Friday Free-for-all!

It’s that time of the week again! Let’s do our end of the week news round up and open topic discussion thread. Here are a few stories to kick off the chat:

Summer pullback in Vancouver house prices
What’s really driving house prices?
BCs top 12 firms lose 6 billion in market value
Everybody wants cash
The CKNW ‘Jurock’ problem
Want to rent a yard for $50 an hour?
Keep a watch for vandal firebugs in Shaughnessy

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Bailing in BC
Guest
Bailing in BC

Dave has worms.

Alum
Guest
Alum

After this RE correction for condos, is this a good time to buy ?

WFT?
Guest
WFT?

Vote this up if you think that the vancouver real estate decline has begun.

patriotz
Member

Vancouver’s recovery has far outstripped that of other Canadian cities, with prices jumping 21 per cent in the past year alone – more than double the gains seen in the rest of the country.

But the latest home-sales figures point to a slowdown. The number sold dropped 21 per cent in July from June, and prices edged 0.1 per cent lower to $630,251 for a typical detached house, according to the Real Estate Board of Greater Vancouver

What? Detached HPI (metro) was $793,193 in Jul 2010 and $898,886 in Jul 2011 for an increase of 12.5%. The $630,251 is the HPI composite for all dwelling types in Jul 2011. I suppose the 21% figure is the gain in the average, which as we know is almost meaningless.

Sloppy.

Anonymous
Guest
Anonymous

@Bailing in BC: Dave is a worm 🙂

Best place on meth
Member
Active Member
Best place on meth

Wow. The carnage continues.

Black Monday on tap?

Try Again
Guest
Try Again

Vote this up if you think that the vancouver real estate decline has begun.

———–

You idiots have been voting statements up like this for 5 plus years…aren't you tired of having your "predictive" abilities proved wrong…

Flip Flop
Guest
Flip Flop

TSX down 473 points.

dumb investors
Guest
dumb investors

Buy for $4.48 million:
http://www.shaughnessyproperties.com/V898722-1550

Or rent for $6500/month:
http://vancouver.en.craigslist.ca/van/apa/2531307

For those of you challenged by math, $4.48 million in a savings account paying 2% interest earns nearly $7500/month.

What a great investment.

Anonymous
Guest
Anonymous

@Anonymous: TSX now down only 177 Points! We're making big gains…

Survey Says
Guest
Survey Says

@Try Again:

Hey, didn't I see you at the Tooth Ferry conference where they explained that real estate goes up forever? Or was it at the leprechaun conference?

YLTN @ Work
Guest
YLTN @ Work

@dumb investors:

I'd rent and have a specific lease clause that any buyer cannot evict for self or family member moving in without 1 year notice and that showings cannot occur without tenant present. Why would anyone want to rent a house that is for sale with the risk of being forced out at any moment (the two months rent is not worth the hassle if you require a 4500sqft house).

superduperbulltime
Guest
superduperbulltime

How is bear saving going now with market dumping like bear after kraft dinner feast.

patriotz
Member

@YLTN @ Work:

Any lease is binding on a subsequent purchaser and they can't make you leave until it expires.

If you mean you want to get a lease agreement which would always require a year's advance notice from the time of sale to owner possession, no owner is going to agree to this. It would make the property much harder to sell, and remember the only reason the owner is renting it out in the first place is to make money selling later. Nor is any owner going to agree to no showings without tenant present for the same reason.

Survey Says
Guest
Survey Says

@superduperbulltime:

If bear is bear, then bearn will be bearish on stocks. short positions make bear very rich when market crash.

victoria
Member
victoria

Does anyone know what is going on in Whistler. We are here now and apparently there is a 50 percent decline in visitors. Many many condos and houses are for sale …. The Americans and Europeans stopped coming and only Chinese seem to be around and they don't spend anything. The Japanese stopped many years ago.

Does anyone know????

(Still crazy expensive though)

Whistler Resident
Guest
Whistler Resident

Does anyone know what is going on in Whistler

_____

There RE market peaked a long time ago and it is in steady decline..

As for visitors, it is the summer…not their peak season….it is usually quiet in the summer…

Europeans and Americans come in the winter and spend money…

The Chinese just come in the summer and take pictures before they head back on their tour bus…

Its natural then for the summer to have a lot less vistors

people observer
Guest
people observer

patriotz Says:

Any lease is binding on a subsequent purchaser and they can’t make you leave until it expires.

– Not true. Provided the new owners intend for the unit to be owner-occupied, the tenant can be asked to leave with a two-month notice

Survey Says
Guest
Survey Says
Water usage data shows that some Australian neighbourhoods are 10-25% vacant – empty homes owned by speculators. This is from the world housing bubble blog: http://worldhousingbubble.blogspot.com/ Australia's Shadow Inventory I like this, Chinese style sniffing around the supply data to get another view on the statistics. These activists used water usage data to determine empty properties. Flippers do tend to hold inventory off the market, especially if prices are inching downward and they are holding out for better times. Good luck with that, by the way. Speculators 'locking up' empty dwellings that could be homes The group's Speculative Vacancy Report says that in Docklands, almost a quarter of residential properties there, 23.32 per cent, are vacant. The official vacancy rate for Docklands is 3.62 per cent. Other established suburbs with many empty homes, according to the report, include East Melbourne… Read more »
registered
Member
registered

@5 patriotz Says: "Sloppy."

After all the time and all the voices pointing out the distorted perspective of averages, I think it's safe to say "intentional".

patriotz
Member

@people observer:

When the tenancy is for a fixed term, the notice cannot take effect before the end date specified in the tenancy agreement, unless the

reason for the notice is non-payment of rent. The landlord should keep a copy of the notice.

http://www.rto.gov.bc.ca/documents/Guides/ACT_Eng

specuskeptic
Member
Active Member

@Survey Says: Wow – wonder how utility usage is in some Yaletown digs compared to what it would be with full occupancy…. Who's got access to that kind of data?

McLovin
Guest
McLovin

I don't know where some people get their information. Whistler is having a record summer.

http://www.vancouversun.com/travel/Whistler+summe

Inventory
Guest
Inventory
Some samples of r_ealtor remarks for very motivated sellers in Richmond MLS Motivated seller, bring offers. Motivated Seller. All measurements approximate and buyer to verify. Property contains unauthorized accommodation. Beautiful renovation work been done 2010. Motivated seller. Bring offer! Note Commission, motivated sellers, any reasonable offer will be reviewed. All measurements are approximate. Buyer to verify if important. Verify by the buyer is recommended. Motivated seller. The buyers are aware that all house measurements & total square footage are approximate & not guaranteed, should be verified by the buyer. Sold "as is where is". Motivated seller,Open to all offers,. measurements are approx,buyer to verify if important Show with confidence to your fussy buyers. Owners very motivated and easy to show. Realtors please use *** for showings & info. Sellers motivated. Try your offers! Motivated seller, bring your offer, call Very… Read more »
McLovin
Guest
McLovin

Inventory: Surely they must be referring to all offers "over ask"? Ha ha

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