Vancouver House Prices up 0.2%!

Metro Vancouver house prices were up again for the month of January, but it’s not exactly an auspicious start for Scotias prediction that this market will outperform the rest of Canada. Our market trailed the national average, but Victoria saw a 1% drop for the month.

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Declan
Member
Declan

If only the computer keyboard had been designed by the HAMafia, the dollar sign could be above the 8 where it belongs 🙂

Also, I like how the Vancouver Sun article linked in the story quotes, "Almost three-quarters of respondents in the RBC poll said they are well positioned to withstand a decline in the housing market" as if that was good news.

If over one quarter of Canadians failed to 'withstand' a decline in the housing market that would be a massive crisis.

itwillneverpop
Guest
itwillneverpop

to be honest, I listened to this site and have been waiting for 3 years to wait for the price to come down. in fact, I just priced out. I should have acted 3 years ago 🙁

I know some bears will vote down my comment. that this is so true.

registered
Member
registered

@#7 itwillneverpop: Nice try astro-boy. In three years median benchmark prices changed under 10%:

http://img844.imageshack.us/img844/7460/201012ter

The orange line, chump. 'Priced out because of 3 years' and 'honest' my ass.

asia man
Guest
asia man

okay boys, time to unleash the truth on HAM,from Asia with love…

http://www.angryduck.com/pics/avg-bank-balance.ht

Three Bears Inv.
Guest
Three Bears Inv.

Inflation and its related economic activity is picking up. HAM train is starting to roll. Look for real estate prices to rocket up the next few years.

Declan
Member
Declan

Random HAM anecdote: I’ve noticed that listings in the part of Port Moody on the side of Burnaby Mountain are now starting to mention (sometimes in ALL CAPS) that they are on the BURNABY BORDER. I assume the motivation is to convince the HAMmy hordes that this is really part of their target area.

Example

Maybe Victoria listings could start mentioning the shared (water) border it has with Richmond and West Van, or maybe they could change the city name to Richto8ia.

Three Bears Inv.
Guest
Three Bears Inv.

P8rt M88dy

Anonymous
Guest
Anonymous

Three Bears Inv. Says:

March 9th, 2011 at 9:43 pm

P8rt M88dy
——————————–
Yes, it’s now translated as “land of riches”;

Port Moody used to be translated as “land of the dead” years ago

Supersogs
Guest
Supersogs

CBC joins the Vancouver Sun and The Province for media garbage:

http://www.cbc.ca/news/canada/british-columbia/story/2011/03/09/bc-vancouver-address-numbers.html

Obviously.

Dr. Petrie
Guest
Dr. Petrie

Vancouver need more HAM because HAM is smart money…

Mainland China started egg production.

vreaa
Member

Animal Spirits, Primitive Superstitions –

"Address numbers could hold key to fortune"

CBC article/video excerpts,

stills and transcription

http://wp.me/pcq1o-1Yf

Best place on meth
Member
Best place on meth

Just to be clear, this story is about NEW homes, not all homes.

As for the CBC story, if people want to change their address to attract buyers I think that's great.

It just shows what kind of idiots these people from China are if they'll pay more for an 8 in the address.

Fleece the morons.

betamax
Guest
betamax

“Almost three-quarters of respondents in the RBC poll said they are well positioned to withstand a decline in the housing market”

Verified in multiple polls: 70% of people polled believe themselves smarter than average.

painted turtle
Guest
painted turtle

A 0.2% in a year on new homes ?!?!? Is that it? What's left once you factor in inflation?

Is this because HAM is only looking for tear downs, to "avoid paying taxes" ? By the way, I would not mind living in one of those "tear down." Talking about sustainability, can you imagine how much garbage this is producing? I was once told that 20% of the garbage produced by the city of Vancouver is from the housing industry.

chip
Guest
chip
To explain why Vancouver is such an outlier, even in North America, I have always looked to money from China and the local drug trade. And I think that a lot of that money from mainland China was triggered by two things: 1) Canada alone in having no restrictions on foreign ownership 2) the case of Fat Lai, where China's most notorious criminal kingpin was allowed to remain in Vancouver. These two points act as a massive market signal to many corrupt officials looting the Chinese treasury. To illustrate how huge this market is, check out this story about the deputy general engineer in the Railway Ministry: "Details of the case are shocking the public. Zhang reportedly has US$2.8 billion stashed away in Swiss and US bank accounts, wealth rivaling that of a small country. This despite his status as… Read more »
Troll
Guest
Troll

@chip:…cue the angry hordes denouncing you as a worthless cheerleader and HAM pumper.

Devore
Member
Devore

@Best place on meth:

It just shows what kind of idiots these people from China are if they’ll pay more for an 8 in the address.

But if "the price is right", they'll conveniently overlook the bad luck and death.

jesse
Member

@chip: "The question is how many are truly here."

10,000 per year absolute maximum, likely significantly less.

patriotz
Member

@chip:

1) Canada alone in having no restrictions on foreign ownership

Well some Canadian provinces do have restrictions on ownership of rural land, which is also the case with some US states. So there is no difference between the two, except for the US market being far bigger and now far cheaper.

The UK has no restrictions on foreign ownership of RE. Nor does Ireland.

EU countries cannot restrict RE ownership by citizens of other member states, although they may restrict ownership by others. Some do, some don't.

Anonymouse
Guest
Anonymouse

@patriotz:

"EU countries cannot restrict RE ownership by citizens of other member states"

Yes they can. I believe Romania has such restrictions on land ownership. Not that it really matters because any foreigner who wants to own land there could just set up a company for the purpose, which is permitted.

Ridiculous
Guest
Ridiculous

@chip:

Chinese Bullet Train = Springfield Monorail.

patriotz
Member

@Anonymouse:

That is temporary as Romania is still transitioning to full EU membership with mobility rights for its own citizens, etc.

There are no restrictions on land ownership between citizens of older EU members.

http://www.romaniapropertyabc.com/article/Can-for

Patiently Waiting
Member
Patiently Waiting

@vreaa: Superstition and bubbles go hand in hand:

http://www.st-josephstatue.com/st_joseph.htm

vreaa
Member

@Patiently Waiting: excellent! will cite, thanks.

vreaa
Member

One mortgage broker, two partially contradictory opinions:
http://wp.me/pcq1o-1YF

wpDiscuz