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Anonymous
Guest
Anonymous

Whoa! That is a suprising discussion to see in the mainstream media. I hit that Facebook share button on this post to share the news 😀

fixie guy
Guest
fixie guy

Labour’s perspective – that the real market danger is capping the flow of taxpayer money backing real estate – was good for a chuckle.

Todd
Guest
Todd

Thanks for grabbing and sharing specuskeptic! That is a remarkable discussion, I’m glad I saw it.

Anonymous
Guest
Anonymous

@fixie guy: What a douche that guy is. It’s like his heart is in the right place but his brain has no idea which side is up.

anotherwalrus
Guest
anotherwalrus

@Anonymous: Yeah, I tossed it up on Digg too. I suspect many people are going to be caught off guard by this shift.

“Whooocooodanode?”

N
Guest
N

@900kCrackHouse:

People here helped me out over the exact same issue a few months back. Here is where it explains it:

http://www.rto.gov.bc.ca/documents/Fact%20Sheets/RTB-125.pdf

paulb.
Guest
paulb.
Makaya
Member
Makaya

@paulb.:

“Home sale and listing activity has maintained a consistent pace on the Multiple Listing ServiceÂź (MLSÂź) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.”

These guys would do great at Yuk Yuk’s…

Anonymous
Guest
Anonymous

@Makaya: It’s a balanced market. Lowest sales in 10 years coupled with listings above the ten year average and inventory at levels not seen in years. Balanced as much as a tight rope walker between two skyscrapers with no net beneath him.

patient renter
Guest
patient renter

@Makaya.

Seriously, these guys could spin for the tobacco industry….

Absinthe
Member
Absinthe

It was all awesome. I am now a fan of Preet Banerjee.

Scott
Guest
Scott

@Absinthe: Agreed! Watching his answers I was reminded of some of the more informed commenters here. Really great to see some sensible voices in the media!

Absinthe
Member
Absinthe

Although I was somewhat interested in the idea that Australia is having a “soft landing”. It’s down 10% since June 2010, which is slower than the US or Ireland, but I think the jury is still out that there’s not a lot of downside left. I googled their prices, and that curve has not bottomed. Maybe there could be an uptick now if they’re doing a really LONG cycle with a head/shoulders formation.

Anonymous
Guest
Anonymous

@Absinthe: The US was having a ‘soft landing’ just like Australia and then it kept on going down. How anyone can call a ‘soft landing’ while a market is still dropping is beyond me.

Absinthe
Member
Absinthe

@Anonymous: Totally agree. It was a weird thing for her to say, and I can’t find any reason for it in the actual charts. I mean, I know we bears have gotten caught calling the top when we only have a month or two of noise, so I have some sympathy – but the Australian market doesn’t even appear to have *noise* suggesting a bottom on the charts I found. It’s still, steadily, descending. In terms of general patterns it be at one of those bear trap places and we could see a shoulder, but I hope not. For Australia’s sake.

Anonymous
Guest
Anonymous

@Absinthe:

Will be interesting to see the impact of this week’s rate cut in Australia.

M-
Member

“April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.”

I’m surprised the REBGV wrote this bearish point in their release!

Anonymous
Guest
Anonymous

@paulb.: The benchmark prices seem very suspicious since they appear to be skyrocketing on the chart over the last few months when it’s obvious that’s not the case from annecdotal evidence, as well as avg and teranet prices. Guess which number involves REBGV manipulation?

Vansanity
Guest
Vansanity

Hi friends,

This property just sold and I was wondering if anyone with access could tell me the price it sold for.

MLS: V944683

Thanks in advance!

WFT?
Guest
WFT?
GVREB
Member
GVREB

#7 – – –

I need to get me some of that stuff that the REBGV is smoking – – must be good. . .

suspectum
Guest
suspectum

The market is, indeed, slow! Looking at rentals and properties for sale, we have pretty much been looking at the same condos for 3 months now. Even a foreclosed townhome in poco, going for 250k, 20% below the “free market advertised at 300k” neighbor unit took several weeks to generate a bid which ended up coming in at 245k… all sellers we talked to were eager to accept 5-10% below asking price (similar to the potential landlords when I looked at rentals concurrently). It seems with all the new development and massive “investment segment” that there is an oversupply of housing already even though there are 1000s of new untis in the pipeline right now. All of central poco seems to be a construction site

jesse
Member

@Absinthe: We know what Australia is going to do, it has already dropped rates by 0.5% in part because the economy is struggling and not least because housing sales are faltering and there are fewer refinance options available to keep domestic consumption from falling.

Australia either takes its medicine and forces lower prices or it guarantees underwriting while providing negative real rates. We all know where that road leads, and it’s not always higher prices.

realist
Member
realist
Darwind
Guest
Darwind
Vancouver/lower mainland will come down about 25%-35%. Also I’m noticing a lot of for lease and for sale signs up in the city too. Plenty of businesses going under, moving to cheaper areas or selling out to condo developers. All you can see on the horizon in Vancouver is cranes and signs of more condos to come. They can’t even sell the Olympic village condo disaster from 2010, so who in there right mind is going to buy all these over priced condos? 1) This whole town runs on real estate. 2) Vancouver is hardly a functioning city anymore. 3) Australia USA and many other countries now have restrictions on foreign ownership. 4) Canada/is up for sale. No holds barred. 5) Bank of Canada needs to grow some balls. We can’t let the USA Fed take us down. 6) The… Read more »
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