Friday Free-for-all!

Is it Friday yet?

What’s happening out there?

Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Patiently Waiting
Member
Patiently Waiting

I've seen a few ads like this. It used to be "Move In Specials" were for apartment buildings, but now I'm seeing homeowners offering these on their basement suites.

http://vancouver.en.craigslist.ca/pml/apa/2404220

Patiently Waiting
Member
Patiently Waiting

Desperately Seeking Long-term Tenants

"Sign a 1 Year Lease in May 2011 & receive a 43" Samsung TV."
http://vancouver.en.craigslist.ca/bnc/apa/2390569

"If you sign a year lease, the rent could decrease to $1025. 2 years lease, $1000. 3 years lease, $980. 4 years, $960."
http://vancouver.en.craigslist.ca/pml/apa/2404543

jesse
Member

@Patiently Waiting: I wonder if there is real weakness and how much it has to do with a cutting down of migrant worker visas that started last year.

The desire for longer term leases is particularly interesting. From my knowledge of some owners, they are part time part time amateur property managers and live elsewhere, and fly in specifically to manage re-renting when tenants leave. Yes. A longer term lease would have a lot of value in this situation. In one case a tenant just left for the US after his contract expired. Finding another qualified tenant has been a challenge.

Anonymous
Guest
Anonymous

Here's the link to Garth's comment about sales in the Fraser Valley:
http://www.richmond-news.com/business/Property+sa

My favorite part is Sukh Sidhu's (FVREB president) reason not to panic:

One of the reasons [for the collapse in sales], Sidhu said, may have been the recently concluded federal election.

patriotz
Member

Top 10 features of a profitable rental property

Should be #1 rather than #9 but at least they come out and say it:

If charging the average rent is not going to be enough to cover your mortgage payment, taxes and other expenses, then you have to keep looking.

Of course by this criterion alone, no property in metro Vancouver is a suitable investment.

Anonymous
Guest
Anonymous

Shouldn't they mean buying your home could finance your hopes and dreams? Someone's about to get slapped by the Vancouver developers cartel.

Selling your home could finance your hopes and dreams
http://www.ottawacitizen.com/business/Selling+you

LoveVancouverCondoBl
Guest
LoveVancouverCondoBl
NYTIMES: China’s Interest in Farmland Makes Brazil Uneasy URUAÇU, Brazil — When the Chinese came looking for more soybeans here last year, they inquired about buying land — lots of it…. … “They are moving in,” said Carlo Lovatelli, president of the Brazilian Association of Vegetable Oil Industries. “They are looking for land, looking for reliable partners. But what they would like to do is run the show alone.”… … “The relationship has been very unbalanced,” said Rubens Ricupero, a former Brazilian diplomat and finance minister. “There has been a clear lack of strategy on the Brazilian side.”… … China’s moves to buy land have made officials nervous. Last August, Luís Inácio Adams, Brazil’s attorney general, reinterpreted a 1971 law, making it significantly harder for foreigners to buy land in Brazil. Argentina’s president, Cristina Fernández de Kirchner, followed suit last… Read more »
Bailing in BC
Guest
Bailing in BC

Patiently Waiting

Regarding that last rental listing you posted-

Anyone who puts that much detail into a craiglist ad should be avoided like the plague. A sure sign of a control freak. Besides, who rents a suite with a BREADMAKER?

patriotz
Member

@LoveVancouverCondoBlog:

Note that there's a very significant difference between buying farmland, which is a productive (and strategic) resource, and residential RE, which isn't.

The real investors from China (as opposed to the cowboys) are buying the former.

pricedoutfornow
Guest
pricedoutfornow

@Anonymous:

Do not panic! (This is only what happened in the US right before the housing meltdown, but we are DIFFERENT!)

"Sales of townhouses and apartments in Mission for April 2011 also decreased by 77.8 and 71.4 per cent each compared to April 2010."

Ouch!

Anonymous
Guest
Anonymous

@pricedoutfornow:

Yes, from Kelowna to Victoria, and now the Fraser Valley. It's only 50km away!

Troll
Guest
Troll

@pricedoutfornow:

“Sales of townhouses and apartments in Mission for April 2011 also decreased by 77.8 and 71.4 per cent each compared to April 2010.”

A little misleading, what's the sample size? Based on the same data apartment sales in Mission are up 100% from March to April of 2011. From 1 unit to 2. LOL.

Things look to be slowing in the valley, but no need for Garth-like hyperbole, just weakens your case.

Anonymouse
Guest
Anonymouse

@pricedoutfornow:

“Sales of townhouses and apartments in Mission for April 2011 also decreased by 77.8 and 71.4 per cent each compared to April 2010.”

How did inventory change over the same period?

Patiently Waiting
Member
Patiently Waiting

@Bailing in BC: I agree that ad was weird. They made it sound like they'd instantly drop dead from a whiff of smoke. Including the cost of the renovation sounds like either a bit of intimidation or boastfulness. And why would I care about the size of the whole house?

Patiently Waiting
Member
Patiently Waiting

@jesse: In two of those ads, however, the landlords are clearly living in the house. It appears all landlords are facing great difficulty finding decent tenants. Its probably a combined effect of:

– less temporary foreign workers

– higher unemployment

– high real estate prices causing people to give up on Vancouver

– new condo buildings completing

– more houses being built with more suites

YLTN @ Work
Guest
YLTN @ Work

@Patiently Waiting:

That place would be a nightmare to live in, total amateur landlords. What they really should write is:

"We can't afford our house so we need you to move in and help us pay the mortgage. We don't really want you there so you have to be quiet as a mouse and not do anything that might cause us to notice that you are there reminding us that we bought more than we could afford and probably should be living in an apartment somewhere".

I personally would never rent any place where the landlord lives within walking distance as you know they are going to be snooping around and invading your privacy whenever they can. If I'm renting a basement suite, there better be another renter upstairs!

patriotz
Member

@Patiently Waiting:

You left out perhaps the most significant factor, the record high home ownership rate. Many of the higher quality tenants of 5 or 10 years ago are now homeowners which greatly decreases the average quality of the remaining renters.

Johnny
Guest
Johnny

LTN @ Work Says:

You should send that commentary to them…call them out!

Devore
Member
Devore

@YLTN @ Work: The hassle of dealing with another person in your house, sharing utilities, yard, garage, street parking, storage, deck, garbage, sights and sounds, and who knows what else, is not worth any amount of money as an owner unless you are desperate, or as a renter unless they're practically giving the place away for free. Having roommates is so college.

Johnny_O
Guest
Johnny_O

@Bailing in BC:

Someone who bought the breadmaker and attempted to make it without success and is now giving it away.

Similarly, all those amateur slum-lords who think they can make it but will eventually give it up altogether.

vreaa
Member

Peter Ladner – Correct Concerns, Questionable Attributions – "Is it always a good thing that property values go up?"

http://wp.me/pcq1o-2oc

Partial transcription, and discussion, of recent interview.

Van MD
Guest
Van MD

Competition Bureau sues real estate board
http://www.cbc.ca/news/business/story/2011/05/27/

May the good guys win!

"The bureau has launched an application with the Competition Tribunal against the Toronto Real Estate Board, or TREB, which represents 31,000 realtors in the Greater Toronto Area and controls access to the Multiple Listings Service system.

The bureau says TREB's anti-competitive practices "are denying consumer choice and the ability of real estate agents to introduce innovative real estate brokerage services through the internet," which could result in lower prices for consumers."

Lazar
Guest
Lazar

Funny ad, there are tons of those on Craigs… http://vancouver.en.craigslist.ca/van/apa/2400809
I'm going to offer them $1850 for one year lease, soon they'll be getting less.

Googles
Guest
Googles

@VREAA

Was Peter reading my comment from the other day? 😉

I couldn't agree more with the transcript of the interview and your subsequent comments.

The one comment I would make that I didn't clarify the other day is that IF this influx of wealthy chinese (foreign money) is as real as many claim then it would likely skew the average price statistics as presumably they would be buying on the very high end. This would add to, but, not be the main reason for generally high prices in Vancouver RE which I agree is largely a local phenomenon. I have seen no evidence that the volume of these buyers would be enough to cause such a general trend. This also applies to the local drug money argument.

Dave.
Guest
Dave.
@Patiently Waiting: Troll them. Here's a start: Hi, my name is Bob and I am a single male looking to rent for an extended period. I have maintained steady employment for a number of years working in the floral business. My hobies include working with electrical and computer devices. For that reason I require my own electrical meter from BC Hydro and would pay for this at my own expense if necessary. Like yourself I am very sensitive to odours and have allergies to smoke. Because of this I have elaborate ventilation equipment to filter my air. I trust the suite has adequate ventilation for this. I prefer to pay in cash. I look forward to meeting with you. I will stop by tonight at 6pm, unless I hear otherwise. Bob
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