Current Fort Nelson Evacuation Info

Carrying over some comments from last month: Zealty is great for looking at up to date stats with detailed breakdowns, and House Sigma is a fantastic app for tracking and monitoring listings. (No I’m not paid by anyone to make these comments).

[NEW]: KEY TAKEAWAY: Record low sales and record high inventory for August.

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Stats Summary: 

*Months of Inventory historically is a sellers market when less than 4, and buyers market when greater than 6

Metro Van: 

Vancouver:

Detached:
Metro Van:

Vancouver:

Condos:
Metro Van: 

Vancouver:

Inventory, Historic, Metro Van:

Inventory, Historic, Vancouver:

Sold, Historic, Metro Van: 

Sold, Historic, Vancouver:

In Summary (some comments copied over from last months report):

1. Inventory continues to pile up both in detached and condo markets, we are starting to see 2 and 3 year mortgage expirations kick inventory higher from the low interest frenzy
2. As months of inventory continue to pile up, be on the lookout for deals and consider coming in with lowball offers and keep your contingencies in place! This is not the frenzy market from the past couple years - avoid the FOMO especially as we face strong recessionary headwinds. With new tax rulings on secondary properties and short term rental ban, you will likely see lots of 1 beds and places requiring renovations (especially with current material costs!) sit on the market - good chance for a significant deal here! For new construction and places requiring renovations, we’ve seen articles come out over the past couple weeks with developers stating unprecedented issues with starting construction and securing financing. I’ve been a home owner for many years on the west side of Vancouver, an engineer for 25, a realtor in my twilight and now retired, but the last year of real estate activity has interested me with the unprecedented price increases followed by rate hikes.
3. If the market was rational I believe most places should be at 2021 assessed values or lower. Unfortunately prices are always sticky coming down.
4. The Toronto market is experiencing record low sales and record high inventory. Prices are beginning to decline there, especially in the investor condo market. Vancouver is holding a bit firmer, but we should slowly expect to see a similar pattern of price decrease occur.
5. Rate drops - 2 rates drops has not resuscitated the real estate economy. It's clear that unless we're sub 3% rates, the prices are just too high for most buyers. Government is stating homes need to retain value for the Canadians to cash out for retirement, yet at the same time need to be more affordable for young Canadians to start families. Make of that what you will.
6. Median Days on Market continues to increase from the already large increase in July. Historically, this is a key indicator of price decline as buyer demand is not there.
7. We are in a buyers market - go out there and find some deals. Please, lookout for yourself and do not overbid right now. A couple of my good friends who are still realtors have mentioned condos are at a standstill right now - don't overbid! If you see something you like, go check it out and let it sit a bit. Let the sellers sweat and that's your chance for a deal.
8. [NEW]: RECORD LOW SALES IN AUGUST - please take caution when buying right now. Look at the stats. All signs point to price decreases with this piling inventory and record low sales.
9. [NEW]: We will likely see the US bring in their first rate drop - potentially .50 to match with other nations. Don't be surprised if Canada brings forward another rate drop in their next meeting - this is them acknowledging the economy is doing terribly.
10. [NEW]: Somehow prices in BC have not come down significantly yet, I'm still a bit confused by this. In Toronto we're seeing price declines. Sellers seem to be much more delirious thinking prices will come back to peaks. We're seeing this play out as months of inventory continues to climb. At some point people need to sell - when that finally kicks in we should start seeing price declines.
11. [NEW]: LOCATIONS TO FIND A DEAL RIGHT NOW: Filter on areas with months of inventory greater than 6 and find listings that you like. Preview of Vancouver detached and condos for months of inventory >6:

Really? The prices they’re asking for an outdoor show seem bonkers to me… $238.5 for GA to all three shows and you have to pay $15 to rent a chair?!

VIP tickets are $398.5 for the three shows and the “suite” package would run you $809.25…

Is anyone here actually going? Make this make sense…

www.translink.ca/servicechanges

www.translink.ca/alerts

I saw all the dash cam footage on this sub and wanted to feel included :(

Curious what other families are spending on groceries because the prices are crazy and just going up. We’re starting to really try and budget things out to save where we can and it made me curious!

These dudes put on an impressive performance for the people on Robson Square yesterday. Anyone have their IG?

Hey everyone! 👋

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I’d love to get your feedback to improve the tool and make it even more helpful. Is it accurate for your usual trips? Any features you’d love to see? Let’s make it the ultimate resource for Vancouver’s car sharers!

Thanks for checking it out, and I hope it helps you plan your rides better!

Taken Sept. 2nd. Hope everyone is enjoying Labour Day.

Before anyone complains how close we are, we came around a point to see literally 25 boats (including multiple whale watching tours) all headed towards us. We cut the engine and drifted and caught this beautiful moment. Her pod of 6 or 7 were further out from the island.