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Luxury sales set to climb

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Here in Vancouver a ‘luxury home’ is one that costs more than 3 million and looks like a $300k house in Tampa. And that’s just the market segment that is set to soar this year.

The 2010 total has already been surpassed, with 384 homes over the $3-million price point sold so far in 2011, according to Macdonald Realty.

There have also been 66 homes over $5 million sold so far, and a predicted 132 over$5 million by the end of the year.

A total of 40 condos over $3 million have so far been sold, including seven over$5 million.

However, the trend partly reflects price increases that have pushed previously cheaper homes over the $3-million luxury home threshold.

The trend is your friend, get in now while prices are going up.

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Jack

Data firm pinpoints housing bubble

http://business.financialpost.com/2011/06/23/data…

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bubba

@Dave:

I heard from another well – connected source that Libs call fall election…

Christy will be the Vander Zalm of the Liberals….NDP may get in by default.

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Tax police

@Aaron Chipman:

I also thought it was double talking scum.

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Romeo Jordan

Luongo SUCKS!@!!

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Romeo Jordan

chimpman is shutting down his blog and going to work for PaulB, fyi.

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Romeo Jordan

The wheels are coming off.

It may not look like it to the untrained eye (ie. Dave; McLoser; etc).

Vancouver prices down 5% from here by year end, and down 15% next year followed by another 15% the year after.

And then it really gets ugly (like looking at McLoser at high noon on a sunny day – plain scary).

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Dave

@Aaron Chipman:

Who else but yours truly?

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Dave

@bubba:

Hope not. That would throw a wrench in some of my plans.

I was hoping we wouldn't be voting until 2012.

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paulb.

New Listings 236

Price Changes 110

Sold Listings 108

Inventory: 16046

More stats here: http://www.laurenandpaul.ca

Facebook page: please "like" 🙂
http://www.facebook.com/pages/Metro-Vancouver-Rea…

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bubba

From Alex Tsakumis blog:

I’m back tomorrow with the Clark pieces I promised. And mark August 15th on your calendars. BC Liberal MLAs have.

They’ve been told to “be available” any time thereafter–clearly for an election call.

Clark is scared out of her mind as her numbers continue to drop, so she’s going to risk it all, no matter what happens with the HST. This is causing serious indigestion in caucus and a possible revolt may brew. In addition. they have all been whipped for the caucus retreat. To show (false) solidarity, none of them are allowed leave this year.

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Aaron Chipman

Hey uncle Dave, can you suggest to the board a good realtor?

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fixie guy

90 Dave Says: "Go to London Drugs and tell them you want to pay for your Valtex in real 1986 dollars. Let’s see how that discussion goes."

Sure thing Dave, one hundred 1986 dollars = $184.59 2011. Pharmacists are educated, they can understand this.

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jesse

BC Major Project Inventory (PDF)

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bubba

Greece's Olympic dream has turned into a nightmare for Village residents http://www.telegraph.co.uk/finance/financialcrisi… The vast glass edifice was once the gleaming entrance where the world's athletes signed in for the 2004 Olympics but it now stands empty, stripped of all assets including copper piping, electricity points and marble tiles. "I don't know why we're here now," said one guard smiling behind his Ray-Bans. "Thieves took everything of value, I guess we're just here to stop the squatters moving in." Seven years after the outpouring of national pride and delight as Athens showcased its new public works to the world, the Olympic Village, 12 miles north west of the capital in the shadow of mount Parnitha, is now a symbol of national shame. The housing development for 10,000 was the largest single property development in recent times. Designed as accommodation for athletes… Read more »

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Dave

@fixie guy:

Easy money all right:

http://alturl.com/vdux6

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Dave

@fixie guy:

Go to London Drugs and tell them you want to pay for your Valtex in real 1986 dollars. Let's see how that discussion goes.

When mortgages move from nominal to real dollars, I will start caring. If your mortgage goes up over time, then this would be a legitimate discussion. In the meantime, the rest of the World prices things in nominal dollars.

Troll, you were right…

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fixie guy

87 Dave Says: "Who cares about ‘real’ dollars. It’s all about nominal."

Chile? The Wiemar Republic? Debate? When the Bank of Dave opens, I'll be customer #1. Easy money.

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Anonymous

@Dave: ….We had our once a decade correction almost 3 years ago now……

LOL. Yes, all the 'cautions' that we've been hearing recently from mainstream sources are referring to 2008. LOL. I've always wondered, do folks with their heads in the sand put sunscreen on their bums (I guess it's not really an issue in Vancouver) 🙂

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Dave

@patriotz:

Who cares about 'real' dollars. It's all about nominal. Let's not debate it again.

You already agree on the 1982 crash and the 2008 'crash'.

The other stuff were just minor corrections. Look at condos and townhomes in the 1990's. You really want to call that a correction? It's flat like Saskatchewan.

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patriotz

@Dave:

The history of our housing markets is a flat market, followed by a long multi-year bull run, followed by a relatively quick correction (less than one year), to be followed again by a flat market.

That's ridiculous. The 80's bust ran from the peak in April 1981 to the nominal bottom in December 1982, with the real bottom in 1985. The 90's bear market ran from the peak in 1994 to the nominal bottom in 1999 and the real bottom in 2001.

I suggest you stick to subjective issues like "balanced market" and leave the objective ones to people who pay attention to the facts.

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Anonymous

"Obviously by your definition of a flat market"

Indeed.

I had hoped to one day travel to the Grand Canyon and hike from rim to rim.

Clearly, with this new perspective I can see that that is a flat walk, so I probably won't bother.

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Dave

@curious lurker:

A bull market.

In my opinion, prices will inflect and not continue the recent upward trend. Why? Affordability has reached it's maximum and supply and demand are in balance, if not soft on the periphery.

What I did not previously account for, or expect, was the potential of gradual year over year price increases in the low digits. I think that now appears possible with affordability remaining low, but prices going up due to inflationary wage increases. My previous expectation was that affordability would improve over the coming years. I now think there is a good chance it will not.

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curious lurker

@Dave:

Thank you for clarifying Dave.

You didn't mean quell, you meant prevent.

Now what about my main question, which you declared was a 'bubbly response' that you predicted. (wow. were you ever wrong on that one)

2009-2011 appreciation is at least as fast as that of 2000-2008. (looks to be faster from a quick look at the charts/graphs available)

Therefore since 2009-2011 is a flat market, what is 2000-2008 classified as?

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Not much of a name..

@Dave: Out of curiosity, what do you consider a housing bubble?

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Dave

@Anonymous:

Because there was a recession.

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