Brand new bullet proof pants.

After a number of the things that are meant to protect the Vancouver real estate market from ever going down turned out to be not so effective in some big US markets I’ve been a touch worried about our local market. What if it’s not different this time? What if rich foreigners, drug dealers and wealthy boomers were to one day just not show up to buy at ever increasing prices?

Well my worry is gone today after good news from the Globe and Mail: Wealthy athletes want your condo!

Ross Rebagliati may be known as the first snowboarder to win Olympic gold, but his real estate investments have put him at the top of his game.

Mr. Rebagliati made his first purchase at 20, when he bought a Whistler, B.C., home for $200,000, using racing prize money as a small down payment. He later sold the property for $385,000 and that’s when, he says, a “light bulb went off.” He realized that real estate could be more lucrative than the $50,000 a year he was making as a professional snowboarder.

Why do I know this is a good sign for our own local market? Because “as an athlete, failure is not an option.”

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Drachen
Drachen
12 years ago

BullsproductiveWould you please stop changing names every few days SATV?It's incredibly obvious by your terrible grammar and misuse of words who you are, it's just silly for you to change nicknames so often.

Michael Randallbard
Michael Randallbard
12 years ago

Kits point basement. Forget EVER owning at Kits point in any market. My broker lives there. He bought an old home there, a former old folks home with lots of rooms. He paid 650,000 ten years ago. Yes it's over priced but this little section of Vancouver of 10 sq blocks or so is not indicative of anything imo. Every city has its most desireable neighborhood that everyone dreams about living in. Kits point is that place. The rest of the city is hallucinating if they think there is anything near as nice, all way overpriced imo.BUY gold its going to $1600.00

Michael Randallbard
Michael Randallbard
12 years ago
bullsrproductive
bullsrproductive
12 years ago

robsnumber,Persons amygdala is responsible for generating negative emotion such anger,stress,fear and disgust.working on non emotional mental tasks inhibits the amygdala,which is why keeping yourself busy can take your mind off feeling.for the purpose he said do things on right time and enter into next step.that can reduce the stress level otherwise running out of time can disturb the tectonic plates on forehead of brain thats how we get can stress.

robs numbers
robs numbers
12 years ago

MarkX: rob's numbers: Unless you have a job that don't depend on general economy, wishing for a crash of economy would be a no win game.You misunderstood my posts. I most definitely do not wish for an economic shock.I agree, with you, the bubble can pop without an economic shock. Bubbles usually pop, when everything looks just fine.In fact the bursting of the bubble may cause the economy to crash, which is my point.What will happen to our local economy when RE is no longer a driver, either because it has crashed, and nobody wants to buy, and people are thrown out of work.Or conversely, it gets so expensive,and sales drops so low RE is no longer an economic driver?And don’t buy into the farce that the foreign rich investors will keep the market afloat; the foreign rich investors don’t… Read more »

markx
markx
12 years ago

rob's numbers: Unless you have a job that don't depend on general economy, wishing for a crash of economy would be a no win game. I still believe that a RE bubble can burst without throwing the general economy into deep recession, as long as no botched bail outs are attempted.

markx
markx
12 years ago

OT, Bob Rennie is apparently expanding into Montreal. Just got a flyer from Rennie Marketing System, advertising "Le District" condos. Typical Rennie stuff. Unfortunately, he couldn't bother to get the website listed on the flyer up and running. Sad. The price is from $240 – $280/sf, by the way. Pretty pricey for areas just outside downtown Montreal actually.The functional website is http://www.ledistrict.ca, I think.

robs numbers
robs numbers
12 years ago

Rob, SATV, are you proud to be a contributor?We're also worrying about making the rent. More than half of people polled say paying the landlord or making the monthly mortgage causes great stressThe study found that as a result of stress, 54 percent of people have fought with loved ones, and 8 percent say stress has led to separation or divorce.Personally I find the Re pimps morally reprehensible, but I guess until this province goes into a deep recession, and the construction trades hit 30% unemployment, as with the last bust, I will be in the minority.

Jade East
Jade East
12 years ago

The letter in the Sun from the real estate pro is exactly the type of attitude that I'm so tired of. If someone questions the affordability of a 1.25 million dollar basement suite they get portrayed as whining.The author of the original article certainly didn't come off a expecting that they should live in a penthouse.

Tony Danza
Tony Danza
12 years ago

Jesse, If you're going to watch Colbert you absolutely have to watch O'Reilly's show first, it makes it so much more poignant. Before Colbert got his own show I watched O'Reilly not because he aligns with my values but because he's so out of it it's actually funny.

patriotz
patriotz
12 years ago

Yes, I think its true to a certain extent that Vancouver has always been a relatively expensive place to live, compared to TorontoIn terms of local incomes, yes, because Toronto has (and I think has had for some time) higher incomes.But in dollar terms for both rent and house prices, no. Vancouver and Toronto have historically been neck and neck, making allowance for the out-of-phase RE cycles in the two cities (e.g. Toronto bust in early 90's, Vancouver bust in early 80's).Rents are still about the same, but Vancouver prices are now 70% above Toronto, which I doubt was even matched in 1981.Bubble? What bubble?

jesse
jesse
12 years ago

"This is one of the most sarcastic articles I have read in a long time, intended or not."tony, you might be right. If it is, that is one of the best deadpans I have seen in quite a while. Maybe it's me: I stopped watching O'Reilly in favour of Colbert because Colbert aligns better with my values.

ThumbsUp
ThumbsUp
12 years ago

Who, in the real world, can afford to live here now?Just wondering if those homes are empty?Freako,Life is not just buying or renting a house,there are lots of other duties and responisibilities.So better if things can take place in life on schdule time.School/college/university/job/marriage/kids and socail participation.no body can replace those with one and onotherSo if some one can manage monthly payments on any unit just get away with it and enter into next step.

bcubbins
bcubbins
12 years ago

Here is the excellent column by Miro Cernetig referenced in the first letter…Who, in the real world, can afford to live here now?

Tony Danza
Tony Danza
12 years ago

RTFA. That was quoted from the article. Unless the article was being sarcastic?I did RTFA, it could have been the bong hit clouding my perception but I swear the author of the article was being sarcastic with that comment. Could you imagine being the reporter assigned to write that story? Burnt out bong smoking snowboarders becoming real estate tycoons, grade 8 dropout pro hockey players investing in massive RE developments? This is one of the most sarcastic articles I have read in a long time, intended or not.

jesse
jesse
12 years ago

"…it is no wonder new rental housing units, especially affordable ones, are not being built."Oh, but they are. The owners just don't realize it yet.

Drachen
Drachen
12 years ago

From Cheapskate's second link."Landlord-bashing does nothing but drive investors from the rental market."All RIGHT, let's get to some serious landlord bashing!Finally someone tells us what we have to do to pop the bubble!

Warren
Warren
12 years ago

Is that the site of the old Carlos and Buds restaurant?A developer might sit on land, but I don't think they'd build a park unless they were obligated to by the city as a condition of other development (which is very common).

misanthropic curmudg
misanthropic curmudg
12 years ago

interesting observation: Onni/Amacon has a land holding at Pacific Blvd and Seymour St.At one point a tower was advertised but now is being converted into a park and community garden…… awwww they are such nice people!a little change of plans maybe?do they see something?

Clarke
Clarke
12 years ago

Love the letters, Cheapskate. The realtor's letter was pure gold.I assume Thumbs up is the latest incarnation of SATV.

Warren
Warren
12 years ago

thanks for the links cheapskate,The first article is laughable. Obviously this "real estate professional" has no idea of what fundamentals are, or affordability. Yes, I think its true to a certain extent that Vancouver has always been a relatively expensive place to live, compared to Toronto and other major Canadian cities, but nothing justifies current prices.The second article sounds like the blame game more than anything. Why are renters to blame? They are paying market rates. Landlord-bashing doesn't drive investors from the rental market, rental yield does. As a landlord and a tenant, I think the RTA is pretty balanced. Its been there for years, with some modifications by the Liberal government. Obviously the regulations should be reviewed by anyone wanting to be a landlord (or tenant).

cheapskate
cheapskate
12 years ago

OT: a great pair of letters from the Vanc Sun todayhttp://tinyurl.com/25jr2zhttp://tinyurl.com/2g8apc

freako
freako
12 years ago

Any body before 35 year of age if they can afford monthly mortgage payments should proceed without any fear.Define "afford". Our payments as percentage of income lead the continent. 44% DSR is nothing to sneeze at. Especially in a low inflation environment. Whatever pain mortgage payments cause they better get used to it, because real payments will shrink at a glacial pace.And second, define "fear". What if the "fear" is overpaying for a house by $200K? Surely most people would care about losing such a sum?

patriotz
patriotz
12 years ago

the prices in Vancouver are not going to go down until the Canadian dollar rampage is not stopped and reversed.Well last I heard, Alberta used the C$ and prices are now tanking. And they have oil too, which has gone up a lot lately, in case you haven't noticed.And I think anyone with a teensy weensy bit of economic savvy will tell you that a rising C$ is bad for the BC economy. Oh, sorry I forgot that BC RE doesn't depend on the local economy because RE is the economy.The rationalizations never end.

ThumbsUp
ThumbsUp
12 years ago

OPTIMISTIC SPIRITSo all the players/athletes are showing an excellent team work.They can buy their own stanely cups if they want to.The message is loud and clear that we can not take our current status for guranteed.Specially age is a main factor,I am worried about people who are over 35 and did not buy anything yet,because around 40 its very hard to take a mortgage decision.Any body before 35 year of age if they can afford monthly mortgage payments should proceed without any fear.Anyway little bit off the topic: countinue from last page here is little update smile for all the "bears" and "bulls"Had Enough said…sadly that will never happend -yeah- hon -hon.OK here we got a smile for all.GST cut one percentage point to 5%, effective Jan. 1, 2008 Personal income tax cut retroactive to Jan. 1, 2007, cutting lowest… Read more »