Landcor™ Data Corporation provides these reports as a courtesy, for general information purposes. Because the British Columbia Government and its agencies provide the data to Landcor™, we do not control the accuracy of this data. Furthermore, these reports are based on information available as of a particular moment in time.

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“On the other hand, we’re tops in interprovincial migration”

So is Florida with ten times more people moving there daily than here. New Jacksonville condos now selling for about 60,000.00

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“One of my friend just sold his 590 sq.ft. unit for 215K and the assessment value of that unit was around 180k”

Thats a pretty big jail cell

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YOUR rent has gone up 23% therefore RENTS have gone up 23%. Do you realize that when your argument is laid out it sounds insanely stupid?

Drachen, I post anecdotal evidence, because that’s about all I’ve got. Statistical measures of rents in this city are hard to come by, and the few examples I’ve seen only show average rents - which includes long-term tenants, and usually doesn’t accurately reflect current new-tenant rental prices.

As far as I know, everyone here already understands the limits of anecdotal evidence. It’s a data point, not cast-in-stone proof. We post it to inform one another of what we see. Consequently, everyone here posts anecdotal evidence without qualifying it as such - its limitations are already obvious. If I post anecdotal evidence that disagrees with certain theories you have, then find your own anecdotal proof (or even statistical proof) that backs up your own theories and post it. This is basically how conversations work.

I do have sympathy for you, and the syphalis that has racked your brain, causing you to thrash out wildly at imagined threats, and unnecessarily capitalize words in your sentences. Neverthelss, if you snap at me again, I’ll rip your dick off and feed it to you.

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If anyone is looking at Yaletown and the area I just counted over 10 nice 1 bedrooms under $1400 on Houshunting.ca

198 AQUARIUS MEWS 1 BR, pkg. views, pool/gym, concierge $1400 May 1

YALETOWN ELAN Brand New 1 Br, w/d, hwd, prkg, $1375.

1 BDRM+DEN avail May 1, 193 Aquarius Mews, ns, np. Pkg avail. Gym, pool, concierge, strg. $1325. Open house Apr 6

501 Pacific, 1 bed, full appls, in-ste lndry, 1 prkg, hw flrs. Np/ Ns $1250. May 1. Rancho

939 Homer, 1 br + sol, 7 appls, 1 pkg, amens, balc, $1400.

888 Hamilton, crn 1 br den, 822sf, 6 appls, 1 prkg, $1400.

1 BR apt dble f/p, h/wd flr, lrg balc & strg, cat ok, pkg, Mondrian Spa $1395

1018 CAMBIE 1 Br + Den, April 1, 1 prkg, pool, gym, locker, appls. $1350

1060 ALBERNI The Carlyle, 1 br, pool, gym, jac, prkg avail, ns/np. $1225.

1166 Melville, 1 br + sol, 7 appls, 1 pkg, amens, $1200

989 Nelson Street - 612-4344 1 bdrm, 5 appls, no parking lease $1100

It seems like Craigslist has a lot of stupid prices but if you stick to the newspaper (or online it’s househunting ca) you’ll be fine

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If you moved today, how much will you have to pay for the equivalent unit?

We just moved last month and our rent went up 50%. Granted, we paid a premium for a larger suite (still) in yaletown with an original owner running through an established property management company.

I’ve been watching Yaletown prices for years and there is no doubt about it, they’ve gone up. That said, we’re still covering under 30% of the mortgage+taxes+strata if we were to buy today.

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looked at some interesting stuff
and more good stuff to choose from

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Firenze probably has gone down because of things like this:
Elevator problem in F3
I believe it’s in the F3 building.

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Many have already jumped in. Kids living at home and saving until their 30s has been around for many years now; it’s nothing new, as is parents helping out with the DP. Note the BC savings rate is negative so likely there aren’t enough piles of cash around to put a floor on the market. Of course if there is a crash the piles of cash that are around will make out just fine.

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I’m still a bear, so flame with care.

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“That’s approximately a 23% rent increase over 3 years.”

Umm that’s got to be the worst statistical analysis I’ve EVER seen.

YOUR rent has gone up 23% therefore RENTS have gone up 23%. Do you realize that when your argument is laid out it sounds insanely stupid?

First off, rents have increased, but not 23% or anything close to it. This is a not uncommon phenomenon (happened in all bubble zones in the states too) as landlords are squeezed by higher prices they push the limit on rents. On the way down however landlords are desperate to get ANY rent for their empty suite which is losing value AND costing mortgage payments each month, the rental trend inverses and returns to normal levels as the prices of RE are falling.

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Downtown prices have not been increasing on the 1998 and up stock. If anything the crappier units like Firenze have dropped this year and the good ones have held the rate.
In Coal Harbour the units that were worth $2000 a month (and $330k resale) in 2004 are still renting for around $2,000 even though the units are reselling for close to double. Ambitious/rookie landlords try to get $2300 on Craigslist but they just keep getting reposted.

Some sites you can sporadically browse to verify this

http://www.bruceward.com
http://www.downtownsuites.com
http://www.prompton.com

Rancho, Southview etc. also have postings within their sites for rentals….

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I personally moved into a 900sf 2 bedroom three years ago that was renting for $1100/month. Two years ago, some friends got a similiar place in the same neighbourhood for $1200 a month. And last month I moved into a nicer but smaller 750sf 1+den in the same neighbourhood for $1350/month.

That’s approximately a 23% rent increase over 3 years. A far cry from the 50% increase in condo prices, but still not comfortable.

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The financial advantage of generations living in the same home is that the 20-30 somethings living with their parents have never paid rent. While we pay $25k in rent or more in mortgage payments, they have a huge stockpile of cash with which to buy low priced assets when the bust bottoms out.

Many of my East Indian and Italian friends have obtained graduate degrees and started professional parctices with zero debt because of this arrangement. They are now sitting on hundreds of thousands of dollars of savings and they are in their early thirties. If RE prices fall significantly in the bust, they will buy houses without needing mortgage.

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Unless, this multi-month phenomenon has occurred before during the course of the current boom (and I don’t think it has), the national market is certainly turning.

How long until we see people jumping from the windows of their leveraged, negative equity condos?

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The association’s latest MLS data show unit sales for residential properties (single-family homes and condos) in the province decreased by 30.3 per cent compared with a year ago in February (6,602 to 4,601) while new listings increased by 44.9 per cent (from 7,800 to 11,302).

New listings were at the second-highest level ever for the province.

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Font:****A number of factors are fuelling the phenomenon of soaring listings in Alberta, said Richard Corriveau, regional economist for Canada Mortgage and Housing Corp.

“Now that price growth has come to a grinding halt, speculators are looking to get out of the marketplace,” he said. “So people who had purchased in previous months are attempting to now get out of the market because there’s no incentive to wait for future price gains in the near term. We’re still forecasting increases into 2009, but currently prices have levelled off.”

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The surface lots and low rises all over yaletown and that area were meant to be separate ideas.

No.4 Road and Alberta in Richmond was 15 run down houses 7 years ago and now it’s how many condo complex’s? With 600+ units?
The whole running out of land B.S. is another intrinsically flawed theory that salesman/realtors spew.
That and the gold plated planes carrying uber rich immigrants into town.

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I mean, with inventory starting to spike, could this storm get any more perfect?

It’s about to get really exciting, as sellers start to panic.

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