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July 6th, 2010 at 4:12 pm
@Bilbo Bloggins: It’s fools like these who rent and feed the rich that will keep property prices high.
July 6th, 2010 at 4:03 pm
@Raz:
Yes, renting is good… and how!
Looking forward to selling my car and picking up a brand new spanking luxury SUV at year end.
Packin the kids & taking them on a 10-day cruise in the fall as well.
Thanks landwhores.
July 6th, 2010 at 4:02 pm
Listen up bulls.
You got to know when to hold ‘em, know when to fold ‘em.
Know when to walk away, know when to run.
July 6th, 2010 at 3:58 pm
paulb, u rock dude
do you think we could see 20,000 this month? what is current inventory?
July 6th, 2010 at 3:53 pm
New Listings 225
Price Changes 134
Sold Listings 109
July 6th, 2010 at 3:20 pm
Life is good for renters.
Get my car, get my vacation, and put away enough savings to buy a nice house in a couple years time after the train wreck is over.
July 6th, 2010 at 3:11 pm
@Alum:
Yes let them celebrate. If you rent a property to someone who cannot afford to buy it, you are losing money. Wealth equalization in action.
July 6th, 2010 at 2:57 pm
@SuperSmartBull:
Let the poor celebrate.
They cannot buy a house anyway.
Leave them with the dream of owning a car if house prices drop !
July 6th, 2010 at 2:42 pm
@Bilbo Bloggins:
This is not just shoddy journalism – it is lies and deception and manipulation at its finest. Sure, they will make a correction on the eleventh page on the bottom in tiny print in a few days… that will make it OK, won’t it?
Goebbels, now this guy was a master of propaganda – he said if you repeat a lie enough times it becomes truth. The thing is, it didn’t work out too well for him in the end, did it?
July 6th, 2010 at 2:41 pm
A guy named Brian Ripley was on BNN during noon today talking about the falling Van RE.
Based on his “Plunge-O-Meter” Van prices will fall from peak of $818K down to $503K, or about 38.5% drop by about Mid 2013.
http://www.chpc.biz
This is gonna be the slowest but most entertaining train wreck. LoL…
July 6th, 2010 at 2:10 pm
@Johnnyrent:
Holy Batman, talk about shoddy journalism.
Anyone thinks they’ll issue a retraction?
July 6th, 2010 at 1:57 pm
Paul the Octopus has predicted that Spain will defeat Germany in tomorrows semi-final, and that Vancouver’s benchmark prices will decline a further 2.4% in July.
Go Paul!
July 6th, 2010 at 1:01 pm
re: “second busiest june on record” statement in the globe and mail article. the author seems to have misread the rebgv release where june 09 is stated to be the second busiest. they mention that to cushion the news of the 30% yoy drop. sloppy work by G&M.
July 6th, 2010 at 12:53 pm
#30 Rag, the devious realshit in Vanc doesn’t mention ‘time on the market’ as is law in Washington. The US example has been for sale in this listing incarnation for six months. Its obviously overpriced and will be reduced in time. More telling would be to check out the market comps in the area.
And check out the property taxes for the Kits dog…..$3800 …plus mortgage plus strata …oyyoyoy..that adds up fast. Just to turn the key on this pup is an extra grand a month on top of the mortgage…..hear that sucking sound folks……sssssslllllluuuuurrrrrpppppppp goes your ‘equity’. These people will need to raise chickens to put an omelette on the table after expenses.
Whaddya think the mortgage these ‘entrepeneurs have…95%? Whats that..something pushing $5000 grand a month? Bwhahahahahahahaha oh yeah, thats Kits Splendour all right.
Does anyone wonder how the city hall staff raises got jacked up when this projected revenue was supposed to last ‘forever’. Shitty Hall already admits that costs are going up faster than they can control them..WTF does that mean..to me it says….incompetant management.
July 6th, 2010 at 12:33 pm
The anthem for CREA everywhere “Dead or Alive – You Spin Me Round (Like a Record).
http://www.youtube.com/watch?v=zJv5qLsLYoo
Someone should seriously hack the CREA site so this song plays in a never ending loop.
July 6th, 2010 at 12:08 pm
…..Why pay a landlord when you can pay a mortgage?
Why pay for accomodation when a landloard will pay most of the costs for you?
July 6th, 2010 at 11:32 am
Because it’s way CHEAPER.
Duh.
July 6th, 2010 at 11:30 am
@Raguz: You forgot to mention that the Kits townhome is “boutique”, has crown mouldings, 122 sq ft of crawlspace and offers modern Kits lifestyle. $1,198,000 is not enough for that gem.
July 6th, 2010 at 11:11 am
it would not surprise me if they add up sales, new listings, and price changes to get the “second busiest june stat. all those things keep realors “busy” right? spin baby spin!
July 6th, 2010 at 11:09 am
@Vansanity: As someone once said, quitting smoking is the easiest thing the in the world to do–I’ve done it hundreds of times. It’s the not starting again that’s the difficult part.
Congratulations on remaining smoke-free for 8 years.
July 6th, 2010 at 11:04 am
@bubbly:
Still long road ahead of us, but we’ll catch up with reality eventually so 50% is not good, must be more. See this two townhomes that sort of match in terms of location, size, amenities, etc. However one in Seattle is a bit bigger, newer and has a two car garage + backyard but… this is WCS and everyone wants to live here;)
Vancouver: http://www.karinsmith.com/2160.....6.property
Seattle: http://search.idxnw.com/flyer1.....p;ln=36956
July 6th, 2010 at 11:02 am
The whores have a new strategy, they say they’re actually happy about the number of building perimts going down. This way, they say, they can squeeze the buyers by restricting their inventory. I guess their forgetting about everyone elses inventory eh?
http://www.vancouversun.com/bu.....story.html
Now lets see, if inventory keeps rising and sales keep slowing, prices have to keep increasing ….right? Is this the old analogy where its said the ‘figures don’t lie and liars can’t figure?’
It heartening to see the pimps and whores in the industry and media banding together to push back the tide. I feel like I’m on the beach with King Canute. This is history folks. If they can engineer a public outcry then maybe the government will start throwing more tax dollars at the problem.
1) Property tax deferral (whaddya mean you cant afford your taxes)
2) Free daycare ( whaddaya mean you can’t afford kids and a mortgage)
3) free downpayments ( hell the CMHC will pay that)
4) unethical HELOCS ( heres some free cash to qualify for the apllication..whddaya mean you don’t have a job)
5) free money ( whaddya mean the tax payer won’t buy you a house)
6) phony interest rates ( no problem if you’re dead before you pay this sucker off, you’re building equity right? Don’t worry about the price you pay we’ll get you in with low monthly payments)
July 6th, 2010 at 10:53 am
@Best place on meth: Fire?
July 6th, 2010 at 10:47 am
@bubbly:
True we were celebrating in 2008, and then along came the lowest interest rates since the invention of fire.
What’s going to save the market this time?
July 6th, 2010 at 10:39 am
There’s an interesting poll/thread that’s been going on for a couple weeks in a forum at RedFlagDeals.
There are some naive points of view, but I was a little surprised to see that almost 50% believe a crash is coming. Note that this a general interest site for shoppers looking for deals.
Real estate crash – yes, no, maybe?
http://forums.redflagdeals.com.....be-905498/
This was one of my favourite posts. The poster believes that prices in Edmonton will see a “steady and stable increase”. Here’s his reasoning:
They’ve been going up for years! Prices always go up right (even when they go down)?
Another great quote:
July 6th, 2010 at 10:13 am
I’ve been thinking about the recent price action and how it relates to buyer pschology. Here’s my take:
Buyers have a budget, let’s say 500k but rather than buy a 500k condo for 450k as prices fall they would rather get the 550k condo for 500k. They are getting a free upgrade in features/size/location or so they think. Prices are still very high and perception is that real estate will continue to rise so they still try to buy as much as they can. Properties that are selling are the desirable ones that have lowered their prices to compete with the 18,000+ listings. There is no more urgency to buy anything you can afford so you won’t be priced out because they can see all the listings they have to choose from. That loss of urgency means it takes longer to sell the worst properties that previously had bidding wars so the low end does not contribute as much to the sales figures. So prices as a whole are being lowered but for the most part just the desirable properties sell. That’s why the average hasn’t fallen but the benchmark has. Nothing scientific of course but I think it makes sense.
July 6th, 2010 at 10:04 am
Unless the prices fall 50%, this is a non-event. Remember – we were celebrating in 2008. Then came the flying pigs and prices went to reach new record highs.
I will start celebrating once the Vancouver West benchmark house price is at $800,000. Oh, wait a minute… still insane!
July 6th, 2010 at 9:59 am
2nd busiest in June?!
not cool. How can we get in touch with this guy. I’d like to send him a (professional, of course) email to voice my opinion on his analysis.
July 6th, 2010 at 9:54 am
From greaterfool.ca:
In Vancouver, Blog Dog Jane – now trying to sell her condo – writes: “I did as you and the realtor suggested…reduced my price. In order to be at the lowest price of all comparable condos in my neighborhood, I went from 498K to 439K. That is matching the lowest of the condos, and beating all others. Us sellers are sucking each other’s prices down in bidding war of our own…a race to sell before the buyers go elsewhere or wait any longer. It’s just money, right? How long is it going to take to make that back in those preferreds?!!! The price was dropped this morning and presto – there were 4 requests for showings today. Maybe we’ll get lucky and have a bidding war and recoup a few thousand that we dropped. Maybe we’ll get lucky and simply be able to sell before having to drop the price any more.”
This is asset deflation, coming to a hood near you.
July 6th, 2010 at 9:41 am
Have the stats packages been uploaded for the REBGV and FVREB?
Please post links, thanks.
July 6th, 2010 at 9:28 am
@Johnnyrent:
It is incorrect to say that this June was the second busiest on record.
June 2005 sales = 4333
June 2006 sales = 3951
June 2007 sales = 4244
June 2008 sales = 2425
June 2009 sales = 4259
June 2010 sales = 2972
I posted the charts here:
http://housing-analysis.blogspot.com
July 6th, 2010 at 9:25 am
N0 #17
Supersmart Bull that is your lamest post yet. Seriously you are slipping and obviously starting to panic.
Also you keep slipping in and out of your accent those ESL classes are paying off big time.
July 6th, 2010 at 9:18 am
@specialfx3000: Well, what do you expect? News 1130 is a Rogers Media company, and we all know that Rogers is out there to make as much money as they can.
July 6th, 2010 at 9:15 am
Oh boy bears, time to celebrate by pretending to get free cars. Let’s face it male nurses, you are not buying West Van apartment or Van West detached. So forget about free car, stick to Chinese bicycle.
This stat package is good news for bears, showing stagnation. But don’t get too excited like FIFA player on penalty kick, you might kick wide. One month do not make trend. Very high price – small amount = Still very high price = No bears buying. Even grouse grind has small dips.
Also, I look at comment from yesterday after I take day off. As I expect, no good comment from paranoid crazy chicken tin foil bear. Please get hobby like origami or Playstation, because there is no CREA conspiracy or coming depression with squirrel cooking. Also, if your view of world is based on fact that everyone in Vancouver is idiot you need to question who is idiot. Just like every family have black sheep. If yours doesn’t, look in mirror.
July 6th, 2010 at 9:00 am
The Globe article says Still, the 2,972 sales made it the second-busiest June on record for the West Coast city
I recall looking at a table that VHB providing indicating that this June was on track for being the third worst in a decade – and this presumed that sales would come in a little over 3,000. WTF?
VHB, can you weigh in on this? JR
July 6th, 2010 at 8:40 am
Supersmart Bull & Superduper Bull Time – You Property tax is now 4 day late. City Worker no happy! Add 5% penalty to figure and send tomorrow.
You no pay we auction house Sept 5!
July 6th, 2010 at 8:26 am
Bear you know that short selling mean you can lose infinite amount of money. You should know that if you don’t you should. If you short sell house and rent instead you could lose infinite amount of money since house never go down in Vancouver. This is big risk to take with family finances bear. You will retire in dirty van down by river.
July 6th, 2010 at 8:04 am
@The Pope: Six brand new Yaris… You buy tree, you wife buy tree?
July 6th, 2010 at 7:59 am
@Crash:
I have similar experiences with commenting on News1130 stories. These guys are true whores.
July 6th, 2010 at 7:55 am
The Globe and Mail:
Vancouver home sales drop sharply
http://www.theglobeandmail.com.....le1629806/
July 6th, 2010 at 7:48 am
This is why I sold my house in 2007 and have been renting since; even if I’ve spent $50-$60-$70K on rent before I purchase again, I know I’ll still be ahead because I can recoup the rent expense in a year just through price declines. Now I am beginning to smell blood in the water!
Just as an aside, I have recently commented on several news1130 articles on their website regarding Real Estate and NONE of my ‘negative’ comments re. the articles have been posted. I guess they don’t want to offend the industry.
July 6th, 2010 at 7:26 am
@Vansanity:
“The only reason I can think of is that he’s insecure about his new purchase”
Misery loves company!
July 6th, 2010 at 7:21 am
Pope said,”…you could get 5 or 6 brand new Toyota Yaris”
Everyone, let’s not get overly bullish about buying the house today.
Wait next month and you could get 6 Taris’ for yourself and 5 for your husban/wife… and maybe 1 for your previous landlord because he’s been so nice over the years subsidizing your shelter
July 6th, 2010 at 7:10 am
Nice post Pope! Good visuals, I remember doing something similar to that when trying to quit smoking years ago… if I quit now I could save $XXX per year… etc…etc…
I got sucked in to an argument on RE. God, I’m so sick of even talking about it. This dude was telling me that it never goes down, it’s never a bad time to buy etc…etc… He sounded like he was reading from a script. I’m not even making up the fact he said “everyone wants to live here”. There were more too.
When I talked about interest rates and how they affect prices he said I was thinking too far ahead… WTF??? Unbelievable. It was okay to think 5 years down the road as long as I’m also factoring that prices will be higher, much higher, but not okay to think 5 years ahead about where interest rates are. It was mind boggling.
Here’s what I discovered upon some reflection. This dude, a new homeowner, wanted me to buy a place so badly it was a bit disturbing. If I’m wasting my money renting, why does it concern him? It’s my money. The only reason I can think of is that he’s insecure about his new purchase.
PS – I quit smoking 8 years ago.
July 6th, 2010 at 6:47 am
I pity the fools who bought in may!
So, how many here pay more than 10k/month for rent?
July 6th, 2010 at 6:47 am
Nice straight up lie from Global News this AM as Richard Detman says although sales are down 30% prices continue to increase. WTF? Bloody liars.
July 6th, 2010 at 6:25 am
You only get the car if you buy! Sorry Supraboy Cmhc doesn’t cover cars.
July 6th, 2010 at 1:43 am
I think the best price drop car translation would be the number of 2009 Toyota Prius’ you could buy.
Because just like the car, I think most buyers will find that the brakes on this market don’t work to well on a downward slope, and they’ll be plenty of recalls from the manufacturer.
July 6th, 2010 at 1:14 am
Vancouver Island is getting beaten up as well…YOY sales dropped 20% for the Island (excludes Victoria), and 28% for Nanaimo.
They are down a whopping 30%+ in Victoria.
Isn’t the Island where all the seniors go to retire and has the best whether in all of Canada? I think I’ve heard this story someplace else before…I wonder where?
July 5th, 2010 at 10:23 pm
I suppose if you wanted to be environmentally responsible you could get 5 or 6 brand new Toyota Yaris instead of the Aston Martin..