Vancouvercondo 2013 price prediction contest
It’s that time of the year for predicting the future, and no year looks to be more exciting than 2013! It costs nothing to enter, but winning gives you title of the “golden bear award” and vancouvercondo.info notoriety.
The details are over at vancouverpeak.com, however I have outlined the rules below here.
I will be recording all entries up until the deadline on January 26th.
One entry set per person. You will need to come up with a handle. ‘Anonymous’ won’t be accepted.
- You can guess for any or all of the categories below.
- You can guess for any or all of the items within a category.
- You can guess for June’13 and December’13.
- You can change your guesses before the deadline.
- All data are from REBGV official reports.
- Points are awarded for each item, for first, second, and third closest to the actual number, for both June and December. See vancouverpeak for the schedule.
Categories are as follows:
Category 1: Aggregate, percent change from December 2012
-Greater Vancouver Composite MLS-HPI
-Greater Vancouver SFD MLS-HPI
-Greater Vancouver Apartment MLS-HPI
Category 2: Average, percent change from December 2012
-Greater Vancouver detached average
-Greater Vancouver attached average
-Greater Vancouver apartments average
Category 3: Regional SFD MLS-HPI, percent change from December 2012
- Burnaby South SFD
- Coquitlam SFD
- North Van SFD
- New West SFD
- West Van SFD
- Van East SFD
- Van West SFD
- Richmond SFD
December 2012 data are available at
http://www.rebgv.org/sites/default/files/201212_REBGVStatsPackage.pdf
Entries can be sent to me via
- a comment on the vancouverpeak thread
- PM on vancouverpeak (jesse) or realestatetalks (jesse1)
- a comment at http://housing-analysis.blogspot.ca
- a comment here at vancouvercondo.info (make sure I confirm you have been entered as I may not scan all the comments)
Entry deadline is 12:01am PST on Saturday January 26, 2013.
(I won’t be participating due to conflict of interest but I’ll put in my predictions in the comments section.)
Good luck!
January 8th, 2013 at 11:33 pm 1
Hey look! First post!
Jesse doesn’t mention it in this story, but he’s got a pretty strong prediction track record having won the 2012 price prediction contest.
Here are the results of that one.
Well-loved. Like or Dislike:
21 
1
January 9th, 2013 at 4:56 am 2
Nobel prize winning Economist says USA should mint a trillion dollar coin to deal with its debt problems. Cold this work?
http://www.cbc.ca/news/world/story/2013/01/08/f-trillion-dollar-coin-paul-krugman.html
Hot debate. What do you think?
4 
6
January 9th, 2013 at 5:51 am 3
One more thing on the trillion dollar coin. The absurdity of it kind of reminds me of that episode of Married With Children when Al Bundy wanted a 99 cent coin because so many price points end in 99 cents (maybe they could have used a loony–it’s worth 99 cents US on lots of days).
But doesn’t the notion of a trillion dollar coin sound absurd! It’s hard to believe that it’s being seriously discussed–and by a nobel prize winning economist at that! This seems to be indicator of some kind of a top or some kind of threshold has been passed. When such farcical ideas are being discussed seriously, you have to think the whole entire economic system is just totally beyond the pale. The whole thing is such a blatant ponzi scheme–you don’t need an economics degree to see that! The uneducated man on the street can see the whole US economy (and therefore the world economy) is a giant ponzi scheme because the authorities are talking about minting a trillion dollar coin to pay down the debt. It’s like taking the printing of money to a whole new level. This has to indicate just how precarious the US economy is right now–they must be teetering on the edge of the abyss to be considering this.
Hot debate. What do you think?
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5
January 9th, 2013 at 6:48 am 4
“The uneducated man on the street can see the whole US economy (and therefore the world economy) is a giant ponzi scheme”
The world economy can’t be a ponzi scheme because ponzi schemes don’t produce anything by definition. Of course the world economy produces things – even the US does. The issue is how the productive parts get back into balance once the ponzi parts collapse, as they must eventually.
Hot debate. What do you think?
19 
4
January 9th, 2013 at 6:59 am 5
Krugman is actually making fun of Congress’s refusal to get serious about fiscal issues.
However technically it could work because coinage as opposed to paper money is not issued by the central bank but by the government itself and is not backed up by debt (this is also true in Canada). Thus the government is creating a nominal asset out of nothing to pay off its debt.
This isn’t an original idea really, it’s similar to those advanced by Social Credit (not the WAC Bennett version) and similar groups in the US a long time ago.
Hot debate. What do you think?
18 
5
January 9th, 2013 at 7:16 am 6
Category 1: Aggregate, percent change from December 2012
-20%
Category 2: Average, percent change from December 2012
-20%
Category 3: Regional SFD MLS-HPI, percent change from December 2012
-20%
Like or Dislike:
3 
2
January 9th, 2013 at 7:20 am 7
“But doesn’t the notion of a trillion dollar coin sound absurd!”
Absurd. It worked out OK for Zimbabwe didn’t it? Forget about 1 trillion. Go straight to the $100 trillion coin.
http://online.wsj.com/article/SB10001424052748703730804576314953091790360.html
Like or Dislike:
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5
January 9th, 2013 at 7:32 am 8
@Absurd. “It worked out OK for Zimbabwe didn’t it? Forget about 1 trillion. Go straight to the $100 trillion coin.”
A 100 trillion coin? Now that would just be absurd!
Bank of America’s take on it I think is the best I’ve seen here:
http://www.zerohedge.com/news/2013-01-08/bank-america-trillion-dollar-tooth-fairy-straight-land-fiscal-make-believe
Like or Dislike:
2 
5
January 9th, 2013 at 7:37 am 9
“The world economy can’t be a ponzi scheme because ponzi schemes don’t produce anything by definition.”
Not true. They often produce fancy brochures and marketing materials. Kind of like the BC economy.
Hot debate. What do you think?
19 
2
January 9th, 2013 at 9:12 am 10
http://www.news1130.com/2013/01/09/alberta-has-most-comfortable-climate-not-bc-enviro-cdn/
Alberta has most comfortable climate, not BC: Enviro Cdn
Hot debate. What do you think?
6 
6
January 9th, 2013 at 9:14 am 11
More than a prediction! More than mere supposition! Absolutely NO guesswork involved!
The newly-developed Ping Pong Pricing Principal (PPPP), explained here: http://vancouverpeak.com/Thread-PPPP
Like or Dislike:
0 
2
January 9th, 2013 at 9:18 am 12
Category 1: Aggregate, percent change from December 2012
-18%
Category 2: Average, percent change from December 2012
-16%
Category 3: Regional SFD MLS-HPI, percent change from December 2012
-15%
Like or Dislike:
7 
1
January 9th, 2013 at 9:31 am 13
JUNE 2013
Category 1: Aggregate, percent change from December 2012
-Greater Vancouver Composite MLS-HPI -3%
-Greater Vancouver SFD MLS-HPI -2%
-Greater Vancouver Apartment MLS-HPI -4%
Category 2: Average, percent change from December 2012
-Greater Vancouver detached average -4%
-Greater Vancouver attached average -5%
-Greater Vancouver apartments average -5%
Category 3: Regional SFD MLS-HPI, percent change from December 2012
- Burnaby South SFD -3%
- Coquitlam SFD -1%
- North Van SFD -3%
- New West SFD -1%
- West Van SFD -4%
- Van East SFD -6%
- Van West SFD -4%
- Richmond SFD -4%
DEC 2013
Category 1: Aggregate, percent change from December 2012
-Greater Vancouver Composite MLS-HPI -7%
-Greater Vancouver SFD MLS-HPI -4%
-Greater Vancouver Apartment MLS-HPI -10%
Category 2: Average, percent change from December 2012
-Greater Vancouver detached average -9%
-Greater Vancouver attached average -10%
-Greater Vancouver apartments average -10%
Category 3: Regional SFD MLS-HPI, percent change from December 2012
- Burnaby South SFD -4%
- Coquitlam SFD -6%
- North Van SFD -7%
- New West SFD -3%
- West Van SFD -6%
- Van East SFD -10%
- Van West SFD -8%
- Richmond SFD -9%
Hot debate. What do you think?
7 
3
January 9th, 2013 at 9:34 am 14
Sorry, looks like we can enter for both the main category and sub? If so use this one:
JUNE 2013
Category 1: Aggregate, percent change from December 2012 -3%
-Greater Vancouver Composite MLS-HPI -3%
-Greater Vancouver SFD MLS-HPI -2%
-Greater Vancouver Apartment MLS-HPI -4%
Category 2: Average, percent change from December 2012 -5%
-Greater Vancouver detached average -4%
-Greater Vancouver attached average -5%
-Greater Vancouver apartments average -5%
Category 3: Regional SFD MLS-HPI, percent change from December 2012 -3%
- Burnaby South SFD -3%
- Coquitlam SFD -1%
- North Van SFD -3%
- New West SFD -1%
- West Van SFD -4%
- Van East SFD -6%
- Van West SFD -4%
- Richmond SFD -4%
DEC 2013
Category 1: Aggregate, percent change from December 2012 -8%
-Greater Vancouver Composite MLS-HPI -7%
-Greater Vancouver SFD MLS-HPI -4%
-Greater Vancouver Apartment MLS-HPI -10%
Category 2: Average, percent change from December 2012 -10%
-Greater Vancouver detached average -9%
-Greater Vancouver attached average -10%
-Greater Vancouver apartments average -10%
Category 3: SFD MLS-HPI, percent change from December 2012 -8%
- Burnaby South SFD -4%
- Coquitlam SFD -6%
- North Van SFD -7%
- New West SFD -3%
- West Van SFD -6%
- Van East SFD -10%
- Van West SFD -8%
- Richmond SFD -9%
Like or Dislike:
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1
January 9th, 2013 at 9:39 am 15
@Harry Wang
This is what I was thinking yesterday as I walked home in torrential downpour. Best place on earth, my ass! Face it, the weather here sucks, January is the worst month (this as someone who has walked to work for 10 years, believe me, it’s not pretty).
Well-loved. Like or Dislike:
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3
January 9th, 2013 at 9:58 am 16
This is the value Realtors(R) bring to the table…the North Shore Real Estate Market Update (from a friends Realtor(R) husband):
Happy New Year to all my valued clients, friends and family. I hope you had a great holiday season, and I wish all the best this year. May it be your healthiest, happiest and most memorable year ever.
The year finished on a down note for real estate in the Lower Mainland, as residential sales were down 22.7% from 2011, and were 25% below the 10 year average for home sales. Moreover, residential listings for the year were 6.1% above the 10 year average. The high number of listings and lower number of sales has resulted in a market that has swung completely in favour of buyers. Prices have held somewhat firm for the time being, but this may be tested with the start of the 2013 market.
While this may be a challenge for sellers, the downward pressure on prices is luring many first-time buyers to the market. While many are not yet ready to make the plunge, it seems that the recent buyers market has given them an opportunity to start seriously considering a home purchase.
This is a great time to buy a property, and depending on your situation, it might be the best time to sell. Contact XXXX for more information on particular properties or communities and how this buyers market has impacted them.
Forget the fact that he states that “downward pressure on prices is luring many first-time buyers to the market” without any stats (prove it! or is this just his hope/gut feeling), my favourite line is:
“This is a great time to buy a property, and depending on your situation, it might be the best time to sell.”
Basically, he needs income so its a great time to transact!
PS: Interesting verbiage of “luring” first-time buyers, kind of like a predator luring their prey…poor innocent FTB’s about to get RR’d (Realtor Raped).
Well-loved. Like or Dislike:
42 
0
January 9th, 2013 at 10:19 am 17
16 YLTNboomerang
Classic! I like how he says prices have held firm, then goes on to say that downward pressure on prices is luring in first-time buyers.
Hot debate. What do you think?
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January 9th, 2013 at 10:36 am 18
Oxymoron. Downward pressure on prices is a result of a lack of first time buyers.
Hot debate. What do you think?
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4
January 9th, 2013 at 11:18 am 19
It’s not just in Canada that Realtors are getting hungry, in France too!
One of the Re/Max equivalent, Orpi, is just starting a campaign among its clients to, get that, decrease their asking price!
Here is the google translated version of the article.
And yesterday, it was another realtor network (FNAIM) that publicly announced massive layoffs:
- 10,000 realtors, out of 80,000 laid off
- 3,000 offices, out of 30,000 closed.
The reason? Transactions decreased by 18.6% in 2012 compared to 2011 (while prices went up by 0.8%)…
The CEO of FNAIM declared: “It’s a brutal decrease, more brutal than the one that followed the subprime crisis”. But everybody should relax because (in his words): “we were not in a speculative bubble and prices won’t collapse”. Yeah, sure…
Well-loved. Like or Dislike:
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0
January 9th, 2013 at 12:31 pm 20
Even Vancouver sun is bearish
http://www.vancouversun.com/touch/story.html?id=7790495
Hot debate. What do you think?
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0
January 9th, 2013 at 12:37 pm 21
Thanks, entries noted for
The Predictator #6
Ham Solo #12
Groundhog #14
Groundhog yes it wasn’t clear based on the instructions. Points are awarded based on items. I should have stated
“You can guess for any or all of the items, in any or all of the categories below”
Maybe The Pope can modify the instructions to clarify.
Like or Dislike:
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January 9th, 2013 at 1:07 pm 22
Candiate for the photo of the year award.
http://www.realtylink.org/listings/view2.cfm?url=http://images.realtor.ca/listing/reb6/medres/6/f1225906_8.jpg
Well-loved. Like or Dislike:
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0
January 9th, 2013 at 3:04 pm 23
…This is what I was thinking yesterday as I walked home in torrential downpour. Best place on earth, my ass! Face it, the weather here sucks, January is the worst month (this as someone who has walked to work for 10 years, believe me, it’s not pretty)….
The best thing about living in Vancouver is all the money you save by not needing sunscreen.
Hot debate. What do you think?
9 
3
January 9th, 2013 at 3:24 pm 24
#23, the only thing that really sucks about Vancouver is all the people whining about the weather. We can have a dry spell that lasts a few weeks, but on the first wet day after that everybody has a “Won’t this rain ever stop?” attitude. It’s really quite silly. Nowhere is perfect, but the weather is something that’s somewhat it your control. If it’s raining, take an umbrella – problem solved.
Perhaps you’d prefer to be in Sydney, where temperatures are close to 40C this week. Or maybe in the UK, which just had the wettest year on record?
Hot debate. What do you think?
15 
19
January 9th, 2013 at 3:37 pm 25
“We can have a dry spell that lasts a few weeks”
Yes, but not all of us are in town during August to witness it.
Hot debate. What do you think?
25 
6
January 9th, 2013 at 4:02 pm 26
The Waldorf Hotel is shutting down on January 20th and 60 people are losing their jobs. The Hastings Street site was sold to a condo developer. Another cultural institution lost to Vancouver’s condo boom. RIP.
http://www.waldorfhotel.com/rip-the-waldorf-hotel-october-2010-january-2013/
Well-loved. Like or Dislike:
21 
1
January 9th, 2013 at 4:03 pm 27
VDTF: Ah, yes. The ‘Its worse somewhere else and that makes it good here’ argument. It’s not so much the rain that gets me, it’s the dark. Those days that its looks like 5pm at noon.
Today was beautiful though, all the sweeter because it’s so rare!
Hot debate. What do you think?
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4
January 9th, 2013 at 4:48 pm 28
Hidden due to low comment rating. Click here to see.
Poorly-rated. Like or Dislike:
5 
19
January 9th, 2013 at 4:55 pm 29
“All of you who think Vancouver sucks because of the weather: If is it so horrible,why don’t you do yourselves (and the rest of us) a favor and move somewhere else? Lots of supposedly nice cities in the US with dry weather and cheap real estate. Just go!”
Another one of these moronic comments. The point is that the RE pumpers call this the best place on earth. Well, the weather sucks big time. That so many Vancouverites will not admit this obvious fact is a testament to the dellusion and self-deception that has contributed to the biggested RE bubble in history.
Saying that the weather here is great is like saying that the sky is purple.
Hot debate. What do you think?
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7
January 9th, 2013 at 4:57 pm 30
@Anonymous #28
You should move to the US because you spell the word “favour” the American way.
Hot debate. What do you think?
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4
January 9th, 2013 at 4:58 pm 31
“All of you who think Vancouver sucks because of the weather: If is it so horrible,why don’t you do yourselves (and the rest of us) a favor and move somewhere else? Lots of supposedly nice cities in the US with dry weather and cheap real estate. Just go!”
If you can study for and write professional qaualifying exams for me and my wife in the United States and then find us jobs and then sell our Vancouver house in this market and find us another in the United States and handle legal aspects of the immigration process for us and then organize our move and find out which are the good neighbourhoods in the city you have chosen for us and which are the good schools for our kids, and find us new friends and a nanny in the new place, I’ll move.
Get the picture?
Hot debate. What do you think?
22 
7
January 9th, 2013 at 5:10 pm 32
Mayor Robertson says he is going to try to save the Waldorf. From CBC:
“”The irony that the Waldorf was taken over by a condo developer in the very area we helped reinvigorate is obvious to anyone. The Waldorf filled a void. People responded because they need it,” said Thomas Anselmi, one of the three operating partners and the entertainment director.
“We tried to stand for something authentic and real in a city with thousands of empty condominiums and a community starved for cultural spaces.”
News of the closure spread quickly on Twitter, catching the attention of Mayor Gregor Robertson who tweeted,”The Waldorf closing is a big loss to our growing creative community, they built a great culture hub.”
“The city is exploring ways to support the Waldorf continuing as one of Vancouver’s most unique + vibrant cultural spaces,” said Robertson in a second tweet. ”
http://www.cbc.ca/news/canada/british-columbia/story/2013/01/09/bc-waldorf-hotel.html
Like or Dislike:
4 
2
January 9th, 2013 at 5:27 pm 33
Hat tip to StalJ at VVH:
101 – 1675 PENTICTON AVE Penticton, BC $349,900
That is 38% off the purchase price.
Well-loved. Like or Dislike:
26 
1
January 9th, 2013 at 5:34 pm 34
@#20 G:
Sal Guatieri, BMO Capital Markets senior economist, is a HAM believer (although he can’t quantify it):
http://www.vancouversun.com/touch/story.html?id=7790495
“The federal immigrant investor program allows people to immigrate to Canada if they can show they have business experience, a net worth of at least $1.6 million obtained legally and can invest $800,000 in an interest-free loan to Canada for five years to create jobs. There was a backlog of more than 23,000 applications to the program last April. In July, applications were suspended so the federal government could process existing applications and review the program.
“There is some speculation that wealthier foreign buyers are waiting to see if the government will restart that program before they purchase a house in Vancouver,” Guatieri said. “What has supported Vancouver’s housing market, at least in the past five years, is not income, it’s wealth. A lot of that is foreign wealth, although we can’t quantify that.”
He said many of these buyers don’t need a mortgage because they have the cash and can buy a house outright.
“But that supply of people is diminishing, especially as prices have continued to go up,” he said. “Unless people continue to flood into Vancouver — foreign residents with a lot of money — that market looks very ripe for a meaningful correction — not a material one — of at least five per cent or so for the next year.”
Like or Dislike:
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January 9th, 2013 at 5:38 pm 35
” “What has supported Vancouver’s housing market, at least in the past five years, is not income, it’s wealth.”
Well sort of, since one person’s debt is another person’s wealth.
Hot debate. What do you think?
13 
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January 9th, 2013 at 5:38 pm 36
Hidden due to low comment rating. Click here to see.
Poorly-rated. Like or Dislike:
5 
13
January 9th, 2013 at 5:49 pm 37
“What has supported Vancouver’s housing market, at least in the past five years, is not income, it’s wealth”
BMO seems obsessed with the wealth not income argument. The big problem is not the “hot Asian money” per se, it’s people feeling the need to compete with it by taking out large amounts of debt.
And another quibble with BMO showing how out of touch they are with Vancouver in general, most of Vancouver did not go crazy in 2010-2011, rather it has barely treaded water in the past five years in real terms. The media were blinded by the marquee areas of Vancouver and the helicopters/Lamborghinis zipping around when the real story was that Vancouver, for the most part, is into year 4 of a “soft landing”.
Well-loved. Like or Dislike:
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January 9th, 2013 at 5:49 pm 38
New Listings 221
Price Changes 44
Sold Listings 34
TI:12466
http://www.paulboenisch.com
Well-loved. Like or Dislike:
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0
January 9th, 2013 at 6:00 pm 39
Wow.
Today’s sales were just slightly above zero.
Well-loved. Like or Dislike:
44 
4
January 9th, 2013 at 6:03 pm 40
Pretty similar to Jan 2012…the way things are shaping up.
It’s funny, I think there isn’t much of a feeling in the general public that a crash is afoot, Maclean’s notwithstanding. That being said, it feels like the snowpack keeps building beyond avalance levels. All we need now is someone to sneeze.
Hot debate. What do you think?
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January 9th, 2013 at 6:11 pm 41
Sales lag 2 weeks therefore these are over Xmas. I expected higher listings, some 300+ days by now.
Hot debate. What do you think?
10 
4
January 9th, 2013 at 6:15 pm 42
Everyone’s waiting for spring…
Hot debate. What do you think?
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January 9th, 2013 at 6:24 pm 43
Hidden due to low comment rating. Click here to see.
Poorly-rated. Like or Dislike:
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January 9th, 2013 at 6:28 pm 44
First 6 days of this Jan compared to last year:
Sales = same
New Listings = lower
Inventory = higher
Certainly the trend that started around this time last year is continuing and without much change. I don’t think we’re going to see a listings rush this spring. Just a stready drip.
Hot debate. What do you think?
10 
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January 9th, 2013 at 6:34 pm 45
Well-loved. Like or Dislike:
47 
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January 9th, 2013 at 6:41 pm 46
I wonder if there is any change in the composition of sales. I have a gut feel that SFH in the 600-900K range is holding up OK. However zero down condos and homes over $1M may be piling up.
I don’t have much data here, just extrapolating from where I see relative strength on the bull/bear map. Also the New Westminster chest pounders would be supportive of some strength at the bottom end of the SFH market.
Like or Dislike:
4 
5
January 9th, 2013 at 6:45 pm 47
Correct me if I’m wrong, but aren’t sales/listings stats in Dec-Jan totally useless for predicting the Spring market. I think this has been noted in previous years.
Hot debate. What do you think?
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January 9th, 2013 at 6:56 pm 48
“aren’t sales/listings stats in Dec-Jan totally useless for predicting the Spring market”
In 2012 a lower sell-list in January carried through most of 2012. It was fascinating, actually, to see how consistent lower sell-list was, basically take 2011′s values and DC-offset them.
One of the big questions of 2013 will be whether sell/newlist will remain weak through the rest of the year, as 2012, or if it will rebound like it did in 2009. March has been a key month to watch for this.
I graphed monthly sell-newlist since 2005 here, see if you can see anything else that might be of interest!
Hot debate. What do you think?
13 
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January 9th, 2013 at 7:00 pm 49
“If you can study for and write professional qaualifying exams for me and my wife in the United States and then find us jobs and then sell our Vancouver house in this market and find us another in the United States and handle legal aspects of the immigration process for us and then organize our move and find out which are the good neighbourhoods in the city you have chosen for us and which are the good schools for our kids, and find us new friends and a nanny in the new place, I’ll move.
Get the picture?”
Yes, I get it! You’re too lazy to do the things it takes to improve your lives.
Hot debate. What do you think?
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January 9th, 2013 at 7:08 pm 50
By the way, Mover, I moved halfway around the world to make a better life for myself and my family here in Vancouver, and I have no regrets. The whining about the weather sickens me, and your whining about how hard it is to move is not much better.
Hot debate. What do you think?
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23
January 9th, 2013 at 7:35 pm 51
After 10 years, I became used to the weather.
Tune to the plants: When the rain is pouring, imagine you hear the trees and grass singing.
Once home, drink a glass of wine after hanging your dripping coat by the heater.
Hot debate. What do you think?
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January 9th, 2013 at 7:41 pm 52
“Yes, I get it! You’re too lazy to do the things it takes to improve your lives”
Ah, yes. The most important thing in life is weather. Your life will be perfect if you had good weather. If you don’t like the weather in vancouver, that is a compelling reason to relocate. Jeez. Where do these morons come from?
Get real, the weather sucks in Vancouver. Admit it to yourself.
While your at it, admit to yourself that you overpaid for your soggy shit shack.
Hot debate. What do you think?
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January 9th, 2013 at 8:01 pm 53
@ Anonymous #50
I did the same as many others in Canada and have no regrets. BTW I’ve changed cities and countries several time and find Vancouver to be better than other places in many ways. But I have to admit, weather sucks big time in Vancouver most of the time.
Hot debate. What do you think?
15 
1
January 9th, 2013 at 8:03 pm 54
In Hawaii right now. Saw a company called HAM produce. I thought of you all back home.
Well-loved. Like or Dislike:
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January 9th, 2013 at 8:36 pm 55
No one is talking bout the Waldorf condos yet?
Like or Dislike:
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January 9th, 2013 at 9:18 pm 56
@Vote Down The Facts:
Close to 40C? We hit 41.9C yesterday but it’s really nice today, around 25C. We just spent a week in Adelaide, now they get really hot. Last Friday it was 45C, the 4th hottest day ever in the city! And I was touring the Coopers Brewery that day, it had to be over 50C inside.
While we were in Adelaide I saw this headline on Sky News:
“Capital city home prices fall for second consecutive year”
Prices were not down much last year (-0.4 per cent overall) but consider what the RBA threw at the market – the cash rate went from 4.75 per cent in October 2011 to 3.00 per cent today. This is the lowest interest rates have ever been, matching the “emergency” rates of the GFC.
Some are calling this the bottom of the rate cycle but I imagine we’ll go all the way to ZIRP before this is over, besides the inability to reflate the housing bubble retail sales aren’t doing anything either.
Hot debate. What do you think?
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January 9th, 2013 at 10:04 pm 57
Local realtors says downtown condos now cheaper than in 2007;
http://www.youtube.com/watch?v=hYWNYimDJYg
“However if you put off buying a downtown Vancouver or Richmond Condo the past 5 years …guess what? Your procrastination has paid off! It’s funny – people’s perceptions are that the Vancouver market has been on a rocket ride the past 5 years and prices are now finally starting to come down a bit. Well that has been the case for detached homes but for condos and townhomes there has been little or no appreciation in the past 5 years to begin with and prices are now softening more. If you paid $500,000 for a condo in 2007. Your selling it today for $480,000″
Of course, he says that, therefor, it’s a good time to buy.
Perceptions; they can change.
Hot debate. What do you think?
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January 9th, 2013 at 10:14 pm 58
I was surfing the real estate on CL and searched for “Foreclosure”. I was surprised that the 9th of Jan only, showed up 6 listings.
I did the same search for Vancouver 2 years ago on Google and I barely got any links…
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January 9th, 2013 at 11:25 pm 59
piklishi, try foreclosurego.com
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January 9th, 2013 at 11:40 pm 60
Hidden due to low comment rating. Click here to see.
Poorly-rated. Like or Dislike:
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January 9th, 2013 at 11:55 pm 61
SFH and highrise condo appear to be taking a beating.
Anyway to break-out low-rise condo from high-rise? It looks like low-rise condo might be the only segment doing okay…..
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January 9th, 2013 at 11:56 pm 62
that should be “SFD” doing okay, not SFH.
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January 10th, 2013 at 2:41 pm 63
#26
Il Giardino also RIP. Umberto sold site off to….you guessed it….developers.
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