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Owner-handiman “improvements” is the norm in most houses.

I know it's the norm, that's why I said it. All buyers should be aware of this fact, and its implications, which range from safety, efficiency, and cost and scope of any future (permitted) work you may want to undertake.


@Devore: "Not sure what they were expecting in a 100 year old house with a century of owner-handiman “improvements”. Well, certainly not a basement gutted by fire, but definitely lots of issues."

Owner-handiman “improvements” is the norm in most houses. I would bet you could spend that on MOST east side homes over 50 years old if you wanted them up to code.


Gee…None of these people are Chinese.


Just in…Like everyone suspects..flat going forward for awhile.


@whistleblower….Stop reading Garth Turner and put down the crack pipe.


@chilled: You know, there can be more than one factor effecting real estate prices at a time. Actually, there are dozens. Each local market is different.


@The Whistleblower:

OK then, how can we explain $500K for a double wide trailer on a pad rental in Fort McMurray??

The Whistleblower

It is about time that everyone knows what is actually going on. I've been talking with my private banker and financial analyst who are both senior Chinese in Vancouver, including my powerful Chinese networks, they all mention that there are many invested Chinese groups in Vancouver where the members buy and sell to each other trying to raise the prices in the West Side and West Van. They don't live in them, that's why most of them are pretty empty. It is game to them to flip at higher prices to raise the house prices in the surrounding areas so they can buy them low and sell them at higher prices to bigger or according to Garth 'greater fools'. It is like a ponzi scheme with houses. They greatly affect the housing prices in the West end, whereas in the… Read more »


Turners at it again. Maybe the Giller award for fiction? Possibly a new literary category called 'repetitive fiction?' http://www.greaterfool.ca/2012/01/04/trojan/ A 39 yr old worth a couple million asking turner for advice? Yesterday, a 25yr old making $90K a year? Continued articles demonstrating the obvious no-brainer of investing 1 million cash vs buying a house? (No kidding, but just how many home buyers have a million is cash and actually can exercise these choices? 0.00001% maybe?) Is is it just me or has anyone else noticed how Turner has cleverly morphed a predicted squirrel recipe and generator blog into a very, very, very targeted audience whose claimed success and wealth is beyond reproach, held up by a merry band of anonymous internet minions acting like fellow wealthy investment gurus? Maybe everyone should re-read his first book and realize how severely wrong… Read more »


dont keep your hope up too much Rippedtoshithead. by the time spring comes, you have to put your head inside your arse again like the past many years.


http://www.vancouversun.com/business/Metro+Vancou… Liars. They know the goose is cooked. Port Moody up 34% my ass. Just watch, as the lower high price homes sales impacts on sales mix, prices are going to crash. Now we have market after market in the lower mainland hitting the skids, it will be contagious. Amazing, this could be a total train wreck. The 'buzz' around the dinner table about real estate is going to go into an absolute deep freeze. Give it 6-12 months and the chatter will be 'oh did you know Suzy bought a bunch of presage condos and just went bankrupt…" (a year earlier they were praising smart Suzy (and hammering her renter brother), now the talk will be about how bad things could get and who will get wiped out next). So fucking typical, the end of a bubble tears. This… Read more »


"Overall it was a very flat year," said Burgess, noting one of the continuing trends in 2011 was the gap between buyers and sellers. "There is definitely still a divide between sellers and buyers on price expectation and I'm not sure where that is going to go," she said. "I don't see any real downward pressure on that, I see sellers wanting to hold out and buyers also holding out."

Read more: http://www.timescolonist.com/business/Home+sales+

ya, we'll see how blinks first. Oh, the madness of it all.


@DEFAULT NAME: Although the story and blog indicate the buyers did everything (and then WAY more) they could before buying the house, even bringing in an engineer, the bottom line is they still, as you point out, willingly and knowingly bought a house with an illegal suite and renovations done without permit. Not exactly high calibre work, or above board disclosure. Not sure what they were expecting in a 100 year old house with a century of owner-handiman "improvements". Well, certainly not a basement gutted by fire, but definitely lots of issues.


Could we hit 14,000 this month?


Thanks PaulB, much appreciated.

Soo…a long way to go…that said, with sales volumes falling, I'm still predicting an MOI above TEN for Vancouver in a few months.

Any guesses on inventory levels for the next few months?


@RippedtoShit: We were over 20k



Only a dumbdumb like you would think that this type of news won't hit the sheeple psychology hard, you idiot. Not even the Swiss and French can save us now.

You can be saved, you have time. You missed the peak selling opportunity (probably for the next fifteen years or so), and now you are chasing a market downward, but perhaps you should list your spec/cashflow negative properties now before the rush…hold on, looks like you missed that too, the rush is on fartface!


@Patiently Waiting: "I’ve read the link from my previous post. They clearly did everything a reasonable person could do in buying a house. Let their pain be a warning to us all." What they missed was the renovations being done without permit. They could have easily checked with the COV to see what permits were pulled. After discovering none were pulled that pretty much tells you things were not done properly (otherwise permits would have been pulled). If you are buying a house with a suite that has no permits you can expect a similar outcome or worse. I have seen the city upon discovering a suite is built without permits ask for it to be removed so they can inspect the plumbing and electrical. It also could have ended up in a fire if the electrical had not been… Read more »


So, now are the French and Swiss going to come save us buy buying up everything in sight?

Took a quick look at France (real estate HAS held up very well), looks like a bubble to me, when national borrowing costs rise and banks continue to tighten up, I would imagine that prices will revert back to long term mean…just a guesstimate, I'm not an expert on that market, so caveat emptor.

I do know this – your a big fat dummy.


@WhatProblem: As opposed to buying a condo in New West, which is the intended comparison?


ya you ShitBag, that's why the UK is booming and all the rich specuvestors are buying up everything in sight in Spain on the coast, as that will also always go up…uh, hold on…NOPE.

Your a dumb fuck, aren't you. Oh well, learn the hard way you dolt.


@RTS….Listen you Mental Midget…There are pockets of strength in all those Countries and many Countries like France and Sweden never had a "crash"..London is doing fine.


Here is an interesting comment posted by Just Jack on the HH Victoria blog. The situation in the Gulf Island is precarious to say the least… Price are down to 2003 levels! “So how bad can a real estate market really get? You would have to look to the Gulf Islands to see the future. Today there are some 251 homes for sale with 5 homes selling in December. That’s 50 months of inventory. That’s a bit silly, so looking at the average number of sales over the last three months gives us 15 months of inventory. And that 15 months of inventory has been around for at least a year now in the Gulf Islands. So, how about prices in the Gulf Islands. In December, one of the only five sales is of a shack on 5 acres having… Read more »


"I think we are there…"

Yes. We are.