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June 7th, 2009 at 12:49 pm
I’ve talked to a few people now who are looking again or at least thinking about looking again. They are dissatisfied with their current rental because its too expensive or is substandard housing (and substandard landlords). So they are looking a shiny new condos and only thinking howmuchamonth.
This is too bad because apparently they are not aware but they the rental market hasn’t been so good in years. I guess this is due to the hype about “low vacancy rates”.
So with these folks giving up for a life of mortgage bondage the rental market will get sweeter. I’m seriously considering moving next year, because the options might get irresistible.
June 7th, 2009 at 12:34 pm
“We have more sales happening right now than we did last year.Oh really? yoy yoy yoy ok ok.mom mom mom ok ok. http://agentwill.com/weekly-stats/”
There is a bigger uptick in listings (some sellers finally waking up to their last chance?). For the first time in the last month, the sale/list has finally dropped out of the 80s to 78%.
June 7th, 2009 at 11:26 am
No doubt about it, the market has started to cool down the last few weeks.
Remember, it takes about 2 weeks for this to show up in any stats, and the message should be loud and clear by month end.
June 7th, 2009 at 9:33 am
“He felt that first timers were those who had sat on the fence for the past 2 years and bought into the hype that the market had bottomed. He agreed that it was likely that the first timers would soon dry up and prices would drop.”
In past boom and bust cycles, the first timers eventually came to the rescue, after 5 years into the bust.
This time the first time buyers that would have been in 2015, have already bought.
Love it this downturn will last until 2020.
June 7th, 2009 at 8:48 am
I was at an open house in point grey yesterday and viewed a townhouse for 849,000. The realtor was surprisingly candid, and said he was surprised in the upturn in sales. He also said that in the past 6 weeks he had experienced a frenzy of first time buyers and multiple offers over asking.
He also conceded that things were starting to stall and thought it odd that listings were not rising in light of a rash of buyers with preapproval and down-payments burning holes in their pockets. He felt that first timers were those who had sat on the fence for the past 2 years and bought into the hype that the market had bottomed. He agreed that it was likely that the first timers would soon dry up and prices would drop.
June 7th, 2009 at 8:41 am
We have more sales happening right now than we did last year.Oh really? yoy yoy yoy ok ok.mom mom mom ok ok. http://agentwill.com/weekly-stats/
June 7th, 2009 at 8:41 am
RennieWhereRU?:
Yes I have to agree with you. Fundamentals are out of wack and while I like vancouver, I don’t see it as a true world class city, although few cities really are, overall vancouver is a nice place, emphasis on nice – agree 100 percent that re does not reflect the local job market or the city as a whole – London, UK has pricey re – but an average wage is around 130,000 dollars a year – vancouver 45,000. I guess it also comes down to your personal situation, if you are content in life, it will rub off on where you are living. If your unemployed or underemployed or are having a tough time on the personal front, anywhere will suck.
In short, while i understand how people vent with the relationship of vancouver and its outrageous RE, I;ve done it myself, it doesn’t make vancouver a hell hole, far from it.
At this stage in my life where I’m focused on career, vancouver is a good fit, if i was still a younger man, I might have taken to the road again – who knows.
Hopefully some sanity will make its way back into the market – i;m sick of waiting.
June 7th, 2009 at 8:23 am
dboy, I agree with one of your comments (rent is pretty cheap; why would you buy!), some of which are based on natural environment and the others well I guess yeah personal difference or experience (come on transit system bites). Have travelled, but cant comment too much because I’ve only ever lived in four other cities for longer than six months, and three of them for me outranked Vancouver easily. I guess the one thing that really irks me are all the fools that go on how Vancouver is world class and the rest of it. True world class cities do not need to promote themselved as being world class. Also can not stand the media and real estate pumpers that continue to state Vancouver is different. I guess the main thing that bugs me is that real estate prices in no way reflect the quality of the city and its underlying economy (there is no real economy here!)
June 7th, 2009 at 1:33 am
http://www.vancouversun.com/Bu.....story.html
Whoa! nice big drops!
Let’s hope those aholes from RET Talks don’t come here.
I remember Mike Stew^&t when he got run out of film, now he posts on RET and explains why he’s been run out of other industries.
June 6th, 2009 at 11:22 pm
Let’s hope that asshole from RET does’nt show up here.
June 6th, 2009 at 10:42 pm
Just popped over to RETalks.
Bulls and bears having a pissing match.
Every thread got some idiot posting a picture of bull fighters getting reamed.
What a fcking waste of time.
June 6th, 2009 at 9:30 pm
RennieWhereRU?: RennieWhereRU?:
I shall try but it really comes down to too much subjectivity. Vancouver, although not without its problems and challenges is a great place. I like the clean air, I feel safe and not once in 16 years have I ever felt threatened – not even on the DTES (I’m a cop here and its way safer than other places). I wish I could say the same for Europe where I have lost count of the number of times I’ve been assaulted while minding my own business. If you think traffic is bad here, try driving or even parking in Europe.
Great restaurants abound and are very affordable. I love how ambulatory Vancouver is. It is very easy to get around on foot. I walk everywhere. Transit is very reasonable I would even say cheap. Walks along the beach, the seawall, coal harbour and Stanley park – amazing – even in the rain. World class skiing, mountain biking, sailing and diving within reach of most people.
Rent, despite those who grumble on here is very reasonable overall and an average wage can at least rent something liveable in a good area downtown.
Respectful youth – kids stay kids way longer over here. I like that and respect it. I like Canadians – ( and no not naïve – ive dealt with the worse in my line of work) By the way your comments about the taser incident are not called for on here and have no relevance.
I like the new buildings (sad that the old one are neglected as in hastings) .
I still get a buzz after almost 17 years, that must mean something.
I don’t mind the weather although a little less rain would be nice. I moved here from Miami – where would I prefer – easy – Vancouver no contest.
I don’t suggest there are not better places, there are – San Diego for one – but after travelling the world – Vancouver ticks a lot of boxes. Will I stay here for ever – not sure, but I will always have a soft spot for the place.
Travel a while – you will find better, but I dare say a hell of a lot worse.
June 6th, 2009 at 4:47 pm
RennieWhereRU?:
#36 RWRU, scratch the ‘ocean’ part off your ‘nice part’ list. I wouldn’t swim in the water surrounding Vancouver if you paid me to. The fact that the COV pumps almost one billion liters of untreated raw sewage into the inlets, creeks and bays every single day of the year makes it a toxic ‘no-go’ zone for me. I don’t care how safe the COV says the daily ‘coliform count’ is ( if you can believe them which I can’t bring myself to do) I don’t swim in shit, not even a my own. I wouldn’t let my kids and I don’t want to pay thousands in vet bills to get the dog out of the hospital.
Heres an interesting thought. If the burgeoning world powers cap the US dollar dominance by facilitating the international use of another ‘super-national’ currency such as the proposed IMF drawing rights ( a very real possibility) then this would also proactively subvert Canadas ability to keep our dollar under valued by selling massive amounts of $CDN to buy USD to keep the CDN dollar from trading freely on the word FX ,market. Canada would be forced to diversify into the new trading regime and the commodity basis our the $CDN would rise by osmosis.
The US has been able to over rule such proposals in the past by pointing thier guns at the countries who have suggested supplanting the USD. Such a thing simply isn’t feasible in the case of Russia and China. Many countries would greatly benefit from trading in non-usd currency from far less volitility ergo increased predictability of FX reserves valuation. So far the US war machine has been able to profit from the weaknesses of smaller countries dependant on a US centric financial system. I think China and Russia have learned from the Euros emergence and see what it has done for that economic zone. The idea of this happening must scare the shit out of Canadas currency manipulation task force who have kept wages and currency at artificial lows for decades.
http://www.ft.com/cms/s/0/6fee.....abdc0.html
June 6th, 2009 at 4:22 pm
Supra, are you drunk? That 11.8% price drop is the the benchmark price drop for west side detached. Go to the REBGV website and look at the stars pack that was just released.
June 6th, 2009 at 3:13 pm
dboy. List a few good points other than mountains and ocean, you know something good about the built environment and its society.
June 6th, 2009 at 2:30 pm
RennieWhereRU?:
Yawns out loud…..
Try to be original would you. Sure Vancouver has its problems, over priced re being one, but its still a great place to live. I.m not from here nor am I even a North American.I’ve lived all over the world and choose to settle here. I wouldn’t go as far as to say it the best place, hell wouldn’t even make my top 5, but its got more good than bad points.
When you find utopia, can you please let us know where it is?
June 6th, 2009 at 12:07 pm
I predict I’ll win the lottery next week. Can’t wait…
June 6th, 2009 at 12:05 pm
Are they the same economists that said the world had decoupled from the US and that Canada would not enter a recession?
June 6th, 2009 at 11:23 am
Thank you all for your squeaks. I am not going out to waste on any overpriced tree holes or inflated nuts. I am glad to have my acorn stash, how fancy needs a chipmunk to be?
(I know, far out, but..we are all biological beings and related.. survival of the fittest)
(it said friday free for all)
June 6th, 2009 at 11:19 am
Economists are predicting that the global economy is tilting from recession toward recovery with the world’s economic engines expected to shudder back to life this year and next. http://finance.sympatico.msn.c.....d=20231940
June 6th, 2009 at 10:14 am
Heard from a couple of realtors at a barbeque lasr night that the spring sales flurry is definitlely slowing, although they did’nt really know why (or refused to guess).
My guess is that the number of greater fools must be drying up, due to interest rates going up, and warnings of joblosses getting scarier and SCARIER.
However elusive any recovery might be, it’s already being coined as the “jobless recovery”….(just googled it)
June 6th, 2009 at 10:09 am
“I’ve been here reading posts since last year and everyone’s been calling for a massive drop which hasn’t happened. I’ll be around laughing this time next year at you”
Are you serious?
June 6th, 2009 at 3:21 am
Supraboy:
Have you ever checked out housing prices in Beijing and Shanghai?
China’s Own Version of the Real Estate Bust
“Real estate price war!” the headline in a local paper blared. “Prices continue to move lower.” It’s a “great time to be a buyer,” another story reads. If there was something plaintive about those stories, it is because buyers seem to be in hibernation these days. In a report published earlier this month, the country’s central bank said the “number of residents willing to buy a home in the next three months is at a record low.”
If you think this is the latest, depressing tidbit from the historic real estate bust in the United States, think again. The other former global growth engine — China — which saw its own real estate bubble expand in the last five years, has now got its own property market problems — and they’re intensifying.
June 6th, 2009 at 2:21 am
retard. next.
June 5th, 2009 at 10:11 pm
“and 11.8% down from 2008. That’s a bigger loss than condos, both in percentage and pure dollar terms. You were so keen on property a year ago, how much did you buy then? How much debt you haulin’ now?”
You pulled that 11% from the condos and east side and lumping it into the west side. You’re obviously grasping at straws. If you ever got a permit to cross Cambie into the West side on a sunny Saturday weekend for open houses, you’ll find out that prices might even be higher than 2008.
I’m not here to post for the sake of arguing, I’m just stating some clearcut facts.
Guess what, about the middle class, Vancouver West doesn’t need the middle class to support it. The people from China are flocking in like there’s no tomorrow.
Did you know that 3 million dollars is like a piss in the bucket for them? Have you ever checked out housing prices in Beijing and Shanghai? You’re looking at an avg of 10-20 million dollars for a decent property in the center.
I’ve been here reading posts since last year and everyone’s been calling for a massive drop which hasn’t happened. I’ll be around laughing this time next year at you.
June 5th, 2009 at 10:11 pm
Patriotz.
When will you understand that Vancouver is different; we have crack heads, prostitutes, gangsters with no regard for the law, cops that will not hesitate to kill you if you get stuck at the airport and do not understand the local language, rain for 9 months of the year, raw sewage pumped into our harbor, corrupt politicians, an economy based on nothing and losing 1,000′s of jobs every month, 2010 Olympics and associated $2 billion plus debt, 1950′s infrastructure, pathetic public transit system………… me can’ts wait to get out of here!
June 5th, 2009 at 10:08 pm
Supraboy, why the hostility? What’s bitter about asking a public forum for information that has affected my neighbor and may be affecting my family? With all due respect, you’re the one who sounds bitter, about what I have no idea. You are way off with regards to my intent and my financial status, and I have no idea what your beef is.
Anonymous #23, with all due respect, you are being both ignorant and cavalier. My neighbor has two young children. You dismiss their health concerns as “seasonal allergies?” You think I came on this forum simply to express some bear market gloom and doom?
All I asked of this forum was if anybody had any useful information about contaminated Chinese drywall, a problem which seems to be turning into a major problem in the States, and according to the Sun article I cited in my original post, enormous amounts of this same drywall came through Vancouver. I have first hand contact with a family which seems to be suffering from its effects. Does anybody else have any information? Not really interested in ignorant and rude hostility, thanks.
June 5th, 2009 at 8:49 pm
Moody Blues, you are at far greater risk from catching “bearitis” than any drywall mishap. Your neighbors have seasonal allergies.
June 5th, 2009 at 8:37 pm
“houses in the west side are 30% higher than what it was in 2005.”
and 11.8% down from 2008. That’s a bigger loss than condos, both in percentage and pure dollar terms. You were so keen on property a year ago, how much did you buy then? How much debt you haulin’ now?
And you say you’re looking for a west side house, it’s not like there’s a lack of listings if you think this price level is sustainable. It sounds like you’re pretty sure you can’t go wrong, so just go ahead and buy something already.
Good luck suckaboy!
June 5th, 2009 at 6:23 pm
^^ supra, if “middle class people” can’t buy a property, then who is suooporting the market?
everything you say betrays your lack of understanding…
June 5th, 2009 at 6:19 pm
realpaul and muddy boos, you guys sound like bitter middle class people hoping to get a sniff of buying a property which will never happen. It’s so funny to see the same group of doomers here everyday crying foul and spreading bad news trying to tank the markets. I really wonder whether any of these doomers here will even buy a house.
They should rename this site to the ‘BitterAndLeftOut.com’. I can see that houses in the west side are 30% higher than what it was in 2005. Get with the program boys and girls, it ain’t coming down.
June 5th, 2009 at 5:15 pm
Thanks for the reply, realpaul, but it sounds like a separate issue. The contaminated Chinese drywall is not mold. It seems to be contaminated gypsum that vents toxic and corrosive sulphur compounds.
June 5th, 2009 at 4:33 pm
Moody Blues:
#16 MB , there was some bad publicity come out of a subdivision in Victoria. The plan had included a small percentage of ‘affordable housing’ in the scheme. One of the ‘affordable’ units went into full bloom mold super-growth. Real science fiction stuff like ” The Mold from Outer Space’ type thing.
The family had been suffering from all sorts of ailments and had to move out. The owner then tried to go after the builder and the city inspector was called out. The city and the builder ganged up on the young couple saying “it’s your fault’ for not using the heating system etc etc. But it was very suspicious to anyone who’s building and mold and the case went dead very quickly. There very well may have been a cover up as there was in the early days of the leaky condo scandal. No one is ever to balme until it’s too late to sue.
SupraBoy if you want to find building lots for sale at better prices you have to do it the old fashioned way. Get in your car or on your bicycle and drive every area you want to take an intrest in and write down all the addresses of the vacant lots and older houses which would be tear downs, Get your realturd to run all those addresses through the computer and the use the criss cross directory to get the names and numbers of the owners of record. You can skip the realtard and go to the library where they ALSO HAVE A CRISS CROSS DIRECTORY. But that doesn’t allways get the owner of record. So, do waste a real tards time, they deserve the aggravation for being such useless pricks.
You then have to call each one of them and ask the dreaded question ” When are you going to sell?” You would be surprised at the answers you’ll get. They’re not always negative. A guy I knew used to pretend he was a local just looking for a place to relocate to with his new family. Boo Hoo, what a sob story. Make up your own LOB.You can always get lucky and find someone who hates real tards and builders and sometimes everyone else too, but they will be willing to discuss it. It’s a process though and not an event and you may have to bang on doors for a long time before a break bites you in the ass. But it’s just like all those crazy infomercials on late night TV about getting rich in real estate ” Be Persistant’.
Now for sure most realtards are too stupid and lazy to do this but if you want to get a property that someone else isn’t flipping you have to get at the fresh meat under the scab which is the real estate market.
You seem like such a hapless boob I thought I’d throw you a bone.
June 5th, 2009 at 4:13 pm
Supraboy, it’s so cute that you’re so frustrated that no girl likes you, you come here and troll to make yourself feel better!
It’s okay Supra, your mum thinks your cute
June 5th, 2009 at 1:56 pm
First post here and just wondering if anyone on this forum has any further info on the contaminated Chinese drywall issue. http://www.vancouversun.com/he.....story.html
Maybe the regulars here have covered this already? I’m renting in a newly-built townhouse in P. Moody (stand alone building, not a large development), and my neighbor’s family has been suffering from the health problems they’ve seen in the States: mysterious rashes, nosebleeds, congestion that won’t go away. They also do seem to have visible corrosion (black, not green) of copper on their hot water tank. He phoned Health Canada and was advised to move out ASAP, which he is doing July 1. (I got the impression it was not Health Canada advising him to move, just the personal opinion of the guy he was talking to.) We have no issues in our suite, but are now vigilant. Glad to be renting anyway, as there is no way to figure out which sheets of drywall are bad, etc., and getting rid of it costs 3/4 of the original construction cost. If this turns out to be pervasive problem, I can’t even imagine what the economic consequences would be. Anybody with any more info or thoughts on this?
June 5th, 2009 at 12:28 pm
Hey Mold city,
I’m not out looking for condos, I’m looking for pieces of land in the West side. If you can find a decent one for me, please let me know. Land is limited. I don’t play kids games with condos.
June 5th, 2009 at 11:20 am
Supraboy: Keep on hoping for the price drop which ain’t going to happen.:
Sorry, what planet are you on? You do know that prices are currently down more than 10% right? And that EVEN REAL ESTATE MARKETING GROUPS predict them to fall further over the next couple of year right?
But by all means, if Vancouver real estate is a good buy in your alternate reality get out there and buy some condo presales. They’re down by much more that 10% so far and still going begging.
Good luck with your shopping!
June 5th, 2009 at 10:24 am
realpaul:
Well said! Great post!
June 5th, 2009 at 10:14 am
Is there anything rich Asians CAN’T do??! I foresee a series of graphic novels expanding on their super powers followed by a Hollywood blockbuster entitled “Real Estate Armageddon: The Quickening” starring Edison Chen.
June 5th, 2009 at 10:06 am
“Unemployment still going up despite the best efforts of the DENIERS to say otherwise. This has to be the worst case scenario for the denial club; control of the newspapers, control of the radio and control of the advertising medium and they still can not push back the tide of reality.”
Who cares about unemployment, rich Asians are still flowing in. Keep on hoping for the price drop which ain’t going to happen.
June 5th, 2009 at 9:38 am
Unemployment still going up despite the best efforts of the DENIERS to say otherwise. This has to be the worst case scenario for the denial club; control of the newspapers, control of the radio and control of the advertising medium and they still can not push back the tide of reality.
Heres the point, low wages and high unemployment cancel out the phony low intrest rate push by the Fed. The world calls this period ” a sugar high” , how appropriate. It was prices that killed the real estate market because an increasing rarified few could afford to buy without abra-cadabra schemes to finace them into these bogus and wholly unsutainable mortgage plays.
It’s laughable to think that the government can play silly buggers with intrest rates and expect the world to put thier profits and wages on hold….. expect to import inflation on everything you need to consume.
This is going to be the outcome; as you have seen commodity prices rise world wide because they are NOT priced in Canadian dollars. So to think intrest rates don’t have to go up and inflation won’t bite, your dreaming. We will fall again hard in the real estate market as prices get jacked up due to manipulated low sucker rates. This markets has nowhere to go but down.
http://www.vancouversun.com/bu.....story.html
June 5th, 2009 at 9:36 am
“Drachen Says:
June 5th, 2009 at 9:22 am
For once I agree with you Dave, I think the stat is skewed by a high percentage places like Bountiful compared to other provinces.”
Speaking of Bountiful, those are really a bunch of sick puppies. The morality/legality of polygamy aside, all the under-age marriage that goes on is abhorrent.
June 5th, 2009 at 9:27 am
“Dave. Says:
June 5th, 2009 at 9:18 am
Just_Spiffy:
I don’t think those poverty stats really mean much. There are a lot of assumptions that go into the calculation that don’t always reflect reality.”
Although I agree the poverty stats are an arbitrary benchmark, they do still provide objective criteria on which to rate cities and provinces across Canada, and we score abysmally here.
June 5th, 2009 at 9:22 am
For once I agree with you Dave, I think the stat is skewed by a high percentage places like Bountiful compared to other provinces.
June 5th, 2009 at 9:18 am
Just_Spiffy:
I don’t think those poverty stats really mean much. There are a lot of assumptions that go into the calculation that don’t always reflect reality.
June 5th, 2009 at 8:58 am
Anyone wishing to relocate to improve their quality of life or financial situation should research before you go. I think all parts of Canada are either feeling the recession or will be feeling it very soon. So beware.
Even in the praries (mainly talking Saskachewan here) where I was born and raised, is not as peachy as you’ld think. Yes, it has the least drop in unemployment for now… but just wait. Housing prices has been going up steadily and the weather there this spring has so far… sucked. Last night, it froze again (this is June!!) Sask is a farming community and I’ve heard stories that a lot of farmers haven’t even put in crops (some missing for the first time in over 25 years). Those that have sewn, have seen their tiny plants frozen at the 2 leaf stage. Many farmers will no-doubt have to purchase feed for their cattle this year – cutting into their profits.
Yes, Ontario depends upon the auto industry and now that’s gone bust. Alberta depends on oil, BC depends on tourism (bye-bye cruise ships and USA travellors without passports), hurting forestry, etc. And Sask depends on it’s farmers and the spin-off that it creates. One in every four jobs there is either tied directly or in-directly to farming.
The Canadian recession is only starting to heat up so stay tuned. Just wait until fall. This spring surge in real estate is only a small blip a false start. Just wait….. I remember someone else comparing it all to a roller-coaster ride and we are just rounding the corner for the downward spiral. Wheeeee!!!!!Just remember to keep your arms and legs inside the cart.
June 5th, 2009 at 7:45 am
Personal bankruptcy rates rising in BC.
“Many people who have been hanging on as long as they can reached that point of no return. …..rates in B.C. are particularly high compared to the rest of the country because of the recent real estate situation; when many people were caught buying homes that they really couldn’t afford.”-
“THE BEST PLACE ON EARTH!”-isn’t it?
http://www.news1130.com/news/l.....12638_5256
June 5th, 2009 at 7:39 am
I heard on NEWS 1130 this week that BC has the most children in Canada living in poverty. 16% of kiddos in BC. The national average is 9%.
BC is a beautiful place and it had a good job market until recently. I wonder though, if unemployment here rises too much, how many families may move away to more afforable parts of the country. I know we’ve considered it. The East Coast is beautiful also and with the money we’d save on the cost of living, we could easily afford to fly to visit BC at least once a year.
I know, I know, the job market is getting hard across Canada. It’ll be interesting to see how the unemployment numbers in BC compare to other parts of the country as this all unfolds.
June 5th, 2009 at 7:05 am
“Canadian unemployment rate highest in 11 years”
http://www.calgaryherald.com/b.....story.html
Canda’s unemployment rate reached 8.4% today.
Pay close attention to BC’s numbers in conjuction with the rest of Canada moving forward. The construction industry in BC is set to retract from 225,000 employed, back to 100,000 or less over the next 6-12 months. That’s approximately 1.25% of the national average.
The indirect job losses from the industry retracting will be even more widespread.
June 4th, 2009 at 11:40 pm
The agency that is selling Geithner’s house seems to have taken the listing offline but look at the other ones:
http://www.pelhamny.com/
This area is comparable to Vancouver West Side. But the prices for comparable houses aren’t. And needless to say, there’s a truckload more high paying jobs a half hour train ride away in Manhatten.