FFFA! CONDO! HOMES! CREDIT! USA! BC! GLOOM!

It’s that time of the week again!

This is when we do our regular end of the week news round up and open topic discussion thread for the weekend.

Pull up a chair! Here are a few links to kick off the chat:

-Horrible houses in bad areas for $500k+
-BOC: Household debt is biggest risk
-BC: Binging on Credit
-USA vs Canada housing bubble
-Get you drunk, take advantage of you
-How bad is your market?
-Why do Canadians owe so much?
-The end of US mortgage deduction?
-Canada sinks on US / Europe gloom

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

121 Responses to “FFFA! CONDO! HOMES! CREDIT! USA! BC! GLOOM!”

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    painted turtle Says:
    1

    Hot debate. What do you think? Thumb up 11 Thumb down 2

    Anonymous Says:
    2

    Calgary and Edmonton displace Toronto and vancouver as top real estate markets

    “Calgary and Edmonton have displaced Toronto and Vancouver as the top-ranked cities for overall real estate prospects, according to the Emerging Trends in Real Estate 2013 report released Tuesday…

    “Growth characterizes Calgary’s future; it displaces Toronto as the top ranked city for 2013,” said the report. “This has made it challenging to acquire high quality real estate in Calgary, absorption of prime properties has reached record levels, and rents are being pushed due to limited supply…

    According to survey participants, Canada’s real estate market will follow along in a seeming state of near-perpetual equilibrium compared with other more volatile regions studied in the report, including most obviously the United States.

    “The results of this year’s Emerging Trends report reflects the fact that the Canadian real estate community understands real estate fundamentals and knows how to react to fluctuations in monetary policy and capital markets. Canada’s real estate industry continues to operate well despite uncertainties in domestic and global economies,” said Lori-Ann Beausoleil, PwC Canada’s Real Estate Leader.

    The report said Calgary’s expanding economy is requiring a larger and more highly-skilled workforce. Employment forecasts indicate growth of 2.8 per cent next year and 2.9 per cent in 2014.

    “This growth, driven mostly by the oil and gas industry, has made it challenging to acquire high-quality real estate in this market,” said the report.

    “Absorption of prime properties has reached record levels and rents are continuing to be pushed due to limited supply.”

    The report said potential approvals of controversial pipeline projects to the United States and into British Columbia would boost real estate construction projects further in Calgary.

    The strength of Calgary’s real estate market is evident in both the residential and non-residential sectors.

    According to the Calgary Real Estate Board, year-to-date as of Monday, total MLS sales in the city of 18,905 are up 15.56 per cent from the same period last year.

    Canada Mortgage and Housing Corp. is forecasting total housing starts in the Calgary census metropolitan area to finish at 12,400 units this year, an increase of more than 33 per cent from 2011 and the highest level since 2007.

    RealNet Canada recently said Calgary has experienced the second best ever year for commercial real estate transactions for the first nine months of the year with $3.394 billion in sales so far this year.

    And a recent report by Jones Lang LaSalle suggested a downtown office development boom in Calgary could be on the horizon.”

    http://www.calgaryherald.com/business/Calgary+Edmonton+displace+Toronto+Vancouver+real+estate+markets/7504713/story.html#ixzz2CL9cqRb5

    Like or Dislike: Thumb up 4 Thumb down 3

    Anonymous Says:
    3

    So real estate agents are now resorting to getting people drunk in order to make offers on real estate! The insanity never ends. This is no joke. This is from the Vancouver Sun:

    “Two Metro Vancouver realtors are taking a group of about 30 potential homebuyers out for a night on the town that includes drinks, appetizers and a limo ride. Along the way, the group will visit The Pint pub, as well as five funky homes that are for sale in Vancouver…

    “The market is dead right now, so we’ve got to do something. Buyers are really hesitant,” Macnab said. “We’re trying to generate some traffic by thinking outside of the box.”…

    On the crib crawl, the owner or listing agent will serve food and drinks at each apartment, and try to persuade the buyers why they should make an offer on the property.

    “Each agent will be hosting their own little party,” said Macnab, 33. “A lot of the stuff I sell is cool, funky lofts to people around my age, so we always get the question about how a suite would be for a party.”

    The event will show potential buyers not only the features of each home, but also the potential for entertaining a large group, Macnab said.

    Macnab hopes the crib crawl will result in at least a couple of sales, and if it does, the team plans to make it a regular event.

    “This is going to be our little test,” he said. “We could do a Coquitlam crib crawl, a North Van crib crawl, or a townhouse crib crawl. We have big plans for this.”

    Macnab said he’s heard from several other realtors who are hoping to have their listings included on the crib crawl.

    “I want to select the best ones in different areas,” Macnab said. “I’m getting tons of calls on this.”

    http://www.vancouversun.com/business/Realtors+break+drinks+limo+crawling+real+estate+market/7556108/story.html#ixzz2CLt3MkLv

    Well-loved. Like or Dislike: Thumb up 30 Thumb down 3

    southseacompany Says:
    4

    Province today: “Vancouver home sales, prices fall”

    http://www.theprovince.com/business/Vancouver+home+sales+prices+fall/7557885/story.html#axzz2COy8UfhW

    “Vancouver home sales and prices were lower last month as Canada’s third-largest city continued its role as one the nation’s hardest-hit centres in an ongoing housing market slump.”

    Well-loved. Like or Dislike: Thumb up 55 Thumb down 1

    specialfx3000 Says:
    5

    @Anonymous:

    A while back, I went to a timeshare presentation and got a pair of Canucks tix for my wasted couple of hours.

    These guys want prospects to pay them $20?

    Well-loved. Like or Dislike: Thumb up 34 Thumb down 1

    Anonymous Says:
    6

    Here’s an interesting game of chicken that illustrates what’s happening in the market right now:
    I was talking with a colleague who just sold their home. They had an offer made on it a couple months ago which was subject to the sale of the buyer’s townhouse. The owners of the townhouse received an offer, you guessed it, subject to the sale of the potential buyers condo. These 3 transactions were all stuck in limbo because no one was willing to budge on their price in order to sell their place and let the dominos fall.
    In the end what ended up happening was the couple at the bottom (owners of the condo) decided to take on two mortgages. They used that as leverage on the person who owned the townhouse to lower their price (use the difference to carry the second mortgage for a few more months). The person with the townhouse agreed and used that as leverage on the homeowners. So everyone dropped their price to move their properties and the condo owners are now left with two mortgages… hope their strata allows for rentals.

    Well-loved. Like or Dislike: Thumb up 64 Thumb down 0

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 1 Thumb down 11

    Dumbest time to buy RE in 30 years Says:
    8

    I was totally dismayed in late Sept-early Oct when sellers were still asking not just outrageous, but totally INSANE prices on the North Shore despite all the dire forecasts by financial institutions.
    Well, surprise surprise, regardless of what the monthly stats tell us, prices seem to be falling at a very, very nice clip. While the weekly adds announcing “price cut”, “reduced”, “new price” etc, etc have become a bit of a joke, what really caught my attention is that a lot of new listings appear to be about 15% to 20% below what I would have expected.

    One thing is certain. This is not a repeat of 08, when prices resumed the uptrend the next year. With half the world already in recession, with stock markets telling Obama that there is no easy fix for the fiscal cliff, with China money fleeing Vancouver, and with personal debt in Canada at record levels, this is not a one trick pony like 08.

    OK, sales are down to a trickel, but what really puzzles me, who in the hell is dumb enough to be still buying under these circumstances???

    Well-loved. Like or Dislike: Thumb up 79 Thumb down 2

    @Anonymous: Oh is the market dead? It isn’t what Remax, BCREA, REBGV, etc said!

    Like or Dislike: Thumb up 8 Thumb down 0

    Bag it and tag it Says:
    10

    @southseacompany: Province today: “Vancouver home sales, prices fall”

    Nice how they only compare October sales to the previous month, but then compare price changes to October 2011, gving the impression everything is flat and stable. If anything, it should be done the other way around. I’ll give them credit for the bearish headline though.

    Well-loved. Like or Dislike: Thumb up 22 Thumb down 0

    @Anonymous:

    House owners found greater fools. No sympathy for condo and townhouse owners. Aren’t they reading newspapers or watching news?

    Like or Dislike: Thumb up 9 Thumb down 0

    Extend and Pretend Says:
    12

    @Dumbest time to buy RE in 30 years: re: Who is dumb enough to buy?

    From the three party comment below, the one using up their remaining leverage on a second mortgage are dumb enough:

    http://vancouvercondo.info/2012/11/fffa-condo-homes-credit-usa-bc-gloom.html#comment-181288

    “If we build up enough speed and hit the ramp just right…”

    Financial daredevils with a CMHCasino credit line. Enjoy paying for them.

    CMHC $600B / 35M Population = $17143 for every man, woman, and child in Canada.

    Hot debate. What do you think? Thumb up 13 Thumb down 1

    Patiently Waiting Says:
    13

    @Dumbest time to buy RE in 30 years: “OK, sales are down to a trickel, but what really puzzles me, who in the hell is dumb enough to be still buying under these circumstances???”

    It makes me think of my Grade 11 Social Studies class when the teacher asked a girl who the Prime Minister was at the time. She had no clue (it was Mulroney btw). Some people go through their whole lives having no idea what is going on beyond their immediate friends/family.

    Well-loved. Like or Dislike: Thumb up 39 Thumb down 1

    Anonymous Says:
    14

    @Anonymous: ….Two Metro Vancouver realtors are taking a group of about 30 potential homebuyers out for a night on the town that includes drinks, appetizers and a limo ride. Along the way, the group will visit The Pint pub, as well as five funky homes that are for sale in Vancouver…….

    Ahhh, remember the heady days of a few years ago when they used to do this with helicopters? I wonder if the limo ride will make the lead story on Global news?

    I supposed in a few months, Realturds will be taking their suckers out for a free ride on a moped. I’m sure that would make Global news.

    Well-loved. Like or Dislike: Thumb up 41 Thumb down 1

    @specialfx3000: The realtors’ $20 fee was the most surprising thing to me in that article. If I were seriously looking to buy, I would absolutely not spend $20 to be stuck in a limo with salespeople for a few hours, looking at places that I might not be interested in.

    Heck, you can call up just about any realtor, and they’ll drive you around (in a luxury car) for free to places that you are actually interested in!

    Well-loved. Like or Dislike: Thumb up 53 Thumb down 0

    Vancouver home sales and prices were lower last month as Canada’s third-largest city continued its role as one the nation’s hardest-hit centres in an ongoing housing market slump.”

    Wow! If they think this is hard hit just wait till this time next year. We haven’t even gotten started. Vancouver got hit by the fly weight. Wait until Mike Tyson comes out!

    Well-loved. Like or Dislike: Thumb up 35 Thumb down 2

    Can't Wait Says:
    17

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 6 Thumb down 16

    Guy Smiley Guy Smiley Says:
    18

    “OK, sales are down to a trickel, but what really puzzles me, who in the hell is dumb enough to be still buying under these circumstances???”

    Those who are expecting a repeat of 2008 – 2011. People are generally great at pattern recognition, but often with too limited geographic reference and time frame.

    Well-loved. Like or Dislike: Thumb up 33 Thumb down 0

    @M

    i understood that there is also food and drinks offered in the houses that they visit. $20 to sample different food in 5 different places is not bad deal. I am just waiting when the realtors will start using call girls in their effort to attract properties.

    Well-loved. Like or Dislike: Thumb up 30 Thumb down 4

    Vote Down The Facts Says:
    20

    Saw this link via a banner ad with the tagline “Big Condo Blowout” at the top of the Vancouver Sun’s homepage :

    http://liveatedge.com/

    Looks like they’re doing some sort of one-day sale tomorrow, with deep discounts (up to 25% they say).

    Hot debate. What do you think? Thumb up 10 Thumb down 0

    Bailing in BC Says:
    21

    Makaya

    I just read your full article. Thanks for that you did a great job.

    Hot debate. What do you think? Thumb up 9 Thumb down 1

    @Bailing in BC: You’re welcome :) Preaching the bear cause for the common good!

    Hot debate. What do you think? Thumb up 9 Thumb down 1

    /dev/null Says:
    23

    @Anonymous: Just so I have it clear, they’re going to give people alcohol and then try to get them to buy real estate? So, for context: what would happen to someone selling a car or refrigerator if they did that? And what would happen if someone selling a stock or bond did that? Serious question. I’m guessing one would get a bonus from their boss, and the other would be looking at loss of license or charges. Or am I incorrect?

    Oddly enough, I think this story has evaporated any remains of respect I had for realtor estate agents as a profession. (PaulB gets a complementary get-out-of-disrespect-free card). I know they’re salespeople but this comes across as just shameless.

    Well-loved. Like or Dislike: Thumb up 40 Thumb down 1

    Vote Down The Facts Says:
    24

    @/dev/null: “Just so I have it clear, they’re going to give people alcohol and then try to get them to buy real estate?”

    Obviously they’re not going to make them sign binding legal documents and hand over certified cheques while drunk.

    Hot debate. What do you think? Thumb up 17 Thumb down 7

    Informant was key to charges in CRA corruption case
    - guess what industry was involved.

    Nov 16, 2012
    “The RCMP has used the informant to collect information on officials at the CRA who have been accused of corruption and business people who are alleged to have offered them bribes to reduce their tax bills. The informant has worn a hidden microphone at times to obtain confessions from former colleagues and people alleged to have made kickbacks to CRA officials…

    ..As part of the investigation that was launched in 2008, the RCMP has laid charges of fraud, extortion and bribery against five former CRA officials and four people in the private sector, including construction-industry magnate Antonio Accurso. In a statement, the RCMP said the investigation into CRA corruption is far from over.

    …The RCMP has also alleged in search warrants that CRA officials received gifts or compensation from a construction firm, including free home renovations, trips to Las Vegas and the Bahamas, and an upscale evening at a Montreal Canadiens home game.

    So far, the CRA has fired at least seven auditors and team leaders as a result of its own internal investigation.”

    Well-loved. Like or Dislike: Thumb up 36 Thumb down 0

    This is how I think the touring of five funky homes that includes drinks, appetizers and a limo will mostly look like:

    http://www.youtube.com/watch?v=BlFppmZwDkM

    Hot debate. What do you think? Thumb up 19 Thumb down 3

    Anonymous Says:
    27

    @Vote Down The Facts: Obviously they’re not going to make them sign binding legal documents and hand over certified cheques while drunk.

    How is that obvious? That’s how timeshare sales work.

    Well-loved. Like or Dislike: Thumb up 26 Thumb down 2

    Anonymous Says:
    28

    @Anonymous: ….I supposed in a few months, Realturds will be taking their suckers out for a free ride on a moped. I’m sure that would make Global news……

    I think I just saw Cam Good running by pulling a rickshaw with a couple of hungry looking Realturds in the back.

    Hot debate. What do you think? Thumb up 19 Thumb down 1

    Anonymous Says:
    29

    @Vote Down The Facts: “Obviously they’re not going to make them sign binding legal documents and hand over certified cheques while drunk.”

    “Obviously”? We are talking a profession that demands a 5 day course.

    Well-loved. Like or Dislike: Thumb up 29 Thumb down 2

    Vote Down The Facts Says:
    30

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 3 Thumb down 14

    Ralph Cramdown Says:
    31

    Buddy, if someone says “Let’s put in an offer” their agent is NOT going to say “Why don’t you sleep on it?”

    Hot debate. What do you think? Thumb up 21 Thumb down 3

    patriotz patriotz Says:
    32

    @Vote Down The Facts:
    I don’t think that signing would be the real obstacle, rather that most people don’t carry around a stock of certified cheques payable to bearer to make on-the-spot offers. Unlikely the limits on most people’s credit cards would be adequate to the task, even if the agent/seller were willing to accept them.

    Hot debate. What do you think? Thumb up 12 Thumb down 1

    Vote Down The Facts Says:
    34

    @Ralph Cramdown: “Buddy, if someone says “Let’s put in an offer” their agent is NOT going to say “Why don’t you sleep on it?””

    It’s more likely that they’d say “I’ll swing by tomorrow with the paperwork for you to sign”. This whole event is to get feet through the door and get some attention – which is obviously working. It’s no different to any other saleman wining and dining a potential client.

    Hot debate. What do you think? Thumb up 9 Thumb down 3

    And this quote is funny: “Remember this cartoon? Wile E. Coyote is running after the Road Runner and eventually finds he has run off a cliff. For a few seconds, his feet are still frantically pumping, and he continues (albeit more slowly) to move horizontally. After a brief period of vertical suspension, however, gravity kicks in, and he plummets straight down. Owners of high-end real estate in Vancouver may soon relearn the lesson that gravity eventually exerts its force—even on the prices of scarce real estate.”

    Well-loved. Like or Dislike: Thumb up 31 Thumb down 2

    squidly77 Says:
    36

    Wow! If they think this is hard hit just wait till this time next year. We haven’t even gotten started. Vancouver got hit by the fly weight. Wait until Mike Tyson comes out!

    http://www.youtube.com/watch?v=oyxCZ-mzy28

    Warning-This ends badly and is very violent!!

    Hot debate. What do you think? Thumb up 10 Thumb down 1

    “We’re likely going to see more of the same next year, certainly not expecting to see a dramatic rebound. I’m forecasting home sales will be up next year compared to this year but only in a modest percentage, still falling a little bit short of those longer term averages.”

    - Cam Muir, November 15, 2012

    Booked.

    Well-loved. Like or Dislike: Thumb up 26 Thumb down 2

    ReadyToPop Says:
    38

    @ Dumbest time to buy RE in 30 years

    OK, sales are down to a trickel, but what really puzzles me, who in the hell is dumb enough to be still buying under these circumstances???

    People aren’t necessarily always borrowing, spec’ing or even moving up. People could be downsizing for retirement.

    Hot debate. What do you think? Thumb up 11 Thumb down 4

    west side observer Says:
    39

    Just wanted to reassure the readership that Vancouver is the best city on earth, has incomparable quality of life, therefore sales and prices must rebound soon, etc:

    Running to catch a bus at Broadway & MacDonald St at 9am this week.
    Felt my foot hit something like a small ball. Looked down, nothing seen on sidewalk, puzzled, turned around to see an agitated rat cowering in the entrance way of a shop, who then ran out into the traffic. This is, after all, Vancouver’s tony WEST SIDE!!

    Hot debate. What do you think? Thumb up 20 Thumb down 3

    I haven’t heard any discussion by the economists and politicians about the tidal wave of debt that is engulfing this country.

    The following information is from a Statistics Canada credit market summary data table as of the end of June 2012: (The debt statistics for Canada up to the end of September 2012 will be released in about 4 weeks by Statistics Canada).

    Total debt in Canada as of the end of June 2012 (bottom line of the data table) was 5.1 Trillion $

    From the end of June 2011 to the end of June 2012 the total debt in Canada increased by 209 Billion $.
    For that 12 month period the total debt in Canada increased at a rate of approximately 572 Million $ per day.

    I would have to agree with Karl Denninger when he said (a few years ago) “You cannot expand credit at a rate faster than GDP forever without suffering a financial panic and collapse”.

    http://www5.statcan.gc.ca/cansim/pick-choisir?lang=eng&p2=33&id=3780122

    Well-loved. Like or Dislike: Thumb up 21 Thumb down 1

    @Westside Observer

    We live in a port city. Rats is to be expected. The CoV has a website that lists their inspection results. About a third of the 20 facilities I looked up has had a rat problem.

    Hot debate. What do you think? Thumb up 7 Thumb down 4

    Ralph Cramdown Says:
    42

    If you’re spending for a limo, canapés, bubbly and models, you’d be a fool to let the guy see the unit again in daylight, call his buddy or his mother, hear another bear-themed piece in the media or anything else. If he expresses interest, you get him to sign on the line that is dotted. No certified cheque? REBGV’s standard Contract of Purchase and Sale conveniently has a big blank space where you can write in that it will be delivered within 24 of acceptance, or whatever. They’re flexible!

    I’ll admit to you that some agents will play it low key and offer to do the offer come the dawn. But the kind that organize socially lubricated limo tours would, I’d wager, always carry the forms in their pocket or briefcase.

    Well-loved. Like or Dislike: Thumb up 22 Thumb down 0

    @west side observer:
    “turned around to see an agitated rat cowering in the entrance way of a shop, who then ran out into the traffic. This is, after all, Vancouver’s tony WEST SIDE!!”

    Ah, more evidence that Vancouver is just like New York!
    Somebody tell Global, stat! They can run a smug story about how world class we are because we have rats.

    Hot debate. What do you think? Thumb up 20 Thumb down 1

    The joy of owning a condo…

    Condo insurance: a dripping time bomb

    Some tidbits:

    Indeed, inadequate coverage — either because of frequent damage claims, attempts by owners to reduce monthly fees by keeping premiums low, or a failure by condo boards to determine the true costs of replacing their buildings — has emerged as a bigger threat to the condo sector than the much-publicized risk of overbuilding, several real estate experts say.
    (…)
    One well-known Montreal insurance broker, who oversees policies for 300 different condo boards, said his clients’ premiums rose between 20 and 50 per cent — depending on the size of the building — over the last three years.
    (…)
    While individual co-owners can get private coverage to protect them in such cases of negligence, an owner who doesn’t have insurance could be left paying a $100,000 deductible out of pocket. And in a case where no one in the building is deemed responsible for the damages, high deductibles can lead to repeated bills for owners.

    Hot debate. What do you think? Thumb up 20 Thumb down 1

    @jesse: Did Cam Muir just get his period or somethin’?

    Hot debate. What do you think? Thumb up 5 Thumb down 7

    In addition to Philip Chan’s free Fiat with his townhouse…

    There is free Electric Scooter with this condo, even put the scooter as title pic
    http://www.realtor.ca/PropertyDetails.aspx?PropertyID=12554554&PidKey=-425761306

    Hot debate. What do you think? Thumb up 10 Thumb down 0

    Naked Official #9000 Says:
    47

    @painted turtle:

    i want to watch this, i really do – but to be honest – i’ve just had enough of it – time to tune it out; it’s just too awful.

    and look how happy they all are..

    Like or Dislike: Thumb up 1 Thumb down 1

    fuck off Says:
    48

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 2 Thumb down 24

    Naked Official #9000 Says:
    49

    @mclovin:

    well we just have to hit the right buttons Vs Tyson:

    Like or Dislike: Thumb up 2 Thumb down 3

    patriotz patriotz Says:
    50

    BC suspends visa program

    A review sparked by the increase in applications found an uncomfortable result – few of those B.C. nominees who had put up a bond were actually running a business as promised. Mr. Bell told reporters Friday that the fast-track program has a “disappointing” success rate of under 20 per cent…

    Between April and September of this year, the business immigration stream under the province’s nominee program had 383 applications, a 120-per-cent increase compared to the volume in the previous six months. Most of the applicants were from China.

    Well about time, but couldn’t anyone with any sense see from the start that it would come to this?

    Last May, the B.C. government released a report calling on Ottawa to “grow and expand” the provincial nominee program, citing the need for more than 300,000 immigrants to fill new jobs in the coming decade. The same report from the Immigration Task Force warned that businesses may have to close or relocate if the province can’t immediately increase its immigration levels.

    The BC government can’t recognise the real problem, which is that the province is too expensive relative to wages to attract immigrants, or Canadians, who can freely choose their place of employment. Which leaves indentured labour.

    Well-loved. Like or Dislike: Thumb up 36 Thumb down 2

    Anonymous Says:
    51

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 6 Thumb down 14

    patriotz patriotz Says:
    52

    @Anonymous:
    I meant skilled workers. Their annual average over the last decade is well below the level when Glen Clark was premier. See for yourself:

    Immigrant landings to BC by class

    Family class OTOH settle where their sponsors are so they are insensitive to economic opportunities, in the short run anyway.

    Hot debate. What do you think? Thumb up 15 Thumb down 3

    Some news from Richmond…

    8100 Elesmore rd
    list 965k
    reduced 859k
    sold 800k after 101 dom
    assessed 958k

    4851 Foxglove Cr
    List (HAM pricing) 988,888
    reduced 808k reduced 798k
    sold 738k after 202 dom
    assessed 1,049k

    11731 Yoshida Ct
    list 758k
    reduced 738k
    sold 680k
    assessed 743k

    6731 Dunsany Pl
    list 939k
    sold 886k
    assessed 1,100k

    3411 Barmond ave
    list 1,398k
    sold 1,209k
    assessed 1,371k

    8151 Dalemore Rd
    list 1,599k
    sold 1,505k
    assessed 1,769k

    Where’s Bull! when we need to make fun of him?

    Well-loved. Like or Dislike: Thumb up 80 Thumb down 1

    Patiently Waiting Says:
    54

    China to Canada: SHUT UP

    http://www.cbc.ca/news/politics/story/2012/11/16/pol-the-house-zhang-junsai-chinese-ambassador-to-canada.html

    Zhang Junsai, China’s ambassador to Canada, tells host Evan Solomon, “I can assure you that our companies working in other countries are strictly doing business according to the local laws.”

    “If you really have the evidence, come [out] with it. If not… shut up,” Zhang says in no uncertain terms.

    Well-loved. Like or Dislike: Thumb up 41 Thumb down 1

    patriotz patriotz Says:
    55

    @Patiently Waiting:
    http://www.economist.com/node/18586448

    Employees at times fare little better than the environment. At Chinese-run mines in Zambia’s copper belt they must work for two years before they get safety helmets. Ventilation below ground is poor and deadly accidents occur almost daily. To avoid censure, Chinese managers bribe union bosses and take them on “study tours” to massage parlours in China. Obstructionist shop stewards are sacked and workers who assemble in groups are violently dispersed. When cases end up in court, witnesses are intimidated.

    Coming soon to a province near you.

    Well-loved. Like or Dislike: Thumb up 52 Thumb down 2

    Patiently Waiting Says:
    56

    @patriotz: The words “shut up” are those of the abuser in any abusive relationship. Scary times :(

    Well-loved. Like or Dislike: Thumb up 26 Thumb down 3

    Without stealing PaulB’s thunder (he did warn us he would be late) – 62 sales on Friday.

    Also – this week ended again with the same decrease in selling pace of 25% over last year. The year will end with pretty much the same sales as 2008. I suppose we’ll see a few abandoned BMW/Mercedes leases pretty soon . . .

    Well-loved. Like or Dislike: Thumb up 80 Thumb down 0

    YLTNboomerang Says:
    58

    Somebody gonna get a hurt reeeeal bad:

    v980317

    So they listed this NVan home for a week in July at exactly the assessed value of 1198000 for a week with no luck (this is crazy high for an older 1600sqft bungalow IMO). I guess that they, like everyone else, figured the place is not worth $1.2M so decided to re-list as a “build your dream home” for $2.78M!!!

    Firstly, the owner is one heck of a greedy bugger as it does not costs $1.6M to build a house and clearly nobody thought the property was worth the original $1.2M as nobody wanted it then when they could have picked any builder they wanted!

    I guess in a way, this is a safe bet as they haven’t built the house yet but it also reeks of desperation by the builder and the agent.

    Speaking of the builder/agent, I found it interesting that the builder Gary Tiwana appears to be a realtor in the valley focused on selling farms and acreages but uses Karim Virani to sell this home…

    Hot debate. What do you think? Thumb up 12 Thumb down 0

    Anonymous Says:
    59

    @yvr2zrh: Thanks for subbing in, even paulb deserves some time off :)

    MOI for the year is going to come in at about 9. That’s _only_ good enough for about-4% yoy drops. If things are to get worse, this is likely as good as it gets for a prolonged period.

    Hot debate. What do you think? Thumb up 11 Thumb down 1

    @Anonymous:

    I’m getting the same calcs. This month we will have MOI just over 9. We likely won’t see 10 MOI now until next summer again. However, anything close to 6 in March will nothing short of a market meltdown . . So for now we will likely see price drops through January and then flat until Summer and then down again through the end of next year. 10-12% in the next 12 months.

    So – now that we are getting close to the end of the year where is that price drop prediction contest sitting???

    Well-loved. Like or Dislike: Thumb up 25 Thumb down 1

    Extend and Pretend Says:
    61

    @Patiently Waiting: China, the massive criminal enterprise, is vocal about critics it can’t silence…

    Back in the day when globalized free trade was working we would get actual capital investment, like an automobile factory. Foreigners from Japan, USA, etc would bring their methods and technology to Canada for Canadians to operate.

    China has figured out how to game this system and bleed everyone dry. Instead of exporting capital and technology investments, they’ve rigged their currency so that any lasting capital formation will end up in China with the resulting stream of slave labor goods purchased with credit by the victim nation. Importing 200 Chinese miners to work for a fraction of domestic wages is just their latest innovation.

    Cut them off and slap heavy tariffs on everything from China. I’d support any political party in Canada that would truly shut China down. The NDP hasn’t proposed anything so drastic, but I wish they would!

    Well-loved. Like or Dislike: Thumb up 52 Thumb down 4

    Anonymous Says:
    62

    @yvr2zrh: If moi is 6 in the spring yoy price drops will intensify. Eg in March prices are down -4%. Last year prices rose Mar-Jun with MOI 4-5 iirc. If MOI is 6 that means prices in spring are flat and yoy drops will be lower than -4% by the summer. That would be fukishima meltdown territory (not quite Chernobyl)

    Like or Dislike: Thumb up 6 Thumb down 1

    Aww yeah paulb scurries away because the sales are so high.

    Wait what, 62 sales?

    WHY GOD DO YOU TORTURE ME.

    Well-loved. Like or Dislike: Thumb up 25 Thumb down 4

    @Extend and Pretend: there is one politician that saw what was coming, in 1994! His name is Sir James Goldsmith. Watch his prophetic interview with Charlie Rose. It’s scary how accurate he was. He even talked about derivatives!

    http://m.youtube.com/#/watch?v=4PQrz8F0dBI&desktop_uri=%2Fwatch%3Fv%3D4PQrz8F0dBI

    Hot debate. What do you think? Thumb up 9 Thumb down 2

    El comadante Says:
    65

    Hidden due to low comment rating. Click here to see.

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    Extend and Pretend Says:
    66

    @Makaya:

    Non streaming link here:
    http://www.youtube.com/watch?v=4PQrz8F0dBI

    I think he would agree that if GATT was formulated so that WTO was compelled to allow and recognize wage diffential tariffs, GATT would actually be useful in the long run. Imagine simple minimum wage based normalized tariff system – our $10.25 against China’s $1.00/hr. By labor content, China would be allowed to impose a $1 per unit tariff on anything for which we impose a $10 tariff. That would put an end to the race to the bottom. Capital formation would follow more closely natural advantages rather than lowest labor costs.

    BTW, he gets into derivatives in part 6. Not the bad kind though. The problem with over the counter swaps (OTC derivatives 2008) was that it was easy for banks to find a government backed (or defacto backed) patsy to take the other side of the contract. The derivatives he was talking about were the publicly traded ones (options) that everybody was selling as insurance against a crash – which in some part precipitated the 1987 crash. There was no public bailout of that one. Those securities were settled by counterparty clearing houses against collateral on deposit, not the implied credit of the Federal Reserve.

    Like or Dislike: Thumb up 5 Thumb down 1

    local observer Says:
    67

    Re: rats

    I’ve lived on the west-side all my life and rats have indeed gained a strong foothold everywhere (see you-tube video of rats having a party in the vegetable store at Broadway & Stephens). After seeing rats peering in my back second-story window a couple of years ago I called the city – apparently, just like in New York, when poisons are limited the rats take over. Also, according to the city pest control officer, backyard gardens and compost heaps are allowing the rats to breed healthy offspring, adding to the problem.

    Hot debate. What do you think? Thumb up 9 Thumb down 2

    Patiently Waiting Says:
    68

    @patriotz: I found an old laptop so I can finally read the whole article (Globe and Mail limits free reading by device).

    Here is another quote:

    “We have seen a very large spike in applications to our business program over the last six months or so … possibly driven by people who really are passive investors,” said a senior government official, who spoke on condition of anonymity.

    In other words, instead of setting up new businesses and creating jobs, most of the nominees were speculating in real estate. Can we boot them out of the country now? They lied, after all.

    Well-loved. Like or Dislike: Thumb up 38 Thumb down 1

    Anonymous Says:
    69

    Larry is looking for suggestions..

    “In his defense Cam has a job to do. Let’s not forget that he is only the messenger of the numbers.

    So what are your solutions?
    You amongst many others – based on the past commentary herein constantly serve up forecasts of doom and gloom. That’s all good and fair but if you all are as wise as you claim and would wish to have readers here believe that then let’s hear about solutions.
    Assuming your proposition that this market is fried please tell us how can it be fixed.”

    http://www.yattermatters.com/2012/11/bcrea-reports-mls-dollar-volume-down/#comments

    Like or Dislike: Thumb up 2 Thumb down 2

    @yvr2zrh:
    VCI Price Prediction Contest will present the winner in one and half months!

    We will continue to use the HPI price as the main benchmark.

    We know that the new HPI formula presented earlier this year was designed to “smooth out large variability in prices” (can’t remember how exact REBGV phrased this). But this seems like the ‘best’ benchmark to use. In today’s low sales numbers (hence low sample size), even median prices are showing too large fluctuations to be of great value.

    Hot debate. What do you think? Thumb up 12 Thumb down 2

    Reality check Says:
    71

    Couldn’t resist responding to a couple of posts regarding MOI forecasts just after 11 am.

    I think you guys might need to base your thinking on more than just the last 5 or 6 years. That party is sooo over!
    We have not had more than one bad year in a row for about 18 years.
    Well, that’s about to change big time. Unless you’ve missed the economics signals from every credible source, or unless you’re from planet lollipop you will have no doubt that 2013 will be worse than 2012, and that should suffice to change the market mood from mere concern to flirting with panic…a whole new ball game.

    We could have had an orderly correction had our market not recovered after 2008. I believe an orderly correction is no longer possible with a deteriorating economy. We can’t defy gravity forever. Anything less than a 30% drop over the next 2 years would be modest.

    God help leaveraged homeowners if higher int rates get added to the mix…that could make 1982 look like a pcnic.

    Well-loved. Like or Dislike: Thumb up 54 Thumb down 1

    @painted turtle:

    From your link:

    The net worth of the 70 richest delegates in the NPC rose to $89.8bn in 2011. Compare that to the $7.5bn net worth of all 660 top officials in the US government, including President Barack Obama.

    That pretty much sums up everything you need to know about today’s “communist” leaders in China.

    Well-loved. Like or Dislike: Thumb up 47 Thumb down 4

    Anonymous Says:
    73

    @VMD: “So far, the CRA has fired at least seven auditors and team leaders as a result of its own internal investigation.””

    Don’t worry, the public unions will ensure that these fine upstanding individuals will get their jobs back with back-pay…

    Hot debate. What do you think? Thumb up 22 Thumb down 20

    Hidden due to low comment rating. Click here to see.

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    @Circus:

    What? that they are more capitalist then Americans? Lots of Castro lovers on the site.

    Oh contraire mon frere; I’m a big fan of capitalism. True capitalism is an economic system in which innovation and hard work are rewarded with financial gain.

    If you are naive enough to believe that the political elite in China became filthy rich by anything other than corruption, theft, and repression, then you would fit in quite nicely with the Castro-loving set.

    Well-loved. Like or Dislike: Thumb up 44 Thumb down 4

    Extend and Pretend Says:
    76

    @Circus: “capitalists”

    So by your definition a bank robber, extortionist, con man, etc would be a venture capitalist? Of course the current Chinese dynastic rulers are richer than the American leaders. The American leaders aren’t allowed to simply take whatever they want by force and put it into their own accounts.

    In an ideal free market, there is only enough profit to keep capital in business. That part is called competition. People often forget that part when they imagine how they are going to get rich. A society makes the choice of a free market not for the purpose making a few people rich. The purpose is to make everyone richer than they would be under a system relatively closer to a command economy.

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    Extend and Pretend Says:
    78

    @Circus: HR 1148 Insider Trading Prohibition for US Leaders.

    http://www.change.org/petitions/the-us-house-of-representatives-tell-congress-to-pass-hr-1148-stock-act-now

    Your CBS link was very informative. HR 1148 will eventually become law. Chalk up one more unethical enrichment loophole closed because of democratic scrutiny in a free society.

    Come to think of it, we need to close the insider trading loophole available to the spouses and children of Canadian lawmakers too.

    http://www.ottawacitizen.com/business/Spouses+ministers+hold+portfolios+publicly+traded+securities/7424354/story.html

    Hot debate. What do you think? Thumb up 19 Thumb down 1

    Waiting to exhale Says:
    79

    You know you have confirmation that the bubble is indeed bursting when you start to have realtors coming up with various gimmicks to sell/show thier properties. If you are trying to sell a property why not just drop the price instead of using these Mickey Mouse tactics.

    This “crib crawl” idea reminds me of what I witnessed at the Concord Pacific showroom (beside No.3 Road in Richmond) for their “Monet” and “Concord Pacific” buildings a few weeks ago. They had a big white tent filled with various classic Mercedes Benz cars, and a whole bunch of pretentious looking folk in ballroom dresses and three piece suits all chomping on hors d’oeurvres and sipping on champagne.

    At the time while we were passing by I remember mentioning to my wife: “You know they are getting desperate when they roll out this dog and pony show just to get people into their showroom. I hope nobody makes a drunken decision and actually buy a place while they are high on champagne.”

    She replies: “I think they usually have a cool off period for those pre-sales.”

    “Touche” I thought.

    This “crib crawl” thing is just a cheaper version of the Concord Pacific event. Now they want you to pay $20 just to participate. I guess this is their way of weeding out the freeloaders and alchoholics.

    Here is a list of the recent gimmicks I have heard about the last few months. Feel free to add to the list:

    1. Free civics
    2. Free gym memberships
    3. $100,000 price drop guarantees
    4. Brand new Fiat
    5. Free kayaks
    6. Gift cards to neighborhood stores
    7. All-inclusive vacations
    8. $25 gift cards (for waiting in line)
    9. Barbecues at open houses

    Well-loved. Like or Dislike: Thumb up 44 Thumb down 3

    patriotz patriotz Says:
    80

    Real Estate Sales Collapse in Paris and Ile-de-France; New Home Starts Lowest Since 1998; VAT Hike to Make Matters Much Worse

    A collapse in RE prices in France isn’t a bad thing, it’s a good thing. Does it make any sense at all for French RE prices to be twice those in Germany? Even less sense than for Canada’s RE prices to be twice those of the US.

    I must disagree with Mish on whether the VAT hike for RE (and by implication the fall in prices) is undesirable. The general VAT rate in France is 19.6% (soon to rise to 21.2%). By contrast the rate for RE is 5.5% (soon to rise to 7% or possibly 10%). This represents a huge subsidy for RE and will continue to do so.

    Hot debate. What do you think? Thumb up 17 Thumb down 3

    @patriotz:

    “A collapse in RE prices in France isn’t a bad thing, it’s a good thing.”

    The headline suggests a collapse in sales, not in price.

    Like or Dislike: Thumb up 6 Thumb down 2

    @patriotz: Paris is about 10 million people. France 63. Don’t confuse France with Paris. RE is not twice as expensive in France as in Germany. Most of the rest of the french RE market has been correcting since 2008.
    The project to increase VAT is limited to 20%, not 21.2%.

    The market is correcting in Paris for similar reasons as in Vancouver: the government has restricted most of the incentives (PTZ, Scellier, etc.) to buy properties. As I said on Vreaa’s blog: same cause same consequence… French people are no less greedy and stupid than their Canadian cousins. Have a look at this chart: http://www.bulle-immobiliere.org/drupal/

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    Bull! Bull! Bull! Says:
    83

    Hidden due to low comment rating. Click here to see.

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    Anonymous Says:
    85

    @patriotz: “The general VAT rate in France is 19.6% (soon to rise to 21.2%). By contrast the rate for RE is 5.5% (soon to rise to 7% or possibly 10%). This represents a huge subsidy for RE and will continue to do so.”

    A huge subsidy? VAT stands for value added tax. Real estate should not be subject to a VAT tax for anything other than the buildings or renovations which are already subject to the regular VAT tax. Putting another tax on transactions and taxing the land over and over again with no value added makes no sense. Hardly a subsidy. Where do you come up with this stuff.

    Hot debate. What do you think? Thumb up 7 Thumb down 3

    patriotz patriotz Says:
    86

    @Anonymous:
    “VAT stands for value added tax. Real estate should not be subject to a VAT tax for anything other than the buildings or renovations which are already subject to the regular VAT tax.”

    If you read Mish’s quote (or the original article) you will see that the reduced VAT rates apply to just that, renovations.

    VAT at 10% instead of 7% for the building in 2014?

    The maintenance and renovation of housing more than two years are subject to reduced VAT under certain conditions. After passage of the VAT rate in the building from 5.5% to 7% in 2012, the government expects an increase in the VAT rate to 10% through.

    This increase so the building and everything related to work in your home or apartment. It will be implemented from 1 January 2014. This will leave you time to carry out work before.

    That’s a subsidy.

    http://www.immobilier-danger.com/Immobilier-novembre-2012-les-573.html

    Hot debate. What do you think? Thumb up 10 Thumb down 2

    Patiently Waiting Says:
    87

    “Most lawyers will tell you that neighbourhood conditions do not need to be disclosed to potential buyers. However, sellers do have to respond truthfully if you ask them direct questions.”

    http://www.moneyville.ca/article/1286452–must-you-disclose-noisy-neighbours-when-you-sell

    If this kind of buying approach takes off in Vancouver, its going haunt a lot of people who think they can sell and run. I wonder if anyone has created a template letter for this.

    Hot debate. What do you think? Thumb up 13 Thumb down 0

    Financial Post: When is it time to give up the family home?
    Nov 17
    “The evidence from StatsCan shows that in 2011, 66.5% of men aged 65 to 69 lived in a single-detached house compared with 60.4% for women. Once you get to 85, just 44.3% of men live in a single-detached house and 30.9% of women.

    It’s clear the older we get the more likely we are to abandon the family home with the difficult decision being when to do it. A key trigger point is when kids move out of the house and you just don’t need the space…

    ..The problem is adult children are moving back home like never before, forcing many Baby Boomers to keep that extra large house just in case their kids need a soft landing…

    That could be a reason to actually downsize, so your kids can’t move in. “I actually did that with my kids,” says Ms. Andreana, with a laugh. “I sold my three-bedroom house and bought a townhouse and said ‘guess what, your bedroom is gone. There is no where for you to go.”

    Well-loved. Like or Dislike: Thumb up 25 Thumb down 0

    Reality check Says:
    90

    Hello Bull Bull Bull.

    I feel a bit silly responding to such nonsense, but here goes:
    “What makes you think it won’t happen again”…the federal government and Mainland China stepping in to drve the market higher.

    Dammit, you’ve been sleeping in class again.

    It’s probably pointless trying to convince someone who got sucked into the hype and is now stuck in denial, so I’m just going to repeat 8 reasons why the global economies and stockmarkets will underperform that I just received in a letter from Odlum Brown (they’re an investment dealership in case you have not heard of them).
    1. The fiscal cliff
    2. Europe in recession
    3. China approaching recession
    4. Iran
    5. Syria
    6. Global debt
    7. GDP slowdown worldwide
    8. We’re at the end of the average length of modern day bull markets.

    Other points to consider are demographics, most of the bad medicine gets inflicted in the first 2 years of a presidential term, and of course AFFORDABILITY in Vancouver is more out of whack than anywhere else on the planet.

    OK, some of these may sound a bit remote for Vancouver real estate, but just remember that RE in the rest of the world has already crashed. We’re the last vulnerable dominos still standing with all fundamentals stacked against us.

    Try and stay awake now.

    Well-loved. Like or Dislike: Thumb up 33 Thumb down 4

    Anonymous Says:
    91

    “Deja Vu but as always laughable…

    Beverly Hills

    http://www.dailymail.co.uk/tvshowbiz/article-2234418/Emma-Stone-Andrew-Garfield-splash-2-5-million-Beverly-Hills-love-nest.html

    vs

    Vancouver

    http://www.point2homes.com/ListingDetails/CA/British-Columbia/Vancouver-Coast-Mountains/134-west-41st-ave,/28311213.html

    that is soooo f’ing unbelievable! and that house is in one of the nicest parts of Beverly Hills, the Vancouver house is on 41st avenue! who the hell do we think we are? who in their right mind would spend that kind of money on that house.

    Is Vancouver THAT MUCH more desirable to the Chinese?

    Well-loved. Like or Dislike: Thumb up 43 Thumb down 1

    Anonymous Says:
    92

    oh never mind, just noticed it’s walking distance to Oakridge mall…

    Well-loved. Like or Dislike: Thumb up 24 Thumb down 2

    Puzzeelkr Says:
    93

    Any comments/updates on SALES MIX?

    Any chance the SFH AVERAGE falls below $1,000,000 in the coming months?

    Hot debate. What do you think? Thumb up 17 Thumb down 0

    WantToBuySoonBut Says:
    94

    Ya, me as well. Totally!

    Like or Dislike: Thumb up 3 Thumb down 3

    Extend and Pretend Says:
    95

    @Mortgage: 41st vs Beverly Hills web site idea!

    Just spitballing… Remember “CrackShack or Mansion”? What about a new web site called “10 Factor”.

    This would be a site where you select high priced homes of equal asking price from Canada and USA, but the curb value is 10 times lower on the Canadian property. So, Beverly Hills $2.5M mansion and then Vancouver 41st outhouse $250K probable value, but $2.5M asking price.

    Come to think of it, another good name for the site would be “Outhouse or Mansion”.

    Hot debate. What do you think? Thumb up 17 Thumb down 1

    victoria Says:
    96

    Just having a little rant here.

    Went downtown in Victoria the other day. Have not driven or walked around the area in a long time.

    I can’t believe the FOR LEASE signs. My 10 years of living here the downtown has turned into a pretty cool place i.e. retail and dining for the size of the city.

    So many shops are closing. I spoke with a lovely woman who works at a famous tea shop. She said it is due to super high rents (i.e. greedy landlords) and bad economy.

    I think people are so indebted with RE (8 times higher here than the average family income) that there is very little money to spend on anything else. Especially the younger first time buyers.

    So sad.

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    Bull! Bull! Bull! Says:
    97

    Hidden due to low comment rating. Click here to see.

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    ScubaSteve Says:
    98

    @Puzzeelkr:

    The sales figures I am tracking show a fairly significant drop in average prices this month. That’s typical for November though. I do think we stand a chance at dropping below $1,000,000 by January.

    Hot debate. What do you think? Thumb up 12 Thumb down 0

    Bag it and tag it Says:
    99

    @Mortgage: I hate to nit pick, but the reason that 41st home is listed so high is because of its Cambie corridor zoning (potential for multi-unit, multi-level dev)….otherwise it would be listed for closer to $1mil…which is still ridiculous.

    Hot debate. What do you think? Thumb up 14 Thumb down 0

    Reality check Says:
    100

    “The economy is worse now than it was 2008?”

    That’s the whole point!
    Vancouver RE turned down in 2008 at the same time as the lousy economy.
    This time it started to tank with a fairly healthy economy because it was overpriced and unsustainable…well in advance of the economic shitstorm that’s brewing.
    Enjoy the ride.

    Hot debate. What do you think? Thumb up 18 Thumb down 1

    Painted turtle Says:
    101

    @ reality check

    you could add the government of Israel wants to go to war with Iran, who supports the gov of Syria, while other countries, like France, are supporting the Syrian rebels. Meanwhile NATO must support Turkey when Syria sends rockets across their border. The US thought that a good way to weaken the Arabic world and Iran would be to intensify the tensions between the Muslim factions, and it seems to be working… Hot hot hot. What will be the impact for the price of oil? I do not think we are in for much stability in the next six months.

    Like or Dislike: Thumb up 8 Thumb down 1

    Anonymous Says:
    102

    The Gov’t acknowledged they made a huge mistake allowing 35 & 40 Amort’s.

    They are not ever coming back.

    Nothing and I mean nothing can save this market.

    Well-loved. Like or Dislike: Thumb up 23 Thumb down 3

    WantToBuySoonBut Says:
    103

    Hidden due to low comment rating. Click here to see.

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    Anonymous Says:
    104

    why this guy spent so much money renovating this house is beyond me, this is about 1 foot apart from one of the oldest run down apartments in Kits, and it has no front yard, side yards, or backyard (besides a driveway.

    http://www.yattermatters.com/homes-for-sale/?area=Vancouver%2BWest&community=Kitsilano&type=Residential%2BDetached&bedrooms=Any&bathrooms=Any&minprice=200000&maxprice=5000000&nonce=53a2ec2301&search=true&submit_x=149&submit_y=8&listpage=4&prop=V971211

    or rent it for….wtf????

    http://vancouver.en.craigslist.ca/van/apa/3417633348.html

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    Bull! Bull! Bull! Says:
    105

    Hidden due to low comment rating. Click here to see.

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    Anonymous Says:
    106

    Went to a bunch of westside open houses today (tagged along with some friends who are looking). Deadsville at them all. Even after some serious price drops from their starting asking prices…

    Well-loved. Like or Dislike: Thumb up 31 Thumb down 1

    Patiently Waiting Says:
    107

    Some company called “Rent It Furnished” just dumped about 250 listings on Craigslist. All are horribly expensive. Their clients must be getting desperate. Why can’t they understand that most potential tenants already have their own furniture, and aren’t going to pay some astronomical premium to use someone else’s?

    Hot debate. What do you think? Thumb up 18 Thumb down 2

    Patiently Waiting Says:
    108

    @Patiently Waiting: Oops I meant 150 listings for today :P If you count all their listings from previous days, its over 200.

    Like or Dislike: Thumb up 8 Thumb down 0

    @Anonymous: “Even after some serious price drops from their starting asking prices…”

    I can’t bring myself to call any of their prices serious.

    Hot debate. What do you think? Thumb up 10 Thumb down 0

    @victoria
    So many shops are closing. I spoke with a lovely woman who works at a famous tea shop. She said it is due to super high rents (i.e. greedy landlords) and bad economy.

    Not so sure that the landlords are “greedy” per se. Was talking with a retail expert in Vancouver the other day about why so many For Lease storefronts on Robson. He mentioned large RE holdings companies buying up the properties at inflated prices, and then being forced to raise the rent to maintain a yield for their shareholders. You might call it greedy landlords, but I would call it an inevitable outcome of the financial imperatives. Or, if you like, the bursting of a bubble. Might want to consider staying away from commercial REITs. …
    Not sure if this actually applies to Victoria; just an observation.

    Hot debate. What do you think? Thumb up 13 Thumb down 0

    Extend and Pretend Says:
    111

    @Patiently Waiting: Furnished Market?

    I’ve asked about this strange market before. One reply on this forum stated that the owner of the property would simply stay elsewhere for weeks/months. Or, they would leave town while the unit was tenanted. It is an interesting lifestyle, but one must wonder how precarious such an owner’s finances are that this practice is economically advantageous as opposed to getting more regular employment. What sort of economy do we live in where the only real asset a person has is their home rather than marketable job skills or entrepreneurial opportunities with real growth/scale possibilities?

    The question also remains, who rents these? Who is the typical tenant? Is there a widespread fear of low hygenic standards in hotel rooms per the recent CBC Marketplace episodes?

    http://www.cbc.ca/marketplace/

    Like or Dislike: Thumb up 7 Thumb down 0

    Anonymous Says:
    112

    @Patiently Waiting: checking out rental again eh, did someone just dump garbage infront of your door.

    Like or Dislike: Thumb up 2 Thumb down 7

    Anonymous Says:
    113

    “Rent It Furnished”

    their places are ridiculously overpriced, i can only imagine how high their property management fees are, i bet that a lot of those places sit empty month after month

    Like or Dislike: Thumb up 9 Thumb down 0

    @Extend and Pretend: I’m renting a furnished place in Vancouver so maybe I can tell you why. I have a 4 month contract and am then returning home, I don’t want to move a bunch of furniture so furnished makes sense for me. I want to be able to make my own meals so I’m not going to stay in a hotel room.

    I saw the ‘rent it furnished’ ads, but they are overpriced. Even though I’m not paying the rent I still want to get the best place I can for the budget the company is giving me, so I’m not going with ‘rent it furnished’. I don’t know who is, none of the place I saw there have rented out in the last month.

    Hot debate. What do you think? Thumb up 11 Thumb down 0

    @Anonymous: Ha! I lived in that house when it was broken into suites years ago. What an incredible waste of renovation dollars!

    Like or Dislike: Thumb up 6 Thumb down 1

    #111 @Extend and Pretend: “What sort of economy do we live in where the only real asset a person has is their home rather than marketable job skills or entrepreneurial opportunities with real growth/scale possibilities?”

    I think it starts with a V.

    Hot debate. What do you think? Thumb up 11 Thumb down 1

    Anonymous Says:
    117

    @Bag it and tag it: For some of those Cambie corridor listings the investors massively overpaid because they were too stupid to understand the City claws back land value increases through CAC. Some of those lots may sit for a while because the investors can never get their money back.

    If anyone thinks there isn’t dumb money sloshing around Vancouver, look no further than Cambie.

    Hot debate. What do you think? Thumb up 13 Thumb down 0

    #102 @Anonymous: “Nothing and I mean nothing can save this market.”

    Be more imaginative. A debt jubilee would save it.

    Like or Dislike: Thumb up 2 Thumb down 1

    #91 @Anonymous: We need an archive of these side-by-side comparisons. Call it VancouverIsFucked.com

    Hot debate. What do you think? Thumb up 8 Thumb down 3

    Extend and Pretend Says:
    120

    @rp1: History repeats!

    The blunt domain name you are suggesting is not a new idea. Remember this one?

    http://www.fuckedcompany.com/

    In the day, this site was THE guide to timing the dotcom crash. They featured anonymous inside poop from the employees of distressed startup firms explaining just how f***ed the company was. Numbers of people let go, unproductive work environment, failed projects, non-technical people hired for technical work, etc etc.

    Many did not sell their stock. But those true believers put a bottom on the price for those that did sell and realize profits. History repeats.

    Like or Dislike: Thumb up 7 Thumb down 1

    Naked Official #9000 Says:
    121

    @Extend and Pretend:

    Fuck yeah, smack that wu mao dang bitch down

    Hot debate. What do you think? Thumb up 4 Thumb down 6

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