Really, you guys. You’re so nutty!

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That depends on the quality of construction. There are high rises in the West End that have been there since the ’60s and buildings in European cities that have lasted for centuries.

“Is there value left after the building collapses?”

Yes. Each strata unit has a share in the common property which includes the land. There’s something called an entitlement upon destruction that outlines what share each strata lot owns.

“Do all the owners have to agree on what to do with the land?”

A decision like this would require a 3/4 vote of those present (in person or by proxy) at the meeting where the vote was held.

“Does the 500 sqft owner get as big a say as the 1500 sqft penthouse owner?”

Yes, assuming they each own one unit. You get one vote per unit.

Generally land values increase over time while building values decrease. This applies to condos, townhouses and single family homes. Some of those houses sitting on million dollar lots on the West Side are worth less than $10,000. However, in last year’s assessment the building values went up in some cases. I’d guess it has something to do with higher construction costs.

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See: http://www.gvrd.bc.ca/growth/k.....rtxflr.htm

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“for the market to drop @50%to 100% rates of pay must get back from $50.00 to $13.00 per hour and from $25.00 to $7.45 per hour”-TIME

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A friend start working @7.45 per an hour in 1995 he is now making $25.00 per an hour almost tripled.
A friend start working @$13 per hour in 2001 is making now $50.00 per an hours more than tripled.
People who have paid off their mortgage since 2001 or further but still making highest rates of pay are owning multiple properties.

Population difference is huge between 2001 and 2008.

Hello?Hello??Hello???
Are you still there?

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http://www.washingtontimes.com.....03815/1001

Just when you think you’d seen the apex of greed in the land of plenty….

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And all other weak bears. Please don’t simply see it as 50% or 60% crash. You will just get lost in your own feelings, thinking that 50% drop is a large number and it won’t happen. Even I ask myself, 50% is a large drop, could this happen. YES, it will happen.

To understand that a 50% correction is very likely and is going happen, just think about it in terms of going back to 2001 prices. How much were salaries and wages then, how much is it now? What was interest rate then, what is it now? It’s as simple as that. Was there a fundamental change from 2001 till now. Why weren’t average homes $700K back then, what makes you think it will sustain now. If you understand that there is not much difference, you will realize that R/E is very likely going to have a 50% crash in price.

I just filed my tax return. I make pretty good money. Well into the six figures and I could only save $10K per year. If you buy a place for $600K and the market corrects by 20%, that’s $120K. That’s 12 years of my savings. Oh wait, $10K was based on rent. If I assumed I had a mortgage, that would be 40 years of saving. Losing 40 years of savings in one pop is pretty risky to me.

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At first I just thought it was really odd that the person made the statement that it’s cheaper to purchase because of low vacancy rate. Now I realize that they must be living in Bizarro Vancouver or Vancouver Washington.

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That was actually unfair to say, as far as I know he’s never released false or misleading data. My problem is with his interpretation of the data which has been severely lacking in credibility.

****

That’s why the man gets paid 200k plus from the public purse, eh?

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Maybe as being CANADIAN and VANCOUVERITES you can manage they can’t,I have heard they are in downturn so thanks for your vocation and shoping there that was really helpful.

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That was actually unfair to say, as far as I know he’s never released false or misleading data. My problem is with his interpretation of the data which has been severely lacking in credibility.

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AFAIK the TO prices are for housing average (which actually makes my point stronger) and neither is inflation adjusted. Even the Sauder graph shows TO ahead in the 80s (though not by as much as the graphs I found, however the Sauder data is all from the same source so let’s assume it’s more accurate).

Also, note the NEXT graph on the Sauder paper http://cuer.sauder.ubc.ca/down.....rville.pdf
which shows Vancouver and Toronto RENTS only a fractional distance from each other. As for reliability of the data, I feel I have to point out that Tsur Somerville is the paper’s first author. Not that I’m saying he’d outright lie about the numbers but Tsur has been a very unreliable source for housing data in the past.

So, IF the data is accurate then why is PRICE so different between Van and TO but rents are almost identical? Same study, I presume the same definitions were used for both graphs yet our housing is nearly twice as expensive to buy but under 5% more expensive to rent. Note also, Calgary is more expensive than Toronto to buy now too but the rents are actually about 20% less.

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Note the comments from the housing ideologues. Like all ideologues, they do not belive in rational analysis, only ideology. To them, if someone does not agree with their ideology - “home ownership is always a good thing” - it means they must believe in the opposing ideology - “home ownership is always a bad thing”,

They simply cannot understand that ownership of a house, like any investment or consumer durable, may or may not make sense based on yield on investment and contingencies of the prospective owner.

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From the actual article you posted, not a comment made by someone who read it, it reads:

“For low and moderate income families who are struggling to make ends meet, and pay for necessities like healthcare and childcare, how are we helping them by having them pay 80-125% more than necessary for their housing costs? Oh yeah, but they will accumulate equity in their home.

In the interest of promoting better housing policy in the future it is important to have a public acknowledgement of the follies of homeownership ideology. We don’t have a bottomless pit of money to satisfy their perverse ideology. If homeownership does not make economic sense, then we should not tell people to sacrifice healthcare and other essential needs to make the ideologues happy. It’s time to force some honesty into the discussion of housing policy - renting sometimes make sense.

]]> http://vancouvercondo.info/2008/04/vancouver-sun-at-least-a-year-till-collapse.html#comment-16222 Vansanity Wed, 23 Apr 2008 07:39:26 +0000 http://vancouvercondo.info/2008/04/vancouver-sun-at-least-a-year-till-collapse.html#comment-16222 ^ should read "living in" Moo..moo, moo (My bad)<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-16222">0</span> <small>(to vote for this comment, please visit the site)</small></p> ^ should read “living in” Moo..moo, moo (My bad)

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Those of you who’ve gone down fairly recently would have seen the new Casino/Condo/Resort Hotel MGM is building on the strip, HUGE! Anyway, a cabbie was telling me that many people who bought their presale condo’s ended up not being able to pay. Deposits of $30,000 given to the developers per unit. The building construction is still going up, should be done next year but it seems like they can’t sell the units fast enough.

It felt good to talk to people who didn’t know where Vancouver was. People who don’t care about the Winter Olympics. People that have no clue that we’re in: “The best place on Earth”.

Also, for the best place on earth, why are the lineups to the US always so damn busy but coming into Canada…they’re dead?

Anyway, back to Un-REality Vancouver style! It just seems so silly to me, now more than before, seeing the prices and the hype! Haha! I seriously can’t wait until people wake up from the bubble they’re live in, not to mention the RE bubble they’ve all created.

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“In Vancouver, where I now live, the value is in the land and not the property per se, and demand is so high in Vancouver proper that prices remain high but stable. It’s still cheaper to buy an equivalent property, as there is less than 1% rental vacancy in this city.”

I think the term used in this cases is “not even wrong”.

The article is here http://tinyurl.com/4l8636

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I rest my case!!!!!!

Land size dum head land size,average prices you idiot average price,weather you idiot weather,migration towards vancouver you idiot not towards toronto,jobs you idiot unemployeement rates.
I still hold my case!!!!!!!

Tony thanks to be with me together you can do it i can show you the way.
About being in vancouver that’s what we need to realize where we are?.important.

“but when I’m out I don’t see many others. Other than that aspect, if you have actually been to a world class city”;- Alexcanuck.

Alexcanuck going out door or staying in door have nothing to do with best place or world class,lets say you have high paying jobs you can take a world tour every year or when ever but imagine if you don’t have job at all.

welfare,medical,food,shelter,library,ambulance,doctor,hospitals.

Show me any world class city where people have type of access except uk.
those service above makes place to be called best place on earth.

Going to usa,australia does not makes you feel the diffrence,have you ever been to calcutta,south africa,have you ever been or heard about pakistan.

Have you ever seen womens being raped infront of public?
have you ever have to write your test tommorow and your neighbourer is playing loud music all day all night.
have you ever hold on to your book because their is no light in your community or locality?
did you ever carry 50 pound of watercan on your head and walking 10 kilometer to get home?

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If this is so, what a disaster waiting to unfold as they won’t be able to unload the units, just as their jobs end.

Some will end up unemployes and with 2 mortgages, some will have to take part time jobs and subsidize the negative cash flow.

Construction workers dreams dashed of becoming Donald Trumps, the would be tycoons will have settle for the Palm Sisters rather than Tom Vu’s bikini clad babes.

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Anti,

I certainly don’t want to buy a $1 Million shack today and have it go down 15% = $150,000.

How many people do you know who would not care about losing $150,000?

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Franko could you ask the spin manster how he voted?

Does he think the market has turned?

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