Home Buying is Easy...

Real Estate Sales Representative with for real estate results in the Tri-Cities.

...at least according to commentary in a publication regularly inserted in a local newspaper, which is widely circulated throughout Greater Vancouver and Fraser Valley communities: http://www.newlocalhome.com/editions/nlhr100722

The assertion,  "...Homebuying is Easy," seems to be based on the supply of homes listed on MLS.  I checked yesterday and the Real Estate Board of Greater Vancouver (REBGV) showed there were 16,700 listings available on a cross property search.

The REBGV includes Richmond but doesn't include Surrey and other points south of the Fraser River and east up the Valley. The current Fraser Valley Real Estate Board (FVREB) supply is 9,192 listings available on a cross property search. In the Tri-Cities of Coquitlam, Port Coquitlam and Port Moody respectively, there are 1,051, 427 and 398 active listings.

In order to measure the total housing supply available for sale it is also absolutely essential to know how many new homes are available for sale that are not listed on MLS, and yet this extremely important part of the equation is always missing.

The new homes for sale figure can move as quickly up or down, leading or lagging MLS trends, and will of course often go in a different direction than MLS numbers; these are significant variable factors.

I believe this big chunk of missing data renders most of the MLS analysis and commentary reported alone, as meaningless for the public.

Even CMHC doesn't seem to report the aggregation of total supply available. If you're wondering what that figure is it's 6,600.

So we have key data missing from the supply side, no mention of demand, and a front page headline concluding that it's Summer time, and "homebuying is easy". Do you find that misleading inspiring?

I have additional information and thought-provoking views on demand, prices, stats, etc., to share with my clients. Contact me if you're interested to hear more.

BTW, the article also goes on to quote BCREA chief economist Cameron Muir pronouncing a summer shift to a "buyers' market."  While I don't have the credentials or resources of an economist, four months ago on April 27th I made my own proclamation: "Hello Buyers' Market"

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Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker


Oftentimes, they are very, very slow to pick up on changes, and by the time they do, the market is moving in another direction.


Sep 02, 2010 03:23 PM #1
Terry Chenier
Homelife Glenayre Realty - Mission, BC


Good post and good statistics. Why not do something to correct this?

Sep 02, 2010 06:15 PM #2
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

Brian: No kidding! What I find annoying is that the information being reported is unreliable for everyone.

Terry: I've already notified my board and told them that the stats and commentary being reported is misleading to the general public. Did you have something else in mind?


Sep 03, 2010 06:13 AM #3
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John Grasty

Your Tri-cities REALTOR, neighbour and volunteer.
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