FFFA! Inspections! Supply! Debt! Marketing!

It’s that time of the week again!

Let’s do our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

Highest inventory in 8 years
When home inspectors miss the big stuff
Mac Marketing Manager resigns
Rennie paying blogger to flog village
Canadians borrowing less?
Rona to cut 200 admin jobs
Insiders ditching consumer stock
$400k per year for housing isn’t much

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

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Bo Xilai
Guest
Bo Xilai

Interesting comment on Globe and Mail (MAC Marketing Senior Manager resigns) last night from an alleged “Vancouver-based Real Estate Broker” who says fake condo marketing is just the tip of the iceberg… According to him (or her):

“…the top dog for “dirty little sercets” in BC are with Strata Property Managers and their strata agents and how they issue strata insurance policies to all the Strata Corporations and the “kickbacks” the owners-principals-senior managers ++ of these strata property management companies receive…. another…dirty little secret…. the public does NOT know about this at all

Honest real estate broker with 2O+ years of industry expereince seeing all the DIRT and sick of IT.”

THE PLOT THICKENS. Maybe CBC TV’s Matthew Black can do some real investigative journalism to redeem himself.

CanuckDownUnder
Member
CanuckDownUnder

Everybody please get as much information as you can on these scams and let the world know. Major thanks to whoever broke the MAC story.

patriotz
Member

“Property prices are quite high in London, but I really think it’s a good idea to own,” said Andrea Frigo, the broker/owner of Re/Max Central in London, pointing to the city’s high rental rates.

But the reporter can’t be bothered to do a price/rent comparison for a given property. Lame.

Short'em High
Guest
Short'em High
spit
Guest
spit

A “senior manager” at a Vancouver real estate marketing firm has resigned after two employees posed a potential buyers for TV real estate programs, reports the Globe and Mail.

You have to love how senior manager is in quotes… it’s almost as if the reporter doesn’t believe it, but sadly doesn’t investigate any further than that.

gogku3 and mclovin brought up some good points in last nights comments. If MAC can create fake buyers, they can create fake “senior managers”.

Maybe its time for another blast from the community on MAC’s facebook page asking for answers?

spit
Guest
spit

Add “senior manager” to these air quotes:

http://www.youtube.com/watch?v=s_cAS-mvV20

southseacompany
Member
southseacompany

Fake asians news hits major Hong Kong newspaper;

“Bogus buyers exposed in scam to boost property market in Vancouver” Soth China Post

http://www.scmp.com/news/world/article/1155758/bogus-buyers-exposed-scam-boost-property-market-vancouver

Like that by-line about falling prices;

“Deception aimed to create the impression that Chinese buyers are still flocking to buy into Vancouver’s housing market, where prices are falling”

Anonymous
Guest
Anonymous

Get ready for lower interest rates!!!!

Inflation almost at 0% now. Bank of Canada going to flood the economy with money now!!

I’m going to lock in a 10 year at 2.99% soon!!! Who cares if house prices give down by 20%.

Aleksey
Guest
Aleksey

#7 southseacompany

Thank you for the link! I love the last part of the article.

“The average price of a detached house in the core district of Vancouver West topped out at C$2.25 million (HK$17.13 million) last May. It has since fallen by more than 11 per cent.”

An example of good reporting from the other side of the planet.

VMD
Member
CMHC Housing Market Outlook 2013-Q1 “As fundamentals, including employment, economic growth and net migration, are expected to gain momentum later in 2013 and in 2014” “The anticipated small and steady increases in mortgage rates will only partially offset the improvement in economic conditions.” “Looking forward in 2013, improving employment opportunities in Ontario and British Columbia will moderate Alberta’s interprovincial migration gains.” “BC Economic fundamentals are forecast to improve, with job growth concentrated in full-time employment and the provincial population continuing to expand. Increased non-residential investment and consumer spending are expected to be accompanied by a slightly stronger global outlook in 2013” “BC Resale transactions in 2013 are expected to reach 73,000 units, up from 67,637 sales in 2012. In 2014, resale transactions will increase further to 79,500 sales. Despite” Vancouver projected average MLS price:: 2012: $730,036 2013: $718,000 2014: $745,000… Read more »
vangrl
Member
vangrl

Cam Mcneill:
“What I can say is that I am dealing with this internally and I am confident that this was an isolated incident,”

these reporters should be all over this, they should be going through old t.v interviews with these real estate marketers, developers etc.. and exposing these assholes.
Can’t they see that this would be much more interesting news than a news segment about 2 sisters buying an apartment?

The media should demand that Cam reveal the name of the person he fired

Short'em High
Guest
Short'em High

@Anonymous#8 (Is 8 a coincidence?) Says:…Get ready for lower interest rates!!!!

A rough outline of the reinfocing series of events and trend complete with calendar dates was already posted on this forum some time ago. Feb 22 CPI. Mar. 6 BoC Overnight rate… etc. Those that know something about it positioned themselves long before to extract the paper wealth from the real estate ponzi believers as they go bankrupt.

I’ll explain it again briefly. It’s all about drainage. DRAINAGE!

http://www.youtube.com/watch?v=RKQ3LXHKB34

Now, I do have one question. Is this forum archived further back than a few days somewhere? On this forum, who was it exactly that first called out and identified the suspicious MAC Market “sisters” aka fake asian buyers now making international news?

/dev/null
Member
/dev/null
gokou3
Guest
gokou3

Re #12:

And I am proud to say that I was the one who found Amanda’s FB profile that confirmed, without doubt, her identity through her pics:

http://vancouvercondo.info/2013/02/fffa-lunar-family-pricey-inventory.html/page-5/#comment-193734

RaggedyRenter
Member
RaggedyRenter

Memo to all MAC employees

Re: Senior Manager position.

Due to unforeseen circumstances and personal reasons, Amanda Lee has resigned from her position as Senior Manager of Administrative Assistantship. We thank Amanda for her contribution over the years. Her hard work and sacrifice are exemplary to all. She will be missed.

Her position will be filled by our new hire, Amanda Cheung. Amanda had previous experience working in similar capacity in Condo Marketing company not unlike ours. Please welcome Amanda on board.

Regards,

Cam The Boss

Moses supposes
Guest
Moses supposes

So I see this new listing MLS®: V991735 which is a 685 sf 1 bedroom in the new Hotel Georgia buidling for $1,288,000 (love those 8’s). Yes $1,880 a square foot!

What I don’t get is if you’re a realtor and someone wanted you to list that wouldn’t you just laugh at them? I mean what’s the point?

Or MLS®: V991375 and MLS®: V991373 $1.4 million each for 1/2 lots on the East Side. Good luck with that.

I honestly thought we’d be farther along the downturn because realtors would have the guts to advise their clients that they need to be realistic about market conditions. But instead almost every day I come across several listings where it seems the realtor is playing along with the owner’s delusions for the sake of a listing.

Duran
Guest
Duran

Made some plots and tables based on PaulB’s daily Feb stats.

http://tinyurl.com/auews45

Sales down, listings about the same, hence, sales/list ratio down.

The idea that sellers will take their listings off in a down market appears to be a complete myth.

bullwhip29
Guest
bullwhip29
RE: Cdns borrowing less? Uhh, I don’t think so… According to TransUnion, ave consumer debt among Cdns soared by 6% last year and is now sitting at record high levels. I think these comments from Mr. Tal must therefore be taken with a grain of salt. Cdn consumers have NOT taken advantage of the ultra low rates and other stimulative measures provided to them in the last 4-5 years to get their financial households in order. In fact, it appears the complete opposite has occurred as evidenced by the continued ramp up in the housing market (which has obviously cooled noticeably in recent months) Now, here we are today dealing with record debt levels and facing the ever increasing possibility that rates are headed back up. The recent reduction in credit card borrowing (ie. binge spending) is likely due to… Read more »
painted turtle
Guest
painted turtle

@Moses supposes
What if those properties belong to young realtors drinking the kool aid?

Cheat Sheet
Guest
Cheat Sheet

Dear Sellers,

Your buyers are:

1. Foreign
2. Local

Foreign Buyers are either:

1. Fake
2. Interested in high end stuff (not your house)
3. Gone

The income of local buyers, even with a basement suite, can sustainably support an average SFH price of about 500-600K.

Get your heads out of the clouds and reduce now before we reach that level.

Short'em High
Guest
Short'em High

@/dev/null, @gokou3, thanks for the back-links.

It is remarkable how quickly irrefutable evidence of the fraud was unearthed. It all happened in one weekend!

@southseacompany’s was first to post “Snakes on a Plane!” which mocked and linked to the story:

http://vancouvercondo.info/2013/02/fffa-lunar-family-pricey-inventory.html/page-3/#comment-193612

Then, only two pages of comments later, clever people on the forum figured out how to prove and verify the fraud. Props to those that figured out how to get the hard evidence!

@gokou3
Guest
@gokou3

wow… get over yourself. looking for someone on facebook isn’t a novel idea nor is it a difficult task by any stretch of the imagination.

“And I am proud to say that I was the one who found Amanda’s FB profile that confirmed, without doubt, her identity through her pics:”

Anonymous
Guest
Anonymous

….I honestly thought we’d be farther along the downturn because realtors would have the guts to advise their clients that they need to be realistic about market conditions. But instead almost every day I come across several listings where it seems the realtor is playing along with the owner’s delusions for the sake of a listing…

You’re overlooking the possibility Realtors own those properties. That would explain the delusions.

At it’s core, the real-estate business is really about fishing expeditions.

Bo Xilai
Guest
Bo Xilai

I’m not surprised MAC-Gate resonates in Singapore. There are growing protests about government plans to massively increase immigration. Rich Ferrari-driving Mainland Chinese killing locals haven’t helped the situation.

http://www.bloomberg.com/news/2013-02-16/singaporeans-protest-plan-to-increase-population-by-immigration.html

http://www.chinasmack.com/2012/videos/singapore-ferrari-crash-rich-mainland-chinese-man-kills-3.html

Many Franks
Guest
Active Member
Many Franks
High-flying Canadian bank stocks ignore reality: Bloomberg News points out that Canadian banks are still recognized as the world’s strongest – at least by the World Economic Forum – but the title, bestowed on Canadian banks for five straight years, seems to ignore a deteriorating environment right now. Consumers are struggling under record-high debts as the housing market cools and the overall economy shows signs of stumbling: Retail sales in December registered their largest decline in nearly three years. Last month, the Bank of Canada cuts its growth forecast in the fourth quarter to just 1 per cent, at an annualized pace. Standard & Poor’s issued a note on Canadian banks on Friday, timed for the start of the fiscal first-quarter reporting season on Thursday. S&P sounds cautious: “In light of our expectations for weak economic growth prospects for Canada… Read more »
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