Don’t like the bubble? Move!

Local realtor / hype artist Cam Good is in the news again with some advice for people that are unhappy with the current market or think there’s some imbalance with current house prices: move somewhere else.

The video is also available on the Global News website. Hat tip to southseacompany for the link.

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Webterractive
Webterractive
9 years ago

Let's ruin it for Cam Good by having everyone chip in and build hospices in the most desirable areas in Vancouver, and then tell Cam Good to tell his suckers in China that if they don't like it go live elsewhere because we have no sympathy either

painted turtle
painted turtle
9 years ago
painted turtle
painted turtle
9 years ago

I did not make the huge effort to immigrate to Canada to end up in this mess of racism and crazy greedy race. I came to endorse what I saw as Canadian values. For the first time in 15 years, I am reconsidering my decision.

But I will hold on, because this mess is too insane to make sense. I am more and more convinced these are just symptoms of the peak. However, considering the level of insanity we have reached, I am a bit worried about the magnitude of the burst …

N
N
9 years ago

@anon:

About that. Here's what Paul said at the time:
http://4.bp.blogspot.com/_sDCKFPKKvO0/S8ftr2XHQwI

other ted
other ted
9 years ago

Never actually heard Cam Good speak before. What a douche. Just love his condescending and lecturing tone "if you don't like it leave". Thank you for putting me in my place Cam Good. Well I already left.

anon
anon
9 years ago

i think it was about 20,000 during the 2008 mini dip, wasn't it?

Li Kai Shing
Li Kai Shing
9 years ago

Not to worry…

Hockey bubble blow up too…

Luongo has added hair grease to his 9 iron….

See you in next Cup final in 20 years

Hovering
Hovering
9 years ago

thanks PaulB

18,000 listings by August maybe

what's the record?

patriotz
9 years ago

2006:

Look again. The valley that Las Vegas and 1.8 million residents call home is nearly built out. Mountains, national parks, military bases, an Indian community and a critter called the desert tortoise have Sin City hemmed in. At the current building pace in the USA's fastest-growing major metro area, available acreage will be gone in less than a decade, developers and real estate analysts say.

http://www.usatoday.com/news/nation/2006-11-12-ve

2011:

A 23.53-acre property at the Las Vegas Beltway and Hacienda Avenue that sold for $30.2 million in 2007 and was later foreclosed upon has been sold for $4.4 million.

www dot calculatedriskblog dot com

paulb.
paulb.
9 years ago

New Listings 220

Price Changes 106

Sold Listings 130

15942 listings

mflat
mflat
9 years ago

Vancouver East & West*

New Listings – 67

Back On Market Listings – 2

Price Changes – 35

Sold Listings – 39

Vancouver All Areas*

New Listings – 213

Back On Market Listings – 5

Price Changes – 102

Sold Listings – 130

*Attached & Detached – Date: 06/09/2011 Time:18:15 Pacific YatterMatters.com: Courtesy REBGV. Data believed to be accurate but is not guaranteed.

fixie guy
fixie guy
9 years ago

@162 patriotz: 'Tens of billions' makes him an optimist in my book, plus halleluiah people are finally starting to discuss the blisteringly obvious connection between targeted liquidity and prices.

chip
chip
9 years ago

@Eddie:

She gets one point for recognizing the folly of the CMHC, but loses a point for immediately arguing that Canada jettison the oil economy (1/3 of our exports) for renewables, which have cratered govt budgets all over the world (ask Ontario).

Eddie
Eddie
9 years ago

I gotta hand it to Elizabeth May, she is the only fed politician who seems to understand the CMHC's role in the bubble.

It's about the fifth paragraph down:

http://greenparty.ca/article-link/2011-02-10/eliz

Chipper
Chipper
9 years ago

@jesse: Your analysis is appreciated Jesse!

patriotz
9 years ago

@oneangryslav2:

The original source appears to be Murray Dobbin:
http://www.policyalternatives.ca/publications/mon

This is the ticking time bomb Harper has tossed at the Canadian taxpayer. Why? So that he can maintain the fiction that he is a good economic manager and win a majority in the next election.

The problem is that no opposition political party wants to expose the looming disaster and risk being responsible for a dramatic fall in house prices. The price of political cowardice will be very high. And, in the end, the housing bubble will burst anyway, putting taxpayers on the hook for tens of billions of dollars in defaulted mortgages.

Prophetic.

jesse
9 years ago

@oneangryslav2: "I can’t find the link to the source for this"

Wikipedia so it's therefore true. The CMHC wiki article "needs work".

oneangryslav2
oneangryslav2
9 years ago

@chip:

And this too was just noise obviously:

“In 2008, Canadian home prices started to dip as affordability became the worst on record in many cities. CMHC publicly admitted that it was ordered to approve as many high risk borrowers as possible to prop up the housing market and keep credit flowing.

In 2008 some 42% of all high risk applications were approved, a 33% increase over 2007.”

I must be blind, but I can't find the link to the source for this. Would you (or someone else) mind providing it for me (us). I'd like to send it to somebody.

Li Kai Shing
Li Kai Shing
9 years ago

@gordholio:

Lemme get this straight….you are proud of that?

MAC marketing seemed like a scam from the start, and Onni has a reputation of building shite with poor after sales customer service

http://www.condoadvisory.com/developer.php?item_i

Probably more honourable to go sell drugs to schoolkids(…oh maybe not…they'll probably end up building or selling condos)

Best place on meth
Best place on meth
9 years ago

@fixie guy:

A feat that was largely achieved by dropping prices 30%.

Worked for the OV too.

fixie guy
fixie guy
9 years ago

"Dad is the strongest man in the world."

"No one cooks better than mom."

"I go to the best high school."

"I left MAC and went to work for Onni. I helped them sell 400 condos in 90 days – a feat that was largely credited with saving the Vancouver market."

Sad, just f'n sad.

Best place on meth
Best place on meth
9 years ago

From the Deflated States of America:

Falling home prices have shrunk the equity Americans have in their homes to nearly the lowest percentage since World War II.

Average home equity plunged from more than 61 percent at the start of 2001 to 38 percent in the January-March quarter this year, the Federal Reserve said in a report Thursday. That drop comes as home prices in big metro areas have reached their lowest level since 2002.

http://finance.yahoo.com/news/Americans-equity-in

Patiently Waiting
Patiently Waiting
9 years ago

Less than 3 years ago, our low vacancy rate was seen as a crisis:

http://www.canada.com/vancouversun/news/story.htm

chip
chip
9 years ago

@gordholio: "The next year, the sky fell and, ever the optimist, I saw opportunity in real estate where others saw devastation. I left MAC and went to work for Onni. I helped them sell 400 condos in 90 days – a feat that was largely credited with saving the Vancouver market.' Because the fact that starting in 2008 the BOC quickly cut rates from 4% to 1% meant nothing to the markets compared with the sales pitch of an unknown agent toiling away in Vancouver somewhere. And this too was just noise obviously: "In 2008, Canadian home prices started to dip as affordability became the worst on record in many cities. CMHC publicly admitted that it was ordered to approve as many high risk borrowers as possible to prop up the housing market and keep credit flowing. In 2008 some… Read more »

jesse
9 years ago

@Patiently Waiting: "Do you know why we had that strange spike back in 1997?"

Don't know but there was some repatriation after the Hong Kong handover to PRC. Also that was the time of the Asian crisis so there was a dropoff of immigration over that time, high inventory for sale (higher than 2008 I think!), and rising interest rates.