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Bob Arctor
Member
Bob Arctor

“David Rosenberg: Why I am bullish on Canada”
http://www.edmontonjournal.com/business/productiveconversations/David+Rosenberg+bullish+Canada/7649889/story.html?__lsa=185f-99a2

“…while the U.S. economy is being propelled by housing — which does not exactly enhance the country’s productive capital stock — the Canadian expansion is no longer dependent on real estate, but now hinges more deeply on business capital spending. That is a huge qualitative difference.”

Guess we don’t need to worry about a downturn in real estate…

jay
Guest

Not a good time to buy, although timing the market is difficult.
There are about 100 SFH in Point Grey area, with a median price of 2.5 million dollars. Yeah, price is not going down, as there is hardly any sales in the last few months!

G Master
Guest
G Master

I also heard a local realtor said it’s a great time to sell your properties now, because the price will drop more .

UnagiDon
Guest
UnagiDon
“Don’t Confuse A ‘Buyer’s Market’ With A True Buyer’s Market” The RE Board of Vancouver uses the ratio of sales to listings to decide whether to call the market a ‘seller’s market’, ‘balanced’, or a ‘buyer’s market’. Thus, if listings are high and sales are low (as they are at present), it is automatically deemed to be a ‘buyer’s market’. This ratio can also be expressed as MOI (or ‘months of inventory’), the theoretical number of months that sales at the current pace would ‘clear’ the inventory (total listings). There is a good correlation between high MOI and downward pressure on prices. See jesse’s articles at ‘Housing Analysis’ for eloquent discussion of that relationship. Thus, when the REBGV refer to a ‘buyer’s market’, they mean one where sales are low compared to total listing. Note that this in no way… Read more »
Joe Q
Guest
Joe Q

You’ll know it’s a good time to buy when it’s 12 months after the MSM declares that the bubble has popped.

I’m starting to wonder which outlet will have the guts to call this for what it is first. So far everyone is treating it with kid gloves.

vanpire
Guest
vanpire
“Real estate operates on cycles, this is a rare time when prices are going down rather than up”. Ahh, but real estate does indeed operate in cycles? I thought it only goes up, no? Why the sudden change in your mantra, Mr REALTOR? So, if I got this right, the prices are STILL in the process of going down, right? The mega-rare occurrence of the epic proportions is actually happening right now? And with no sign of being over anytime soon? Well then why in the world it would be a good time to buy today and not tomorrow or perhaps in a week, a month or a year??? $300 a day seems like a pretty good incentive to postpone the urge, me thinks. No matter how simple and gullible we are, we should all be able to understand the… Read more »
Bear! Bear! Bear!
Guest
Bear! Bear! Bear!

Good time to buy? Yeah right! They also said it was a good time to buy in 2005-2011. But I didn’t listen to them. And look at me now!

bubbly
Member
bubbly

I stopped reading at “bargain hunters”. There are zero bargains in this city.
Most used house salesmen are slime…

Con-Rad
Guest
Con-Rad

@bubbly: orly? Some guy was blathering on about 4% cap rate is ‘normal’ for Kits/sGranville. Your city is full of people who only know real estate. They will destroy any chance of a hard landing by being dumb all the way down. My prediction.

Bob Arctor
Member
Bob Arctor
gordholio
Member
Dear Cam Good: “Last down turn I personally know many people that bought at a low price and sold for a high price and made more money in just one transaction than they could in 3-5 years working their day job.” 1) This passage exemplifies precisely what’s been wrong with real estate here in the Best Rainforest on Earth lo these past few years – it’s been treated as an investment. A stock. A *penny* stock. Buy now, hold for a wee bit, then sell for a profit. C’mon! Everybody’s doing it! But even if you do view it as nothing more than a quick money-maker, you’d be ignoring all logic by buying now. Indeed, smart investors pulled out quite some time ago and moved on to the next Nortel. Cam, deep down in your greedy, evil heart, you know… Read more »
Brian
Guest

The realtors having trouble making payment s on his C class Benz. Don’t fault him

Best place on meth
Member
Best place on meth

I would like to point out that my comment about $300 day referred to business days, so about $6000 to $7000 a month based on current rates of price declines.

raincity
Guest
raincity

@Best place on meth: Is that for Single Family Homes or Condos?

Anonymous
Guest
Anonymous

Yes, prices have been falling for a few months in a multi-year cycle. It’s a great horrible time to buy.

Anonymous
Guest
Anonymous

@Con-Rad:

Your city is full of people who only know real estate. They will destroy any chance of a hard landing be destroyed financially by being dumb all the way down.

Fixed that for you.

Many Franks
Guest
Active Member
Many Franks

@Best place on meth: $300 a day with weekends off is around $75k/year, which is above the median household income here in Vancouver. Not buying a condo looks like a pretty good career lately, though you don’t get vacation time — sorry, it’s $300/weekday right through the summer — or a benefits package.

VMD
Member
Bank of Canada issues harsh warning on condo market Dec 6, 2012 The Bank of Canada issued a harsh warning today about overbuilding of high-rise housing, notably condos. “In the current context, a specific concern is that the total number of housing units under construction has been increasing and is now well above its historical average relative to the population,” the central bank said in its financial system review. As Canada’s housing market cools, the condo sector has been of particular concern, notably in Toronto and Vancouver. Sales in both cities are down sharply after the federal government moved again in July to cool things down. Bank of Canada again voiced in concern over the vulnerability of consumers to “economic shocks,” such as a housing bust or a spike in unemployment. “As the declines in incomes and employment impair households’… Read more »
rp1
Guest
rp1

@Con-Rad: “Your city is full of people who only know real estate. They will destroy any chance of a hard landing by being dumb all the way down.”

I think that will guarantee a hard landing because it is precisely those people who have pigged out on debt to buy as much real estate as they can. You only have cash if you abstained or sold. That means you’re either broke, or you’re looking at the investment case. It’s a long way down baby.

Anonymous
Guest
Anonymous

@bubbly: “Most used house salesmen are slime…”

That’s not very flattering to slime.

Jason
Guest
Jason

Here is another deferred project, SOLO phases 2-4 in Burnaby. This is twice the dollar value of the one Onni just put off in North Van. The salient lines to me are: “The overall construction schedule for the next phases are undetermined (pending the speed of presales). Update in late 2013.”

http://tiny.cc/msswow

Vote Down The Facts
Guest
Vote Down The Facts

@Many Franks: “Not buying a condo looks like a pretty good career lately”

I’m going to not buy 5!

JR
Guest
JR

@VMD: Oh, isn’t that funny…

“In the current context, a specific concern is that the total number of housing units under construction has been increasing and is now well above its historical average relative to the population,” the central bank said in its financial system review.”

I was saying a few days ago and getting some downvotes. Like I said, what caused the crash in the US, not to be confused with the bubble (we all know what caused this in the US and here), was an acceleration of building and new inventory at and over the top.

Best place on meth
Member
Best place on meth

I should point out that I was basing the $300 on business days, not calendar days.

That would be around $6000-7000 a month at current price decreases.

Anonymous
Guest
Anonymous

@Vote Down The Facts: “I’m going to not buy 5!”

I not buy tree, my huzba not by tree.