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May 13th, 2008 at 5:11 pm
“As long as there aren’t too many creditors ahead of the strata in the line up to get their money back.” Doesn’t matter the strata has to get paid by whomever ends up with the title. They are not normal creditors. Even if the place is worth a dollar their lien will still tie it up. Worse case would be that the strata ends up with the property and would sell it for what is owed. They supersede in the end; everyone.
May 13th, 2008 at 4:32 pm
Just wondering, why does nobody ever mention increasing housing supply across the region when the topic of Vancouver’s absurdly expensive real estate comes up?
Who are you calling nobody? That topic has been discussed many times on this blog and many others related to Vancouver RE.
Regardless, what’s your point? What effect do you think it will have, is it going to “save” us from falling prices or make them crash harder?
May 13th, 2008 at 4:26 pm
Comment by “read on” at 2008-05-13 16:24:07 was actually from BBY.
stupid blogging software. grrr….
May 13th, 2008 at 4:24 pm
Anonymous replied to my question about delinquent strata fees “If the developer can’t sell it they maintain ownership and are liable for the fees. If the bank forecloses they own it & are liable. If a specuvestor owns they are liable.”
Yes, I see that there would always be someone to go after. I guess delinquent accounts would appear as account receivables on the strata’s account books. But the strata would still have to go after them. The delay between the debtor (be it an owner, developer or bank) declaring insolvency, and retrieving the monies owned from a lien could be a pain. Ugh. Probably gonna be a lotta work for the collections industrial-complex… Could get yucky. Oh well there is the lien. As long as there aren’t too many creditors ahead of the strata in the line up to get their money back.
May 13th, 2008 at 3:56 pm
On a positive side of the crash…After bankruptcy maybe Krrrsh will be forced to go back home wherever godforsaken land he came from once and for all… Don’t worry we won’t miss ya
May 13th, 2008 at 3:42 pm
Just wondering, why does nobody ever mention increasing housing supply across the region when the topic of Vancouver’s absurdly expensive real estate comes up?
It’s amazing how many people believe zoning most of Vancouver for single-family houses and limiting building height everywhere couldn’t have any effect on housing prices.
May 13th, 2008 at 3:03 pm
BBY said: “I’m thinking an interesting side effect of the impending bust will be increasing strata fees, quite a few units in a development may not be generating strata fees. Distressed specufestors will be arrears, being very reluctant to pay a fee when they have no tenant. Suites may become ownerless due to foreclosure, or just an inability to sell newly built unowned units. Thus the tenanted suites will be specially assessed in order to make up the balance. Or something.”
It is my undrestanding that all units assess strata fees. If the developer can’t sell it they maintain ownership and are liable for the fees. If the bank forecloses they own it & are liable. If a specuvestor owns they are liable. So technically a suite can’t be ownerless and the Strata will have grounds to pursue non-payers of strata fees in court. I don’t disagree that dealing with non-payers of strata fees could be an issue but in dealing with an asset like an apartment the Strata always has someone to go after for the fees. Worse case scenario they put a lien against the property and get the outstanding fees plus costs & interest once the suite sells.
May 13th, 2008 at 12:47 pm
Or get a job fixing/cleaning/checking up on properties that have been repossessed by the banks. Wasn’t there an article about that linked here recently talking about that? Apparently once things start crashing, that sort of thing becomes very lucrative.
May 13th, 2008 at 12:36 pm
” Is there any time to even guesstimate how much of this “fix and flip” activity is still going on and how much of our economy (and employment) is still based on these small-time projects.”
I don’t know if gains from personal residence flips are included in GDP. Suffice it to say even if prices are flat you will not make much money on renos unless you do FSBO. I’m sure there’s a lot of buy and hold for a few years as many have other jobs outside the renovation sidebar so the work takes that much longer to complete. Good question though.
May 13th, 2008 at 12:28 pm
Don’t forget Wal Mart, they’ll be hiring soon too.
If krissh is as good as he thinks he is he might qualify for shift supervisor and make $10.40/hr!
May 13th, 2008 at 12:13 pm
“If there’s drastically reduced job numbers in the construction and related industries what’s everyone going to do?” Thats easy they are paying to much for warehouse workers (Krrissh) they could fire him and hire five more at minimum wage.
May 13th, 2008 at 12:12 pm
…grow weed, obviously.
Yes this is good. Increased supply will finally help bring the prices down to reality. Most people don’t acknowledge it because they’re used to the high prices, but this is another bubble market looking for a correction.
May 13th, 2008 at 11:44 am
…grow weed, obviously.
May 13th, 2008 at 11:38 am
forced back into the conventional job market once this boom busts.
What conventional job market are you referring to? Canada’s (and BC’s) export economy is in deep trouble (including oil) due to the high dollar, so that leaves domestic consumption to keep the engine going. If there’s drastically reduced job numbers in the construction and related industries what’s everyone going to do?
May 13th, 2008 at 10:49 am
OK, in the last week, I’ve randomly heard of two amateur condo flips. One from a co-worker whose husband is busy renovating and flipping condos. Then yesterday in the produce store checkout line, a woman talks about how she is helping her father fix and flip a condo.
If anything I’m randomly hearing about this activity more than I was a couple of years ago. Is there any time to even guesstimate how much of this “fix and flip” activity is still going on and how much of our economy (and employment) is still based on these small-time projects.
Even us bears might be shocked at how many people out there who are going to lose their livelihood and be forced back into the conventional job market once this boom busts.
May 13th, 2008 at 10:47 am
From the Gloat & Wail —
‘Dramatically lower’ commodity prices ahead: TD
TARA PERKINS
Tuesday, May 13, 2008
Toronto-Dominion Bank’s chief executive officer says bankers making loans in Western Canada should do so under the assumption that commodity prices are too high.
TD’s lending standards out West assume “dramatically lower” commodity prices than those that exist at the moment, Ed Clark told a financial services conference in New York on Tuesday.
“A banker should assume that the world financial system is over-inflating commodity prices,” he said.
TD is carefully watching oil service and gas service businesses today, he added.
“What’s interesting is, despite the fact that the West is booming, it’s the only place in Canada starting to show housing price softness, because in fact it is the one place in Canada where housing prices went up too fast,” he said.
May 13th, 2008 at 10:38 am
OT, but condohype found a great muckraking article on “Realtor to the Stars” Robert Zoost. Worth pointing out because I know the Sun gets slagged ad nauseum about shotty reporting in the local blogosphere but every once and a while someone there writes some decent journalism. I think the journalist, David Baines, deserves credit.
May 13th, 2008 at 10:06 am
BETAMAX,
Sales trends are low and further low 2% in 2009 compare to 2008 but prices will countinue to climb.
Listing means just listing to sell to make good money people who own those resale homes are already paying their monthly payments and lots of them are paid off so it doesn’t matter if the listing grow further, if your sister is not getting bussiness- has nothing to do with market trends.OTHO she can find another part time job as well,if she is really a realtor otherwise who knows your motive.
Do you have a link to her website?
May 13th, 2008 at 9:42 am
Comment by betamax
2008-05-13 08:28:09
things are dead for her and everyone in her office, which is not what she expected mid-May.
*********************
She wasn’t expecting it? Really? Is she illiterate or simply stupid?
May 13th, 2008 at 9:38 am
After much anticipation the lights are dimming and the show is finally beginning. For the enjoyment of all, will the likes of Krrish2 and others please turn off your cell phones , sit down and keep quiet.
May 13th, 2008 at 9:27 am
Doesn’t look promising.
Depends on who you ask.
May 13th, 2008 at 8:28 am
My sister, a realtor, had her best year ever last year. This year, sales started strongly, but now things are dead for her and everyone in her office, which is not what she expected mid-May. Doesn’t look promising.
May 13th, 2008 at 8:21 am
Bears who were lurking since that long need to get into the market as defeated bears and new comers need to learn a lesson from the veterans bears.
…or BUY SOMETHING! please……
bears are winners
bulls are dinners
May 13th, 2008 at 8:14 am
“We weren’t wrong four years ago, any more than the bears in the US were wrong four years ago”.
Yes you does otherwise you should be home owner,you should have paid 35% off of your mortgage and you should have earned 123% appreciation.
If you do not include in the above then it’s preety much clear that you guys are the one to fit in DI category,people who always look for crash.
You should either have complained four year ago or you do it now but both case 4 and zero are not acceptable.
Bears who were lurking since that long need to get into the market as defeated bears and new comers need to learn a lesson from the veterans bears.
May 13th, 2008 at 7:56 am
Paul’s numbers are not a data entry error as evidenced by all the realtors posting troll posts here, they have nothing else to do. SATV has obviously not had any sales in a year or more.
May 13th, 2008 at 7:17 am
that’s FOUR YEARS AGO. How long do you have to be wrong
We weren’t wrong four years ago, any more than the bears in the US were wrong four years ago. Events have since proved that they were right all along. Here there is no proof one way or another – yet.
The jury is still out on Vancouver. I have a pretty good idea what the sentence will be, but we’re going to have to wait a bit.
May 13th, 2008 at 6:55 am
tokyob,
Are you newcomer in vancouver?
“Dude, you ain’t seen nothing yet”.
Exactly:The olympics are in 2010.
May 13th, 2008 at 6:36 am
…many of us felt that by 2004 or so, the market was getting overvalued…
Dude – that’s FOUR YEARS AGO. How long do you have to be wrong before realizing maybe some of your assumptions are not in line with reality?
May 13th, 2008 at 4:56 am
vancouver…great place in july and august and the first half of september..1 question? how come it couldn t get the summer games? …you know the answer… enjoy your crash…
May 13th, 2008 at 12:47 am
I know a few people that are going to get hurt and I will take no pleasure watching it.
Owner-occupiers who have bought at absurd prices have already hurt themselves by committing themselves to interest on debt greatly exceeding the benefit (rent equivalance) of their properties. That’s going to continue whether prices go down or not.
The value of a house (as opposed to its price) is the present discounted value of its future net rental income, and if you buy a house for more than that, either you or a greater fool are going to take a loss on it. No way out of it, no matter which way prices go. And if you are counting on a greater fool to make you whole, you are a speculator by definition.
And in any case nominal prices will eventually recover. After 1981 it took 8 years, probably more this time, but they will recover.
May 12th, 2008 at 10:59 pm
I was just talking to a US convention visitor today who remarked “your downtown is kinda dead”.
Dude, you ain’t seen nothing yet.
(But don’t blink or you will miss all the excitement during the Olympics).
May 12th, 2008 at 10:50 pm
just had writen fucking comment on self made story a jealousy from ontario spread to vancouver you idiot anecdotal dum head fuck off you bitch.
“Self-waterboarding with the RE Koolaid.” « Vancouver Real Estate Anecdote Archive Says:
May 12th, 2008 at 10:43 pm
[...] May 2008 · No Comments This bizarre but arguably apropos image from scullboy at Vancouver Condo Info, 2008-05-12 18:53:56 [...]
May 12th, 2008 at 10:42 pm
man oh man. being 35-45, with a wife and one or two kids, living in the westside and owing 800-900k is just depressing .
kind of ruins the point of making all that money when all you do with it is pay interest to a bank.
May 12th, 2008 at 10:07 pm
“Listing have jumped over 1100 in the last week, according to Paul B’s numbers. This isn’t just a one day blip.”
Give it another week to ensure it’s not a data entry or backlog problem. If it holds up make sure you get a good seat. It will be terrific.
I’m with nyc though. I know a few people that are going to get hurt and I will take no pleasure watching it.
May 12th, 2008 at 9:54 pm
It’s always cheaper to rent then to own
That would mean (if it were true, which it’s not) that landlords would always lose money.
Now just why would they want to do that?
The reason why people go into business renting anything – be it houses, cars, skis, etc, is that owning is cheaper than renting. That’s how they make a profit.
“Investors” (really speculators) are buying houses and condos today in the illusion that perpetually rising prices will offset operating losses. When rising prices go away, so will the illusion.
Yet another example of RE ideology – statements which are contrary to evidence, never mind unsupportable by theory, being served up as fact.
May 12th, 2008 at 9:50 pm
Listing have jumped over 1100 in the last week, according to Paul B’s numbers. This isn’t just a one day blip.
May 12th, 2008 at 9:35 pm
30,000 fuel trucks are being pumped in the gas stations.
Gazzilions gigabites energy is being store by bc hydro.
2.5 millions gallons of milk are being available in store to buy from vriety of selection,
So 16426 homes are available to buy the difference is energy,fuel,and milk gallons are fresh or refurbished but 16426 listings are resale homes,good to chose the best.
May 12th, 2008 at 9:28 pm
Ridiculous numbers from Paul B’s site. If anything remotely similar continues, idiots like Krrrish2 will soon disappear with their tails between their legs.
I just can’t see there being reprieve with the ‘in construction’ pipline so full.
The listings are huge, but the sales are next to nothing, I can only guess they focused on getting the listings out as RE board mentioned it’s promised to do so within 48 hours. If not, well, sales are slipping bigtime.
May 12th, 2008 at 9:20 pm
16426 – Paul B’s number for today. I almost soiled my pants.
May 12th, 2008 at 8:33 pm
I am surprised how freako miss the oppertunity?question that bother me, how to claim self best when you were not forming the lineups at right time?????
May 12th, 2008 at 8:31 pm
Blueskies,
you are not included in the domestic IT’s I know you and drachen and miss anthtropic crumdgeon are very honest bears.
May 12th, 2008 at 8:25 pm
take your 20-30 thousand haircut now, you know you want to.
classic case! pain now or more pain later..?
May 12th, 2008 at 8:23 pm
nyc:
your nerves are getting to you, sell your place so you can start sleeping again. this is a bear site, the only bulls that post here are the ones that like stirring the pot or ones that want the validation that they made a mistake buying near the top. your condo is probably not going to drop that much but the ride is going to be too much for you. take your 20-30 thousand haircut now, you know you want to.
May 12th, 2008 at 8:18 pm
has been self-waterboarding with the RE koolaid.
LOL!
good description… Rennie Marketing Redux!
also congrats on your new digs…..i can see SATV scouring the core seeking your humble abode
May 12th, 2008 at 8:16 pm
Why buy ever though? It’s always cheaper to rent then to own (especially if you include oppurnity cost on the downpayment), just keep investing the difference, and laugh at the owners. Why care about a correction at all?
1. In the long run, it really has been cheaper to own. I expect that to continue once this bubble has burst.
2. The intangibles of ownership (pride, stability, blah blah)
Assclowns like you don’t realize that the meltdown you are hoping for over will hurt everyone in Vancouver (including you), not just condo owners
What stupid kind of comment is that? People wish for this misallocation to end sooner rather than later so that there will be fewer people negatively affected. This has nothing much to do with “hoping” for a crash, but rather a return to normalcy, which includes prices that are fundamentally justifiable.
May 12th, 2008 at 7:47 pm
but that does not make your case for crash! either you buy- or you rent, that’s normal. for example:Since how long have you been renting?Did the market crash since than?or if that would lead to further crash? no, yeah!so it’s doesn’t matter if you buy or rent!!!!!
these blogs are to look into the matter if vancouver r.e. carry bubble in it or not.
issue for this post”PRICED OUT” is to decide how to reserve a piece for your self in Vancouver?
Type of attempts that could be helpful for people to stay in the city,some facts as following……..
1.How to increase your income?.
2.Where you can find a place according to your income?
3.Weather you can buy a house here or condo?
Rob A. makes a good point that is the issue from this post.
NYC is getting angry on you guys because you are not in your sense.
NYC is still being nice to you he has limit himself by calling you assclowns but i think most of bears need to be called “DOMESTIC IDIOTS” all those sold out owners who begging for recesion while economy here is better than the national growth 2.5% compare to 1.5% and countinue to grow at higher rate later.
Here is stratamans i.q’s “sold 2005″ are you serious to tell people their i.q’s?????
Sonika are you sure those snow shoveling cities are better than Vancouver?sure you did not read the link where Vancouver,B.C.is talk! talk!! talk!!!.
May 12th, 2008 at 7:47 pm
Every young couple is chasing the American dream (home ownership) This dream will become a nightmare for many and
that is the fact. Bankruptcy, Divorce lots of good stuff before the divorce (horrible fights, excessive drinking…)
May 12th, 2008 at 6:59 pm
Rob: You buy stock with an eye to where they’ll be in the future.
And yes, downtown is the place to be. Of course at current rates, you can rent and spend your extra money eating out at cafes every night.
I still don’t get why people think you need to *own* in Vancouver to enjoy downtown….
May 12th, 2008 at 6:57 pm
I’m thinking an interesting side effect of the impending bust will be increasing strata fees, quite a few units in a development may not be generating strata fees. Distressed specufestors will be arrears, being very reluctant to pay a fee when they have no tenant. Suites may become ownerless due to foreclosure, or just an inability to sell newly built unowned units. Thus the tenanted suites will be specially assessed in order to make up the balance. Or something.
Any thots on what will happen to condo fees in the impending bust?