It’s not only that time of the week, it’s that time of the year. The end is upon us. Let’s bid a farewell to 2011 and say hello to 2012. This is our regular end of the week news round up and open topic thread, hope you’ve all had a terrific year and have an even better New Year.
-We’ll add story links here later.
What are you seeing out there as the year draws to a close? Post your news links, thoughts and anecdotes here and have an excellent weekend!
[…] guess what, I have something to my name and you (RE) aint getting a penny of it. Eat that!” – squeaky at vancouvercondo.info 31 Dec 2011 7:44pm Share:TwitterFacebookRedditStumbleUponDigg This entry was posted in 07. Avoiding Vancouver, 09. […]
[…] “For me personally this spring will determine whether or not I buy a house. If things crack up, I will sit tight, if nothing happens and the global economy improves I might buy. I am sick to death of renting a crap house for 3k per month!!!” – paulb. (a Vancouver realtor) at vancouvercondo.info 31 Dec 2011 […]
[…] “Recently I had an informal talk with a friend who works at one of the big Canadian banks. I asked him if he noticed any changes in the mortgage business. He said it’s still going strong. Interestingly though he also mentioned that he noticed an interesting phenomenon. Based on his day to day readings of a range of clients mortgages it seems individuals with mortgages about as high as $300k were actually making progress towards paying the principal. However if the mortgage was $600k or higher (most of the time this resulted from clients rolling in other kind of debt into their mortgage payments) the principal appears to have remained at the same level for the last 2-3 years. He noted that these $600k+ clients appear to be paying the principal over the years but after a while they… Read more »
[…] He seemed to think that the foreclosure procedure was the solution of last resort.” – 0×13 at vancouvercondo.info 30 Dec 2011 12:43am Share:TwitterFacebookRedditStumbleUponDigg This entry was posted in 05. Where do Buyers get the […]
[…] “Ah…another year and another year of failed predictions to come for the bears… I always love January…its the start of the delusional bear “wishful thinking” season… January rolls around, and out comes the threat to prices from a blossoming inventory; soon, after no price declines, we move into Spring, with the criticism of stupid buyers as bears watch strong sales and inching up prices; then comes summer, with declining inventory, and wails of dirty asian money and cheap money; then comes fall with increasing inventory, but no price declines despite “poor” sales; then comes the next year… Ah, repeat….for the 7th year of failed predictions for some of you (circa 2005) You have one life to live bears… Maybe its time to take a page out of “formervancouverresident”‘s play book, and move on… This city is for those with… Read more »
@Tofufino My wife and I were there in October. I thought, "Hey I can buy a place here!" LOL. Did you take a walk around The Shore? On the South side of the building it borders an ENORMOUS concrete fuel take used for the marina. How frightening is that?
[…] (+20.0% vs2010) <-CMHC rule change” – from a post by VMD at vancouvercondo info [1 Jan 2012 2:21pm], figures sourced from Larry […]
@Greater Vancouver Average SFH Price Dropping; 13% Down Since April 2011 Peak; Now Essentially Flat YOY | Vancouver Real Estate Anecdote Archive: Full larry stats history: Single Family House 2011-12:$1,064,249 (+1.70% vs2010) <- -13% from peak 2011-11:$1,134,936 (+8.80% vs2010) 2011-10:$1,162,349 (+9.80% vs2010) 2011-9: $1,104,896 (+8.70% vs2010) 2011-8: $1,162,242 (+16.3% vs2010) 2011-7: $1,133,357 (+20.4% vs2010) 2011-6: $1,215,265 (+24.9% vs2010) 2011-5: $1,223,421 (+28.1% vs2010) *historic peak 2011-4: $1,204,587 (+20.0% vs2010)<-mortgage rule tightened 2011-3: $1,155,007 (+15.3% vs2010) 2011-2: $1,173,395 (+21.8% vs2010) 2011-1: $1,144,537 Detached 2011-12:$511,948 (-2.8% vs2010) <- -11% from peak 2011-11:$565,168 (+4.8% vs2010) 2011-10:$571,425 (+10.1% vs2010) 2011-9: $573,259 (+7.3% vs2010) 2011-8: $562,145 (+2.0% vs2010) 2011-7: $569,042 (+7.5% vs2010) 2011-6: $554,763 (-2.5% vs2010) 2011-5: $555,057 (+2.1% vs2010) 2011-4: $573,381 (+4.0% vs2010)<-mortgage rule change 2011-3: $573,118 (+7.4% vs2010) 2011-2: $573,534 (+4.1% vs2010) *historic peak 2011-1: $552,550 Condo 2011-12:$443,652 (+0.9% vs2010) <- -8%from peak 2011-11:$431,808… Read more »
[…] (+20.0% vs2010) <-CMHC rule change” – from a post by VMD at vancouvercondo info [1 Jan 2012 2:21pm], figures sourced from Larry […]
Vancouver like Mogadishu????? I'd take that if we got their weather too!!!
2012 is going to be great..armed gangs roaming the streets raping and murdering.If we're really lucky we might get a few nuclear bombs dropped somewhere in the world. Of course Vancouver will look like Mogadishu and Real Estate will CRASH and burn…Yee Haw!!…Bring it on baby!!
Many areas of the lower mainland haven't seen any noticeable increase in prices for years..Things have been very flat…There is no "Bubble" you Morons.I hardly see any For Sale signs anywhere.If prices in West Van drop 30%…Who gives a shit.
@Tofufino:
love it!!!!!!!!
@patriotz: Bravo, can't emphasize how important it is to realize the real economic damage is done during the BOOM, not during the bust. The real damage is the misallocation of resources at public, corporate and household levels as a result of the false prosperity signals sent to the market. The bust is merely the normalization process in action.
The RE dildos are out in full force for the new year. Time to trade in that Realturd license and go back to being a barista where you'll have a better chance of actually selling something. Wait! You need grade 4 to qualify as a Barista these days -too bad! See, ya, glad I'll never be ya.
The doomsday sayer always wishes for a fall in house price so he can move back to vancouver. too bad, he cannot even afford the sunny warm affordable ottawa now. he cant even find a job in the public sector despite his armchair economic degree! So sad!
It's the rise in house prices which has wrecked the real economy (in the US, here and everywhere else there's been a bubble) and replaced it by a fake economy based on debt.
The inevitable fall in house prices gets rid of the fake economy and makes it possible for the real economy to get established again.
How is it any different to wishing for a 70% cut in house prices (which will also wreck the economy) and waves of foreclosures, dipshit?
Happy New Year from beautiful Tofino, "The Best Place on West Vancouver Island"! An anecdote to start off your year. Visited a couple of years ago and noticed this new high end condo development, so we went in to check in out: http://www.theshoretofino.com/index.php The first thing that caught our attention was the pricing: $500k to $1.3 Million each. For a condo. In Tofino. The lone realtor in the attached sales office practically jumped out of her seat when she saw us walk in the door. I think we were her first visitors in several days. She told us there were "only seven units left" and that they would make great investments. People from as far away as Alberta and Texas had already bought in! She gushed about how your unit could practically pay for itself by just renting it out… Read more »
Greater Vancouver SFH average price (Larry's #'s)
– note markedly declining % appreciation vs 2010.
– similar downtrend exists with Attached & condos.
2011-12:$1,064,249 (+1.70% vs2010) <- dropped 13% since peak
2011-11:$1,134,936 (+8.80% vs2010)
2011-10:$1,162,349 (+9.80% vs2010)
2011-09:$1,104,896 (+8.70% vs2010)
2011-08:$1,162,242 (+16.3% vs2010)
2011-07:$1,133,357 (+20.4% vs2010)
2011-06:$1,215,265 (+24.9% vs2010)
2011-05:$1,223,421 (+28.1% vs2010) *Historical peak
2011-04:$1,204,587 (+20.0% vs2010)<-CMHC rule change
A nice way to start the year from Larry Yatter and Fish
Move On Says:"Face it, the federal government has abandoned you; your provincial government has abandoned you; and your local government has abandoned you. Everyone wants the RE gravy train to continue and measures will, and have been taken, to keep the party going."
And you cheer this? The fact that the scenario you outline is impossible to maintain forever is irrelevant because you're obviously congenitally incapable of seeing past the Port Mann. The globe is strewn with the wreckage of similar government behaviour. People like you are the problem. Enjoy cheering policies certain to wreck this country, dipshit.
@DEFAULT NAME: No, you're just a sad, lonely man, whoever you are. Look outside, its a nice day.
@moveon…whether people buy or rent it's a big expense.Real Estate has crashed in the States but people still have to pay $1200.00 a month or whatever to live(In the major urban centers)..Not sure why these people care what people choose to spend their money on…it's pathetic.
lesson learned, dont trash your family lives in the internet world. you never know, i could be your rich sister.