Weekly Market Update, June 23/17

Congrats on the new webpage!

I really enjoy reading your commentary which goes along with weekly updates just as much as the data itself.

A condo just sold in our complex through Comfree that I thought was way over priced. Sold in two weeks. Not sure what the net price was after negotiations but with the real estate market the way it is and the fact that another one in here took over a year to sell I was surprised. I guess if people want something specific in a specific area, it will sell.

I do think the housing boom in Seattle is because of jobs, a lots of people moving to Seattle right now, since Amazon, Microsoft and Boeing are there.
A house can be rent out in the first day showing in Seattle area, with multiple families compete. That's why houses can be sold in a few days.

People are crazy of owing a home world wide, it's probably very over priced, it's none productive investment, you can't say it contribute to economy in the long term.

@Sharon, have you never heard about Boeing left Seattle for Chicago ... 16 years ago?

No, Boeing is still in Seattle, they're in Everett, which is north of Seattle, we met someone relocated to Boeing in Seattle a couple of year ago.
Dreamliner 787 is still built in Seattle. They have a big factory there.

No, just Boeing's head-quarter was moved. They still has a big factory in Everett, which is on the north of Seattle. They're building Dreamliner (787) there.

Just hope we won't fall back to the situation in 90s. Canada is a little alone with housing right now, hopefully we're at the far end of the good side, instead of opposite.

OOOH, lol, now what you gonna say WSN? A simple google search would of saved face but now your word is mud. Maybe a simple apology would save face.

It's really nice not having to sign in to view properties etc thanks Sarah. If you could display a condo listings chart compared to prior years that'd be awesome.
My theory is that when we adopt $15 min wage everyone working at the lumber store and their wages will bump resulting in higher costs reflecting higher costs to make a house. Unless the US lumber dispute changes that. If anyone cares check out the prices in Seattle where they adopted the $15 min wage and see where real estate has went. Maybe it'll happen here as well Tom! Haha

Sharon do you mean buying a house right now. Because I am pretty sure people who have invested are doing very well. I have bought and sold 9 properties in the last 20 years and profited over 1 million dollars. And for the first homes used the banks money. Do not think I could even have got started to invest if I was renting. I have followed this blog and the majority are Doomers and the other Over Optimistic. Buying a Home is fairly Important in a investment portfolio. It is being smart with your purchases that is the most important.

Thanks Curtis :) I'll try and throw something together for condos, if it's interesting I"ll post it.

Hi Sara, It would be great if you could add a picture to your comment.

It's 100 percent the result of the Chinese. Look at the housing price chart for Seattle and the introduction of the 15 percent foreigners tax in Vancouver back in 2016. Now with the foreigners tax in the golden horseshoe in the GTA prices in Seattle should double in a year or less.