I see that David Philip just posted this in the forum – A music video for that oh-so-Vancouver scene: the leaky condo.
From the video description on YouTube:
This just might be the world’s first Leaky Condominium Music Video. Repairing a leaky condo building can take months and months and months. So why not set it to music! Take it away, Rossini! Starring Jacob Breen.
I thought the music video regarding leaky condos was clever .I had patience for repairing but not for paying the $60,ooo dollar bill not my repisibility. I rented for a few years after selling and losing on my leaker in surrey. In 2005 I managed to put a small down paymnet on new, rainscreend and under warranty condo.
Guess what??? Continue your music.. the scnadal continues.. a 4 page report on deficiencies…too much for myheart but enjoyed your music…
If you are going to blame the victims.. hard working canadinas for this I will not be able to read…thanks for listening you may see me on cbc news
Jen
@Patiently Waiting: Someone should call and ask for their HST registration number.
@Anonymous: No, we have the occasional high sell/list day, but when you average-out with all the other days its still quite low.
Good news, your rent includes HST 😛
@Anonymous: Easy explanation: Buyers have been busy all summer mowing lawns while sellers have been busy trying to sell their home.
Buyers are now exhausted from all the lawn mowing and are doing less of it. With all the extra time on their hands, buyers are buying.
Meanwhile, sellers are finally realizing that in order to get their homes sold, they need to start mowing lawns! Sellers have become so consumed by mowing lawns that their listings are expiring without them even knowing.
Hence listings down, sales up!
Sell list is getting extremely high lately!
@Whitebear: "but it seems a lot like the Japanese snapping up commercial real estate 20 years ago"
Closer to 22 years ago but yes, history is certainly rhyming. My advice to owners: take their freaking money before it's too late!
@paulb.: See <a href="http://3.bp.blogspot.com/_GcUKDFoCTBk/SWKpSLeud4I/AAAAAAAAADE/H4OEgEIs8sE/s1600-h/Vancouver+Benchmark+National+HPI+September+2008.jpg" rel="nofollow">here for a graphical comparison of the Teranet and GVREB HPIs.
The two lines have offset uncertainty but Teranet indeed has a lag, evident by looking where the slopes change. If prices continue to decline as reported by GVREB, I have high confidence Teranet will start showing declines as well, with about a 1-2 month lag.
Teranet adds averaging on purpose as it is generally interested in tracking longer term trends so they knock down the signal bandwidth. The penalty is a lag in the reported index over what is likely the reality in the trenches. They do a reasonable job at minimizing it, I think, but it's still there.
http://www.sinovision.net/index.php?module=newspa… – The commentator, in a TV documentary named "Japan purchased by Chinese?", aired in May was astounded to find premium areas like Shinjuku, Azabu were snapped up by Mainland Chinese – 11 Resort houses were snapped up by Chinese in Hokkaido and the developer is planning to release 500-1000 more to meet up with the demand. – Of course, the highest tower in the world, aka "Tower Dubai" previously, would not escape the attention of the Chinese. "Well, price per sq is $6000 Yuan already in the suburban areas in China and the tower is selling for just $7000 Yuan/sq. Why don't we snap it up?", said a speculator. – In Melbourne, a Chinese business woman paid 120M Yuan for a 9000 sqft Penthouse. – In Melbourne again, a chinese student, who does not speak English, keep on raising… Read more »
@jesse: I am pretty sure in 2008 it was lagging the Vancouver benchmark price drops also.
Launching an ad campaign?
For Christs sakes, those idiots have had a non-stop ad campaign for 2 years since the last meltdown.
I'm sick them, they're like the tampon ads of days gone by.
#63 C, Singapore is a meritocracy, really smart people running things, they base hiring, position and promotion on ability. I have spent a lot of time in Singapore and can attest to that city state as having more Ph.D's per capita than any other I have ever visited. In Canada we have douchebag-ocracies run by douchebags who are promoted by seniority not ability, education, track record or intrest. Our government is infested with unionist dickweed that can't run a lemonade stand but exist on the idea that anytime they lose money they can just come back to the well and grind taxpayers for more…thats why Singapore is growing at 35% per Q and Canada is swirling down the toilet. Many people who read only the history of Singapore and have never actually been there will bring up all sorts of… Read more »
Teranet uses weighted average data to calculate the index so it's not surprising it is slower to recognize price drops.
Will at http://www.agentwill.com thinks Larry is a genius.
Rising resale home prices set to stall: Teranet report
"The Teranet measure has been lagging the CREA measure by about four to five months, suggesting that this measure too will soon show a slowing in the Canadian existing home market," said Petramala.
A trip down real estate memory lane with the cheerleading media whores of America…..
Two Charts: All You Need To Know About Canada's Housing Bubble
And speaking of incredible, here's one of the reasons why the US is in a hole that deepens every year:
"Miami faces a pension payment exceeding $100 million in the fiscal year that begins Sept. 30, Regalado said, which will consume a fifth of its operating budget. Moody’s Investors Service and Standard & Poor’s both cut the city’s general- obligation bond ratings in the past two months, citing the deficit and pension costs."
http://www.bloomberg.com/news/2010-08-24/miami-se…
Yep, 20% of Miami's budget goes to paying the pensions – not salaries – but pensions of its union workers.
Meanwhile, little free market paragon Singapore has posted average GDP growth of 35% in the first two quarters, without having to rob its grandchildren to pay for it.
This from David Rosenberg at Mish's site is incredible. He's referring to new homes in the US:
"The high-end market, in particular, is under tremendous pressure. In fact, it is becoming non-existent. Guess how many homes prices above $750k managed to sell in July. Answer — zero, nada, rien; and for the second month in a row. Only 1,000 units priced above 500,000 moved last month. "
http://globaleconomicanalysis.blogspot.com/
They probably move a half dozen new homes over a $1 million in West Van alone every month.
New Listings 110
Price Changes 86
Sold Listings 107
YAH! YAH! YAH! like my girl friend just have bought a pack of TAMPAX to comply with nature so who on earth can collide with the nature of leak? It's a water buddy it will go through anywhere.However,I am sure you can't see sand blow out of concrete building while you can see it in other part of this world where developer promise you an concrete building while the eat it in realty.
In Vancouver,we have NATURE,DISCIPLINE,and COMPLIANCE thus far Oh My Gosh-Vancouver Is The Best Place On Earth,There's so many way to love this city.
Afghani warlords in Chilliwack. 🙂
Looks like Ian Watt's not too happy about the level of sales vs. listings;
http://www.youtube.com/watch?v=4IY5qN6ubk8
"We're getting the crap kicked out of us"
@ arbitrage. Yes, pay scale is one of the livability criteria, otherwise Monaco would probably win every year. 😉 Detail of the index mix are for paying customers only.
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