Crazy Bull Anecdote of the Week
Oneangryslav wrote this in the comments:
Crazy bull anecdote of the day (week?):
My brother lives in North Burnaby in the area bounded by Hastings and Parker, Willingdon and Gilmore. His neigbhour a couple of doors down (whom both he and I know as we played soccer on the same youth team) many years ago) tore down a nondescript bungalow and built himself a large house. Almost to the day of the one-year anniversary of the place having been completed this friend is sitting at home watching television early in the evening (this happened a couple of weeks ago), when he hears the doorbell ring. He opens it to find a gentleman standing there asking if the house was for sale. The friend asks sarcastically “do you see a for sale sign?” “No”, responds to (as it turns out) real estate agent. The real estate agent continues, “would you be willing to sell it, anyway?”
The friend thinks about it for a second and says “sure, the price is $1.3 million dollars” thinking that would scare the real estate agent away. Anyway, long story short, the real estate guy goes to his car to call someone, comes back and says “okay!” Now my brother thinks that his home is worth about a million dollars.
Crazy! I’m going to get in touch with our friend to find out more of the details.
September 20th, 2012 at 12:26 am 1
That’s awesome. The guy scored from the sounds of it. Or maybe not. What if the place was actually worth more?
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September 20th, 2012 at 12:27 am 2
I’ve been watching south surrey (specifically Elgin / Ocean Park / Crescent Beach / Morgan Creek / Grandview in the $1.2 to $2.8 million range) for a while and get details on sold listings through email. Here are some interesting data points from a region that had been doing pretty well until just recently:
* Elgin had 16 sales in June, 17 in July, 9 in August and 1 so far in September
* Those 4 regions combined have 6 sales this month with an inventory in that price range of 175 homes for a projected MOI of 20
* Elgin has 68 properties for an MOI of almost 50
* There has not been a $2 million+ sale this month in any region with an inventory of 44 units for an MOI of, well, infinity I guess
* Morgan Creek has not had a single sale above $1.9 million for at least 4 and a half months with 17 properties in that range. Even if there was 1 sale in that time we’d still be looking at an MOI of over 70
South Surrey is in for a wake up call
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September 20th, 2012 at 5:00 am 3
@Dog:
“What if the place was actually worth more?”
If someone makes you an unsolicited offer for your house the price is almost certainly below market. Remember that the market price is the highest price that anyone is willing to pay.
Not hard to figure out but unfortunately many people don’t get it.
Hot debate. What do you think?
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September 20th, 2012 at 6:36 am 4
another quick note for you all, and something to look forward to.
Imagine this in Vancouver’s future 5-6 years from now.
After our move to the US we bought a house, and we had to buy homeowner’s insurance. When you buy insurance, the insurance company wants to assess your home for the cost to rebuild, as that is the value of the insurance coverage required.
Get this. The cost to build our house is the same as our purchase price. (It’s actually a few thousand more than the purchase price, but a mostly insignificant difference)
So we are insured for the full purchase price of our house.
Contrast this with houses in the Langara area, or anywhere in the lower mainland really.
When is it a good time to buy a house? when the purchase price is equal to or less than the cost to build. You can take that to the bank.
of course in Dave’s world this is impossible because builders never lose money. lol. not sure where he comes up with his ‘truisms’. yes. builder’s will lose money, especially in Vancouver, but that won’t prohibit them from selling at a loss. It may prevent them from continuing to do business, but hoo boy, a time of real estate reckoning is coming to a neighbourhood near you.
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September 20th, 2012 at 6:57 am 5
“Now my brother thinks that his home is worth about a million dollars.”
I was at a persons house the other day in West Van. It was a decent house on a large lot. They told me in conversation their place was probably worth about a million dollars now. The thing is their place is probably worth more like 2 million plus. I was tempted to offer a million.
This crazy bull story is more like crazy stupid story if this guy sells for 1.3 million without getting further advise on the real value.
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September 20th, 2012 at 7:20 am 6
We bought one of the ‘day-tents’ from Costco at clearance for about $35 to keep the kids cool when at the park/beach. Lots of use this summer
One day, a couple strolled by and said that it was a great idea. They wondered where we bought it and guessed that it’s probably about $120.
We smiled and offered it to them for $80. They smiled back and went their merry way.
So until money changes hands, its bs all around.
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September 20th, 2012 at 7:24 am 7
@patriotz: “Remember that the market price is the highest price that anyone is willing to pay. Not hard to figure out but unfortunately many people don’t get it.”
By your definition it is impossible for someone to pay above market price for anything. If I offered you $100 for a pencil you would consider that market price?
Hot debate. What do you think?
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September 20th, 2012 at 7:33 am 8
@Anonymous:
… until money changes hands, its bs all around.
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September 20th, 2012 at 7:42 am 9
What if the place was worth more? How do you determine what a place is worth? Hire an appraiser or trust a broker to come up with a figure, then market it competently and wait/hope for an offer near asking to come in. IF it sells, that’s probably about what it was worth. Then the bank will send an appraiser or ask a computer, and might come back with “That doesn’t appraise, we’ll only lend this much,” which is a polite way of saying “You, Mr. Buyer, are an idiot.”
This whole process works great with a patient seller or a fast market, not so much in a slow one.
While I agree that an unsolicited offer isn’t too often higher than what one MIGHT achieve, there’s value in not having to stage, photograph, clean, vacate, haggle, play phone tag, lose a visible, fat slice to the brokerage, and all the other nuisances that come with selling in the conventional manner.
If the seller was really worried, he could have hired an appraisal or two and had some good data within a few days for a few hundred bucks.
Hot debate. What do you think?
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September 20th, 2012 at 7:50 am 10
Market price is what two people buy the pencil for, or $100.
Market value is the range that most pencils are selling for, or 1 to 2 bucks.
Hot debate. What do you think?
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September 20th, 2012 at 7:56 am 11
Here is a story about how household formation in Vancouver is down. The amazing thing, however, is how the reporter describes attitudes toward buying and renting. I cannot understand how someone fresh out of school would get it in their head that they should buy real estate.
http://www.vancouversun.com/news/national/Census+finds+young+adults+choose+stay+home+with+parents/7269268/story.html
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September 20th, 2012 at 8:06 am 12
@Anonymous:
Market price requires that buyer and seller are making a bona fide effort to obtain the highest and lowest price respectively. In the case of a pencil, there are other parties who are willing to sell an identical pencil for less. So the price is above market.
Every house is unique, but the requirement to try to get the best price still stands. Selling to someone (e.g. a family member) when you know that you could sell for more (or buy for less for the buyer) is not market price.
Hot debate. What do you think?
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September 20th, 2012 at 8:08 am 13
@patriotz:
” buyer and seller are making a bona fide effort to obtain the highest and lowest price respectively.:
Should be seller and buyer are … of course.
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September 20th, 2012 at 8:56 am 14
@Dog: No, he definitely ‘scored’. He won the lottery, that’s for sure. I’m just curious as to what he’s going to do now. Whether he’ll understand that some greater fool just secured our friend’s retirement or whether our friend will buy again. I’ll keep the group informed.
Oh, and no home in that area should be worth even half of what was paid.
Hot debate. What do you think?
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September 20th, 2012 at 9:08 am 15
Hi, Everyone,
Do not forget to watch CBC TV “The National” tonight, continued discussion of Canada housing market. Tonight it will focus on Vancouver.
http://www.cbc.ca/thenational/about/tonight.html
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September 20th, 2012 at 9:42 am 16
@N: The brainwashed Sociology Prof equates paying rent to simply paying someone else’s mortgage.
26 y/o Marta is living her life based on an old TV show. She’ll see things differently when she’s 36 and faces a choice of losers as potential husbands. Your charms don’t last forever, my dear.
Hot debate. What do you think?
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September 20th, 2012 at 9:42 am 17
http://vancouverpeak.com/groups/data-hounds/forum/topic/september-2012-daily-numbers/?#post-2599
Inventory, the little engine that could, is climbing the mountain to 20,000. I think I can. I think I can.
Over the last two weeks the average daily increase was:
79
At this rate we would reach 20,000 in 12 days (Oct-02-12)
and we would reach 21,000 in 25 days (Oct-15-12).
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September 20th, 2012 at 9:59 am 18
It’s been a long slow climb, but we’ve finally made it to 300! Congratulations to Vancouver’s own Jason Nesseth.
http://realestateagentsincars.tumblr.com/post/31926991197/congratulations-to-vancouvers-jason-nesseth-our
Jason is technically a mortgage broker, not a real estate agent, but I think you’ll agree that he fits the bill nicely.
Hot debate. What do you think?
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September 20th, 2012 at 10:37 am 19
V969563
How is the Pure building in dt? This one was listed at $688k last year and now it’s down to $568k. Assessment is around $580k. Owner paid about $540k in 2010. The strata fee is high in the $400s.
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September 20th, 2012 at 10:49 am 20
what time does CBC’s “The National” air?
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September 20th, 2012 at 11:05 am 21
Rumour Kodak is moving back one of its large industrial equipment manufacturing lines back to Vancouver from Mexico. That will be a handful of hundred manufacturing jobs.
Hot debate. What do you think?
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September 20th, 2012 at 11:11 am 22
@jesse: Thank goodness! Vancouver will finally be cutting edge, providing product to fill all that demand for film.
Hot debate. What do you think?
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September 20th, 2012 at 11:14 am 23
@curious lurker: you dont get it, do you? if your home insurance value as same as your purchase price, then there is no value in your land.
Hot debate. What do you think?
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September 20th, 2012 at 11:28 am 24
Check this out. Canadian Business magazine published an article on September 14th, titled “Canada’s housing crash begins”. Searching for it in Google brought up a link, but try and follow it, and you get a Page not found error. But Google still has a cache of the article:
http://webcache.googleusercontent.com/search?q=cache:NxM1pKjG3IsJ:www.canadianbusiness.com/article/98306–canada-s-housing-crash-begins+&cd=2&hl=en&ct=clnk&gl=ca&client=firefox-a
To make matters worse, go to the Real Estate section of the Magazine, and first article on the list is titled “Housing bears make more unsubstantiated claims”.
A little advertiser backlash, perhaps?
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September 20th, 2012 at 11:41 am 25
@Deliverator: I don’t think it’s any conspiracy, but that’s just my sense.
See here for their editors’ response to an inquiry. See here for its new location.
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September 20th, 2012 at 11:44 am 26
@Deliverator: Apparently they accidentally ‘published it online too early’. Here’s a preview link that works:
http://www.canadianbusiness.com/article/98949–preview-canada-s-housing-crash-begins
Here’s where someone asked them what happened and they answered:
http://vancouvercondo.info/2012/09/housing-market-keeps-on-cooling.html/page-1/#comment-173410
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September 20th, 2012 at 12:13 pm 27
#23 @Anonymous: “you dont get it, do you? if your home insurance value as same as your purchase price, then there is no value in your land.”
Price is what you pay, value is what you get. It sounds to me like he got a good price on that land.
Hot debate. What do you think?
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September 20th, 2012 at 12:23 pm 28
Not that I am making accusations, but if it is true that the property has a far lower market value that $1.3 million, wouldn’t this kind of practice be an easy way for people to cheat the tax man or otherwise launder money?
eg. Person “A” owes person “B” a lot of money for services rendered or whatever. But person “B” does not want to accept a wad of cash, because he doesn’t want to pay income taxes on it (or otherwise garner suspicion).
So, “A” buys person “B”s property at an outrageous price. Not only does “B” get his money, but as it came from the sale of principal residence he isn’t taxed. And, if it was dirty money, it is now “clean” and he can spend it without worrying about raised eyebrows.
Or, am I missing something to this?
Hot debate. What do you think?
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September 20th, 2012 at 12:24 pm 29
@zonk: “fill all that demand for film”
As I understand it Kodak’s local branch builds industrial equipment for the printing industry. It has a precision optoelectronics manufacturing facility in Burnaby of components to be used within this industrial equipment. The equipment had been manufactured in Delta but then outsourced to China and Mexico. For whatever reason the rumour is they are pulling back the stuff currently being built in MX back to Vancouver.
There is some big spend potential there, at least in theory, for these medium-volume high-mix industrial products. There is enough precision machining and electronics integration that it may make more sense to source the more complex assemblies locally than have them shipped offshore. That will have some good knock-on effects for local suppliers who offer some decent high quality value-add. There is no guarantee they will move the complex components to be locally sourced but there are a few good precision shops around who might get some additional business. There could be knock-on GDP there for that type of product.
But OTOH Kodak’s US company is in receivership so who knows what’s really going on. Could just be another bad decision in Kodak’s recent chain of bad decisions.
Hot debate. What do you think?
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September 20th, 2012 at 12:41 pm 30
@Crikey: So, “A” buys person “B”s property at an outrageous price. Not only does “B” get his money, but as it came from the sale of principal residence he isn’t taxed. And, if it was dirty money, it is now “clean” and he can spend it without worrying about raised eyebrows….
Yes, RE can be used as a vehicle for transferring large amounts of cash tax free. Not sure if your example is a good laundering model as the money to buy has to come from some legitimate source – having piles of it without any visible income might raise eyebrows. Better to launder through buy-renovate-sell-repeat.
However, in your scenario, if a guy needs to pay a big wad under the table and the receiver wanted to wash that, tax free, overpaying for a house in a good plan. In addition, if the payer fashions the purchase as an ‘investment’, then sells it at it’s real value, i.e. a loss, he may be able to claim the difference as a tax loss so there’s a benefit to him too.
The capital gains exemption of principal residence has to go to prevent this type of crap from going on. In addition, it’s just plain unfair that people can make an enormous income by buying, fixing, selling, repeat and never pay a cent of income tax even though they’re effectively construction workers. It’s a loophole that should be closed. I’m not sure it would have a big impact on prices, but it would put a dent in laundering and force people to pay their fair share of taxes.
Hot debate. What do you think?
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September 20th, 2012 at 12:55 pm 31
@Meh: That’s a little harsh, and a whole other topic that would take weeks to deal with properly. But this part struck me:
How does that work? I get it that more young women than men live on their own, but the explanation doesn’t wash. So it’s because they get married (or go common law)… but… who are they marrying then? Is there really such a huge difference in ages between the couples that stats are getting skewed that much?
It might explain (but not justify) the comment so often heard from Vancouver singles: it’s so hard to find a man. I guess so, they’re still adolescents, living at home. Nothing wrong with that, but it seems women are trying to get on with their lives, there’s a misbalance there.
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September 20th, 2012 at 1:04 pm 32
@Anonymous:
“In addition, if the payer fashions the purchase as an ‘investment’, then sells it at it’s real value, i.e. a loss, he may be able to claim the difference as a tax loss so there’s a benefit to him too”
Yes, true.
If a sale goes through at a outrageous price compared to market norms…and the place is back on sale in short order (the next year or two) at market norms (ie: a big loss), I hope the taxman has mechanisms that flag such transactions for for further inspection.
An alternative to your suggestion of capital gains exemption completely disappearing, for which there would be a huge uproar… is instead to adjust capital gains exemptions so that they are a maximum of the tax-assessed value of the home. In addition to eliminating the scheme we have been discussing, since tax assessments are often lower than actual sale price this would be a disincentive to property flippers. In a rising market property flippers (and everyone) would be paying some modest capital gains on each sale of their principal residence.
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September 20th, 2012 at 1:10 pm 33
@Crikey:
“In a rising market property flippers (and everyone) would be paying some modest capital gains on each sale of their principal residence.”
Hmm…the more I think about it… capping captial gains exemptions at the previous year’s tax-assessed values would permanently help discourage prices from rising too quickly, including from reno-flippers.(Of course, there would have to be special rules for when new homes are being built on a property)
On the other hand, this would encourage more sale in a market with falling prices (where ppl are likely to sell closer to or less than tax-assessed value), since people would take a smaller or no capital gains hit.
This perhaps provides some balance on boths ends…I like this idea…
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September 20th, 2012 at 1:15 pm 34
@Anonymous: “you dont get it, do you? if your home insurance value as same as your purchase price, then there is no value in your land”
Dude…you’re the one that doesn’t get it. It means he got a great deal on the place and the person that sold it to him basically gave him the land. It doesn’t mean his land has no value.
Hot debate. What do you think?
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September 20th, 2012 at 1:24 pm 35
“The recreational real estate market – from an investment perspective – is pretty much dead and gone. I don’t see any signs of it resurrecting.”
Scott Brown, Senior Vice President Colliers International, as quoted in BIV current issue.
Date of peak in the recreational property market, mid-late 2007. Date of honest assessment of total crap-out, mid-late 2012. Calling for Cam Muir’s capitulation on Vancouver RE in September 2017.
Also, someone lent money in this market in a big way. My guess is that in the next six months, we start finding out which financial institutions were reaching for share in this sector in the past few years.
Hot debate. What do you think?
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September 20th, 2012 at 1:26 pm 36
OK – now that I am sitting in my chair with a top-side view to the global economy – - I can tell you that the leading indicators of the world are forecasting a slowdown. This has been especially marked in the past 60-90 days. Bellweather locations which have been hot are now not and China is not looking great. My new job gives me great access to this front line global information . . .
It will be an interseting 12 months. Notice how many central banks are giving more quantitative easing. Just sayin – - there’s nothing out that that is going to make Canada’s economy and also Vancouver real estate be supported in the near future.
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September 20th, 2012 at 1:47 pm 37
@Crikey:
“Or, am I missing something to this?”
What you’re missing is that a debt repayment is not income to the creditor. There is no income to be evaded in the first place.
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September 20th, 2012 at 2:05 pm 38
@YVR2ZRH: So do you think whether all those global central bank easings have positive or negative impact on the vancouver RE market?
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September 20th, 2012 at 3:08 pm 39
@patriotz:
“What you’re missing is that a debt repayment is not income to the creditor.”
I am referring to a creditor (in this case, the home seller who is that is owed for services rendered or goods traded, not who is being repaid for money he loaned out.
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September 20th, 2012 at 3:11 pm 40
@gokou3: Well efforts to lower the yield curve most certainly have a positive impact on Vancouver RE prices
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September 20th, 2012 at 3:21 pm 41
Last night CBC “the national”, the housing part:
In Vancouver Shaw Cable CBC national on Channel 3 10 pm, Channel 26: 6 pm, 7 pm, 8 pm?
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September 20th, 2012 at 3:23 pm 42
@Crikey:
“I am referring to a creditor (in this case, the home seller who is that is owed for services rendered or goods traded, not who is being repaid for money he loaned out.”
Yes of course I know that. If A owes B money – for whatever reason – A is the debtor and B is the creditor, and A is in debt to B.
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September 20th, 2012 at 4:00 pm 43
Your daily laugh:
Risk of Canadian housing bubble appears to be easing, Fitch say
How can there be a “risk” of something that already exists?
More comedy from Fitch (Wed Jul 18, 2007):
Hot debate. What do you think?
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September 20th, 2012 at 4:11 pm 44
@Crikey: ….If a sale goes through at a outrageous price compared to market norms…and the place is back on sale in short order (the next year or two) at market norms (ie: a big loss), I hope the taxman has mechanisms that flag such transactions for for further inspection…..
Agreed! But, you have to wonder: what would the discovery mechanism consider? If outrageous prices were the trigger, every dump in this town would have a big red flag on the roof!
And would a big loss be the trigger? Maybe in the last few years, but certainly not moving forward; plenty of folks will be soaking their poor bones in warm water (i.e. taking a bath!).
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September 20th, 2012 at 4:17 pm 45
@ patriotz
Fitch = got no clue.
What they are really saying is that they would like to gain market share in rating Canadian bank bonds, and in order to market these, the banks need some positive air cover in the form of supportive rating comments.
As we all know … how could Canada not be in a bubble with prices about 1.6x US bubble peak. I would go on, but I would be preaching to the choir
Hot debate. What do you think?
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September 20th, 2012 at 4:28 pm 46
Good news, everybody! Finally we’re going to get some realtors around this city.
http://www.sacbee.com/2012/09/19/4834993/real-estate-maverick-plans-to.html
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September 20th, 2012 at 4:47 pm 47
@Many Franks: ….Good news, everybody! Finally we’re going to get some realtors around this city.
http://www.sacbee.com/2012/09/19/4834993/real-estate-maverick-plans-to.html
….
From the article:
“September 22nd and 23rd, 2012. John Stordy, Franchise Development Manager, and Ken LeBlanc, President and CEO of PropertyGuys.com, will be meeting with prospective franchisees at the company’s booth – in which the private sale real estate franchise giant will feature a branded Mini Cooper.”
Wow, they have a branded Mini Cooper! Look out Bob Rennie; there’s a new King in town and he’s driving a mini!
Did Cam Good move to Moncton by any chance?
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September 20th, 2012 at 4:57 pm 48
@Anonymous: Don’t knock these guys too much, they are trying to displace the high commissions realtors take with cheap access to MLS. I personally hope they get a foothold here and un-employ more used house salespeople.
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September 20th, 2012 at 5:01 pm 49
Here is Vancouver greed at its best / worst
http://www.realtylink.org/prop_search/Detail.cfm?MLS=V946112
This lot in Point Grey is listed for $19.8 million
It was purchased last June for $10,327,000
No they did not build a $9 million dollar home over the past year, just the same old lot.
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September 20th, 2012 at 5:22 pm 50
New Listings 224
Price Changes 116
Sold Listings 91
TI:19276
http://www.paulboenisch.com
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September 20th, 2012 at 5:25 pm 51
@an observer:
LOL WOW! Greed is right.
Hot debate. What do you think?
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September 20th, 2012 at 5:29 pm 52
@an observer: Not enough 8′s in the asking price, it’ll not sell
I think we should watch this one carefully, it’ll be fun to see the asking price dropping over and again until this sorry fellow loses his shirt on it…
Hot debate. What do you think?
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September 20th, 2012 at 5:44 pm 53
You think that’s greedy
http://vancouver.en.craigslist.ca/van/apa/3285509326.html
Hot debate. What do you think?
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September 20th, 2012 at 5:47 pm 54
What a crappy ikea furnished cubby hole. I thought the shangrii la was supposed to be top notch
Hot debate. What do you think?
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September 20th, 2012 at 5:51 pm 55
@curious lurker: So Drachen moved to Detroit? ha ha. Hope the wife has tenure.
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September 20th, 2012 at 5:53 pm 56
@vangrl:
I liked this:
“bi-weekly maid cleaning service… $150 move-out cleaning fee applies.”
Guess that maid service isn’t too good. Also, is it legal in BC to impose an across the board cleaning fee on moving out?
Hot debate. What do you think?
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September 20th, 2012 at 6:01 pm 57
Ya, gotta love the cleaning fees and that a parking spot will cost you an additional $200 a month
Hot debate. What do you think?
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September 20th, 2012 at 6:34 pm 58
The National has started 6:30 channel 26
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September 20th, 2012 at 6:39 pm 59
Cameron McNeil on The National comparing Vancouver to Manhattan… He says it’s the “Swiss Bank of International Real Estate”. HA, HA!!!
Love seeing the Chinese Realtor/Specuvestor shitting bricks about his unsold 1.57 Million pile. Nice game face…
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September 20th, 2012 at 7:28 pm 60
I work for a leading brand as an IT Manager. Recently we are trying to recruit some entry level positions. Good story so far, more jobs. Not exactly, these positions are created by axing seniors who were highly experienced and drawing higher salary. So it’s a way of inducing fresh blood at low cost.
The position offers 10% less pay compared to similar posts created 5 years ago. This means wages are going down and a huge difference accounting for inflation. Although we are looking for developers or fresh grads with hands on development skills, 25% of the applications I received were from Mortgage professionals. It’s sure sign that real estate business is really weak and they are trying to find a safe haven. In the past we were flooded with applications from top Universities as getting a position in our company is considered a coveted job. Not any more. Hardly any smart candidates applying from leading Universities in and around Vancouver. I think the new grads are in for a rude awakening if they are having the mind set of being entitled to 60K starting salary. About 50% of the applicants are over qualified due to many years of experience. Some were let go from the same company a while back but willing to accept 30% lower salary and a very junior position. I guess their EI ran out and looking for a straw to clutch on to pay mortgage, other expenses.
Our company and may be many others have no plan to hire resources at high salary range. The job will simply be shipped off shore or facilities closed if the cost is too high. Mean while I’m still searching for the right candidate who can fill this position in the posted salary.
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September 20th, 2012 at 7:47 pm 61
Here is a great article that shows how different things are… until they aren’t.
Oh, one detail… we’re talking about New Brunswick! Who would have thought they had a bubble, eh?
http://www.cbc.ca/news/canada/new-brunswick/story/2012/09/20/nb-housing-real-estate-oversupply.html
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September 20th, 2012 at 8:01 pm 62
@vangrl: At first I thought that sounded like a total rip-off, then I saw it had Bosch appliances and it all made sense. My buddy pays $3500 for a 1100sf 1/4 penthouse in Yaletown with 1200sf rooftop patio on 32nd floor…also furnished. That shangrala unit doesn’t even have a balcony.
Hot debate. What do you think?
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September 20th, 2012 at 8:06 pm 63
@skippa_azza: SAP?
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September 20th, 2012 at 8:17 pm 64
http://www.cbc.ca/news/canada/british-columbia/story/2012/09/20/bc-housing-bubble-garth-turner.html
“The fact of the matter is, in Vancouver today, you can buy a condominium and you can rent it out and you will have 40 people in line trying to rent that condominium,” McNeill says. “If you have that much desire for people to live in a condominium, I think the market’s got no problem sustaining itself.”
Really? Is this true? Oh, he forgot to mention that little part where you will be renting it out AT A LOSS, and the only reason people want to rent your crappy condo is because the rent is dirt cheap compared to owning the damn thing. You’ll be forking out at least $1000 a month over the mortgage amount in expenses. Those 40 people are the smart ones, guess who the dummy is.
Well-loved. Like or Dislike:
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September 20th, 2012 at 8:18 pm 65
@Bo Xilai:
Cam even referred to Yaletown as a “borough” of downtown Vancouver.
What a fucking clown.
For anyone who missed the lengthy spotlight on Vancouver it starts at 32:00
http://www.cbc.ca/player/News/TV%20Shows/The%20National/ID/2282025802/
A borough! Baaaaahahahahaaaa!!
Well-loved. Like or Dislike:
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September 20th, 2012 at 8:20 pm 66
How a New Home Warranty works in China
http://www.liveleak.com/view?i=ae1_1348116853
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September 20th, 2012 at 8:25 pm 67
Looks like the sell-list has bottomed out for the year. It will likely head up from here to January. See here for a graph of the sell-list seasonal patterns for 2010-2012. It has been a good run!
Well-loved. Like or Dislike:
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September 20th, 2012 at 8:28 pm 68
@Best place on meth:
Or watch just the segment here:
http://www.cbc.ca/player/News/TV%20Shows/The%20National/ID/2282034757/
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September 20th, 2012 at 8:34 pm 69
VHB, it looks like it might, I’m still hoping we buck the trend and see an UPTICK in listings over the coming weeks….fingers and toes crossed.
CBC – well, a couple of stiff jabs at the market, but no knock-out punch. That said, the weight of MSM bearish reports is having an impact.
Still hoping for a 400 listings day before month end.
Hot debate. What do you think?
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September 20th, 2012 at 8:35 pm 70
@b5baxter:
Even better!
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September 20th, 2012 at 8:37 pm 71
Interesting story in WSJ about high rollers from China in Vegas. The author spends a lot of time wondering how the gamblers manage to bring so much money out of China despite the $50 grand cap per year.
Even the casino execs can’t figure it out.
Same question can be asked for investors in Vancouver real estate, of course.
http://online.wsj.com/article/SB10000872396390444017504577648160626366488.html
Hot debate. What do you think?
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September 20th, 2012 at 9:06 pm 72
@b5baxter: How pathetic major sites still require flash player
Hot debate. What do you think?
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September 20th, 2012 at 9:07 pm 73
http://www.cbc.ca/player/News/TV%20Shows/The%20National/ID/2282034757/
better link
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September 20th, 2012 at 9:31 pm 74
This is funny! Incase if you guys haven’t checked out Philip Chan’s house he’s selling from the video.
http://www.cbc.ca/player/News/TV+Shows/The+National/ID/2282034757/
Phillip Chan’s house
1.79M
1.57M – in the video he said the market isn’t going to drop more then the 12% he’s home has already dropped…
Well it’s dropped again, now it’s dropped by 23%.
1.37M
Well-loved. Like or Dislike:
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September 20th, 2012 at 9:32 pm 75
Forgot to add philip chan’s listing
http://www.ecorealtyinc.ca/listing?id=259754658
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September 20th, 2012 at 9:50 pm 76
Hidden due to low comment rating. Click here to see.
Poorly-rated. Like or Dislike:
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September 20th, 2012 at 9:55 pm 77
Hidden due to low comment rating. Click here to see.
Poorly-rated. Like or Dislike:
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September 20th, 2012 at 10:04 pm 78
@skippa_azza: pretty much , I work in IT as well, and it’s hard to find anything paying more than 60k or so, unless you luck into one of those sweet government jobs. If you look around, most of the jobs posted are for contract, so no benefits , no security.60k is fine when you’re young and single, but sucks for raising a family. Buying a house isn’t even on my radar.
Hot debate. What do you think?
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September 20th, 2012 at 10:04 pm 79
Just watching this report on Arctic Ice on ‘The National’. Scary stuff! More downward pressure on the Richmond market!!!
Hot debate. What do you think?
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September 20th, 2012 at 10:08 pm 80
@s: There’s something goofy about that property….
Listed in Feb. for $1.79M, then reduced to $1.69M in May and sold on Aug. 9 for $1.467M.
The current MLS# shows it re-listed on Aug. 2nd, removed on Aug. 9th, then relisted again on Aug. 10th for $1.398M and reduced again on Sept. 6th to current $1.373M.
Ooops.
Hot debate. What do you think?
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September 20th, 2012 at 10:28 pm 81
@AngloMan:
They didn’t mention Antarctic ice is at a record high though.
Or that a major Arctic storm was responsible for decreased ice in the north rather than lower temperatures.
Selective bias in journalism isn’t confined to te real estate market.
Hot debate. What do you think?
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September 20th, 2012 at 10:34 pm 82
@Troll:
How much was it sold before the new house was built? and when?
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September 20th, 2012 at 10:46 pm 83
Haha Phil chan says get in the game! Take a risk!!! Don’t just watch the game u wussies!
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September 20th, 2012 at 10:49 pm 84
@paulb: Crazy! Another double digit sales day. Anyone keeping track of this stretch? We had a multi-week stretch of double digit sale days that was broken by a single triple digit day a few days back. Is that only one day over a hundred sales in almost 3 weeks now?!?
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September 20th, 2012 at 11:03 pm 85
@Anonymous: Yeah – i had my tongue planted firmly in my cheek with that comment.
As for queues of 40 potential renters, that Cameron Macneil talked about on ‘TN’ – Does anyone have any anecdotal evidence supporting this?
All that comment proves is that forty people are looking for a property and turned up at the same time. there could be only forty people looking for a place to rent – in an area that has 1000′s of units to rent. In other words, his replies to Garth Turners fact backed comments, were complete and utter throwaway garbage. He may as well have danced in a clown suit!
Hot debate. What do you think?
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September 20th, 2012 at 11:03 pm 86
Watched the National clip. As a Vancouver housing bear it feels like the east Europeans must have felt like when the wall came down. I’m no longer a member of a doomsday cult…the idea has gone mainstream.
Hot debate. What do you think?
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September 20th, 2012 at 11:04 pm 87
@GNFINGR:
I think we’ve finally found the guy Russell Peters was talking about: “Be a man!”
http://www.youtube.com/watch?v=QAy5h13_h08
Hot debate. What do you think?
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September 20th, 2012 at 11:15 pm 88
As a couple people have already mentioned, the numbers on that Kits place were fabricated in the interview. It was never listed at 1.57M and was on the Weekly Drop a couple of weeks ago with a drop of 23% and counting and was also on the Weekly Drop in early August.
http://vancouverpricedrop.wordpress.com/2012/09/10/the-weekly-drop-september-10-2012/
Also interesting that it was recorded as a sale in August – they had 2 to 3 open houses every week in August
Hot debate. What do you think?
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September 20th, 2012 at 11:45 pm 89
@Chip: The mistake is in thinking that laws in China apply to all citizens equally.
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September 21st, 2012 at 12:49 am 90
@UnagiDon:
More like the mistake is thinking that China has laws and citizens, as these terms have been understood in the West since the 18th century.
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September 21st, 2012 at 1:41 am 91
@UnagiDon:
Actually, I’ve made this point many times. Because of the cap on money to be taken out of China, and the preponderance of corrupt officials who invest outside the country, the Canadian government should be looking very carefully at the source of funds entering our real estate market.
Hot debate. What do you think?
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October 12th, 2012 at 6:32 am 92
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