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REBGV December 2010 stats out.

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The REBGV stats are now available for the end of the year.  It’s been a ‘stable’ year.  Jesse points out the two main benchmark numbers:

Detached benchmark $797,868 +4% YOY
Apartment benchmark $387,115 +1.2% YOY

If you bought a Vancouver investment apartment a year ago and sold today, you almost made as much money as an ING savings account! (as long as you don’t count maintenance or transaction costs).

VHB points out that Rob Chipman has kindly made the full PDF of the report available on his website.

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Best place on meth

Even Canada's superintendent of bankruptcy is sounding the alarm bells about Canadian's debt levels.

http://beta.ca.news.yahoo.com/bankruptcy-chief-wa…

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real_professional

There is no upside in real estate – to those that got in and got out – well done. But to those that are trying to re-live past glory and showing up to parties late – that ship has sailed. . I am thinking, “who is to blame for all of this mess?”. The answer is clear – the Conservatives. . As evidence I present the following excerpt of a speech by President Bill Clinton on June 5, 1995 for the purposes of promoting the National Homeownership Strategy. This strategy resulted in the over investment in US real-estate followed by the collapse of real-estate market. . " Home ownership encourages savings and investment. When a family buys a home, the ripple effect is enormous. It means new homeowner consumers. They need more durable goods, like washers and dryers, refrigerators and… Read more »

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fixie guy

#90 jesse Says: "What structural changes? "

Maybe better as "structural". Mostly wiggle room. Many areas have seen quality improvements, the city has grown significantly, the dumasses finally installed real public transit, some of that must impact valuations to a degree, but good point on rents.

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Supraboy

"If you bought a Vancouver investment apartment a year ago and sold today, you almost made as much money as an ING savings account! (as long as you don’t count maintenance or transaction costs)"

bwaahahahaa……that's the dumbest thing I've heard. Oh, and it's assuming that you leave the house empty without renting it out. Count in the rent and you've got yourself more than an ING savings return, dumbass.

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Junius

Trader P, You said, "Any monkey with a keyboard can call himself/herself a bear because it basically costs nothing to be a bear. To be a bull actually requires real cash & commitment." Are you Cows getting dumber by the day or what? Have you formed a club or something? The Moronic Lodge of Stupid Cows? What are the fees? What is clear is that Real Estate does cost you money. It is now the loser in my investment portfolio. It even did worse this year than the bloody big bank mutual fund my wife made me buy. Even with the terrible Education Fund we have for our child. So, yeah. It costs money because it is a stinker right now and smelling worse by the day (sound familiar). Being a Bear means you think prices are going down. Being… Read more »

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The Leak

If the housing bubble should burst and the overwhelming debt load taken on by many forces them to foreclose and my taxes go up to deal with CMHC's financial burden, I will turn to growing weed. That way I will be able to evade taxes by hiding income and I'll have BC's casinos to launder all that cash through.

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Jack Wagon

All bulls will lose their shirts, suck-it biatches!

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jesse

@fixie guy: "20 years of structural changes truly justifying a portion of appreciation"

What structural changes? In terms of a condo, its revenue stream has pretty much increased with inflation for as long as I can remember, HK and Chinese immigration and all.

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ReadyToPop

@TraderP

Any monkey with a keyboard can call himself/herself a bear because it basically costs nothing to be a bear. To be a bull actually requires real cash & commitment.

That is true in a general sense, but keep in mind that there are many real estate bears here who are bullish on real estate elsewhere and on other investment classes.

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CRASH JPMorgan-Chase

CRASH ROYAL LePAGE…..BUY SILVER, NOT HOUSES

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fixie guy

#54 jesse Says:"The bubble in the mid-90s was about 5 years long start to finish." Hard pressed to call that a bubble. A real and fundamental factor – unprecedented pop growth fueled by Hong Kong's repatriation – arguably drove increases. Just as instructively, prices fell quickly and roughly linearly when pop pressure subsided. That's why I believe Harper is also manipulating immigration as one tact to keep the party rolling, and why he's targeting the 2011 Census. It's also why I believe only 50% declines for Vancouver will look Polly Anna when it's done shaking out. The true bubble prior to our current is visible in Van's Sauder data in the 89-90 peak. HK spared, or more correctly delayed, BC the full correction the rest of Canada felt 20 years ago. Prices never completed their readjustment from HK. Then there's… Read more »

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Bubba

Global Economics

Keep it simple……

If China sneezes …

everyone else get AIDS

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CRASH JPMorgan-Chase

@Boob:

“US debt is largely fictitious”
http://maxkeiser.com/2011/01/06/us-debt-is-largel…

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CRASH JPMorgan-Chase

@Boob:

really hinges on the Chinese finally getting tired of not getting paid for their exports to the US. It's coming closer. When it does their will be a complete and total collapse of the USD and the PMs will spike. Or maybe I should agree with most here that the Chinese (govt) are stupid? Maybe so, maybe not. Let's see what 2011 brings but whatever it brings people should have at least 10% of their assets in gold and especially silver. The world is running out of silver fast so get some now. Gold? plenty of it but look how rare it is. Bernanke snaps his fingers and voila…billions of new fiat dollars. Contrast that to hard working miners and explorers. Has Bernanke ever been attacked by a Grizzly in Washington DC?

http://www.youtube.com/watch?v=txBf511BInE

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Anonymous

so you do have a whinning club right here at vci?

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fixie guy

#80 Anonymous Says:"post #72 should be posted to every poor bear blogs including Garth’s."

Agreed. No content, resentful, off-topic talk about real estate talkers; it's a perfect bull post. Red arrow worthy.

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Best place on meth

@Anonymous:

Aww, isn't that cute.

The worthless sock puppets have formed a support club.

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Anonymous

post #72 should be posted to every poor bear blogs including Garth's.

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Best place on meth

@Anonymous:

$10 for a load of bread seems quite reasonable.

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Anonymous

@CRASH JPMorgan-Chase – Buy Silver:

10.00 price for load of bread coming this year

Shouldn't I buy shares in Canada Bread or Cobbs then instead of Silver?

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Boob

@ CRASH JPM

Just a thought, but your constant hyper-inflationary comments do more to convince people how unlikely further hyper-inflation is. True most indebted Canadians are on 'your side of the boat', but in the end, markets always ensure the majority 'go for a swim'. Speaking of boats, the hyper-inflationary one you speak of, was the one that left harbour a decade ago – you know, when silver was $4 an ounce and houses were a third what they are now. As exciting as it is, that's the type of hyper-credit inflation people only experience once in a lifetime.

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other ted

61. Patriotz is bang on I am a life long conservative. I will punish them for this, there is no way they will get my vote next time.

I hate it when people refuse to punish politicians as they believe its their team. Enough is enough.

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CRASH JPMorgan-Chase

@CRASH JPMorgan-Chase – Buy Silver:

WARNING FOLKS

Continued U.S. fiscal measures to stave off recession will ultimately weaken the dollar, causing China's estimated $2.65 trillion in dollar holdings to quickly lose value. China is dangerously close to dumping its US dollar holdings then what will the resulting hyper-inflation mean to people on this thread?

Keep ignoring these warnings folks. 10.00 price for load of bread coming this year

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Bubba

I recently outed my Local Gov't…

In early Dec 2010, they bragged about a $6 Million surplus which was reported in the local papers.

Guess what?

They recently tabled a report this week stating they were seeking an extension from the FEDS re: infrastructure grants to the tune of almost $7 Million.

http://www.richmond.ca/__shared/assets/Project_GP…

What a frikking coincidence ?

==========================================

In addition this shithole along with other casinos got outed re the money laundering schemes in BOTH Richmond casinos ie RiverRock and Starlight(in New West but attached to Richmond)……if you take the Connector they are only 5-10 minutes apart

This whole f*cking shithole is based on laundered money….whether it be RE or whatever.

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Best place on meth

@paulb.:

WOOO! Sell/list falls into the 20's.

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