Remember just after the US bubble peaked? There were foreclosure bus tours in places like Vegas and Miami.
Did you ever think you’d see something like that in British Columbia?
Apparently it’s happening on Vancouver island right now.
This video clip from CHEK news shows people shopping for a good deal to flip or rent out now that there are so many owners going into foreclosure who were unable to flip or rent out their property.
Might be a tad early on that one.
i liked the video but i did not like his solution. lower child care and parental leave costs is nice, but all that is is moving your $$$ from child care to feeding the mortgage when the problem is the mortgage/housing cost. better to just muzzle cmhc.
Definitely a lot of “solutions” being proposed around the world that effectively allow people to pay more money for houses, while doing nothing to lower prices. (Actually just raising them instead.)
@SunBlaster:
Don’t ruin the masturbation party;let them have some fun for few yrs because there gonna be another 10% plus upswing of Vancouver real estate.
This foreclosure tour is a joke, only 8 places to pick from?
I should market “tour to end of the rainbow to find pot of gold” I bet the same people would show up!
Dude#1 Hey, I am here to flip my pot of gold ASAP!
Lady#2 What!?! I have to ride the rainbow to get my pot of hold? How unfair!
@Best place on meth: BPOE, that old house actually has an eclectic charm to it. Especially with that old skool car in the drive.(Can I have that instead of the Kokanee Beer I am somehow sure they are offering?)
Seriously though, is Hope supposed to become a commuter land for Vancouver region? If so that price beats the heck out of decrepit Squamish.
**Buyer Beer Bonus** $1000. worth of beer paid to the lucky buyer on completion by the owner.
http://www.realtor.ca/propertyDetails.aspx?propertyId=11583187&PidKey=-1582742833
@Anonymous: Exactly correct Anon. Now you, and everyone else (except Dave ’cause he’s already there pumpin’ ;-), git yer butts over to the CBC discussion board below the article and post your arguments agin’ buyin’.
Good sales day. Recovering Ecomonmy + Booming Stock Market + Low Long Term Rates = Another big spring for Vancouver RE
“great CBC article, indeed! thanks for the tip!!!”
i liked the video but i did not like his solution. lower child care and parental leave costs is nice, but all that is is moving your $$$ from child care to feeding the mortgage when the problem is the mortgage/housing cost. better to just muzzle cmhc.
Copied from PaulB’s number http://www.laurenandpaul.ca Date Listing Price(+-) Sold Inv Inv(+-) S/L(%) Mar 01 313 94 123 14,912 5 39.3 Mar 02 251 97 163 14,919 7 64.9 Mar 05 338 134 118 15,069 150 34.9 Mar 06 298 114 163 15,161 92 54.7 Mar-07 260 114 71 15,305 144 27.3 Mar-08 237 106 152 15,345 40 64.1 Mar-09 229 76 69 15,454 109 30.1 Mar-12 306 119 120 15,588 134 39.2 Mar-13 290 122 146 15,640 52 50.3 Total-Cur 2,522 976 1,125 733 44.6 5 day-avg 264 107 112 96 42.2 Total-Est 5,959 2,372 2,576 16,885 1,978 43.2 Estimated sale of this March is 37% below March, 2011. Estimated sale of this March is 30% below the avg of March in the previous 10 years Historical March Sold and listing Year Sold Listing S/L(%) 2001 2,315 3,805 60.8 2002… Read more »
@chilled:
Banks have a contractual obligation to CMHC to make a best effort to sell for market price and CMHC can refuse to compensate them if they (or the agents they contract to sell) don’t. They also have a legal obligation to the borrower to do the same and the borrower can sue them if they don’t.
Also bank employees have a legal obligation to the bank to act in the bank’s best interest and they can be sued or prosecuted for not doing so.
That said, an MLS listing for a reasonable amount of time probably suffices in itself.
@b5baxter:
RE agents are generally honest about the market with sellers because it’s in their own interest to get a sale and at the highest possible price.
That is, they are generally on the same side as the seller but never the same side as the buyer, and that includes “buyer’s agents”.
@chilled:
That’s probably true, Chilled. But we are talking Vancouver Island here. It’s not the same as BPOE casino city.
Most people think of Vancouver Island as Dog Patch.
@VMD:
done!
You get to look at the leftovers the ‘turds themselves don’t want. Anything worth buying has already been snapped up by this despicable industry.
Any other business would call it insider trading or something similar and make it illegal, but not the real estate cartel.
great CBC article, indeed! thanks for the tip!!!
http://www.cbc.ca/news/canada/british-columbia/story/2012/03/13/bc-vancouver-families-priced-out.html
@ Best Place
I told them that I wasn’t going to buy, but my relatives coming from Mainland China had suitcases filled with cash who were going to buy at least 10 houses in the next two weeks…but I think i confused the 18 year old who was collecting the “data”, she just said ‘oh, ok…”
I’ve never heard of it, but then again I’m unlikely to pay attention until they have 7 or 8 hundred places on the tour.
I am rather amazed that nobody has heard about the VI foreclosure tours. I’m on a private clients list and receive, weekly, a roster of homes that are in foreclosure.
The tour starts on Sunday morning and there are usually 7 or 8 places to look at – they differ every week.
You guys have never heard of this??
“Just got a call from the CMHC collecting data”
I hope you lied to them on every single question.
Did anyone catch the “priced out” piece on CBC Vancouver. I swear they must have interviewed a couple of people from this blog. It was all fact and no spin with no Realtard’s comments.
Someone did a study that showed a couples income in today’s $’s in 1970 was $73K and today it is $69K (even with more two income families) but the price of a house in Vancouver has gone up 155%.
It ended with a intelligent couple saying that they are resigned that they will likely not buy in Vancouver and they have many friends like them. They said it’s not that they can’t get a mortgage but its doesn’t feel right.
WOW. I am seriously stunned.
@b5baxter:
nice, if it’s not too inconvenient, can you post that ad onto the vancouver peak forum? It’s a good landmark of current RE condition : )
At our East Van home (renting) we occasionally get brochures from RE Agents. But never more than one a week. Today I arrived home to three. Feeling desperate? But what was most interesting was the text on one of the brochures: “The time to sell is now… while inventory is still low…” WHAT? We have a real estate agent admitting that inventory is going to increase? It is currently at the highest point it has been in 11 years and he thinks this is “low” compared to what it will be in the near future? (To be fair he is talking about East Van but still) “…and sale prices and demand are at their highest.” Yes, he is being quite clear. He thinks people should sell quickly because prices and demand are headed down. We have a real estate agent… Read more »
Did they request your credit card number as well?
Just got a call from the CMHC collecting data. They wanted to know if we rented or owned, did we plan on buying in 2012 or 2013, our income level and age.
Weird….what are they up to?