A great time to buy or sell a home

For most people a home is the largest purchase they will make in their life.  And it’s so complicated!

Now you could do a bunch of research or you could relax and let an expert tell you what to do.

Fortunately there’s a whole bunch of people that specialize in the finer points of buying and selling real estate and they form organizations to help you, the potential buyer/seller.

In the USA there’s the National Association of Realtors or NAR and they put out this great ad in 2006:

LOL on bad timing.  In 2006 in the US only one of those options was a good move.  And yes, that’s a real ad.  Found it over at Burbed with thanks to gordholio.

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Anonymous
Anonymous
8 years ago

@Vancouver Investor: …..You know I have been investing in Vancouver real estate for 10 years now… Since then I have owned and sold over 20 houses, and yes I started from zero…..

Let me be the first to call ‘BS’.

Vancouver Investor
Vancouver Investor
8 years ago

You know I have been investing in Vancouver real estate for 10 years now… Since then I have owned and sold over 20 houses, and yes I started from zero. And each year I read forums like this to keep me level headed and learn more perspective from both positive and negative sides. However I have to say that the one thing that has made me a successful investor was not following market trends and waiting for a ‘breather’ in the market or to have an ‘17,000 inventory party’ and waiting at the mercy in the market to make a move. It was by going out there and finding a great deal despite what the market was doing and making my own luck. For those of you who haven’t bought and keep watching this forum for years now: It Never… Read more »

Bilbo Bloggins
Bilbo Bloggins
8 years ago

Does it work for the stock market too?
It’s a great time to sell OR buy Chevron or Apple.
You’re guaranteed to make money right?
Gimme a friggin break.

Best place on meth
Best place on meth
8 years ago

@jumpin in:

>>>I stopped buying newspapers a few years ago<<<

The courier is free, and worth every penny although Allan Garr should be legally barred from ever publishing his opinion again for that whopper of a lie as well as his race baiting and name calling.

As for April stats, it's only been 4 days but if we continue to average 153 sales a day then this would be the WORST April in 10 years.

Not the 2nd worst in a decade like Jan/Feb/March were but the absolute lowest.

I'm confident.

patriotz
8 years ago

@jumpin in:
“At city hall, Mayor Gregor Robertson could tax foreign real estate investors at business rates (18 per cent) not residential rates (4.2 per cent).”

Nope. BC municipalities cannot set different property tax rates based on the domicile of the owner. They can only set different rates based on zoning, i.e. residential versus commercial versus industrial.

It also seems that the article has a problem with decimal points, CoV’s residential property tax rate is obviously not 4.2%. More like 4.2 mills I think.

Bailing in BC
Bailing in BC
8 years ago

@Anonymous:

Ha ha, “can’t be arsed” havn’t heard that in a while.

VMD
VMD
8 years ago

@good-format:

I propose that the major sales spike we saw on April 3rd was at least partly due to a sizable amount of March buyers (of new properties) waiting until the April 1st HST rule change to close the transaction.

It seemed like a number of people were doing that (as per other internet forum posters).

CanuckDownUnder
CanuckDownUnder
8 years ago

One more thing I forgot to mention – sales in calendar year 2011 were the lowest they had been since 1996, 25% lower than the 10 year average. Unless things turn around dramatically I expect we’ll start to see some nice price declines in the spring.

CanuckDownUnder
CanuckDownUnder
8 years ago

@Anonymous: It’s been a very unusual start to the year in Australia. Prices were flat in the first quarter when you look at the national picture but there’s quite a mix regionally with strength in Sydney covering up for a weak market elsewhere. Prices in Sydney were up 1.1% Q1 2012. If you’re looking for anecdotal evidence there are lots of sold signs going up in my suburb. I’m not sure what’s driving this market at this stage. The “certain” rate cuts have not happened yet, banks have actually increased mortgage rates slightly. The employment situation in NSW is pretty bad, the economy here is dead besides the mining sectors in QLD and WA, and they’re dependent on continued strength in China. Price/rent ratios are completely out of whack still, we pay $465/week in rent while the cheapest comparable unit… Read more »

VMD
VMD
8 years ago

[Canadian job growth soars in March, but slips in B.C.] – that’s not gonna help qualify or pay for mortgages.. OTTAWA — Canada’s economy gained a surprisingly robust 82,300 jobs in March, with the unemployment rate edging down to 7.2 per cent, Statistics Canada said Thursday. The jump in employment last month — led by full-time private-sector hiring — follows a loss of 2,800 positions in February, which had pushed the jobless rate to 7.4 per cent. British Columbia was the only Western Canadian province to lose jobs in March, posting a loss of 1,700 jobs from February. The province lost 8,900 full time jobs, which was only made up by an increase in 7,200 part-time jobs, according to Statistics Canada figures released this morning. B.C.’s unemployment rate increased slightly to 7 per cent in March from 6.9 per cent… Read more »

jumpin in
jumpin in
8 years ago

PS: I guess the last paragraph upset many developers and realtors, so the article needed a rebuttal.

“In B.C., Premier Christy Clark and her “Families First” Liberals could restrict foreign ownership. At city hall, Mayor Gregor Robertson could tax foreign real estate investors at business rates (18 per cent) not residential rates (4.2 per cent). It may not dramatically limit foreign investing but at least they’d pay more into municipal coffers.

Unfortunately, Clark, Robertson and the rest of B.C.’s political elite, which relies on big real estate developers for fat campaign donations, stays silent.

Instead, they prattle on about “affordability,” whining about federal money for rental housing, while realtors auction off our neighbourhoods to the highest bidder in Shanghai.”

Donald Trump
Donald Trump
8 years ago

Golden Ears Bridge?

Simply build condos on it!
What a view !
Guaranteed waterfront !

Now…..Excuse me while I comb my flaxen hair….

jumpin in
jumpin in
8 years ago

On the right of the infamous article
http://www.vancourier.com/Blaming+Chinese+high+house+prices+Vancouver+racist/6417310/story.html
in one click you get this one:
http://www.vancourier.com/news/Vancouver+realtors+cater+wealthy+offshore+Chinese+middle+class+gets+squeezed/6399697/story.html
“Vancouver realtors cater to wealthy offshore Chinese as middle class gets squeezed”
from two days ago…

I stopped buying newspapers a few years ago, and have no intention to buy them again. What a scandalous POS! No wonder they are in crisis.

real_professional
8 years ago

listings keep rising….. “cry havoc and let slip the dogs of war”

good-format
good-format
8 years ago
 Date      Listing  Price(+-)  Sold   Inv     Inv(+-)  S/L(%)
Mar-28       259     118       104   16,173     84     40.2
Mar-29       239     104       151   16,180      7     63.2

Apr-02       450     139       125   16,074            27.8
Apr-03       319     133       224   16,124     50     70.2
Apr-04       302     131       147   16,230    106     48.7
Apr-05       277     118       117   16,345    115     42.2

Total-Cur  1,348     521       613             271     45.5
5 day-avg    317     125       153              70     48.1
Total-Est  6,426   2,521     3,058   17,481  1,383     47.6

Historical April Sales and listing

       sales   listing   S/L
2001   2,253    3,556   63.4%
2002   3,785    5,215   72.6%
2003   3,095    4,139   74.8%
2004   4,106    5,665   72.5%
2005   4,043    5,731   70.5%
2006   3,345    4,452   75.1%
2007   3,490    5,724   61.0%
2008   3,218    7,010   45.9%
2009   2,963    4,649   63.7%
2010   3,512    7,648   45.9%
Mean   3,381    5,379   62.9%
southseacompany
southseacompany
8 years ago

Re: Alan Garr Courier Articel,

Maple Ride Stats from REBGV site:

Benchmark price:
Last 6 mos: -0.5% ( that is DOWN, not up)
Last 1 yr: +0.9%
Last 3 yrs: +7.2%
Last 5 yrs:+2.2%

Don’t see no +30%. Maybe the Courier missed a decimal point.

Oilman
Oilman
8 years ago

“It’s the Golden Ears Bridge, which has set that market on fire…”

Right. I work with a dozen well-paid Maple Ridge residents that avoid that bridge like the plague ’cause it’s too damn expensive. Furthermore, one of them was complaining about having a huge mortgage, and that prices better start going up or his 5 year plan is shot…does realty have little relationship to reality?

midnite toker
midnite toker
8 years ago

I thought this was interesting to compare. Imagine Vancouver in 5 years ?

http://www.nakedcapitalism.com/2012/04/looking-at-a-foreclosure-ground-zero-jacksonville-florida.html

Burbs Boy
Burbs Boy
8 years ago

I also sent and email to the editor… 30% is the kind of number that just doesn’t pass the smell test. That doesn’t take 5 minutes, it takes 1 second. I don’t even think that some kind of insane mix in the sales could come up with a change like that in the average or median.. let alone the index.

Anonymous
Anonymous
8 years ago

@CanuckDownUnder: Hiya CDU, do you have any updates of how things are going down there? Any anecdotal evidence? Your input is always appreciated! BTW Chopper here, can’t be asked to sign in.

SomethingSimple
SomethingSimple
8 years ago

@41 fixie

Let’s recall some governmental scandals where an official profited:
Chretien’s sponsorship scandal
BC Rail
Fantasy Garden
Britain tabloid phone scandal
Mulroney/Schreiber
Glen Clark’s casino scandal

Let’s also recall some high profile cases of tax evasion:
Paul Martin’s ships are flagged in another country
Ireland companies reliant on “tax holidays” to repatriate money to US
UBS, notice how most of these guys are the 1%, and in new york

Now let’s recall a few corporate scandals:
SNC Lavalin
Enron
Nortel
AIG
Bre-X

What do all of these have in common?

As RippedtoShit says,

If looks and smells like shit…

Navin R. Johnson
Navin R. Johnson
8 years ago

Just beautiful numbers hey bull-sh*tters?

Devore
Devore
8 years ago

@CanuckDownUnder:

Which begs the question, is Allen Garr a terrible journalist or let me guess, he just didn’t have the five minutes to verify that 30% price increase?

I mean it’s 30%. Hello? I don’t care how bullish or how much of a pumper you are. 30% in one year should set off alarm bells even if you’re in zombie stupor. That’s terrible journalism. I dropped an email to Allen Garr and the Courier editor.

RippedtoShit
RippedtoShit
8 years ago

Awesome….maybe 17000 by the 15th! (one can hope)

If prices start to fall, the Chinese late buyer will FREAK OUT, this could have material knock-on impact to our local economy…better sell my bummer now and wait, maybe I can pick up a two year old 6 series at half price….soooo much phoney wealth is connected to this bubble that is now hissing air.