Home Buying is Easy...

By
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"

Posted by

Real Estate Evolved button

Real Estate Evolved®


All content, including text, original art, photographs and images, is the exclusive property of John Grasty, and may not be used without expressed written permission. All information is deemed to be accurate at the time it is written but is not warranted and should not be relied upon. Copyright 2010. © John Grasty, ABR, SRES, Licensed Real Estate Representative, 778-878-0778

DISCLAIMER: John Grasty disclaims liability for any damages or losses, direct or indirect that may result from use of or reliance on, information and opinions contained in this website or blog posts, or for accuracy of comments and opinions of visitors. Always seek the qualified advice of a professional.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
British Columbia Greater Vancouver Port Moody
Groups:
Posts to Localism
Building Your Niche
Local Expert
The Lower Mainland, BC, A fantastic place to live and work!
Voice of Reason
Tags:
tricities
port moody listings
greater vancouver listings
coquitlam listings
port coquitlam listings

Spam prevention
Show All Comments
Rainmaker
1,551,322
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

John,

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

Brian

Sep 02, 2010 03:23 PM #1
Rainer
437,789
Terry Chenier
Homelife Glenayre Realty - Mission, BC

John,

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

Sep 02, 2010 06:15 PM #2
Rainmaker
179,718
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
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
179,718

John Grasty

Your Tri-cities REALTOR, neighbour and volunteer.
Feel free to ask me questions...
*
*
*
*

Additional Information