Local Americans selling?

Re-diculous posted a link to this story in the Vancouver Sun in the previous thread. Apparently some US owners of BC property are starting to cash out on their gains, particularly in light of the strong Canadian dollar. Is this a temporary adjustment or the start of a bigger trend?

Kelly said the activity amounts to only a handful of listings. But for some owners in Whistler – where property values have stagnated over the past few years – the recent gains for the dollar gives them a return on a property investment that hasn’t performed as well as they’d hoped.

Most of the article in anecdotal, but its backed up by some numbers from Landcor:

The net decline is just a blip, but Landcor’s numbers show that Americans sold property faster than they bought over the first 10 months of the year, and buying activity in 2007 has cooled compared with 2006.

Landcor counted 750 purchases by Americans registered in the land registry by the end of October, compared with 1,039 over the first 10 months of 2006. Matched against the net change in ownership, B.C. saw 933 more sales by Americans than purchases.

“So definitely, [Americans] are selling,” Landcor president Rudy Nielsen said in an interview.

Looks like a few people understand the ‘sell high’ concept.

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Drachen
Drachen
12 years ago

Good point diculous, or as our favourite punching bag would say."Blog find extremes that ofWow….within both from Thumbsup/SATV…. toWow….within this extremes – gemsby extremes left Blog lumpsfind from gems shit leftWow….within Blog extremes – of"Maybe I've figured out where his wonderful style comes from. Dada Poetry Generator

Re-diculous
Re-diculous
12 years ago

Futurestar…..thanks for that piece…..that's a definite keeper!Wow….within this Blog I find both extremes – from gems like that to lumps of shit left by Thumbsup/SATV….

CBB
CBB
12 years ago

Asian credit crunch beginsThe tipping point for Vancouver RE?

futurestar
futurestar
12 years ago

This comment totally applies to Vancouver as well: "Go back in time to the year 2000 when the NASDAQ was trading at 5,000. Some people said it was a bubble and couldn't go on forever. Yet the temptation to go with the flow and make was seemed to be easy money was irresistible. Driven by the marketing efforts of those who make their living in the stock market, it was argued that prices would still go higher. If you bought into their line of reasoning, surely NASDAQ 10,000 was not too far away. I was reminded of those times when I read David Lereah's book "Are You Missing the Real Estate Boom." Even after the biggest 5-year run-up in housing prices in U.S. history – where 40% of all homebuyers must now resort to interest-only adjustable rate mortgages in order… Read more »

Strataman
Strataman
12 years ago

"And those opportunities will continue to exist throughout this decade and into the next…….'" Twas terrific, was also published in 2005 before the US crash, would have liked to hear SATV talking about it, hell he could write a Canadian one now and join the club! 🙂

Professor Robert Pil
Professor Robert Pil
12 years ago

robsnumbers,Good Work do you know i often say that to people Vancouver is scullibully beautiful and handsomly rewarded thumbsat city of this world.good to hang around in yaletown,crosstown,gastown,and on robson.

Re-diculous
Re-diculous
12 years ago

Beautiful! ….what a hoot! I love the start of the second paragraph – 'What you may not know is that the opportunities still abound in the U.S. real estate markets. And those opportunities will continue to exist throughout this decade and into the next…….' I think if Amazon placed this in the comedy section they'd get more than (current) 13cent bids

rob/satv is on a rol
rob/satv is on a rol
12 years ago

“Are You Missing the Real Estate Boom?: The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade – And How to Profit From Them (Hardcover)”pefect gift for Satv and friends

tulip-Mania2
tulip-Mania2
12 years ago

"Sold out in 2 hours?" B.S.Successfully staged as sold out in 2 hours is closer to the truth.It was a media event. The result of many months of high pressure sales manoeuvres.The high pressure sales tactics are the same as those used in selling the time share schemes.In the American, bubble markets where they staged overnight line ups, and offers to sell to "VIP's with subprime credit, by reserved invitation only, and other deceitful gimmicks, the bubble burst eventually, just the same.Maybe that may not be the case as we are such a smart city, but I doubt it.

Swirlyman
Swirlyman
12 years ago

…or perhaps as smart as Napoleon at Waterloo…

digi
digi
12 years ago

Just how smart are we?"We are as smart as Waterloo"

Patiently Waiting
Patiently Waiting
12 years ago

Richard,Fredericton and Edmonton are also short-listed as "smart" cities. What do they have that Halifax and Calgary, don't have?

Analyzer
Analyzer
12 years ago

Bank offers to cover land-transfer tax.http://tinyurl.com/ynssz3What's next?

Richard
Richard
12 years ago

So we're not only the best place on earth, we're also really smart, though i think i'll wait a few more years before i agree or disagree.

Jade East
Jade East
12 years ago

"Prices for units in the Latitude project started in the low $200,000s"Sub 300k is doable for many with $20-30k down the payments could be made by a working couple with a 100k income combined."the prices drew a lot of first-time buyers, many purchasing with their parents' help."Oh never mind.These are the hidden speculators the people who are motivated by the speculation of being priced out. I just hope they are using real savings and not borrowing against gains in their own real estate holdings. Actually thats a lie I don't really care.

Richard
Richard
12 years ago

condos sold out in 2 hours in abbotsford

ThumbsUp
ThumbsUp
12 years ago

Oh Yes,"Coming soon to bank near us"Interest Rate Cuts and <a href="http://canada.com/vancouversun/news/business/story.html?id=70d805d9-38a2-40c9-b30a-0e5bb21cf3d8&k=45065” target=”_blank”>Hot Coffee

Clarke
Clarke
12 years ago

"After years of unprecedented favourable conditions for the specuvestors in all of BC we have only 14,000 properties registered to the Americans????"I guess all the wealthy investors are from Alberta or Asia…..I seem to recall some statistics on this or a related blog suggesting that well over 90% of real estate purchases here were by Canadian residents. The wealthy foreign investor argument always seemed to be based more on anecdotal evidence, rather than hard data.

tulip-Mania2
tulip-Mania2
12 years ago

"US dollars cashing in Pre Olympics at a time when the US vs Canadian Dollar is probably at an all time High, finally some real-estate news that I can understand using logic."JadeSome of it may also be because the American Specuvestors are starting to feel the pain of making mortgage payments with an ever shrinking USD, on their negative cash flow investment.

Re-diculous
Re-diculous
12 years ago

jade east,…amen. I've had alot of "…but this doesn't make any sense…" discussions with myself over the last few years – its good when something does make sense – keeps me from losing my mind. I guess those feeling are common when one follows a market driven by momentum and hype vs. fundamentals – eventually, however, the pendulum reaches its peak on the other side and begins to reverse – it always does.

tulip-Mania2
tulip-Mania2
12 years ago

Looks like I hit a raw nerve.Even with full employment and artificially low interest rates, there will be a crash. Nice try with the straw man argument.What's next Satv… a Joint study from the Uraban Futures Institute, CMHC, and the Real Estate Board to "prove" Vancouver is on Terra Firma?Tick Tock, Tick Tock

Jade East
Jade East
12 years ago

US dollars cashing in Pre Olympics at a time when the US vs Canadian Dollar is probably at an all time High, finally some real-estate news that I can understand using logic.

ThumbsUp
ThumbsUp
12 years ago

she cleans toilets.if some one doing that is that a bad job clasification,you are such a poor "bear" tulip is such a"Dweeb".What A Joke?Tulip your techtonic plates (Amygdala) is under investigation.How many total units are in whistler?14,000 properties registered to the Americans. Americans leaving the B.C. housing market”Then who is buying?However, Nielsen added that those are the Americans who are buying.Why are they still buying?They are still confident about investing in B.C. real estate.Who bought that 18m condo recently?An American Bussiness Man.Some economic answer <a href="http://canada.com/vancouversun/news/story.html?id=f102810c-99bb-40da-8bf3-1807e61a6a62&k=17479” target=”_blank”>eco.1 He works for the post office, she cleans toilets.Tulip you are getting pins on 2tectonic plates on your forehead.Ok some of you wondering about bc economy here we got some artical to explain if we really need a forest industry here. Eco.2008 Appear Solid<a href="http://farm2.static.flickr.com/1259/1179648522_bc4d771e49.jpg?v=0” target=”_blank”>Economy Trends Are Latest Inventory 10,984 tulip what… Read more »

tulip-Mania2
tulip-Mania2
12 years ago

Re:Americans leaving the B.C. housing market”After years of unprecedented favourable conditions for the specuvestors in all of BC we have only 14,000 properties registered to the Americans???? Pretty much proves what I have always suspected;it's another big lie generated by the usual suspects, that foreigners were buying up Vancouver.Truth of the matter is, the local suckers are buying into the hype.Typical Vancouver specuvestor are like Satv: He works for the post office, she cleans toilets.Anyone note the comment on Whistler?

Clarke
Clarke
12 years ago

Insufficient data to say whether some foreign investors cashing out is a harbinger of things to come, or just a series of coincidental individual decisions. Assuming some of the people who bought are smart investors, then they may be figuring things are at or past the peak,and the currency depreciation is just an added bonus in taking the money and running.