Inventory shared some interesting data with us on Friday:
sales numbers going back to 1995.
Sales numbers for this month up to last Friday continue to be very low, almost reaching back to their 2008 lows, except when it comes to new unit sales, which are lower percentage wise than we’ve seen in the last 15 years. As of Friday new units sales are down at the 25% level.
I think "Chilled" just got pwned.
It's the name of a font, you poor sad idiot. I'm a graphic artist. And while I'm wasting time defending myself to a lonely little stranger on the internet, I'll also reveal that I run every other day and that at 134 lbs I'm near the bottom of the BMI for my height. But even if I were 600 lbs, you, "chilled", you are at the extreme end of bizarre human behavior to post a recommendation that I GET RAPED FOR RECEIVING HELP ON AN INTERNET REAL ESTATE BLOG. You do realize you wrote that, right? You didn't black out or anything, or have your "younger brother" log in and use your account, etc? Seek help chilled. Seriously, you're not normal. Really, really not normal. This isn't how people in healthy mental situations choose to spend their time. You've got… Read more »
@casual_observer: "It is when the lease has expired you’re getting this kind of protection from BC Residential Tenancy Act. "
It depends. If the lease was written without provisions for default occupancy after the lease expires, the tenant normally cannot get 1 month's rent because it is assumed they must vacate when the lease expires. BUT… even if all this is true and the landlord happens to communicate in a matter that could be construed as notice prior to the lease ending, it may be interpreted that the lease was in fact going to turn into a month-to-month contract. In that case the landlord may be forced to pay a month's rent. But check with a lawyer or the RTA for details.
@ Daddy Fat Stax
Which Canadian markets do you have in mind?
@Tony Danza: Unfortunately section 49 and 51 don’t apply to expired lease situations. If the landlord takes over the property for their use at the expiration of a lease there’s no compensation owing to the tenant.
Yes it does. Landlord cannot break a current lease if you're paying your rent; sections 49 and 51 are simply not needed to protect your rights while during the lease. It is when the lease has expired you're getting this kind of protection from BC Residential Tenancy Act.
http://www.rto.gov.bc.ca/documents/Guides/ACT_Eng… , specifically 12.9: "When a landlord ends a tenancy for landlord’s use of property, the landlord must give the tenant
the equivalent of one month’s rent."
How come Vancouver Real Estate hasn't tanked like everywhere else? Anyone??? Bueller???
I mean you guys have been predicting a huge correction for a while now, and yet it doesn't look like it's coming anytime soon.
Actually Googles, it is perfectly legal to restrict children in a strata by law or building scheme as long as it it is the consent of the original strata meeting unit holders. In fact there are plenty of 'adult only' complexes around, as many as there are 'no pet' clauses. This means that the original strata reflects the amended agreement that no one under a certain age ( usually 18 but can be any age technically) and can also include restrictions on rentals and pets or number of occupants per unit. As long as that is the by law it must be repealed by vote of registered owners if any wishes to amend the original doc. This is one of the reasons a prospective buyer should read the by laws of any unit very carefully to make sure you're not… Read more »
@vibe:
Hey, you just get it on with fatty. Try to keep the slapping sounds down, OK?
chilled, your mom really did a number on you buddy.
@Bette Noire: Bette Noire Says:
July 26th, 2010 at 8:20 pm
LOL cliche misogynist internet troll #245.
+++++++++++++
Hardly. You post anonymously under the cloud of Black Betty, with a french twist and think nobody will get it? Post here, but spare us your fantasies, OK? I'm of the belief your landlord wants to kick you out simply because you are a fat cow. No other reason.
@Boombust: I don't think he's looking for your pity.
@Whitebear: Re: Lafite pre-sales in China… These are the same guys who put 7-UP in their expensive bordeaux to cut out the tannins…
‘Taipan’ is an Australian commercial real estate developer who is looking to buy a recreation property in a ski resort in BC"
Well, bully for him. What about people like ME who were born and raised here?
As IF I feel for the guy.
@everyone
Thanks again for all the advice, I feel much better about our options than I did this morning.
LOL cliche misogynist internet troll #245.
Market Savvy Prospective Buyer Patiently Watches a Bubble Peak and Begin to Implode –
"I’ve sat on my hands and waited for the market to come to me."
'Taipan' is an Australian commercial real estate developer who is looking to buy a recreation property in a ski resort in BC. Here is part of his story, one of a market savvy prospective buyer patiently watching a bubble form a peak and then begin to implode.
Black Betty is getting alot of attention from you guys, just pin 'er down and get it over with.
Current Inventory?
Did someone mention "new product"?
You should see the new product…2 bedroom, 2 level t/h on the corner of Kingsway and Westwood on the PoCo/Coquitlam boundary.
RIGHT BESIDE the railway tracks in a slummy/industrial area.
A whole "complex" that has just begun.
Maybe we ARE running out of land, if they want to develop anything in THAT area. He he…
It'll be interesting to see how long it takes to sell out to suckers.
Low-mid 300K's.
@DaMann:
DaMann Says:
July 26th, 2010 at 3:28 pm
@Bette Noire:
If you do have to leave that place still apply to places that says no cats. They want a steady rent cheque more than anything else. The days of them wanting everything and giving nothing are slowly changing. The place I live in now never took any pets either, after meeting me and seeing how good of a rental candidate i was the landlord finally caved and rented it to us. He even said “no way, sorry” after I told him we had a dog. I worked him hard and finally got the place.
Apply first, THEN tell them you have a cat. If you are solid they will take you AND whiskers!
+++++++++++++++
My partner has TWO pussies and we had no problem finding a place.
@“A-Sharp” Accountant: "I am eagerly awaiting next spring to see what happens."
Yeah. Give me one of the following three and we'll see how things look.
a) double dip in US
b) higher interest rates in CAN
c) bubble burst / growth recession in China
@VHB:
Interesting.
How much of this is the: "It will pop back up next spring like it did in 2009" attitude coming through?
I wonder if developers are as likely to hit the pause or cancel buttons on their projects this time around after being caught in 2009 with nothing to sell? Could there be a continual pump of new product into the market?
I am eagerly awaiting next spring to see what happens.
@“A-Sharp” Accountant: New listings are really very low.
We are on pace for about 4300 this month. We had 5000 or so in 2uly 2009. More than 7000 in 2008.
@Tony Danza
I'm with Anonymous on this one.
If the landlord doesn't terminate the tenancy at the end of the 1 year agreement, and doesn't establish a new rental contract, the tenancy is legally governed by the Residential Tenancy Act of BC.
If the Act says you get a month, I think you'll get that month.
@Bette
Start looking now; that way you can take your time and find something you like. Nothing worse than having 30 days and ending up taking a place you don't love. Rental inventory is on the way up and you're not under the gun, so drive a hard bargain and you may end up pretty happy with where you end up.
And lots of sales are at fairly low prices.
Example from today:
A 2 bed 1 bath PH Unit, in a 5 year old building in N Van that was listed for 449k just sold for 365k.
If I were in your position I would:
-Stay put. If the property is overpriced, then you have ZERO to worry about. landlords with renters seem to be less aggressive than vacant landlords.
-negotiate a lower rent due to the uncertainty of it all. Allow pre-set showing schedules. Remind your landlord that statistically speaking, occupied properties sell for a little higher than comparable vacant properties. This is a common strategy in the states called "human staging" and many renters have not even had one showing in years. I would ask for 25% off the rent
Good luck. I doubt you will have to move. You just may have just had a few hundred dollars a month plopped into your lap.