More million dollar houses.


Todays Vancouver Sun leads with the cheerful headline House millionaires double in the province. Are these people that own or owe a million dollars?

Most new paper millionaires own single-family houses. There are 38,027 such homes worth more than $1 million according to 2007 property assessments — 18,459 more than a year ago.

And the number of condominiums assessed at more than $1 million increased by almost three quarters to 3,260 properties.

As BC real estate association chief economist Cameron Muir (née CMHC) points out this is based on the july 05- july 06 assessments which saw some of the biggest price increases. Prices for the last six months are doing something strange – they’ve actually been dropping in many categories since a price peak in september 2006.

Muir added that assessment increases are only “paper profits.”

“It’s the equity in your home. Today it may be high, [but] the market may change and it may not be so high in a few years,” he said.

Is that the most pessimistic Muir quote yet?

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dingus
dingus
13 years ago

"Went to fair missed today something I wonder. Forget flapping wind in tunnel of my eye to hear you scream fire fire fire. So wet for my house. Nice man red hat with truck shoot my flame until I say no. No have time for eat on way to work my job with hard hand and nose too. And my wife she lucky like I want to forget already time to be smile please."Wah, perfect! Thinking my head, who can determine such typings? Wonder savage feeling! Anon 5:10 frowny face vulgar. Please giving emotion with high class!

Anonymous
Anonymous
13 years ago

much like the current market,this thread has gone to shit.anonymous goddamn postings,really make no fuc*ing sense.you must be a goddamn loser,…anonymous, you fuc*ing freak.thank god for solipsist's postings,to poke fun at the wind

solipsist
solipsist
13 years ago

FIRE & FAIR—-Fire is a thing if that happen to some one else some people like that very much if happen to ourself its hard to digest.Price up situation is totaly opposite if that happen to self house its awesome if some one else oho oh no thats not good.Hey people respect the wind you ain't seen nothing yet biggest jackpot is still looming close to 2010. Went to fair missed today something I wonder. Forget flapping wind in tunnel of my eye to hear you scream fire fire fire. So wet for my house. Nice man red hat with truck shoot my flame until I say no. No have time for eat on way to work my job with hard hand and nose too. And my wife she lucky like I want to forget already time to be smile… Read more »

digi
digi
13 years ago

Fire is a thing if that happen to some one else some people like that very much if happen to ourself its hard to digest.Are you kidding? Who likes to see someone else have to deal with a fire other than a few pyromaniacs?I don't think there are many people that hate to see other people house values go up, warnings about unsustainable increases are just the opposite: Trying to prevent people from getting in over their head and suddenly shocked by the fact that actually, yes, Real estate prices do go down, sometimes quite a lot.Hey people respect the wind you ain't seen nothing yet biggest jackpot is still looming close to 2010.Uh-huh. Jackpot for who? People snatching up foreclosures of people that got in over their head last summer?

Anonymous
Anonymous
13 years ago

FIRE & FAIR—-Fire is a thing if that happen to some one else some people like that very much if happen to ourself its hard to digest.Price up situation is totaly opposite if that happen to self house its awesome if some one else oho oh no thats not good.Hey people respect the wind you ain't seen nothing yet biggest jackpot is still looming close to 2010.

the pope
the pope
13 years ago

Great find LMR – I love the logic, whistler is dropping because of affordability problems, but we wont see a problem like that in vancouver, no sir. What are we at now, like 70% of the average pretax income to buy the average bungalow?

Anonymous
Anonymous
13 years ago

That's because today's price started out at 57. Tomorrow, if it smashes through 55 resistance, it will be 50, and then 45, and the no way of no ways, 40. Everyone wants to live here, and our natural gas in BC is booming (haven't they almost stopped drilling-they're golfing in frickin Winnipeg).

Anonymous
Anonymous
13 years ago

Today's oil price – $55.59. Uh oh.

Dave
Dave
13 years ago

And coincidentally oil dipped below $56 today…

littlemanrenter
littlemanrenter
13 years ago

This is on the CKNW Site right now…Many shocked by Assessment rollsJan, 04 2007 – 12:50 AMVANCOUVER/CKNW(AM980) – The President of online real estate analysis company Landcor says Canada's best kept secret is out and that's why BC assessment values are through the roof.Rudy Nielsen says the rest of the country has figured out you can golf, fish and ski in one day within BC's borders and our wealthy neighbours to the east are among those who want to take advantage of what the Province has to offer, "The Albertans bought a billion and a half dollars worth of land here last year, about 41-hundred properties, just for secondary homes, so as long as oil prices stay at 56 a barrel or better, the Albertans are going to make BC their playground."With Whistler experiencing a drop in assessment value, Nielsen… Read more »

Anonymous
Anonymous
13 years ago

we sold our condo in September on Main street for just a shade more than the assessed value.I think that is reasonable.

Anonymous
Anonymous
13 years ago

Don't think there are (m)any properties that would sell below the 2007 assessed value though.Hmm.. I just did a quick search and found several properties that are for sale with asking prices lower than their 2007 assessed value, and they are sitting on the market.September was the peak, prices are dropping, just look around.

digi
digi
13 years ago

And this one: V610409 is listing for >200% 2007 assessed value….all I can say is if they can pull it off that will be very impressive. Are there many people shopping for a 4 million dollar house that will look at a 200% increase over last years assessment and think "thats reasonable"?

digi
digi
13 years ago

Jojuchst: Do you mean never or just this month? I don't think many people expected the US market to do what its doing either:PREDICTION: The national median home price will rise about 6.1% in 2006. Over a full year, it "has never declined since good record-keeping began in 1968." — National Association of Realtors, Dec. 12, 2005THE REALITY: Through October, the median price of residential properties was down 3.5% from a year earlier.

Jojuchst
Jojuchst
13 years ago

Don't think there are (m)any properties that would sell below the 2007 assessed value though.And this one: V610409 is listing for >200% 2007 assessed value….

littlemanrenter
littlemanrenter
13 years ago

Thats really misleading…This is all based on the recent assessments which as I understand really are no different than me giving someone a paper saying their pencil is a million dollars.It doesn't mean anything unless they sell the pencil for a million dollars.Its not like the assessment is some certificate you can take to the bank and cash, let alone to a buyer and demand thats the price tag…bad media…gullable public