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July 29th, 2008 at 12:19 pm
In Nova Scotia we paid $1100 for a 2000+ sq ft 4 bedroom 2.5 bathroom *brand new* townhome, plus socked away money.
Moved to Vancouver, and even making more than $100K as a family we really couldn’t afford to buy anything decent. Rent for crapholes is more than we paid in Halifax.
Lifestyle in Vancouver is terrible right now.
July 29th, 2008 at 11:56 am
Speaking of Nova Scotia,
One of my old friends is moving here from there. He is taking a job as a VP for a local company here in Van. He’ll be making an excellent salary with great benefits… and guess what? He’s *not* buying here.
He’s stunned at how much his “lifestyle” is going to change, and not for the better. He’s renting out his 2,100 SF Victorian in downtown Halifax, and when he looks around at the kind of accommodations Van has to offer… well let’s just say he isn’t very impressed.
Every smart, successful person I know who comes to Vancouver from somewhere else has a dislike for the local “lifestyle” koolaid. It’s plainly means for Dosh, krrish, Rob and the rest of the idiots too stupid to distinguish marketing from reality.
I myself am seriously entertaining a move back to the Maritimes, where “lifestyle” means you can afford a nice place on a regular salary…. as opposed to buying lottery tickets and praying to win enough for a 500 sf leaky craphole.
July 29th, 2008 at 11:42 am
Suicide Spreads as One Solution to the Debt Crisis
http://tinyurl.com/do-or-die
Death is an effective remedy for debt, along with anything else that may be bothering you too. And try to think of it too from a lofty, corner-office, perspective: If you can’t pay your debts or afford to play your role as a consumer, and if, in addition — like an ever-rising number of Americans — you’re no longer needed at the workplace, then there’s no further point to your existence. I’m not saying that the creditors, the bankers and the mortgage companies actually want you dead, but in a culture where one’s credit rating is routinely held up as a three-digit measure of personal self-worth, the correct response to insoluble debt is in fact, “Just shoot me!”
July 29th, 2008 at 11:42 am
Anon #41 – Ya, perhaps he’s in the 5 percentile of people that actually know something about investing before doing it. Time will tell. Funny though, I would laugh if the guy bought up real estate at historic highs to make the money grow… just sayin.
July 29th, 2008 at 11:23 am
blueskies,
Not only that, but they are going to buy in Nova Scotia (where they are from). They know where the value is. Even if you win millions of dollars, you don’t sink it into Vancouver real estate.
July 29th, 2008 at 10:55 am
Informer5:
your point being the only way to afford buying a house is to win the lottery…..
everybody else stays out of the market…….
not good for sales going forward is it?
July 29th, 2008 at 10:21 am
Jason Macnutt “warehouse worker” and his girl friend won the millionaire life 2008 residence of burnaby former residence of nova scotia.
Guess who was his co-worker?
Guess what are they buying?
http://www.canada.com/victoria.....bc71dfcdea
July 29th, 2008 at 10:12 am
Anonymous
“He did mention that he’s been renting, so even as a realtor it seems like he hasn’t gotten swept up in the local mania.”
He’s 24. It’s highly unlikely that he could even afford a place unless he’s an exceptionally good realtor (unlikely at that age, he’s probably just a bandwagon jumper).
July 29th, 2008 at 9:33 am
paulb
The fact that he put the note in the bank for almost a year and did not go bling-bling on it says a lot about the person.
He might, just might, be in the 1% of lottery winners whose life is NOT totally ruined by their wins.
I wish him best of luck!
Regards,
arit
July 29th, 2008 at 9:33 am
Hah! Hey he never said he was investing in Vancouver real estate – maybe he’ll be buying up foreclosures in the States. He did mention that he’s been renting, so even as a realtor it seems like he hasn’t gotten swept up in the local mania.
He also stashed the ticket while he considered his plans, so he doesn’t come across as very impulsive. Bet he stashes a chunk of cash for a few years and then starts low-balling desperate over-extended sellers with cash. That’s what I’d do.
July 29th, 2008 at 9:27 am
LOL – Here’s a fun story about a realtor who hit the 6/49 jackpot. He’s 24, just sayin.
Here’s my favorite excerpt:
“I’m going to let the money grow – it’s never going to deplete,” he said. “I’m a big believer in real estate.”
You do that big guy, buy up as much as you possibly can.
http://www.canada.com/topics/news/natio … 1256255009
This guy is a buddy of mine from my BCIT days. LOL! Lucky guy.
July 29th, 2008 at 9:19 am
http://news.yahoo.com/s/ap/200.....clMOEDW7oF
Extreme Foreclosure – a sad sign of the times….
LAKE CITY, Ga. — More than 1,800 people showed up to help ABC’s “Extreme Makeover” team demolish a family’s decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005.
Three years later, the reality TV show’s most ambitious project at the time has become the latest victim of the foreclosure crisis.
After the Harper family used the two-story home as collateral for a $450,000 loan, it’s set to go to auction on the steps of the Clayton County Courthouse Aug. 5. The couple did not return phone calls Monday, but told WSB-TV they received the loan for a construction business that failed.
The house was built in January 2005, after Atlanta-based Beazer Homes USA and ABC’s “Extreme Makeover” demolished their old home and its faulty septic system. Within six days, construction crews and hoards of volunteers had completed work on the largest home that the television program had yet built.
The finished product was a four-bedroom house with decorative rock walls and a three-car garage that towered over ranch and split-level homes in their Clayton County neighborhood. The home’s door opened into a lobby that featured four fireplaces, a solarium, a music room and a plush new office.
Materials and labor were donated for the home, which would have cost about $450,000 to build. Beazer Homes’ employees and company partners also raised $250,000 in contributions for the family, including scholarships for the couple’s three children and a home maintenance fund.
July 29th, 2008 at 9:17 am
Are those seller going to leave this city after their unit get sold?
Interesting side note: I have two friends that have gone traveling over the last year to see the world. They both decided to move away from Vancouver upon return. One already has and another couple will be traveling for a few months more before returning to sell their condo and move away.
Travel is great for giving you perspective. You suddenly realize that ‘lifestyle’ is something you can have in quality, rather than just as an image of someone drinking coffee in a condo ad.
July 29th, 2008 at 9:14 am
those are already absorbed because 20k sellers and there family members are living in them.
Really? Minimilism must be very big in Vancouver then. Looking at interior shots in the MLS so many of those families live without any furniture at all. Maybe they couldn’t afford furniture after paying the mortgage?
Oh yeah, and all those condos under construction are occupied as well, by pigeons, so no problem with oversupply.
July 29th, 2008 at 8:47 am
hi guys,
i saw a recent purchase of a house in east van on lawrence street on june 08 … i think it sold for 600 k… now someone is trying to flip it for over 700 k.
there are still speculators and flippers out there hoping for a quick buck. “caveat emptor” buyer beware
July 29th, 2008 at 8:47 am
Here’s another news article from the crystalball… er… I mean the US:
“S&P: Home Prices Drop by Record 15.8% in May”
news.yahoo.com/s/ap/20080729/ap_on_bi_ge/home_prices
Check out the photo on the top right of the article, the for sale sign on a house in Stockton, CA. I love the “MAKE OFFER!” sign above it. So demanding… so desperate. Sigh.
July 29th, 2008 at 8:11 am
Condohype,
One of my friend sold his condo last month he was surprised to see his own unit on rent priced at half what would be a monthly mortgage payment of purchaser.you can figure out what you want to make out of this in my opinion he is none other than !!!!investor!!!!.
#30 says”We have 20,000 units of inventory for the market to absorb.”
#30 those are already absorbed because 20k sellers and there family members are living in them.
“The only way that 20K inventory will clear is if vendors drop prices.”-#30
#30 you are laying for sure because there are lots of otherway to sell units,there are lots of alternative solution to take it off or sell it.
“Price is going to plummet in the next 2 years.”
#30 That would be 4+2=six year total and you would be counting for decades to come.
“If you own property, GET OUT WHILE YOU CAN.”
#30 then go where?should we leave this city or stay here?
“If you don’t get out, then 20,000 other owners are more than happy to get out before you do!”.
#30 question for you.Are those seller going to leave this city after their unit get sold?In my opinion they won’t move out of this city that’s mean we need to accomodate those 20k seller in almost same size of homes in that case renting tenent will become home owner to take sellers place and most of sellers will take tenents place that will increase the rents again.
I just wanted to tell you some people are playing double double with honest bears first they increase the home price then they increase rent prices.anyway “Smart Buyers and Fool Seller” will be countinue ………..
July 29th, 2008 at 7:06 am
LOL – Here’s a fun story about a realtor who hit the 6/49 jackpot. He’s 24, just sayin.
Here’s my favorite excerpt:
“I’m going to let the money grow – it’s never going to deplete,” he said. “I’m a big believer in real estate.”
You do that big guy, buy up as much as you possibly can.
http://www.canada.com/topics/n.....1256255009
July 29th, 2008 at 3:13 am
I saw a bumper sticker the other day: “If you liked the fast ferries, you’ll love 2010″.
Both were of course Glen Clark’s ideas, although the Liberals like to pretend otherwise for the latter.
But maybe they’ll change their tune if it turns out to be a debacle. It was all Glen’s fault!
July 29th, 2008 at 1:11 am
islander Says: @ betamax. Gratuitous. Your anger makes you weak.
LOL. Thanks, Yoda.
July 28th, 2008 at 11:53 pm
Sorry Thums up! We have 20,000 units of inventory for the market to absorb, and sales are getting worse every day. The only way that 20K inventory will clear is if vendors drop prices. Price is going to plummet in the next 2 years.
If you own property, GET OUT WHILE YOU CAN. If you don’t get out, then 20,000 other owners are more than happy to get out before you do!
July 28th, 2008 at 11:42 pm
Looking for a good time? Next time you go to an open house, tell the agent you’re interested in buying a condo for “rental investment” purposes.
July 28th, 2008 at 11:38 pm
What makes those 64 percent of british columbian,those are sold out owners and sitting out bears on the fences but “smart buyers”are still buying.
July 28th, 2008 at 11:32 pm
Poll: British Columbians think now’s not the time to make major purchase
…64 per cent in BC believe it’s a bad time to make a major purchase and 20 per cent feel it is a good time. That’s the lowest number in the entire country.”
Hmm… that can’t be good for home sales.
July 28th, 2008 at 11:20 pm
VIA,
Past performance is not too bad and the prediction won’t be bad as well-here is little recap for b.c. population growth.
April 1st 2008 4,428,356
April 1st 2002 4,105,904
Little correction for #2.from the total number of homes more than 300,000 homes in metro vancouver are “Subsidized Government Housing”.
July 28th, 2008 at 11:07 pm
Bdk,
Funny thing is that our Drachen live in point grey where few weeks ago browntown has launched a rental rocket going towards moon and bdk i know you live here for sure PostingID: 760537443
“$8000 / 3br – THE “WOW” WATERFRONT PENTHOUSE SEAWALK (COAL HARBOUR)”.-Right?
July 28th, 2008 at 9:52 pm
Pope, how does one get angled bracket’s in a post? My witty repartee has been fatally neutered due to a bunch of [CTRL-C] and [CTRL-V]‘s taken hostage while posting…
July 28th, 2008 at 9:49 pm
If there was ever a journalistic award for mailing-it-in, that article should be a leading candidate.
I’m goin’ on break.
July 28th, 2008 at 7:55 pm
Check this out: The Tyee put an article together for 20k. Many of you are quoted, check it out http://thetyee.ca/Mediacheck/2008/07/29/HomeSlide/
July 28th, 2008 at 6:03 pm
@ betamax.
Gratuitous. Your anger makes you weak.
July 28th, 2008 at 5:08 pm
This is a bit offtopic, but since you guys all seem to be busy feeding the troll I don’t feel bad about posting it here:
Our real estate agent has never met sane people before:
http://www.freemoneyfinance.co.....state.html
Interesting rant about how markets require people with very little fiscal intelligence who get emotionally attached to a house and overpay. Unfortunately for the flippers there’s a bottom to the bucket of idiots as we’ve seen in countless bubble markets throughout history.
July 28th, 2008 at 4:58 pm
Krrish is barely smart enough to push pallets across a warehouse floor.
So he’s probably a realtor.
Look him up in two years, he will be pushing pallets.
July 28th, 2008 at 4:00 pm
Krrrrsh is NOT a harbinger of intergalactic conquest. I mean think about it. They’d have to be smart enough to build a ship to cross the galaxy.
Krrish is barely smart enough to push pallets across a warehouse floor.
July 28th, 2008 at 3:51 pm
Is it inter-provincial migration?
no it is inter-galactic migration of which krrrsh2 is a harbinger…..
July 28th, 2008 at 3:33 pm
Hey Thumbs up2
“population is doubling quickly”
Really? Where are the stats for that. If I may quote a recent story: there’s less immigrants moving to Vancouver
Is the “doubling” of the population due to new births? If so, then you know something I didn’t because Canada as a whole is having less and less babies and young children.
Is it inter-provincial migration? I doubt even if we poached the largest cities in Alberta we could double the population of Vancouver with a snap of the fingers.
Also, how long would the doubling take to be achieved? It’s very different to say the population of Vancouver will double by 2015 than by 2030.
July 28th, 2008 at 3:13 pm
kablooey,
He is using a gibberish filter. There’s lots of them out there.
An example:
Gibberish Generator
July 28th, 2008 at 2:58 pm
He’s not a ‘bot. He’s just a ‘tard that thinks if he runs around spinning and flailing on various blogs (I’ve seen his crap all over the place, he’s like a poo flinging monkey without the restraint) he can keep the market going forever. He doesn’ t understand a darn thing about simple mathematics and he things all markets run on psychology alone.
Personally I think his mom came over here in a cargo container, spent a few years working in meth labs and grow ops were she got knocked up. She spent a few months breathing in fumes from the meth lab and pesticides from the grow-up, then got started in her new job as “hostess”.
Say what you will, it explains his posts.
July 28th, 2008 at 2:23 pm
You’re just catching on now that Krssh/Thumbsup is a bot?
July 28th, 2008 at 1:59 pm
I used to get those same spam emails where it would just be a random collection of fractured sentences:
Mr. Darcy turned to Eliza, the Cubs took the field up 3-2, when will this rain end, one hopes Iraq will disarm in time to avoid nuclear confrontation, you too can be 3 inches longer, population is doubling quickly, bottom liners are being pushed to corners, either apply for government subsidized home or join a team rent….
Somebody checker thumbsucker’s basement for a bank of servers.
July 28th, 2008 at 12:13 pm
Re:#2
“$7500 / 2br – +den, 3 bathroom, Point Grey waterfront home (Cameron St, Vancouver)PostingID: 768759268 craigslist.”
It’s not a joke, Cameron road is waterfront just east of the foot of Alma, it’s closer to the water than Pt Grey Road and every house on that street is multi million dollar, equivalent properties on Pt Grey Road are going for more than that on Unique Accomodations*com for rentals.
July 28th, 2008 at 11:53 am
I really hate to quote so much of an article (same article as above), but read below. This is what I think will happen to many condo developments in Vancouver. Investors will buy whole projects for pennies on the dollar, low enough to rent at a profit:
Real estate agent Steve Koffman of Century 21 Sunbelt Realty said there are buyers who will pick up the unsold part of a whole community, but they’re looking for bargains.
He’s been called by hedge funds and investors interested in picking up unfinished developments, but they can’t afford to pay much and still turn a profit.
“They’re going to need to buy them for 10 (percent) to 15 percent profit along with a cushion because prices are going down, plus sales costs and construction costs,” he said.
The bottom line: Investors may be buying for 10 percent to 20 percent of what the project originally would have sold for.
This has all happened before.
“Look at the Great Depression,” Koffman said. “The Rockefellers made billions buying real estate for pennies on the dollar. There are going to be people who profit.”
July 28th, 2008 at 11:45 am
kablooey et al: feedeth not the trolls
July 28th, 2008 at 11:42 am
If anyone here doubts whether we can have 50%+ decreases, read this from Florida:
“Experts say the wave of speculation that peaked at the end of 2005 – when the median resale price of a home was $322,300 – caused a spurt of construction at prices nobody could pay. According to figures released Thursday, the median resale price in June was $172,400.”
…
“A typical condo in Concordia can be had for about $100,000. That’s 63 percent less than the $267,900 the Van Dresses paid in April 2007.”
I found this on http://thehousingbubbleblog.com/index.html
Original story: http://tinyurl.com/579r7j
July 28th, 2008 at 11:27 am
I think getting angry at Krssh and all his various aliases is a right of passage on this blog (I know I blew a head valve reading him for the first time!).
What does Kramer say on Seinfeld? “Serenity now…serenity now…”
At this point opinion seems divided between an ultra-elaborate Andy Kaufman-style prank, or genuine mental disorder.
July 28th, 2008 at 11:23 am
Is there a software program that can turn an intelligible sentence into blithering lunacy? I’m inclined to think so, no human with the intelligence to turn a computer on can possibly be as mental as this gumball Thums up and his alter egos, Krish et al.
This blog is very democratic, if this goof (I haven’t ruled out the possibility that this is all an act) were to mouth off this way in a public place somebody would eventually punch him in the nose.
July 28th, 2008 at 11:18 am
That’s the great thing about Vancouver: we’re so far behind the rest of the world we think we’re in the lead!
At least the enormous crash will occur just in time for our “coming out” party/2010 (that is if anybody has the disposable income to even show up). Oh wait, I forgot: (repeated over and over in chant-like drone) “everybody wants to live here.”
I saw a bumper sticker the other day: “If you liked the fast ferries, you’ll love 2010″.
July 28th, 2008 at 10:58 am
Did I just translate a comment in pig latin from an illiterate that was quoting a conversation they had with a vegetable?
Have we heard from all the fruits and vegetables now?
July 28th, 2008 at 10:43 am
#2
“$7500 / 2br – +den, 3 bathroom, Point Grey waterfront home (Cameron St, Vancouver)PostingID: 768759268 craigslist.”
I saw this listing too. It’s got to be a joke. That’s $250 a night. I’d rather live at the Hyatt!
July 28th, 2008 at 10:28 am
“Are we building our way into an over-supply situation or simply catching up?”
“It would be better if we keep on making because they will be countinue keep on coming”-Vancouver City Councillors (few months ago in georgia article)
Why?
$7500 / 2br – +den, 3 bathroom, Point Grey waterfront home (Cameron St, Vancouver)PostingID: 768759268 craigslist.
Because of less supply for rental market- rental places are being rent on snap shots after raffles there is no project coming to complete as yet.
We must make more to stop the biding war in rental market or buying and selling,most important part is that stat also keep the jobs in action.
population is doubling quickly, bottom liners are being pushed to corners either apply for government subsidized home or join a team rent as single sleep with four.In metro Vancouver,There are more than 300,000 thousands people are residing in those homes and the left over numbers of homes are not much to talk about that’s why there is no reason for fall only some heedless people encourage other to get in then get out basic fundamental to buy house is“BUY PRINCIPLE RESIDENCE BUT DON”T SELL IT FOR MONEY UNLESS OR OTHERWISE”.-PINTO BEAN.
July 28th, 2008 at 10:10 am
It should also be noted that the Bank of Canada Governor Mark Carney now has powers granted to him by parliament to accept risky asset-backed securities as collateral for ‘emergency loans’, the same loans now plaguing the USA’s Federal Treasury. Expect a rapid dollar fall once that starts….