The Montreal Olympics went ridicuously over budget and Canadians got stuck paying the bill. Which will probably happen a second time around come Vancouver 2010.

Certainly some are hoping for a severe correction. Who knows when it will happen. You dont know and I dont know.

The people who are on this site arent suking and hoping for a huge drop. The people on this site are educated university debt laden grads who are trying to pay off their student loans after obtaining their degrees. Hey some kids dont have mommy and daddy big bucks waiting in the wings to help them out. They are the young employed professional couple trying to raise a family and have jobs (EXAMPLE: The first time homebuyer on this site). Think about those hardworking immigrants that are trying to pay down their mortages.

But your probably a crusty old fossil who doesnt give a shit about his fellow human beings. You just think because you bought your home ages ago, your smarter than the rest of the folks on this site.

Current score: 0 (to vote for this comment, please visit the site)

My thoughts are to hold out. I have a large downpayment saved up. I have a great job..which I hope hold out until after the olympics and for many years to come.

Unfortunatley, many of my customers are losing their jobs and are skilled trades people, managers, business professionals etc. If your parents are going to be providing daycare service please think about what could happen if they become ill suddenly, etc. Its something my cousin had to deal with.

Whatever you decide to do I wish you all the best and everyone else whos out there thinking about making a big step into homeownership.

Let the bubble burst!

Current score: 0 (to vote for this comment, please visit the site)

Current score: 3 (to vote for this comment, please visit the site)

Montreal Housing prices had started to fall in 1975 and the correction was around 23% from 179.1K to 138.2K by 1978. That’s two years after the Olympics.

The Los Angeles stat that you mentioned, from 1984 to the early 90′s… that’s over 6 years of lag.

I think many here are under the impression that we just have to outlast the Olympics and there will be a sudden drop. If this study proves true, you should be thinking down a target purchase date of 2014-2018 for a… 20(?)% discount? Not that it’s anything to sneeze at, but I’m willing to bet some have been on these sites for 3-5 years complaining about real estate prices and hoping that it’ll drop to 40-50%.

Don’t hold your breath.

Current score: 0 (to vote for this comment, please visit the site)

Current score: 0 (to vote for this comment, please visit the site)

“9.3 times income? Again, I know it’s an average and plenty of homes have more than one income (spouses, mortgage helpers, grow ups, whatever) so it’s to be taken with a grain of salt, but it’s just so outrageous!”

No, it’s not averages. It’s much worse than you are suggesting.

It’s medians. Further, it considers median HOUSEHOLD INCOME, so spouses and the lot are counted.

Quote from financialpost:

In Vancouver, for example, a median home price of $540,900 was divided by median household income of $58,200 to create a multiple of 9.3.

Current score: 3 (to vote for this comment, please visit the site)

Current score: 4 (to vote for this comment, please visit the site)

Disingenuous Dave trots out the CMHC numbers on a regular basis. He knows they are a very narrow subset of all available rentals but this is the only argument
he can come with.
There will be a great selection of units available after the Olympics. “Mortgage helper” basement suites as well as condos held by newly minted reluctant landlords. ….gonna be fascinating to watch this tank…….

Current score: 0 (to vote for this comment, please visit the site)

So as usual, Dave is right on the money…

Current score: 6 (to vote for this comment, please visit the site)

Sit tight until after the Olympics and rents come down a bit. Then enjoy your rental for a year or two until mortgage rates go up and force prices down.
Or not. Just don’t count on those mortgage rates staying down this low for much longer.

Current score: 3 (to vote for this comment, please visit the site)

No evidence of a post-Olympics boom or bust for host city real estate prices: UBC study

The headline does not reflect the actual conclusion, which is:

“We do not find support for the argument of host city backers that the Olympics delivers positive economic benefits, nor of the arguments made by opponents that there is some post-Olympic bust,” says Tsur Somerville

Somerville is saying that there is no evidence that the Olympics cause a boom or bust after the event, not that such a boom or bust never happens.

For example, there was a RE bust in Montreal shortly after the 1976 Olympics, but it had a lot more to do with the election of the first PQ government than anything to do with the games.

Similarly, there was a RE boom (or should I say bubble, it crashed in the early 90′s) in Los Angeles shortly after the 1984 Olympics, but that had nothing to do with the games either.

Current score: 4 (to vote for this comment, please visit the site)

I believe it was you who said we have to rewind all the way to the mid 80’s to get back to this valuation (price/rent of 120 for condos).

No it wasn’t. I have said on this board that the price/rent for houses was 100 in the mid-80′s. As the other poster said, we saw a price/rent of 120 (or less) for condos as recently as the turn of the century.

No, the market price is the price that both sellers and buyers are willing to accept.

Did I claim otherwise? What I said that what an asset is worth to a buyer, i.e. its economic return, is the present discounted value of its future income, unless he can sell it for more.

“Price is what you pay, value is what you get.” Get it?

Straw man much?

Current score: 8 (to vote for this comment, please visit the site)

The average US resale home costs $178,000. In Canada, the national average right now is $337,410, or in US dollars $300,294.

http://www.howestreet.com/arti.....e_id=12245

Current score: 5 (to vote for this comment, please visit the site)

Current score: 2 (to vote for this comment, please visit the site)

Current score: 3 (to vote for this comment, please visit the site)

———————

Don’t. Be. A. Fucking. Retard.

Slow enough for you?

Current score: 7 (to vote for this comment, please visit the site)

Similar issue was introduced by Professor Robert Shiller in 2008 but Professor was unable to conclude desire to live in perticular place.

In result most of the pre-sale buyers in Dubai left their deposit with developers and their Cars on the Dubai Airport for free(nice building but no ass hemps in surrounding area).

Even some people who have thought that velley is within reach of Vancouver also withdrew their deposit from the left over Infinity Towers 3 hanging in the air 4th and fifth never commenced (Nice architect rendering on table but it was not close to Robson Street)in contrast to that Bessley in Vancouver was sold on cheated(artificial) low prices overnite.

If i was not in Vancouver i should have move to New Delhi because i can’t comporomise with anyother place in this world other than Vancouver.

But Brent Gilmour, acting CEO of the Canadian Urban Institute, said the report oversimplifies other factors that affect housing affordability, such as regional real estate markets and economic conditions.

The report also fails to include the financial, social and environmental benefits of “smart” urban planning. They include lower infrastructure costs, reducing the need for long commutes and cities designed for people who don’t or can’t drive cars, he said.

“You have to look at the quality of life in a neighbourhood. The ability to walk, to bicycle. Are there parks and recreational facilities that are nearby?” Gilmour said from Toronto.

“This study doesn’t take into consideration any of those things.”

Current score: -9 (to vote for this comment, please visit the site)

Some rent inflation, uh?

Current score: 4 (to vote for this comment, please visit the site)

- a combination of indigestible bullshit that has by-passed the colon and stinks up an entire town. Causes mental fatigue, disgust,delerium, inflammatory speculation.

-origins

see: Bob Rennie, Tony Parsons, Ozzie Jerkoff , REBGV, CREA, and acilliory commentators and pretend economics professionals of Credit Unions and Banks.

history

pending mass insanity and screaming ‘I buy treeeeee, my huzba buy treeeeeee!

First postulated by Realpaul, Vancouver Condo Info.Expected to enter Wikipedia very soon and become common venacular for the mental state of real estate fools.

Ex: BOC governor says real estate is no where near farticulous in price, but we’re keeping an eye out due to ‘excitement’ in the Otttawa region.

Current score: 1 (to vote for this comment, please visit the site)

Why American people move here to live in Vancouver BC?

Only person ever moved to Los Angeles from Vancover was Re-Esteven (1st ever r.e. number publisher)He has sold his house in West Vancouver in 2007 for Two million Dollars and the place that he have bought in los Angeles is going down,down,down,and down.I am 100% sure that he has lost entire gain he has earned from West Vancouver Home and he had loss half of the principle amount as well.Now he don’t have any other credit card to fly back to Vancouver.

Those who don’t understand Vancouver economy can double check article for restriction of land,There is demand of more than 21,500 in Vancouver every year in normal time it ended up at 35000 unit sometime goes upto 60,000 unit.

Just buy and hand it over to next batch.

Intentional loss in emergency exit:$0-$10,000 on condo 0-25,000 on house.
Profit:$5,000-25000 yr on condo and $ 10,000 -$100,000. on House.

What is economy:Just buy starbucks,subway eat fresh and chill out.

Current score: -13 (to vote for this comment, please visit the site)

Check this out:
http://www.gailvazoxlade.com/r.....udget.html

2…The financial rule of thumb says you shouldn’t spend more than 35% of your net income on housing. (That includes mortgage/rent, condo fees/maintenance, property tax and utilities.) If you’re spending more than 35%, either you can look for ways to cut back on your housing costs, you can make more money, or you can trim in other areas (like transportation) so you end up balancing at the bottom line.

Current score: 4 (to vote for this comment, please visit the site)

OtherTed: In 2001/02 one bedroom rentals off Commercial & 7th/8th sold for 90k and rented for 600 (150 times rent). I remember at the time that based on a 5 year fixed the rent almost covered mortgage, tax and strata.

Current score: 6 (to vote for this comment, please visit the site)

“950K is the average, benchmark is 766K, just 5K below the May 2008 peak.”

Yes, that’s the average detached. The ‘average’ Turner was referring to was the housing average ie. averaging all types of housing together, condos, attached AND detached.

Current score: 3 (to vote for this comment, please visit the site)

Aha? ahan? excuse me please!

When bulls have been telling their bears friends that Vancouver real estate never goes down they mean it while bears were predicting crash!!!!!

What else on earth will convince the bears instead of truth itself?
None other than this Article,This news is a proof that hey…..@V R E N G D:

Current score: -7 (to vote for this comment, please visit the site)

… for the City of Vancouver. The suburbs are seeing rent deflation. Anecdotal reports from property managers, and what I am observing, seem incongruous with the CMHC report. FWIW.

Current score: 2 (to vote for this comment, please visit the site)