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June 10th, 2010 at 7:40 pm
Yes, but BPOM, you are missing the best part of the whole virtual Albright experience: You have to download some plugin (titled vww which he tries to pass off as Virtual Vancouver but is actually Virtual World Web) which deceptively comes from…. wait for it… a virtual adult porn shop! Check it out, the file you download come from these guys : http://www.utherverse.com/index.aspx
Oh, yeah, now I am utterly (no longer virtually) convinced realtors are sleazebags.
June 10th, 2010 at 7:27 pm
@No Longer Looking:
…….Now landlords have to offer free food to get prospective tenants to their open houses. NICE……..
+++++++++++++++++
Yeah, but its Surrey. With that in mind, this would kill any appetite.
June 10th, 2010 at 7:20 pm
@Supraboy:
……..My friend just had a bus drop off 40 chinese people at their house to look at it……
================
You’re confused dude, that was the Shriner’s Circus in town. Try to keep up, OK?
June 10th, 2010 at 7:18 pm
Just in time for the next wave of wealthy Chinese hordes coming to buy all our real estate – it’s VIRTUAL TOURS!
That’s right, no more suffering the indignity of yet another bad flight across the Pacific http://www.youtube.com/watch?v=lpn7bem2VS8 only to sleepwalk their way through three boring viewings and purchases, follow by husbands three boring viewings and purchases.
Now they can sit back in their plush office overlooking the sweatshop floor and browse properties in their full glory, at their leisure. They don’t even need to be wearing pants.
As an added bonus they can online chat with the seller in real time about the properties features, the neighborhood, nearby schools and dim sum joints, recommended demolition companies, etc…etc….
And it’s not just the rich offshore Asians. Lazy locals and shut-ins who can’t or don’t feel much like going to an open house can use it too.
Yes, the future is here, and another 50% increase in Vancouver real estate prices is all but assured.
http://www.virtual-vancouver.com/albrighton/
Smiles everyone, smiles!
June 10th, 2010 at 7:18 pm
@CH:
Blocking IP = Groupthink
Besides, anyone with mediocre computer knowledge can instantly generate a new IP, use a proxy server, etc.
June 10th, 2010 at 7:09 pm
Robson Street ‘surprisingly affordable?’ Well, between the posers, bravado, homeless and junkies, has anyone ever actually seen someone *buy* something there? I haven’t. I’m surprised the retailers arn’t paid to take up space.
June 10th, 2010 at 6:39 pm
@Tony Pepe: @Tony Pepe: I can’t find any info on this change either… Tony Pepe – can you provide a link? This would certainly put a wrinkle in things.
June 10th, 2010 at 6:18 pm
@Tony Pepe:
“Also, the immigrant investor program will be doubling the required investment effective July 1, 2010. That will reduce the number of “business investors” coming from China.”
I’m unable to find any information on this change.
June 10th, 2010 at 6:14 pm
@“A-sharp” Accountant:
No pattern has jumped out to me and I no longer track these numbers anywhere. I wouldn’t expect an overly strong correlation personally. Why not track them if you like and we could check out your data after 1 month. That should be a decent amount of time to see if there is a correlation.
I have noticed that whatever the number of sales that come in there are almost always 100 or more listings added than sales. I cannot remember a day where sales came even close to the daily listing count.
June 10th, 2010 at 6:01 pm
18,750 not bad.
June 10th, 2010 at 5:52 pm
@paulb.:
Paul,
Is there some sort of discernable pattern to the sales and list numbers that occurs on a weekly basis? I’ve noticed that the numbers nearing the end of the week are substantially more bearish than at the beginning.
I’m new here, so I may be just seeing things.
June 10th, 2010 at 5:50 pm
nice to see you back inventory, you were dearly missed
June 10th, 2010 at 5:34 pm
@Hovering: I shouldn’t have been sipping coffee when I clicked on the link to the Vancouver special. It does have new laminate flooring with new bathroom and light fixtures! In that case, it’s a steal. What made me snort my coffee was a typo about the “spEcious” deck. What an apt description for the whole of the Vancouver RE market–specious.
June 10th, 2010 at 5:34 pm
18,741
June 10th, 2010 at 5:28 pm
New Listings 265
Price Changes 167
Sold Listings 99
June 10th, 2010 at 5:15 pm
@Hovering:
just for giggles
for $850,000 in Monteray California
http://www.californiamoves.com…..;WT.srch=1
…and… for $828,000 on East Broadway in vancouver
http://www.realtor.ca/property…..Id=9436590
sheesh………
Ya, but think how much you save on sun screen by living here!
June 10th, 2010 at 5:14 pm
Thanks a lot for the info VHB! And everybody else!
I reckon the big difference from 2008 are the sales. Yes, it might be the HST. But it could also be that some people are lured by small price drops.
Crazy how people see RE purchases as differently from any other purchase they make. This level of sales is crazy.
It will crash in time.
June 10th, 2010 at 5:12 pm
Jeff, not only houses are ugly in Vancouver but they are very poorly built as well. I live at the Woodward’s, in 10 years this building will be barely good enough for the locals, and by locals I mean the street residents of the hood.
June 10th, 2010 at 5:07 pm
@Tony Pepe:
“Once May’s numbers are reported and the public becomes aware of the large volume of price drops, sales will pull back further. ”
What makes you think the public will be aware of the number of price reductions? Most will just be looking at MoM sales prices.
June 10th, 2010 at 5:05 pm
@Tony Pepe:
Once again, I would love to see that happening. But I would not be counting much on it. This for simple reason that we have a very clear example of 2009 revival after terrible 2008 crash. Joe Bloke, who has no idea of govt intervention thru CMHC and teaser rates, would expect the market to revive once again and hence would be reluctant to drop price too much this time. Unless the Flaherty-Carney-Harper trio pull another rabbit outta their hat, by this time next year there would be Armageddon as people would realize that this drop is here to stay for a lonnnnnnng time.
Having said so, I sincerely wish you are right and I am wrong.
June 10th, 2010 at 4:41 pm
Sales will most likely slow further in the second half of the month and for the balance of the year. Notwithstanding a numerous media reports about the housing bubble, news of the extent to which listings have increased and prices are falling has not been fully broadcast and absorbed by the public. Once May’s numbers are reported and the public becomes aware of the large volume of price drops, sales will pull back further. The irony of robust economic news like that released by RBC today is that it provides impetus for further rate increases which will only hasten the crash of the residential market. A perfect storm. Wage inflation is a long way off. Also, the immigrant investor program will be doubling the required investment effective July 1, 2010. That will reduce the number of “business investors” coming from China.
June 10th, 2010 at 4:41 pm
Another net 150 listing day with a raft of reductions.
Ho Hum, this crash is becoming so obvious its not even fun anymore. Soon all of Vancouver will say:
“we knew it all along but were holding because it will come back next year”
McLovin
PS – 19,500 by the end of June?
June 10th, 2010 at 4:39 pm
Hovering -
That was really depressing on this rainy day.
Why are houses so ugly in this city?
June 10th, 2010 at 4:15 pm
@wally: I think that’s part of what we can glean: if Robson stores were bringing in New York revenues, they’d more easily sustain New York rental prices – and Robson is the epicenter of our retail activity.
June 10th, 2010 at 4:12 pm
@paulb.: It’s the rain! Remember if real estate slows, we are to always blame the rain (or snow, hail, or any other bad weather including too much sun)!
June 10th, 2010 at 4:12 pm
@Hovering: Amazing isn’t it? Sadly there are so many local idiots and RE-ligious fanatics that don’t see anything wrong with that, kinda normal stuff it’s Vancouver…
June 10th, 2010 at 4:07 pm
New Listings 228
Price Changes 138
Sold Listings 80
quiet day
June 10th, 2010 at 3:58 pm
anoymous, “@Dan in Calgary: I think I saw a documentary about that once. Dan Aykroyd and Eddie Murphy were in it.”
Don’t know that, but (of course) you’ve got it right. Check this link out for an enlightening narrative which ends with:
“The message of the Hunt brothers story is a lack of financial education can be the downfall of any (silver) investor -— even billionaires.”
June 10th, 2010 at 3:56 pm
just for giggles
for $850,000 in Monteray California
http://www.californiamoves.com.....;WT.srch=1
…and… for $828,000 on East Broadway in vancouver
http://www.realtor.ca/property.....Id=9436590
sheesh
June 10th, 2010 at 3:54 pm
@VanRant:
If you used the same methodology as the FI to compute “tax freedom day” for Saudi Arabia it would probably fall around Christmas Day.
Figure out why and you’ll understand why they get the results they do for Canada.
June 10th, 2010 at 3:43 pm
@realpaul: “Quite a liars conundrum”
as in Greece and Goldman Sachs vs EU@anonymous: “original list price: $1,999,999
after first reduction: $1,225,000
latest asking: $1,149,000″
Diminishing G(reed) Returns
June 10th, 2010 at 3:26 pm
@Supraboy:
Supraboy and the rest of all SupraDupraCrap,
You are 100% right whatever you said. For example I’ve heard that China Eastern Airlines is buying all the remaining Concords and will have non-stop flights from mainland China to Vancouver just for the Rich-Chinese-Condo-Buyer (ticker: RCCB). Passengers will be able to bid up condos at supersonic speed on 60,000 feet (18,000 m) and all the papers to be signed will already wait for them in VIP lounge at the Richmond airport. Plan is to have over 4000 flights per year or approximately departure/arrival every 2 hrs. For those who buy tree up in the air and take husbah (who also buy tree) with them will get car parking discount at the airport.
June 10th, 2010 at 3:14 pm
@realpaul: “Quite a liars conundrum”
as in Greece and Goldman Sachs vs EU
June 10th, 2010 at 2:59 pm
What an ungly day (and year), rain, rain and more rain…. what, more asians wants pay millions to move here from their sunny, warm country. And pay 50% of their income for taxes. By the way saturday is tax freedom day
http://www.financialpost.com/p.....id=3111497
June 10th, 2010 at 2:57 pm
YLTNBoomerang –
That place for $699k was purchased for $490k, where are you getting other info from?
June 10th, 2010 at 2:53 pm
@VRENGD:
I see what you are saying. You added the second step. I was looking at the investing decision, you are looking at the financing decision.
One simplistic (somewhat hueristic) method of evaluating investment opportunities is as follows:
Step one—determine expected return on invested capital
Step two—-compare return with the cost of capital (WACC) (debt or equity)
Step three—reject investments that show negative (tax adjusted) overall return.
I think that guy (and my landlord for that matter) forgot step three
June 10th, 2010 at 2:53 pm
@domus: Here are June averages for daily sales and listings.
2008: 119/315
2009: 195/238
2010: 159/288**so far
June 10th, 2010 at 2:52 pm
@domus:
I think it has to do with the HST, there’s a last gasp effort going on to try to buy before it kicks in, siphoning demand from the summer months.
June 10th, 2010 at 2:49 pm
@domus: Here are the inventory gains in June for the last 4 years:
June
2006 253
2007 146
2008 2075
2009 -373
June typically sees things start to slow down. We started the month at around 18500. We should get to 19K, but 20K might be a stretch.
Sales are running higher this year than in 2008. Daily listings are a bit lower than June 2008.
In July and August, things just really slow down both for listings and sales. I suspect we’ll bounce around 19K-20K. We might get a new boost for the Fall rush, but it won’t be super large–at most we’ll push to 22K or so, before listings start to get removed for the year.
June 10th, 2010 at 2:34 pm
Okay the whole bull complaint about entitlement is just that, BULL.
Nobody is saying “I deserve to be able to buy detached house for $400K”.
All it boils down to is this… why would I want to pay $4000/month to own/live in something I can rent it for $2000 a month?
Until rents start pushing up, STFU!
June 10th, 2010 at 2:30 pm
@Dan in Calgary:
I think I saw a documentary about that once. Dan Aykroyd and Eddie Murphy were in it.
June 10th, 2010 at 2:27 pm
@Best place on meth:
Agreed…that is why I even mentioned the ticker.
June 10th, 2010 at 2:26 pm
@paulb.: Great numbers. However i am still quite disappointed about inventory numbers. We have been stuck around 18,500 for weeks now. By now I was expecting to be well above 19,000.
Any reasons for the sudden slowdown in inventory growth? Just higher sales? Much lower listings?
June 10th, 2010 at 2:26 pm
@CH: “Supraboy obviously comes here looking for a fight (a virtual fight). …. hes probably an internet only person with no friends and major debilitating issues socializing with real people.”
John Horton personified
June 10th, 2010 at 2:25 pm
@LY: “bulls are active today. Good sign. Bulls on panic mode. keep it up bull. Never have I voted down so many dumb posts in one day before.”
The bulls don’t know about Silver Thursday or other great events in market history that turned billionaires into paupers. If it can happen to billionaires, it can happen to Vancouver RE “investors”. Well, they’ll find out soon enough.
Hey bulls, just for fun, read:
Silver Thursday (Wikipedia) or Nelson Bunker Hunt (Wikipedia).
June 10th, 2010 at 1:59 pm
Goodtimes
New Listings 163
Price Changes 115
Sold Listings 56
June 10th, 2010 at 1:46 pm
@Supraboy:
“My friend just had a bus drop off 40 chinese people at their house to look at it. Her house was listed for 2 weeks and was sold immediately for +$1mill in marpole.”
Oh, no!!! Why is your friend sellling?!? Doesn’t she know Best Place On Earth ™? Why didn’t you tell her Vancouver RE Only Go Up ™? I hope she is putting it all into highly leverages presales (“I buy tree, huzzbah buy tree”).
June 10th, 2010 at 1:42 pm
@rubberduckie:
Those trees couldn’t possibly look more phallic, unless they circumcised them and placed a large tire under each one.
June 10th, 2010 at 1:37 pm
Here’s another listing in east van
V825206
original list price: $1,999,999
after first reduction: $1,225,000
latest asking: $1,149,000
IMO still overpriced. We’ll see what the market will bear.
June 10th, 2010 at 1:33 pm
@Best place on meth:
MEQ hardly has a presence in Abbotsford. Most of their rentals are in Calgary and other parts of Alberta. They only recently got into BC. MEQ isn’t going to crash due to rental incomes and occupancy rates. If the stock corrects, the cause will be interest rates because they are extremely levered. Their cash flow would likely be negative (if it isn’t already) if it were not for falling interest rates. If you were to do the math, my bet is that they would have to start selling assets to generate cash should interest rates go up.
All that said, I haven’t looked at their numbers for six months so do you own due diligence. I could be wrong.