Hi Corton, Thanks for the feedback, I think you have some very good points, but I also think the negativity you see is a natural effect of a boom on the potential buyer side. When the cycle is going down you'll see more negativity on the seller side. I think loss aversion is just a part of human nature and can manifest itself as negativity.Those of you who respond, are you specialists in this area, or speculators? Should I be offering medical advice? Probably not.I would not like to limit commentary to those that are specialists in real estate. I think the view of the non-specialist (potential buyer) is just as important in a case like this. I would say you should not offer medical advice, unless you have experience with a specific ailment. There are people here who experience… Read more »

So far I read nothing but bitterness, negativity and useless gibberish.I'm sorry you feel that way. I tend not to interfere on the commentary, and anyone is fully welcome to engage in constructive banter.If you're only looking for positive info on the local market, I imagine that should be easy enough to find. I do post some of it, but I post the bad news as well, and it comes filtered through a potentially imperfect human point of view.

1099 E BROADWAY – Original price: $349,900 | Asking: $325,000"Faces Broadway but quiet inside"now $308kThe rest, don't seem to be in mls anymore.

I've been accused in the past of making things too complex"math is hard.. lets go shopping!"

bc cele said: "It's still way overpriced. Take the listing for 1238 Burrard. At the suggested montly rent of $1650 you'd have to put over 50% down on a 25 year amortization to break even. At 25% you're around $800/month negative."its only breakeven at 50% down if you totally ignore the opportunity cost of what the 50% downpayment could earn at the risk-free rate.

First, sales started to dry up. Now sellers have started to lower prices. Next we’ll actually see lower sales prices.

I’ve just done a search for SFH Vancouver Westside $800k – $900k.

Came up with 58 listings. After going through them one by one I determined 20 have reduced their price. 8 were new listings, would have to be pretty desperate to lower the price within a week.

Best one was MLS® No.: V607352

Original list pricce $958,000

New price $858,000

Not only has a seller’s market ended but we are quickly moving out of CMHC’s imaginative “balanced market”.

anon: I've heard of people that have had bad experiences in co-ops, but also people that have completely enjoyed living in co-ops. It really depends on the luck of the draw for who you end up sharing the building with.The thing with co-ops is that the legal structure is different. You don't specifically own your unit you own a share of the co-operative. This is why you need to put 35% down and why you can't get loans based on your ownership as collateral. This is also why they don't tend to appreciate like other properties.You should talk to a realtor about the pros and cons of co-ops if you are interested in them.

Pope,

now that I think about it, that is rather pessimistic. There has to be at least a few thousand people in Vancouver that have that kind of money just kicking around and have always wanted to be landlords. Not to mention the rich foreign investors that must find our prices a bargain. Guess I’ll have to accept the fact that high prices will continue forever.

Ken,

yes the figures include the .56% tax property tax and the $309/month strata. I didn’t really consider maintenance as it doesn’t change the figures significantly. You are also correct about being an accountant – well in a former life. I did it for over a decade and still keep a side-line business; however, my day job is in technology. Although, budgeting is still something I deal with.

jojuchst: Whoops! Typo. That doesn’t look much like a price reduction does it? Thats what I get for typing tired. The original asking price was actually $488k NOT $448k. So its a $10,000 price reduction, and still conveniently located close to new buildings! I’ve edited the post to correct this.

Nice work Pope! You’re Vancouver’s answer to Sacramento Area Flippers In Trouble
http://tinyurl.com/n77pn

I’ve just seen a flip job on a SFH in the Main area run into trouble.
MLS listing: http://tinyurl.com/yxkk5z

Flippers bought it back in the winter/early spring – renovated like hell – then put it on the market in late summer for about $829K. It sold in about 4 weeks but the deal must have fallen through since it’s back on the market at $799K less than 2 weeks later. Interesting…a classic weasel reduction.

I’m sure it’s still a significant mark-up from their original purchase price since it was formerly inhabited by people who apparently urinated out the windows judging from the smell of the place.

They’re having an open house this weekend in case you’re in the area and need to use a washroom.

bc_cele: Are you suggesting that we might not have a bunch of people out there with $200k in cash they want to drop into an investment that will hopefully break even? Why so pessimistic? I mean sure, you could put that $200k into a high interest savings account and get a garaunteed return, but what fun would that be? Haven’t you always wanted to be a landlord?

Who wants to bet that we’ll being seeing a lot more of these over the winter and into next spring?