Friday Free-for-all!

It’s that time of the week again!  Friday is when we do our regular end of the week news roundup and open topic discussion thread for the weekend.  Here are a few links to kick off the chat:

Vancouver market in full retreat
Championship of lost sales
REBGV news release for July 2012
GVREB news release for July 2012
How much $ has left the economy?
New site forces realtors to compete
‘Think Housing’ contest winners
Renovation Boom
BCSC alleges million $ fraud
No new steps to cool market
New framework for credit unions
Global slowdown dashes hopes
Unsold Toronto condos growing

And here’s a couple of charts, the first one is from VMD and shows what the average Vancouver house price has done in the last two years:

This second chart is from Ben Rabidoux and was linked by Jesse – you can draw on your own red line for July:

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

 

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yvr2zrh
Member
2 thoughts . . . I realize I am first as I get home at this late hour. 1.) 49 is a really low number- – like really low. and 2.) Michael Campbell has not freaking idea what he is talking about when he says sales in July were low because the rule changes moved sales into June. He has no freaking idea. In fact the oppostie was true – – we had higher sales in the first half of July because everyone rushed to buy and these sales all completed and posted to the stats during July. In fact 75% of the July sales were for Pre rule-change purchases. So – Michael Campbell – you are wrong and should really just shut the f–k up unless you have the facts. Since I actually listen to Mr. Campbell and find… Read more »
Crikey
Guest
Crikey
Why do we call somebody who makes commissions selling houses a “Realtor”, which is just a contrived, artificial term? Why don’t we all just call them what they truly are: User/new Property Salesmen, Property Saleswomen…. used property salespeople? What if used car salesmen decide that they wanted to be called something like “Vehiculors” from now on, in some attempt to stop everybody from remembering that they are basically salespeople out to get as much money as they can from buyers? I don’t think that would fly. Are people who make commission from selling property so embarrassed about what they do, that they need to be called by a name that was deliberately created so as to not remind others that they are just salespeople? Nevermind that you need a 5-week course to become a used property salesperson, that is no… Read more »
ScubaSteve
Member
ScubaSteve
Homeowners are going to start to turn on each other now. We will see “For Sale” signs being damaged or stolen by pissed off neighbours. Realtors will also fight each other for listings and it will get nasty. You see back room battles like in the US, where realtors get mad at each other for pricing units too low and screwing over other realtors. There’s going to be a ton of realtors on the EI list this year, which drags down the economy more and unemployment will soar as construction jobs dry up. Basically at this point ANY condo building which can be halted will be. Loss of jobs = immediate. Best of all no one has any idea how to handle a bubble. We have so many stupid immature young naive realtors that will fuck this up big time… Read more »
ScubaSteve
Member
ScubaSteve

@zrh2yvr:

Can’t believe you listen to Money Talks and find what he says useful – yuck. I just find that show infuriating. Michael Campbell annoys the hell out of me. This month is no exception… he is in someone’s pocket.

patriotz
Member

Summer chill cools Toronto, Vancouver property markets

“People appear to be cautious about making significant financial decisions right now. While our local economy appears to be quite robust, there may be some concern about the impact of international markets and the federal government’s tightening of mortgage regulations,” said Eugen Klein, president of the Real Estate Board of Greater Vancouver.

“Significant” should be read as “suicidal” in this context. Also the local economy is about as robust as Vegas in 2006.

crashcow
Member

the Hunger Games are happening in real life. Every 10 realtors competing for one sale. Good luck and may the odds be ever in your favor!

Anonymous
Guest
Anonymous

@Crikey: Why do we call somebody who makes commissions selling houses a “Realtor”

For the same reason they call a person who sells mutual funds a ‘financial adviser’. It sounds better. Really if you look at anyone who provides a service they have an interest in selling you something. Lawyers want to sell you their time and this may influence their legal advice. If a lawyer is paid a percentage of a settlement such as in an ICBC claim they rarely ever go to court because they get paid close to the same with much less work. Even doctors in the US have been charged for doing unnecessary procedures and surgeries. It is buyer beware when you are taking the advice of anyone.

gordholio
Member
Anyone notice how we’ve seen the term “buyers market” bandied about by certain elements this week? Gawd, if it’s anything I loathe more than “build equity” and “get your real estate groove on” (where *is* Cam Good these days, anyway?), it’s “buyers market.” Just one more example of immoral real estate industry sleaze worming its disgusting way into our general lexicon. Let’s see… Prices remain sickeningly stratospheric, nobody has money, too many of us already own, and the new mortgage regs are thwarting the few lunatics who’d otherwise enjoy annihilating their future. In truth, it’s anything *but* a “buyers market.” I’d accept “dead market,” “flaming zeppelin market,” “vomitous market,” and “market of utter doom.” But this sorta crap at a time when the biggest, juiciest crash we’ve ever witnessed has just begun is nothing short of pure Satanic evil. Otherwise,… Read more »
YLTNboomerang
Member

Does the TREB even have a clue???

http://business.financialpost.com/2012/08/03/toronto-condo-sales-cool-as-new-mortgage-rules-bite/

“Board president Ann Hannah says new mortgage lending guidelines and the additional cost of the Toronto land transfer tax prompted some to put their buying decision on hold.
The average selling price in July was $476,947, up 4% from a year ago.”

Didn’t the transfer tax go in 4 years ago? How is this impacting sales?

Trader Joe
Guest
Trader Joe

@gordholio:

It’s a bear market. That is the best term.

an observer
Guest

And all of this happening with near record low interest rates…

patriotz
Member

@Anonymous:

@Crikey: Why do we call somebody who makes commissions selling houses a “Realtor”

For the same reason they call a person who sells mutual funds a ‘financial adviser’. It sounds better.

Nope, it’s for the same reason you call a hamburger at Micky D’s a “Big Mac”. It’s a trade mark.

VMD
Member

looking forward to today’s sales numbers..

the first 2 days in August we have S/L ratio of 25%
to put it in perspective…

in Aug 2011: 51%
in Aug 2010: 59%
in Aug 2009: 76%
in Aug 2008: 36%
in Aug 2007: 77%

TPFKAA
Guest
TPFKAA
TPFKAA
Guest
TPFKAA

Can someone explain the existence of this vancouver condo info website? which one came first, this one?

or this one: http://www.vancouvercondoinfo.ca/

patriotz
Member

@YLTNboomerang:
“Didn’t the transfer tax (in Toronto) go in 4 years ago? ”

Yes, and it was also blamed for the bear market there in 2008, as well as in the 905 area, where it does not apply.

TPFKAA
Guest
TPFKAA

More happy memories!! Look for an avalanche of these news stories in the next six months. And get used to ugly concrete skeletons and condo holes. Be careful not to fall in one as the fencing decays.

http://www.cbc.ca/news/canada/british-columbia/story/2008/02/27/bc-condosintrouble.html

Anonymous
Guest
Anonymous

Cambell is full of crap. The public didn’t know about the July 9 changes until late June. Even if someone rushed their purchase to beat the July 9 deadline, the earliest the data could possibly be entered was early July.Having said that, the July data was dismal even with the rushed purchases. Without it, we could already be in the beginning of a full crash.

Sales moving to June is a COMPLETE LIE.

The public is slowly waking up to the reality. Soon they all realize it’s time to flush all the realturds down the toilet. This town really stinks beyond belief right now.

TPFKAA
Guest
TPFKAA

@TPFKAA: The earliest story they have on this site looks to be from April. It looks like someone is investing a lot of time and money trying to divert people away from this website.

patriotz
Member

@ScubaSteve:
“There’s going to be a ton of realtors on the EI list this year”

I thought they weren’t eligible as they are self-employed.

“Would you like fries with that?”

Crikey
Guest
Crikey

@Anonymous:
“For the same reason they call a person who sells mutual funds a ‘financial adviser’. It sounds better.”

So then why are we all playing their game and helping them sound better?
There is nothing wrong with the term “property salesperson”, and I’m going to try to use it from now on…

And “Big Mac” is necessary to be trademarked because there are so many other competing burgers out there.

Given that there is no competing way to become a property salesperson, I see no point in using a trademarked title for such a person…than to help their image.

patriotz
Member

@Crikey:
The legal term for someone who is licensed to sell real estate is “real estate agent”. The trade mark “REALTOR” is in fact used to distinguish agents who are members of the REBGV (or similar board) from other agents. Rather successfully, since it’s difficult for a RE agent who is not a REALTOR to make a living. But it’s not legally required.

yvr2zrh
Member

#4 ScubaSteve – – I can’t believe I listen to it either. I think I only listen to it now to see if they can spin this thing any more as between Michael and Ozzie – they certainly don’t sound like bears most of the time – I do find that he says some useful things but the split bewteen useful and useless has definitely shifted in the past 5 years. However – making a comment which is completely unsupported, where you have absolutely no facts to back it up and where the facts are available, really makes him look pretty stupid. So – – – anyhow 0- looking to see how few sales we will get this week. I could be brutal.

bcj
Guest
bcj

@Patriotz

Self-employed can now opt-in to EI (as of fairly recently). To me it seems unlikely many realtors would though.

Anonymous
Guest
Anonymous

@TPFKAA: Don’t know, but the other one is more aptly named, … since, unlike this one, it actually has info about Vancouver condos (probably with some mis-info thrown in).

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