appears that there are lots (high inventory) of willing sellers today but, at the prices asked, not nearly as many willing buyers (diminished sales). Again, visit my website to see and “hear” the new developments. I continue my commitment to keep you…. www.OnTopOfTheMarket.ca . This work in progress strives to be the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.
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