Friday Free-for-all!
Friday means free-for-all time! Let’s do our regular end of the week news round up and open topic discussion thread. Here are a few links to kick off the chat:
-b5baxter latest updated inventory graph
-..also new: the bubble-o-meter
-Property sales dip in Van and Fraser Valley
-Vancouver most expensive city in North America
-New American dream is renting to get rich
-Investing in a low interest rate environment
-Is it time to change how we measure CPI?
-Toronto condo bubble tops New York in risk
-Americans growing more optimistic on economy
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
April 8th, 2012 at 8:40 pm
I was able to find good info from your blog articles.
February 20th, 2012 at 7:45 am
Lots of listings today.
Could be a big one.
February 20th, 2012 at 5:10 am
@McLovin: Funny how they go by asking price and not the actual selling price.
February 20th, 2012 at 4:32 am
Average asking prices in the U.K. capital rose 2.5 percent from January to 449,252 pounds ($710,300)
And this how much less than Vancouver???
February 20th, 2012 at 4:23 am
http://www.bloomberg.com/news/2012-02-20/london-h…
February 20th, 2012 at 3:53 am
want affordable housing? move to ottawa like some loser did. hahaha
February 20th, 2012 at 3:45 am
@Groggins:
"if prices drop, people who buy lose actuall money not just imaginary money."
Not necessarily – if buying is cheaper than renting, a buyer will eventually come out ahead even if prices fall to zero.
But if buying is more expensive than renting, the buyer will be behind even if prices stay flat.
The point is that you make or lose money from an asset (as opposed to from the next buyer) when you buy it rather than when you sell it, which is the opposite of what almost everyone believes.
February 20th, 2012 at 3:33 am
@CrashMahArse: Why wait til may? Prices are only going up, buy now while its cheap!
February 20th, 2012 at 3:32 am
@CrashMahArse: Isn't it easy to make an argument if you can just state things as fact and not have to back anything up? It sure is a good thing that salaries continue to inflate, since they've dropped since the 70s.
Congratulations on being so sure that prices will be higher in 5 years. People that don't buy 'miss out' on gains if prices rise, whereas if prices drop, people who buy lose actuall money not just imaginary money.
Good luck to ya! Hope your leveraging up as much as possible and buying everything you possibly can. It's practically free money!
February 20th, 2012 at 3:24 am
@Makaya:
Hahhaa…..I'm not getting nervous. I'm looking to load up more properties in May.
February 20th, 2012 at 3:11 am
@CrashMahArse: Getting nervous? Need reassurance and comfort? Problems to sell your property? Too much debt?
If you have a hard to sleep, we can discuss it here and try help you…
February 20th, 2012 at 3:05 am
The problem with the people here hoping for a crash is that in 5 years time, property prices will be higher than what it is today. Interest rates will remain low, salary continues to inflate, meaning more people with more money.
The same people here that were bickering in 2008 about a crash are still renting and have missed out an easy 25-30% increase in property prices. A house in Vancouver west which was only 1.2million in 2008 is now worth almost 2million. Will this trend continue? No doubt it will, but not at such a great amount but nevertheless, the house that is listed for 2 million today will be easily worth 2.5 million in 5 years.
February 20th, 2012 at 1:37 am
@patriotz: Amazing home in Blaine… But you can get this for only 5 times the price and it's just up the road: http://www.realtor.ca/propertyDetails.aspx?proper…
February 20th, 2012 at 1:17 am
@fixie guy: …..Kids in Oz are gifted $30k/year? You know it’s a bubble when newspapers print this lunacy outside April 1. …
It does make one wonder: are people really this dumb in Auz? Or, are there really dumb people in Auz that thing everyone else is as dumb as they are?
I mean really, why not cut out the kibble and by a house for your dog, or your parrot, or pet rock, or coffee mug?
February 20th, 2012 at 1:08 am
@Best place on meth: ….The prospect of 20 years of “home slavery” is not a good way to start a marriage.”….
Could have been worse: he might have married a Realtor – he'd face 20 years of slavery with only one if them working.
February 20th, 2012 at 12:48 am
@Gordholio, how about Elgin Chantrell?
February 19th, 2012 at 8:57 pm
rp1 Says: "Should your children own property?"
From the article:"So there is nothing stopping parents or family pooling their combined birthday and Christmas money for the kids and buying a property for them instead. What better gift than to have a home virtually paid off by the time they move out?"
Kids in Oz are gifted $30k/year? You know it's a bubble when newspapers print this lunacy outside April 1.
February 19th, 2012 at 8:28 pm
@vangrl: all that and almost 800 square feet! It’s amazing what you can get for just over half a million dollars!
I wonder if you can prepare kraft dinner with that kitchen gear?
February 19th, 2012 at 7:47 pm
@gordholio:
And literally across the road half a mil gets you a country estate:
http://www.zillow.com/homedetails/3196-H-Street-R…
Don't do you much good unless you pull a Randy Bachman though.
February 19th, 2012 at 7:05 pm
@Clockbike:
"What is MOI and how is it calculated?"
Both are the same question. Total number of listings divided by the number of sales in the last month.
What it isn't is a measure of how long the average property that does sell takes to sell. What it is is a measure of how many sellers are asking above market.
February 19th, 2012 at 3:52 pm
@Makaya:
North Van is special.
http://www.youtube.com/watch?v=A9YZc5PMibE
February 19th, 2012 at 3:42 pm
Makaya, I must ask the obvious question. What is MOI and how is it calculated?
February 19th, 2012 at 1:27 pm
@Makaya: Forgot to mention. The MOI #s in my previous message are for SFH only (except for Van West Condo obviously). Fish says that #s for attached and condos are far worse in all areas than SFH.
February 19th, 2012 at 1:08 pm
Well, HAM might be coming again this year after all…
China’s Anti-Social Financing
Not all areas are doing bad in the Lower Mainland these days. Below is the MOI [hat tip fish]. Richmond is cooked, and so are Squamish and Bowen Island, but a lot of areas are still well into sellers' territory. Look at North Van! How long will they hold? I wish I could answer that question…
New West 4.1
Pt Moody 5.5
Richmond 10.1
Squamish 14.1
West Van 6.5
Van West 5.6
Van West condos 8.1
Surrey 9.2
Bowen Island 16.5
Coquitlam 4.2
Maple Ridge 10.5
North Van 3.1
February 19th, 2012 at 12:50 pm
"how low can the RE pumpers get? Pathetic…"
pretty low, turns out the woman quoted (Vickie Zemelman) in this story could actually be a realtor: http://life.nationalpost.com/2012/02/17/street-sm…
http://www.nationalpost.com/Yorkville/6173580/sto…
her link?
http://www.homezilla.ca/RealEstateAgent/Ontario/T…
February 19th, 2012 at 12:31 pm
#15, Tony: Dude, I can help you.
You can't buy a decent SFH anywhere in any of those areas for less that a half million dollars. Indeed, there are virtually NO homes priced under the magical $500,000 mark. In our area (extreme South Surrey, between the Pacific and Peace Arch border crossings), they're ripping down forest and bush and building houses like madmen. (Seriously, there were at least three Open House signs today on almost *every* corner), yet not one of these houses are priced under $650,000.
And for that, you get a townhouse-styled home (read: exceptionally narrow) on a postage stamp lot. But remember, with no backyard there's less maintenance *and* a wonderful view into the kitchens and bedrooms of at least a dozen of your closest neighbours.
Meanwhile, we rent a rancher in the very same area for $1600/month.
February 19th, 2012 at 12:21 pm
@rp1:
Ooh, tiny slumlords. That's so cute.
February 19th, 2012 at 11:43 am
@rp1: how low can the RE pumpers get? Pathetic…
February 19th, 2012 at 11:38 am
Should your children own property?
http://www.news.com.au/money/property/never-too-y…
February 19th, 2012 at 11:12 am
@Yalie:
"It makes her husband resentful that she insisted on purchasing the condo unit when he had proposed that they just rent a unit. Their excitement at becoming new homeowners is now drowned
by the sorrow of the economic disaster they face. The prospect of 20 years of "home slavery" is not a good way to start a marriage."
Well Mr. Li, it appears that the apartment is not the only thing you should have "rented".
February 19th, 2012 at 10:46 am
WOW 3 foot long upper cabinets, a panasonic S.S microwave and a 4 burner cooktop??? I thought only in my dreams
http://www.realtylink.org/prop_search/Detail.cfm?…
February 19th, 2012 at 10:43 am
@Makaya: If we're on the tide metaphor, perhaps the recent movements were just a surge and the tide hasn't really begun to go out. Credit growth is still expanding… For now.
February 19th, 2012 at 10:33 am
The funny story of the day, courtesy of a Royal LePage Salt Spring Realtor®
The story starts like this…
Cool, a realtor that acknowledges facts!
He then goes on to explain us that Czech Republic is doing fine so everything is gonna be alright in BC (and I'm not kidding!)
But then, it ends like this…
Here is the article.
February 19th, 2012 at 10:23 am
Someone linked to this article on Garth's blog – the "human side" of China's bubble popping:
http://www.chinalawblog.com/2011/12/the_impacts_o…
My favorite quote:
Hmmmm… not buying a home is an "obstacle" to getting married? That makes as much sense as saying "For three years I have been planning on learning karate. The obstacle has been the high price of yo-yos in Australia"
February 19th, 2012 at 10:11 am
Also, we have our eye on one property that I know sold in 2010. Could you get me the sales info?
February 19th, 2012 at 10:11 am
Hey Paul B,
We are close to catipulating… Wondering if you have much knowledge of South Surrey, White Rock and Tsawwassen. Wouldnt mind talking to you.