Flaherty’s ‘other’ mixture.

Finally!

A bit of humour that calls out the absurdity of the ‘tough new mortgage rules’.

This is brilliant, thanks Rick Mercer.

On a side note is the ‘crantini’ joke a common one in housing markets? The only place I’ve seen it is here on dear old VCI when ‘samantha’ refers to drinking crantinis on the patio.

(at least I assume that’s a joke, sorry Sam if it’s not.)

 

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J
Guest
J
3 years 7 months ago

Love it, almost like he reads this site.. Fav quotes

“well believe me I know the housing market” Sounds like all the people that bought in the last couple of years

Flaherty’s other mixture “which caused the market to over heat in the first place”

Wonderful!

Anonymous
Guest
Anonymous
3 years 7 months ago

Flaherty’s other mixture “which caused the market to over heat in the first place”

Let see if the ‘other mixture’ caused the market to over heat then what happens when you take that mixture away? Pretty simple answer. The sad part is Rick Mercer is the only guy on CBC who gets it. You would think for a few billion a year in tax payer dollars the CBC could do a few stories on what is really happening with housing in Canada.

patriotz
Member
3 years 7 months ago

More like Rick Mercer is the only guy on CBC who can get away with it, since he’s a comedian.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!
3 years 7 months ago
mac
Member
mac
3 years 7 months ago

Did I imagine this? Last night on the treadmill I could have sworn Global did a piece on the Chinese real estate market possibly melting down. They covered the ghost cities and ghost condos. Granted, it’s a 4-yr old story by now but it would have been scary for the regular Global TV viewer who is used to seeing only good news on the Chinese real estate investment front.

But then again, maybe I was running too fast and became oxygen deprived.

Aleksey
Guest
Aleksey
3 years 7 months ago

I’m tired of RE agents trying to connect on LinkedIn. During last year every week I have requests from people whom I never met. Why would I want to have dozens of RE agents in my connections? I just keep ignoring them, but it seems like they are becoming desperate.

rails
Guest
rails
3 years 7 months ago

There is life in this city yet

Ted Talks to be moved to Vancouver from California (likely permanently). HQs are now New York and Vancouver

http://www.theglobeandmail.com/news/british-columbia/vancouver-selected-to-host-ted-talks-starting-in-2014/article8167165/

VMD
Member
3 years 7 months ago
Best place on meth
Guest
Best place on meth
3 years 7 months ago
I guess Vancouver’s real estate cartel is going to be beating this theme to death, since they mentioned it 3 times in their press release. Home buyer demand remains below historical averages in the Greater Vancouver housing market. This has led some home sellers to remove their homes from the market in recent months.” “It appears many home sellers are opting to remove their homes from the market rather than settle for a price they don’t want,” Eugen Klein, REBGV president said.” “When a home seller isn’t receiving the kind of offers they want, there comes a point when they… Read more »
chilled
Member
chilled
3 years 7 months ago

No doubt “crantini” was highjacked from this blog just like the common use of ‘Realturd’ in which I coined about 2009.

Many Franks
Guest
Many Franks
3 years 7 months ago

Best place on meth: yup, they’re kicking that horse pretty hard in the Financial Post too. They can say what they like for all I care, as long as the numbers continue to do what they’re doing.

rails
Guest
rails
3 years 7 months ago

regardless of that odd thumbs down. TED Talks is a coup for the region. It is also counters the idea that Vancouver is some backwater city with a nice view. The conference attracts alot of thinkers, big names, and sells out, even at thousands of dollars a pop.

We may not be Hong Kong, New York, etc, but Van has shown to be very attractive to the outside world.

N
Guest
N
3 years 7 months ago

@ BPOM

It seems like they are encouraging people to take their houses off the market, but I have to wonder why. I would have thought that encouraging them to drop their prices would mean more money in the realtor’s pockets.

Best place on meth
Guest
Best place on meth
3 years 7 months ago

Whistler condo prices fell 13.5% last month.

That was a good investment, wasn’t it?

Best place on meth
Guest
Best place on meth
3 years 7 months ago

By the way, our resident smug douchette Samantha B spells it “cranteeny”.

Ahh…she brings us so much laughter.

Best place on meth
Guest
Best place on meth
3 years 7 months ago

@N

Realtors don’t want falling prices because it will convince even more people not to buy so maybe they’re trying to encourage a sellers strike in an attempt to avert even more long term pain.

This strategy is akin to playing Russian Roulette with bullets in 5 chambers.

RFM
Guest
RFM
3 years 7 months ago

The Vancouver Realtor Hunger Index for January 2013 was 80.

Details and historical data at: http://vancouverpeak.com/Thread-Vancouver-Realtor-Hunger-Index

Chabar
Guest
Chabar
3 years 7 months ago

There must be good schools, safety and healthy lifestyle what these Chinese were after when they came to Canada and brought their businesses along with them.

http://www.theprovince.com/alleged+Asian+crime+boss+escaped+Vancouver/7915274/story.html

Yalie
Guest
Yalie
3 years 7 months ago
“We may not be Hong Kong, New York, etc, but Van has shown to be very attractive to the outside world.” Really? Read the article again: The move to Vancouver has come after lengthy negotiations with a consortium made up of the federal Canadian Tourism Commission, the provincially run Vancouver Convention Centre, and Tourism Vancouver. In other words, the only reason they’re here is because of sponsorship by the various levels of government. It’s really starting to bother me that the government has been paying big dollars to attract these things to Vancouver – the Olympics, the Bollywood awards, the… Read more »
Anonymous
Guest
Anonymous
3 years 7 months ago
N: “It seems like they are encouraging people to take their houses off the market, but I have to wonder why. I would have thought that encouraging them to drop their prices would mean more money in the realtor’s pockets.” Realtors in aggregate make money from more buyers not from more listings. What they are trying to do is encourage more buyers to buy now and not wait for prices to come down. Individual realtors who list properties would definitely be encouraging sellers to drop their price but it doesn’t make sense for the cartel to make that public because… Read more »
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!
3 years 7 months ago

where’s the crash?

Troll
Guest
Troll
3 years 7 months ago
RE: REBGV News Release. Fair coverage of the low sales numbers and lower HPI, even quoting prices from peak. Not sure what the strategy is around framing the normal, as in happens every year, drop in listings through the fall and to Jan. 1st as a result of sellers not wanting to budge on prices. The fact is that we see this behaviour in both falling and rising markets. The cynic in me says that the REBGV and FVREB are trying to pull some more buyers out of the woodwork by scaring them into thinking that sellers won’t budge on… Read more »
Anonymous
Guest
Anonymous
3 years 7 months ago

“When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter,” Klein said.”

But aren’t we at near record inventory?

Anonymous
Guest
Anonymous
3 years 7 months ago

Troll: “The cynic in me says that the REBGV and FVREB are trying to pull some more buyers out of the woodwork by scaring them into thinking that sellers won’t budge on price and if you don’t act now on your dream home the seller just might pull it off the market!”

Sales 101. There is a limited time, you must act now.

Anonymous
Guest
Anonymous
3 years 7 months ago

“But aren’t we at near record inventory?”

Yes but due to a lack of buyers not a flood of listing. The flood of listings is still to come.

gokou3
Guest
gokou3
3 years 7 months ago

Regarding the “sellers taking listings off-market” lines in the REBGV release, I think the hidden message (from REBGV to its REALTORS members) is this:

“Ok team, the stupid sellers want to hold off selling. If you want your commission, you need to talk them off this plan and get them to lower prices instead”

VMD
Member
3 years 7 months ago
Jan 2013 vs 2012 SFH sales stats: Richmond: still sinking Sales: -29% Ratio: 18% vs 19% HPI: -6.3% (-6.5%,-4.2%,-4.0%,-4.2%,-3.7%) (YoY % change of past months)  Vancouver West: Sales: -3.5% Ratio: 25% vs 18% HPI: -7.5% (-5.5%,-8.4%,-7.7%,-6.5%,-3.7%,0%) Vancouver East: what happened to the hottest market in early 2012? Sales: -40% Ratio: 30% vs 40% HPI: -0.5% (+0.2%,+0.5%,+1.9%,+3.2%,+4.8%,+5.5%) Welcome to “Bear territory” Van East! (negative HPI YoY) First time YoY negative since July 2009! Burnaby: as predicted last month, HPI now negative YoY Sales: -22% Ratio: 24% vs 33% HPI: -2.3% (+0.4%,+1.5%,+2.4%,+4.2%,+5.2%) – Welcome to Bear territory Burnaby! – First time YoY… Read more »
rails
Guest
rails
3 years 7 months ago
While there is no doubt the governments involved dangled a few carrots in front of the organizers of TED talks in order to guarantee the economic spinoffs and benefits, the fact is there are still minimum thresholds for host cities to meet. If Regina, Calgary or a host of other cities offered said carrots, would the organizers be willing to bite. I don’t believe they would – Vancouver does have attributes that mesh well with this type of event (marketing wise). Regarding Hong Kong – it was largely geographic. It developed since it was the natural bridge to Asia following… Read more »
Bag it and tag it
Guest
Bag it and tag it
3 years 7 months ago

…and Whistler condos down 47.5% in the past 5 yrs. I recall they put a moratorium on new construction in Whistler 5 or 10 yrs ago…and they’re saying Vancouver’s geography will prevent prices from falling?

southseacompany
Member
southseacompany
3 years 7 months ago

Love those headlines:

National Post:”Vancouver home sales continue downward spiral”

http://business.financialpost.com/2013/02/04/vancouver-home-sales-continue-downward-spiral/?__lsa=8c51-91b2

Wall Street Journal: “Vancouver’s Housing Market Felt the Chill in January”

http://blogs.wsj.com/canadarealtime/2013/02/04/vancouvers-housing-market-felt-the-chill-in-january/?mod=google_news_blog

mac
Member
mac
3 years 7 months ago

Only 4 days until gangheyfatchoi weekend. That’s bad luck. Just sayin’.

vanpire
Guest
vanpire
3 years 7 months ago


“When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter”

Like I said it before, I don’t think developers with projects full of unsold inventory have this luxury. They will cut their prices first or offer incentives that are of equal value. In fact they are already doing it.

Anonymous
Guest
Anonymous
3 years 7 months ago

Vanpire “Like I said it before, I don’t think developers with projects full of unsold inventory have this luxury.”

There are plenty of sellers that do not have this luxury. Death, divorce, job transfer, loss of job, expanding family, elderly that need to downsize or assisted living, unexpected repair bills like leaky condos, speculators with limited capital are a few more.

HAM Solo
Guest
HAM Solo
3 years 7 months ago
Feeling more and more like a turn in market sentiment is on its way. Barrons and G&M similtaneously run P1 stories exhorting virtue of stocks, Davos summit concludes the financial crisis is over, a well-regarded portfolio manager I know who had turned bearish over the past year just fired. You can almost feel the “get me in clamour” in the markets. Meanwhile, is that a breadown from a long flat-line top in Home Capital Group? MIC finally creaking? The playing field of Canadian housing is showing crash/correction nationwide … maybe it is time for the scoreboard of the stock market… Read more »
Troll
Guest
Troll
3 years 7 months ago

Today:
>100 sales
>300 listings

Morris
Guest
Morris
3 years 7 months ago

REBGV are saying sellers are choosing to remove listing because in reality, they know that no matter what they say, sellers sell because they have to. So given what they say about sellers removing their listing has no effect on the sellers, they have hoping this will have an effect on the buyers.

Short'em High
Guest
Short'em High
3 years 7 months ago
@HAM Solo The virtue of stocks is that you can unload them and settle the funds in two business days. Like the partipants in RE speculation, most only check to see how they are doing after the mainstream media tells them they are wiped out or when the monthly statement arrives in the mail. FYI, Genworth and Home Capital usually both announce quarterly dividends in the next couple weeks: http://quote.morningstar.ca/Quicktakes/Stock/DivAndSplit.aspx?t=XTSE:MIC http://quote.morningstar.ca/Quicktakes/Stock/DivAndSplit.aspx?t=XTSE:HCG Genworth should be this week… Not sure what mental distrubance is gripping the holders of HCG with only 1.5% yield and trending down. Maybe they only check their statements… Read more »
paulb
Member
3 years 7 months ago

New Listings 331
Price Changes 93
Sold Listings 117
TI:14091

http://www.paulboenisch.com

Groundhog
Guest
Groundhog
3 years 7 months ago

Didn’t have to wait for long…..14K!

mclovin
Member
mclovin
3 years 7 months ago

Happy 14K everyone!!!

Nice to see another 300+ listing day.

Saw some nice price drops here :http://vancouverpricedrop.wordpress.com/

Seeing some condo’s very close to 2007 prices. I wonder what BULL BULL BULL! would say about that?

VHB
Member
VHB
3 years 7 months ago
Feb-2013	
Total days	19
Days elapsed so far	2
Weekends / holidays	2
Days missing	0
Days remaining	17
7 Day Moving Average: Sales	82
7 Day Moving Average: Listings	241
SALES	
Sales so far	195
Projection for rest of month (using 7day MA)	1397
Projected month end total	1592
NEW LISTINGS	
Listings so far	633
Projection for rest of month (using 7day MA)	4090
Projected month end total	4723
Sell-list so far	30.8%
Projected month-end sell-list	33.7%
MONTHS OF INVENTORY	
Inventory as of Feb 4th, 2013	14091
MoI at this sales pace	8.85

The MoI bottoms out for the year in Feb/March normally. If it bottoms out at 8.xx then man it is gonna be some year.

Anonymous
Guest
Anonymous
3 years 7 months ago

117 sales makes me wonder are there still that many desperate sheeps out there lining up for slaughter. Who is still buying the overpriced crap?

VHB
Member
VHB
3 years 7 months ago

Februaries past:

year	sell	list	sell/list			
2002	3008	4035	74.5%
2003	2760	3621	76.2%
2004	3066	3944	77.7%
2005	3068	4115	74.6%
2006	2941	4340	67.8%
2007	2859	4167	68.6%
2008	2676	5260	50.9%
2009	1480	3916	37.8%
2010	2473	4606	53.7%
2011	3097	5693	54.4%
2012	2545	5552	45.8%
Mean	2725	4477	60.9%
median	2859	4167	68.6%

2012

1-Feb	38	305	12.5%
2-Feb	155	251	61.8%
3-Feb	122	249	49.0%
4-Feb			
5-Feb			
6-Feb	113	325	34.8%
7-Feb	140	281	49.8%
8-Feb	127	265	47.9%
9-Feb	85	229	37.1%
10-Feb	94	234	40.2%
11-Feb			
12-Feb			
13-Feb	133	314	42.4%
14-Feb	147	281	52.3%
15-Feb	112	254	44.1%
16-Feb	110	252	43.7%
17-Feb	148	225	65.8%
18-Feb			
19-Feb			
20-Feb	141	317	44.5%
21-Feb			
22-Feb	135	239	56.5%
23-Feb	108	222	48.6%
24-Feb	112	220	50.9%
25-Feb			
26-Feb			
27-Feb	107	294	36.4%
28-Feb	179	294	60.9%
29-Feb	145	239	60.7%

2011:

1-Feb	210	350	60.0%
2-Feb	147	267	55.1%
3-Feb	104	267	39.0%
4-Feb	104	246	42.3%
5-Feb			
6-Feb			
7-Feb	93	283	32.9%
8-Feb	182	227	80.2%
9-Feb	204	326	62.6%
10-Feb	93	282	33.0%
11-Feb	121	281	43.1%
12-Feb			
13-Feb			
14-Feb	198	322	61.5%
15-Feb	153	311	49.2%
16-Feb	219	287	76.3%
17-Feb	166	280	59.3%
18-Feb	116	270	43.0%
19-Feb			
20-Feb			
21-Feb	178	297	59.9%
22-Feb	209	290	72.1%
23-Feb	172	255	67.5%
24-Feb	137	280	48.9%
25-Feb	142	242	58.7%
26-Feb			
27-Feb			
28-Feb	204	305	66.9%
jesse
Member
3 years 7 months ago

That’s some serious listing volume

Ford Prefect
Guest
Ford Prefect
3 years 7 months ago
If the inventory figures for the Comox Valley on central Vancouver Island are anything to go by the real estate market has totally collapsed on this part of the Island. MLS Inventory in January around 785 units. Sales 36 units. Months of inventory, 22. These figures do not include shadow inventory (not MLS but much of it listed by Realtors on alternate sites) which appears to be very large but virtually impossible to measure. And of course does not include sales of same some of which may or may not be listed as MLS sales. Thus figures given are very… Read more »
squeako
Guest
squeako
3 years 7 months ago

On a side note,
Be careful out there, there will be a more frustrated and distracted people out there which probably will reflect in road rage and distracted driving..
I am receiving a lot of scam calls.
I noted at work more irritation and stressed co workers.

vangrl
Member
vangrl
3 years 7 months ago

Thanks VHB, i was hoping someone would throw up previous years numbers!

Short'em High
Guest
Short'em High
3 years 7 months ago
@HAM Solo As VCI is filtering posts with supporting reference links you may never see my earlier post about MIC and HCG dividend schedules. Apparently if a post has more than one reference link it is filtered. That is an interesting filter rule. One link is OK but two or more links is automatically filtered. Couldn’t an offending post have just one link? VCI admin, please review your defaults and consider usefulness… Here is one without links in the (apparently) preferred unsubstantiated style. HCG July 2013 PUT open interest has ticked up very recently. No change in July calls… Root… Read more »
Best place on meth
Guest
Best place on meth
3 years 7 months ago

331 people didn’t listen to the cartel and listed anyway.

Bag it and tag it
Guest
Bag it and tag it
3 years 7 months ago

It would be nice to have a big listings month, if for no other reason, it will force The Board to STFU with their ‘owners are pulling listings because they don’t have to sell’, bullshit montra

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