MLS numbers courtesy of the VREB via Marko Juras. These numbers are for the Victoria Real Estate Board's reporting area, including Sooke, Shawnigan Lake and the Gulf Islands.
September 2012 month to date
Net Unconditional Sales: 97
New Listings: 359
Active Listings: 4690
Sales to new listings ratio: 27%
Net Unconditional Sales: 458
New Listings: 1303
Active Listings: 4940
Sales to new listings ratio: 35%
Sales to active listings ratio: 9% or 10.8 MOI
It's ugly out there. If you were trying to sell your house last month, your agent probably told you things would pick up after the Labour Day long weekend. With just under 10 unit sales per day thus far, it's safe to say the "picking up" is closer to dropping off.
Over yonder in the YYZ, the Competition Bureau is hearing a case against the Toronto Real Estate Board. It remains to be seen whether or not the case will have implications for all Canadian real estate boards or not, but suffice to say, this is a huge case.
In one corner are agents who want to innovate and essentially automate the home buying experience, giving users the ability to bypass agents to access information they currently can't without a physical action by an agent.
In the other is a bureaucratic board dominated by a few bloated brokerages with over $2 billion in annual commissions at stake. These folks believe you should have to call an agent if you want to know what your neighbour's house sold for--using the ridiculous claim that somehow knowing what your neighbour paid for their bungalow is "sensitive personal information" and that only a licensed agent is capable of determining whether or not you should know what they can easily look up with three clicks of a mouse. In other words, are you buying or selling anytime soon, or as they prefer to say to one another when we're not listening in: am I going to make 3 and 6 from these jokers or not?
While I agree that there is a responsibility to protect homeowners for the industry, the reasoning of the TREB is well and truly the most egregious attack on common intelligence I've read in some time.
Case in point: in B.C. every year, you can look up on the BC Assessment website what your neighbour's house sold for, if it sold last year. Otherwise you can see what the state thinks it should have sold for last July. Why does a real estate board feel this information is a breach of personal privacy? Here's the truth: they don't.
What's really sad in this whole pathetic affair is the fact that the TREB and their member agents believe their services are so devoid of consumer value that they have to resort to fear mongering in a pathetic attempt to protect their inflated commissions.
In case you were wondering, I'm wearing the Competition Bureau jersey in this playoff game.