Friday Free-for-all!

It’s that time of the week again! Friday is here and the weekend draws nigh!

So lets do our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

19,000 Listings Party!
Vancouver home sales hit 10 year low
Updated inventory graph, next leg up!
OSFI Relent on tougher rules
Your own private BC island?
Investors shy away from Genworth
US prices down 42% from peak?
Sales great in interior says BCREA
The moving-to-America experiment
Boomers double-down on real estate
Canadas mobility problem
VCI comment signal to noise graph

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

Also! For a short time we tried opening up registration on the VancouverPeak forums, but were immediately inundated with spam registrations. So we’re back to invite only for now. There are ten invite codes at the end of this post if you’re interested in registering for an account there. The main advantages of a VancouverPeak account are that you can upload images, xls files, etc to share data or analysis.

Here are those codes, you can use them at this registration link, first come first served.

Used codes removed and replaced with fresh codes Saturday Morning 9:19 am:

796p-nb1r-p48n
9n3p-f5od-5xg3
cnfn-xwc1-a1ap
nabi-g5uv-4ouk
fmtk-z3xg-1ifx
zoct-oubu-2cnh
mys4-b2cs-20rx
w8pe-g78i-g3c8
ozgp-gf0g-3ck1
vfsn-vnl9-6wax
Sort by:   newest | oldest | most voted
mac
Member
mac

@Anonymous: Fail!

Anonymous
Guest
Anonymous

@mac:
The bears are insane and in denial,don’t argue with them.Concentrate on you business and earn more commission.

specialfx3000
Member
specialfx3000

@Anonymous:

Re: 3243 33 ave VANCOUVER BC http://vancouver.en.craigslist.ca/van/reo/3055404572.html

This was previously discussed on VREAA: (Sorry don’t know how to shorten the link)

https://vreaa.wordpress.com/2012/05/21/urgent-to-return-china-in-the-vancouver-west-very-expensive-premium-real-estate-is-very-difficult-to-find-such-a-cheap-price-there-are-a-lot-of-room-for-negotiation-a-total-of-nearly-200-000/

Then, it was asking $2,480,000. Also hi-lighting a bunch of perks to hope for a quick sale. (including a free piano that the satellite son probably refused to play but they forced him into lessons anyways).

Now it’s $2,280,000.

This will definitely be a good one to continue watching.

Anonymous
Guest
Anonymous

@mac:

Relax buddy. He was just letting you know about a marketing ploy used in new condo sales. Release several phases so it appears they are selling better than they are. Maybe too complex for you to grasp.

mac
Member
mac

@Anonymous: But that’s not what the agent said. You are putting words in their mouth and you weren’t even there. Over 90 “units” sold. They are sold. Gone. Not held back. So either you or they are in denial. Which one is it?

mac
Member
mac

@Anonymous: Is it because they were selling for 900K last year???!!

Anonymous
Guest
Anonymous

@Anonymous: ….Well there are two selling in my neigborhood and one of them sold right away after less than two wks ,and usual sold to a Chinese family;the other one will be gone soon.

Really, you have two in your neighborhood and one sold right away? That’s so weird! I have two for sale in my neighborhood – how weird is that? Anyway, neither has sold, which is weird since in your neighborhood, like, one sold. Weird! I guess we don’t live in the same neighborhood – I know; weird again! That’s just so weird that there were two for sale in your neighborhood and there are two for sale in mine. Weird! I just can’t get over it! Weird….

Anonymous
Guest
Anonymous

@mac:

My point was that buildings can claim whatever percentage of sell-out they like, because they almost always release some ‘special reserve’/’select’ units (or whatever ridiculous name they give them) or an entire other phase at a later date. It’s all marketing.

mac
Member
mac

@Anonymous: Wait. I don’t think I thoroughly answered your question. They have 135 units in the building they call Phase 1. They said over 90 units were sold and had only “a few left”. Bahahahaha.

We were most “interested” in the N. E corner of the tower, where she pointed out there was a view over the Salt building to the water over the “park”. The term “park” got my wife’s attention because it ain’t a park, it’s a flat piece of land with grass on it that’s owned by Pinnacle. It’s a “temporary” park which is slated to go into development in 2013. Once built it would narrow this lady’s definition of a view drastically.

mac
Member
mac

@Anonymous: No one said anything about sold out. Don’t get ahead of yourself or the lying liars that are real estate agents. They said 70% sold. Phase 1 is the building to the East. Phase 2 is on Manitoba, slated to be built later.

I asked the agent if they had sold enough to break ground. She said yes. So by… when… September…October, they should break ground, no problem, if everything is on the up and up. Kits 360 only had 50% sold opening weekend and they broke ground a few months later.

s
Guest
s

@195 Anonymous

Yes there are still pockets that are selling especially in East Van, and some areas are falling apart at the moment. It depends on where at the moment it seems like, but regardless sales are down… but a few bidding wars do exist unlike last year when every place was a bidding war.

Anonymous
Guest
Anonymous

@Makaya:
Well there are two selling in my neigborhood and one of them sold right away after less than two wks ,and usual sold to a Chinese family;the other one will be gone soon.

Anonymous
Guest
Anonymous

@Anonymous: Trying to reason with those bears is like talking to the cow.

Anonymous
Guest
Anonymous

@Makaya:

Same old boring news since 2002,but Van RE stay strong ,though there could be minor hiccup,howeve, after the minor adjustment it will resume its usual upward path.History tells us RE investment in Vancouver rewards the home owners three hundred percents,if they bought their house in the early 80 and hold on it for long term.

Makaya
Member
Makaya

Some Sunday night reading:

This time it is not different – Canadian housing prices reach apex and set for deep fall. Foreign money speculation and crowding out local Canadian families. Canadian household debt at record levels.

Being inside a bubble creates an interesting atmosphere. To a certain degree logical voices from outside of the bubble need to speak up to recognize what is rather obvious yet lost for many within the bubble. There is no bigger housing bubble than the one currently happening in Canadian real estate. Not only is the bubble raging it has far surpassed what the US housing bubble reached at its pinnacle.(…)

I dedicate this article to all the clueless worried trolls coming to this blog 🙂

Anonymous
Guest
Anonymous

@Makaya: that might happen. how about you? why spend all the time here? dont forget to breastfeed your baby

Anonymous
Guest
Anonymous

@Anonymous: …Credit cards rates aren’t generally proportional to individual risk. Most customers get the same rate regardless of their credit profile…..

Yes, good credit or bad, everybody pays the maximum rate. What was your point again?

Anonymous
Guest
Anonymous
Vancouver Home mortgage
Guest

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Makaya
Member
Makaya

Seems like the trolls are back in force. Has the week-end been that bad? No sales and empty open houses?

ReadyToPop
Guest
ReadyToPop

@ patriotz

Unfortunately (I feel your pain), the overarching principle is still the same….many central banks (including the FED as you refer to) are distorting the market by printing money. Carney may or may not be a bystander, but this new form of no-fault capitalism where every dip in the market is followed up by a promise of another QE, is creating new victims.

Anonymous
Guest
Anonymous

@patriotz: so now you blamed the for not able to buy a piece of land in vancouver and became a landless bear all the way in ottawa?

Anonymous
Guest
Anonymous

@Anonymous:
Those bear seem don’t admit that Van RE will not follow the same path of US;look every pre-sale in city,locals Chinese or abroad would swallow up all of them.China is the main factor that supports RE market.

Devore
Member
Devore

@ReadyToPop:

CMHC has been around for quite a few decades and RE has risen and fallen during that time, so I think

CMHC has not been insuring 0 down 40 year loans for a few decades. Plenty of places to point fingers.

Anonymous
Guest
Anonymous

@mac:

c) Phase 1 is sold out, and they’ll release more units later.