Province: Vancouver prices up 16% YOY
Here’s a fascinating bit of info for those of you that have been surprised by the spring bounce in the Vancouver real estate market. The Province is reporting that house prices in Vancouver have jumped an astounding 16% since last May!
..Or at least their headline is. Those that read the article may be dissapointed by the actual number:
The average house price for the city and surrounding area was $583,674, down 6.6 per cent from a year earlier.
Nationally, the housing market continued to rebound in May with a fourth consecutive increase in monthly sales, the association said. The Ottawa-based group said the average sale price of a home sold through the multiple listing service reached a record of $319,757.
That’s up 0.4 per cent from May 2008, when the previous record was set. The association said the market is now returning to what it called “pre-recession levels” of activity.
It’s a very bouncy spring bounce indeed.
Hat-tip to Beau for finding this gem.
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June 20th, 2009 at 5:20 am
^^ retard
June 20th, 2009 at 2:11 am
Bear are still in consistent denial.
Let’s take a walk in your neighborhood,and you will find out that every single house with sale sign in the past few months has been sold. People are casting their vote for Van RE with real money. Don’t be a loser and face the reality. RE in Vancouver won’t be cheap because it is well supported by Chinese. Sick and tire of bear’s gloomy since 2002 and they failed miserably since. Hop in now or you will be left in the wild.
June 19th, 2009 at 4:41 am
I give up. Planning my move to another city.
June 18th, 2009 at 11:16 pm
Note to lying real estate economist, brokers, and the lot…anything divided by zero seems HUGE.
June 18th, 2009 at 4:45 pm
jesse: I agree; if every reporter were like Mr. Baines, I’d purchase a subscription to that newspaper.
June 18th, 2009 at 3:21 pm
When only the best will do…
http://realadtors.wordpress.com/
June 18th, 2009 at 3:00 pm
The Sun has some decent reporters working for it. I only wish they would treat other reporters’ articles to the same high standard. I enjoy reading David Baines articles. Now all they have to do is hire 20 other David Bainses and the paper would be a great read.
June 18th, 2009 at 2:42 pm
Canwest has destroyed journalism in my opinion.
They have the party line which no one can cross.
June 18th, 2009 at 1:39 pm
[ring.... ring....]
SomewhereInSurrey: “Hello?”
Caller: “Hello, I’m calling from the Vancouver Sun. Our records show that you currently do not have a Vancouver Sun subscription. Would you be interested in subscribing to the Vancouver Sun at 50% off the regular subscription cost for one year? This offer is only available this week.”
SomewhereInSurrey: “I don’t read very good. They keep calling me illegitimate.”
Caller: “I think you mean “illiterate”"?
SomewhereInSurrey: “Ya. They say that too…”
Caller: “Well then, I understand. Perhaps then you would prefer a subscription to the Province?”
June 18th, 2009 at 11:33 am
More BS from the MSM debunked.
“WASHINGTON – The total number of people on the unemployment insurance rolls dropped for the first time since early January, the government said Thursday, while new claims for benefits rose slightly.
The report shows that job losses are easing after companies made deep cuts earlier this year. But it’s not clear whether recipients of unemployment insurance are finding new jobs or simply using up all their benefits, which typically last 26 weeks.
“It is unlikely that new hiring has picked up in any meaningful fashion,” Joshua Shapiro, chief economist with MFR Inc., a consulting firm, wrote in a note to clients. “More probable is that long-term unemployed are starting to fall off the rolls.”
http://news.yahoo.com/s/ap/200.....economy_28
June 18th, 2009 at 10:41 am
“Rather it is a deliberate attempt by the newspaper to appease a large hunk of its advertisers”
Oh, puhleeeeze.
The Province has sucked since time immemorial. How sophisticated an operation do you think this is? The copy editor and headline writer probably make like 40k a year and likely do most of their work on autopilot. Sales, prices, prices, sales it’s all just confusing business mumbo jumbo. It’s so hard to cut and paste news releases and stay awake!
The suckingness of this housing market is not a big ol’ conspiracy by a cabal of big business to keep the little guy down. Maybe it would be comforting if there was some calculated intent behind it all, but no, there isn’t. Journalistic bias towards optimism, well OK. Deliberate errors in a headline to spin a story that are then contradticted by the text of the article? Fuhgeddaboudit.
June 18th, 2009 at 8:46 am
Strong arm tactics and thuggery the hallmark of Vision Vancouver strategy.
Homeless harrassment from the bunch who dummied up to the mike on a ’save the homeless’ platform, what hyprocrisy!
http://www.vancouversun.com/ne.....story.html
‘Shitty of Vancouver’ beats down an independant buisness man over a desperate cash grab for liquor bucks.
http://www.vancouversun.com/bu.....story.html
Finally, yesterday there was a story about the ‘Shitty Council’ refusing to make room for the ‘Dragon Boat festival’. I say good, I was worried about all those unwitting dupes splashing around in that feces laden and uber polluted water way that the ‘Shitty Council’ continues to ‘unrecognize’. I guess the feces carpet in False Creek wouldn’t do their condo sales campaign much good.
Anyone seeing a pettern forming here in the No Vision camp. Is the little retarded boy in the mayors seat proving to be nothing more than another political masturbation. BTW, ANOTHER 22 MILLION? We ain’t seen the last of these screw ups.
Are you happy that they found $1,000,000 to prop up the dead tree stump in Stanley’s rat park? No issues here, move along.
June 18th, 2009 at 8:36 am
exx:
That’s interesting you say that, I’m over near the drive and have been for 3.5 years and our building has 2 vacancies right now. The funny thing is, we never have vacancies, in my time there I’ve seen an apartment here or there come up but it’s filled by the first of the next month, every time. We’ve got 2 apts open and the sign has been up for about a month now.
Makes sense when you look at the amount of units coming online out there. It’s like musical chairs only you add a condo and remove a renter.
June 17th, 2009 at 10:46 pm
The Pope:
#27, Great wit, nicely written word play, Tolstoy-esque.
June 17th, 2009 at 10:43 pm
The Pope,
You and Jesse are correct. I’m working in place where everybody is about to get laid off. Apathy reigns supreme.
June 17th, 2009 at 10:37 pm
jesse: I don’t know why your comment has been voted down, I think you have a good point. If CanWest was organized enough to operate a conspiracy I don’t think they’d be facing bankruptcy. I suspect it’s more likely that that attention to detail suffers when an copy editor is searching through help wanted ads while on the job.
June 17th, 2009 at 10:14 pm
This Olympics thing is so overrated. I can’t believe landlords think they’re going to cash in on the Olympics. Someone I know is renting out his studio suite in Whistler for the month of the Olympics. Total amount of revenue to be received (negotiated by the property management company) = a whopping $7000. Whooppee. Those who think this is going to be some sort of jackpot will be sorely disappointed, I think. I would say…good luck to them!
June 17th, 2009 at 8:49 pm
Does Canwest qualify for doctor assisted suicide?
June 17th, 2009 at 7:04 pm
exx: But most landlords are still not aware of a recession. There’s one guy/girl/group, who has been advertising the same renovated bachelor in the West End for $1200 for about two months now.
While it is an admittedly very nice renovation, $1200 for a bachelor (it is in an older, not very nice three-story building) is too much.
Once again, I think that many landlords are trying to hit a double, in the hopes that the grand slam of the Olympics will more than make up for not renting the place out right now. Unfortunately for them, they do not know their history and Vancouver will be a repeat of Salt Lake, Beijing, Torino, etc., with respect to cashing in on the boom. In each of these places, there was an avalanche of supply and landlords didn’t make anywhere near the money they thought they would.
June 17th, 2009 at 6:21 pm
I noticed something very unusual coming home today. In the 5 years I’ve lived in this West End building, this is the first time that there has been a vacancy during this time of the year. No wait, make that “several vacancies” according to the building manager.
Hmm.. nearly 1300 rental ads on Craigslist for yesterday.
June 17th, 2009 at 4:21 pm
hey boys and girls, markets holding up really well. Better buy before it´s too late.
June 17th, 2009 at 3:18 pm
Did anybody honestly expect better from the Province? They are a tabloid, nothing new.
June 17th, 2009 at 11:33 am
mold city, I dont know, I cant find the graph, can you post one for me? I’m assuming never, let me see if im right
June 17th, 2009 at 9:53 am
It used to be expensive to buy a full page ad in the newspaper. No one could buy the front page, it was reserved for ‘news’. Journalists took some pride in their work. Thats all gone now.
I’ve just faxed The Province a photocopy of my ass and a promisory note for one dollar. I expect my ass to be front page news tommorrow. Edward R. Murrow, the journalist who said no to the biggest creep going at the time, Joe Mccarthy , at the risk of his reputation and possibly his freedom must be spinning in his grave.
June 17th, 2009 at 9:46 am
“How desperate would you be if your were on the verge of collapse?”
I’d print a story like “Stephen Harper caught killing kitten. Pictures on page 2″ before subtly slipping in some inadvertent typo. Also I’d add more half-naked pics of celebrities like in the rags in England. Maybe more full-page exposees on Holly Wood. She’s a hottie.
June 17th, 2009 at 9:25 am
Sounds to me like everyone that was pre approved for a mortgage at 3.65% is buying because their 90 days is almost up. What are 5 year fixed rates at now, 4.1% (just checked ING which normally has good rates and their at 4.49%). June through Nov, sales will fall off a cliff, I expect 5 year rates to jump to 5.5% soon.
June 17th, 2009 at 9:20 am
“Of all the conspiracies to write about, there are way better ones out there than one about an editor thinking she can pass a false headline off to gullible readers and save the company from bankruptcy. Next story, please”
How desperate would you be if your were on the verge of collapse? The last several years have seen an uninterrupted stream of complete and utter nonsense from the SUN on the state of the local RE market. Why should this particular ridiculous statement be viewed in any other Light?
June 17th, 2009 at 9:12 am
Man this forum is funny. It’s obviously a typo. Sales are up 16%. Read the line above: “House sales hit a high”. Of all the conspiracies to write about, there are way better ones out there than one about an editor thinking she can pass a false headline off to gullible readers and save the company from bankruptcy. Next story, please.
June 17th, 2009 at 8:40 am
How to buy the Sun/Province.
Step 1: Go to a newspaper box.
Step 2: Insert correct change.
Step 3: Open door.
Step 4: Remove ALL newspapers and put in stack on top so everyone can enjoy the paper for free.
Step 5: Put a heavy brick or something on the stack so they don’t blow away.
June 17th, 2009 at 8:20 am
Anonymous:
It’s beyond stupidity, it was just bullshit, plain and simple. We all know they never truly intended on those units to be handed over for affordable housing. I mean, a luxury waterfront condominium, to be used for affordable housing… give me a f***ing break.
June 17th, 2009 at 7:22 am
Vansanity: The affordable housing component of the development, 252 units in total, was originally budgeted to cost about $95 million and will now cost $110 million.
Let’s see… $110,000,000 / 252 = $436,000. Now that’s what I call affordable housing!!!!
June 17th, 2009 at 6:40 am
http://www.cbc.ca/canada/briti.....using.html
“More cost overruns at Vancouver Olympic Village”
http://www.vancouversun.com/Bu.....story.html
“Olympic village fiasco cited as S&P trims credit rating”
“City of Vancouver took another hit Friday as Standard and Poor’s lowered the city’s credit rating from AA+ to AA.
However, S&P noted that ‘the Vancouver real estate market has declined considerably in the past six months [and] assuming the real estate market downturn continues, it is uncertain whether the project revenues or the security taken by the city will be sufficient for Vancouver to recoup all its investment.’”
June 17th, 2009 at 6:32 am
Some here seem to be assuming this article is an error. I (and others here I think) beleive it is not a mistake at all. The editor is not “on crack”. Rather it is a deliberate attempt by the newspaper to appease a large hunk of its advertisers (real estate agents and developers) by printing positve headlines in a negative environment.
Obviously they are trying to maintain some hint of journalistic integrity (I beleive they have none) by having the article include some accurate facts.
If a store lied like this at a sale, e.g. TV’s for 1 cent !!, one could get at least one low priced tv.
If a contract was drafted this way someone would get sued.
But the only thing we can do is loudly protest, tell all our friends, and swear to never buy the newspaper again.
June 17th, 2009 at 6:22 am
Bilbo Bloggins:
http://www.google.com/finance?q=TSE%3ACGS
I know you said that tongue in cheek, but there it is. Their share price is down to $0.19 from an all time high of $21.00 hit on Sep 15,2000.
“CanWest Media missed a $30.4 million interest payment on the notes in mid-March, putting the noteholders in a position to demand repayment of the about $761 million principal amount outstanding plus interest.”
That excerpt was from a WSJ article from April, reporting that their noteholders agreed to allow them more time before demanding payment.
They’re hanging on by a thread.
June 17th, 2009 at 1:54 am
too. damn. funny.
journalism really is dead.
June 16th, 2009 at 11:13 pm
Oh my god I’m going to be priced out forever!!!!
June 16th, 2009 at 10:47 pm
WHAT DO YOU THINK ABOUT THIS GUYS?
THE PROVINCE “Recession’s worst blows still to come
Sharply shrinking economy will knock wind out of B.C. businesses’ sails”
http://www.theprovince.com/bus.....story.html
June 16th, 2009 at 10:28 pm
Anyone care to post the Canwest stock price chart again?
June 16th, 2009 at 10:22 pm
yoword: Are there any years where prices didn’t rise between January and May?
June 16th, 2009 at 10:21 pm
Wow. I didn’t know they used glue to put together an online newspaper, but they’re obviously huffing something.
June 16th, 2009 at 9:25 pm
No, that editor was on crack to miss that. Anyways, prices have gone up since January. Lets see where we are at in December.
June 16th, 2009 at 9:12 pm
Well we’ll see if they plate with the same headline. Was the editor awake?