Open Topic

Friday Free-for-all!

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155 Comments

It’s Friday!  Take off your pants and do the happy dance!

Agh! No, wait!  Metaphorically.  Please sir, put your pants back on, this is a family restaurant.

Anyways, it IS the end of the week and do you know what that means? It’s time for another end-of-the-week news round-up and open topic discussion thread.  A little thing we like to refer to as the Friday Free-for-all!  Here are a few recent links to kick off the chat:

–Canada prices up, Vancouver falls again
–Inventory graph (March 29th 2012)
–The boomer trigger
–New budget slashes $5.2 billion
–Ottawa to toughen CMHC oversight
–This rant brought to you by Gordholio
–TD: don’t worry about the banks
–Banks tighten condo lending on bubble fears
–The 3-inch condo is here
–Vancouver seeks more market housing
–Storm clouds form over Vancouver market
–

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

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LauLau

@CanuckDownUnder:

thanks for good info

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UnagiDon

@Savonarola: ” I can’t wait till the real-estate-industry-shills who own the MSM and City Hall start suffering from the consequences of what they’ve foisted on this town.”

Don’t hold your breath, the folks who own MSM and City Hall won’t suffer at all. It is the general public who will suffer the consequences and pay the bill.

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Savonarola

I went to a very uncrowded open house today where some lying realtor in the usual fancy clothes with the usual prestige-mobile (leased, no doubt) parked out front tried to get me to believe that housing prices were up this month. Guess he hadn’t read the new stats. I noted from his bio that among his previous occupations was used-car salesman. Why do some professions attract all the best and the brightest? I am so sick of the way this city has been sold off and torn down. In my neighbourhood, spec builders continue to lunge to tear down smaller houses and bungalows that could have made affordable homes for families. These houses will be replaced by big, ugly, sloppily built homes made of sawdust and plastic that NO ONE WILL NOW BUY. Go, spec builders! Go, ball-less City of… Read more »

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N

@McLovin:

“Further, SFH prices are exactly where they were in February 2011. ”

Does anyone know what the peak price was and how far we are down from that?

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jesse

@Troll: My prediction: the foreclosure rate will be constant: the foreclosures on VCI comments will start decreasing just as the ones that matter in the real world start increasing.

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Troll

@Dave: Dave, I don’t agree with everything you say, but I respect your opinion. It would seem that many who come to this site are either too childish to welcome alternative views or lack the confidence to have their opinions questioned. I hope you keep posting despite the foreclosures!

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jumpin in

I do not understand this:
温哥华西区 独立屋 均价,中位数价下跌
2/24-3/25, 2012 vs 1/24-2/25, 2012
Vancouver West 中位数价比上个月下跌$318,000 (-13.7%)
Vancouver West 均价比上个月下跌$488,000 (-17.3%)
but looks frightening enough to make HAM think twice 🙂

(http://greaterfoolvancouver.blogspot.ca/
I like the hot air balloon made of tiny balloons ready to pop.
Must be one of Turner’s avatars)

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BLISTINGAGENT

“Ms. Goertz said Telus offered its employees priority in sales at Telus Gardens and 150 of them bought, even though the price discount was a modest one per cent.”

This could get interesting if the market goes down and these employees chose not to complete the purchase. What will the “Optiks” be if Telus has to sue their own employees?

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Patiently Waiting

@patriotz: Of course they say that, before an election.

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Anonymous

@Apocarypse Now: A HAM bear blog. Whocouldaknode.

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jesse

@Apocarypse Now: Presales are great because they require a small sum up front with very little consideration given to the inconveniences of routine operations management. There is still belief this market is going skywards. Heck you could even argue that condos are undervalued because they haven’t appreciated at 10% PA like their single detached brethren.

As much as I’m bearish on real estate, if I were a developer (which I’m not) I’d take the money.

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Apocarypse Now

“Telus’s Vancouver condos fly off the market” Glob&Mail, Apr 1/12;

http://www.theglobeandmail.com/news/national/british-columbia/teluss-vancouver-condos-fly-off-the-market/article2388764/?utm_medium=Feeds%3A%20RSS%2FAtom&utm_source=Home&utm_content=2388764

Oh, joy more media hype about 400 units ‘sold’, with no mention of another 16,000 for sale north of the Fraser that aren’t moving quickly.

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jumpin in

Went to 3 open houses in False Creek. Not very busy. No HAM.
The neighborhood was busting though.
Was told by the realtor that 85% of the land is leased, until 2036.
Mortgages must be repaid in 19 years max.
Still, super over priced ($675 000 for a 2 bedroom appt).

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jesse

http://greaterfoolvancouver.blogspot.ca/

Apparently run by a Ukrainian woman!

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patriotz

@Patiently Waiting:
Actually the NDP has been quite vocal in its opposition to tolling existing bridges.

With respect to the Lions Gate, it was a toll bridge for decades before WAC Bennett’s government bought it – it had been privately owned. You can still see the footprint of the toll plazas at the north end.

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vangrl

The march stats are soooo much more bearish than jan-feb. Aren’t sales usually better in march?

2 couples ended up going to see that open house…young and not Chinese

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McLovin

Larry’s site shows the following great Sunday night news

SFH February $1,235,244
SFH March $1,155,521
That’s a nice 6.5% drop in one month. Remember that the average downpayment in Canada according to Garth is 7%. One month to lose your DP – Nah, can’t happen in Vancouver.

Further, SFH prices are exactly where they were in February 2011. This means 0% in 1 yr. Huh? How’s is this possible? I saw helicopters… I wonder how many Vancouverites would believe this piece of news?

More fun facts, Apartments are down 4% from February 2011.

Add to this listings are up between 10%-17% depending on what type of property and sales down 24%-34%.

No matter how you spin this it is INCREDIBLY BEARISH!

At the risk of sounding the alarm too late… Its over baby!

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thetamax

I’m still confused. I thought that CNY Year of the Dragon all the Mainlanders were here to buy buy buy. Also, there was supposed to be a lag of a few weeks and all those sales would show up late February / early March.

Where are they?

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vangrl

Larry’s new post is stating that condo prices in van have gone from march 2011’s 466,000 to march 2012 445,000, that’s a decline of nearly 5%

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pricedoutfornow

Lots of HAM at this property. Wouldn’t doubt if it sold within a couple of weeks. Ridiculous, I would only consider buying this place if it were 60% less. Maybe. No wonder people are leaving Vancouver. Ten years ago it would have been a decent starter home.

V939734

http://www.realtor.ca/PropertyDetails.aspx?&PropertyId=11724462&PidKey=1389516662

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vangrl

Sitting in front of my building enjoying the sun, not one person has rung to view the newly reduced price unit that’s having an open house from 2-4… As of 3:15

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southseacompany

More lenders warning against borrowing:

“Vancity executive Chris Dobrzanski warns that debt repayments will lead to slower growth” Georgia Straight, Mar 28/12.

http://www.straight.com/article-647816/vancouver/debt-takes-precedence

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Patiently Waiting

@Patiently Waiting: Oh and one more thing, hell will freeze over before a toll is put on the Lions Gate bridge. Not even the NDP would have the nerve to do that 😛

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