Money for the middlemen

This list of commissions for The Brook in North Vancouver is courtesty of thinktom over at Real Estate Talks:

This is a new building with an open house every Saturday and Sunday.  You can call them to book a viewing appoint at other times OR you could pay a 3rd party salesman $50 – $100k to show you the unit.  Perhaps they’ll even drive you there in the new Porsche.

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Curious
Curious
10 years ago

@Purp1: Purp1, I viewed your property at the open house. "Well-priced" (only relatively speaking) compared to similar listings – which were going more at the $650,000 rather than the $599,000 that your property was listed at. The sharp pricing help attract attention and bid the price up to your final price of $640,000, well done. The comparable listings at $650,000 are still sitting on MLS as far as I can tell.

One question I have for you, now that you've got your money: any low-ballers and how low? I speak various languages and heard various groups talking in their native languages about what they wanted to bid. One woman was telling her realtor: "$500,000" which i thought was insane… as that was $100,000 off list price.

Help us out newly-minted bear.

VHB
VHB
10 years ago

Mortgage payments ARE included in CPI in Canada. OER is used in the US.

patriotz
10 years ago

@rp1:

The simple solution to housing affordability is to include asset prices in the measure of inflation.

Do you think your grandma's pension should be indexed to the price of houses? There are plenty of other reasons why asset prices should not be included in CPI, but that's the most obvious.

The simple solution to housing affordability is to end all government programs which promote home ownership.

trackback

[…] in Vancouver (15,000! 16,000! 17,000!) there’s a little milestone you may have missed: The doubling of number of units for sale since the beginning of the year.  We started off 2010 with 8724 units […]

chip
chip
10 years ago

"Since you’re all steamed up about the US government trying to prop up house prices, surely you agree with me and many other posters that our “Conservative” Canadian government should get completely out of the mortgage guarantee business (CMHC and “private” insurers which are government sponsored) and let the free market determine capital flows into RE?

Right Chip?

Hello?"

Absolutely. What's your point?

rp1
rp1
10 years ago

The simple solution to housing affordability is to include asset prices in the measure of inflation. Two thirds of households own their property, so perhaps the housing component of CPI should be 2/3 teranet index + 1/3 owners equivalent rent. Does anyone want to have a crack at computing this?

patriotz
10 years ago

@chip:

Hmm, government intervention in the housing market to improve affordability…

No comment from Barney ‘Roll the Dice’ Frank, chairman of the House Financial Services Committee, and Chris ‘Sweetheart Mortgage’ Dodd, chairman of the Senate Banking Committee

Since you're all steamed up about the US government trying to prop up house prices, surely you agree with me and many other posters that our "Conservative" Canadian government should get completely out of the mortgage guarantee business (CMHC and "private" insurers which are government sponsored) and let the free market determine capital flows into RE?

Right Chip?

Hello?

domus
domus
10 years ago

@paulb: Damn! I was wrong by 2 units! never mind, we might hit 17,700 tomorrow…and it is still early May!

About new buyres: crazy stuff if you ask me.Pure denial. You can bring the water to the horse, but you can't force it to drink.

The buyers of April and May 2010 are committing financial suicide.

Sam
Sam
10 years ago

Wow the amount of sales happening astonishes me still. I would of thought sales would have slowed down considerably after April 19th.

granite countertop
granite countertop
10 years ago

@scoop: *chants* Gra-nite! Gra-nite! Gra-nite!

buff_butler
buff_butler
10 years ago

@scoop: LoL, ouch good find. What do you guys figure would be the actual likely rental rate on this?

Purp1
Purp1
10 years ago

Haha, that's funny that my sales experience got voted down, not sure why. Bears don't want to hear that some buyers are still buying? I'm sure if I'd mentioned 150 DOM with no offers it would be +20! I'm a bear on RE, and was also surprised at the strength of the market. Let's face it, it's roared along a lot longer than most everyone expected. Maybe it'll slow this month, maybe not. But clearly some properties are still moving briskly. Nero, our home was in the $600K range, post war bungalow east side. 2 up, 2 down suite. We need more space for a growing family, were considering upgrading but nothing in our area that wouldn't push our mortgage into uncomfortable territory. Plan is to rent for a while, see if market turns. If it does we're golden, if… Read more »

Inventory
Inventory
10 years ago

************* 1/1/2010 / 5/11/2010 / % change Bowen Isld 46 / 109 / 136.96% _Bby East 68 / 171 / 151.47% _Bby North 345 / 768 / 122.61% Bby South 362 / 802 / 121.55% Coquitlam 531 / 1156 / 117.70% Van.&Gulf 215 / 266 / 23.72% ___Ladner 65 / 151 / 132.31% MapleRidge 575 / 1055 / 83.48% _New West 262 / 610 / 132.82% _North Van. 412 / 1027 / 149.27% OutofTown 105 / 68 / -35.24% _Pitt Mead 121 / 199 / 64.46% _Port Coq. 237 / 488 / 105.91% PortMoody 213 / 456 / 114.08% _Richmond 893 / 1945 / 117.81% _Squamish 402 / 505 / 25.62% Sunshine C. 656 / 1084 / 65.24% _Tsawssen 98 / 206 / 110.20% __Van East 767 / 1536 / 100.26% _Van West 1396 / 3483 / 149.50% _West Van… Read more »

paulb
10 years ago

Stopped a little short, but still a solid day.

New Listings 466

Price Changes 183

Sold Listings 219

17,598!

Van MD
Van MD
10 years ago

Hi Pope, Your rollercoaster has arrived at local Chinese MSM (World Journal – major Chinese newspaper catered toward Mandarin-speaking Chinese population) http://van.worldjournal.com/view/full_van/7388752… Somewhat surprised to see them publishing this story without significant bias, since they were among the main Chinese papers pumping RE, including yesterday's story about China money escaping China to invest in internatinoal RE. Here's my translation of some of the paragraphs: "Tsur Somerville, Director of UBC Centre for Urban Economics and Real Estate, approves this video clip. It strongly conveys the underlying risk in RE market" " … The only reservation Somerville has about this clip is the ending. The maker of this video clip has hinted (during media interview), that the dramatically pessimestic ending is to help burst the popular delusion [that RE only goes up]. " Guess the tide is turning~ Good work Pope, Too… Read more »

A--hole Tracker
A--hole Tracker
10 years ago

Not all realtors are a–holes, but he Chimp and his Gimp are;

Check out their latest tacky attempt:

"Are you handy? Are you game? Put a bin in the driveway and go to town, then put it back on the market by July. I don’t often point to good value, but for the right buyer there is a deal to be made here. This place needs to be sold and reno’d, and the time is now."

Neptune
Neptune
10 years ago

@paulb:

500 new listings day, that is massive.

This is 2008 all over again, until June 1. Than the hammer falls.

Dropper
Dropper
10 years ago

And VancouverRealtor, you're goddamn right I think realtors spew that crap. Not in those exact words perhaps, but the gist of it is the same nonetheless.

crashcow
10 years ago

@paulb: please post the today's closing inventory. Thx

Dropper
Dropper
10 years ago

Almost 500 total listings and 240 net listings so far today! How the hell is that a slowdown? Jesus, put the crack pipe down.

scoop
scoop
10 years ago

Please buy my townhome. It's shiny and new, has granite countertops, and is conveniently located just a few feet from one of the city's busiest streets. I can't understand why I've had no offers in 3 months. I've dropped the price to $100K less than I paid for it to try and move things along. Clearly this is less than market value.

If I can't sell it, my only other option will be to rent my townhome. Problem is, after I pay the strata fees and taxes the remaining rent won't quite exactly cover my mortgage.

Did I mention granite countertops? Act now, or I'm forever priced in.

VHB
VHB
10 years ago

Put this slowdown in your pipe. And SMOKE it!

Superfly
Superfly
10 years ago

Dave / Vanrod,

Probable inventory at 20,000 by early June is not a sign of a listings slowdown in any way, shape or form! However, if you mentioned that sales were high I would tend to agree with you on that one.

paulb
10 years ago

@VHB:

Still moving

New Listings 458

Price Changes 174

Sold Listings 219

Come on 500!