Look out Real Estate world, here comes Rogers.

Canada hasn’t got a Zillow yet, but that might be changing.

Rogers is making moves into the Real Estate business now:

The mobile and cable giant has applied to become a licensed real estate brokerage right across Canada and is aiming to relaunch its five-year-old website Zoocasa.com in May as a unique, one-stop-shopping site for homebuyers.
It’s aimed at going far beyond U.S.-based property listing services such as Zillow and Trulia which have revolutionized house hunting south of the border by providing critical data that can help potential buyers assess the value of a property from the comfort of their home computer.

Read the full article in The Star.

107 Responses to “Look out Real Estate world, here comes Rogers.”

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    http://www.youtube.com/watch?feature=player_embedded&v=O282EJ94Cug#!

    First condo building in Vancouver to pass no smoking in the building.

    I hope to see more buildings like this.

    Well-loved. Like or Dislike: Thumb up 34 Thumb down 13

    patriotz patriotz Says:
    2

    The rebuilt Zoocasa site will have “the most complete list of property information that can be provided to consumers, including neighbourhood and related information,”

    My translation of this is “we will tell you all about the shopping near this property but don’t expect to see any information about prior sales or listings.”

    Well-loved. Like or Dislike: Thumb up 28 Thumb down 3

    Great, now I can rack up $20,000 bills while househunting.

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

    chilled chilled Says:
    4

    jesse jesse Says:
    March 25th, 2013 at 2:11 am

    Great, now I can rack up $20,000 bills while househunting.

    +++++++++++++++

    Not only that, being placed on hold for a couple of hours, while trying to arrange a viewing, should be fun as well.

    Hot debate. What do you think? Thumb up 14 Thumb down 3

    Glass condo towers are the ghettos of the future. From the Toronto Star:

    ” Ted Kesik, a professor of building science at the University of Toronto and an outspoken critic of the condo development industry, says he, too, worries that condo developers care more about profits than ensuring their buildings last.

    “I feel sorry for people in buildings like that, because those windows are going to fall out in an extreme weather event. There will be water damage. It’s just going to be a mess.”

    “When you look at the size of the little window that opens — because the building code says you have to have a little window in there — it’s a little slot that’s the size of an ice-cream stand pass-through,” he bristles. “There’s no cross-ventilation. So they’re constantly fighting to generate air conditioning, to generate heat, all because they’ve built these incredible dense buildings and they’ve given them these terrible, terrible skins.”

    “When you take the entire population of that glass building, and divide it by the entire consumption of that building, they will say this is green; we’re using less energy per capita,” he says. “It’s a fallacy.

    “If you look at the building as a whole rather than per capita, it’s using a huge amount of energy that wouldn’t have to be used heating and cooling because of all that glass.”

    Kesik, an authority on retrofitting older buildings, also says you can’t just tear them down and start over because, as experts agree, the concrete structures underneath these blue-green glass exteriors are built to last.

    “I have always maintained that, when you’re looking at those glass towers there, you’re basically looking at the slums of the future,” insists Kesik.

    “No one will want to buy them because people will look at them and say, ‘Are you crazy? I don’t want to buy something that leaks, that will cost a fortune to retrofit.’ So when they can’t get sold, they’ll get rented. And they’re not of a high quality, so they can’t get rented for a lot of money. So who do you think is going to live there? I tell people, this is where your grandchildren are going to come to buy crack.”

    http://www.thestar.com/news/gta/2013/03/24/growing_up_are_torontos_new_condos_built_to_last.html

    Well-loved. Like or Dislike: Thumb up 47 Thumb down 1

    Many Franks Says:
    6

    Toronto suddenly starts to wrestle with a deep dark thought that only recently popped into its collective mind.

    Are Toronto’s new condos built to last?

    Ted Kesik, a professor of building science at the University of Toronto and an outspoken critic of the condo development industry, says he, too, worries that condo developers care more about profits than ensuring their buildings last.

    “I feel sorry for people in buildings like that, because those windows are going to fall out in an extreme weather event. There will be water damage. It’s just going to be a mess.”

    The builders counter with their unassailable grasp of geometry…

    “Brick doesn’t necessarily have a higher insulating value than glass,” he says, pointing out that usually only one side of a condo is exposed to the outside while the floor, ceiling and sides are not.

    …and garbled religious incantations…

    If it’s all glass, it’s actually more sustainable to the exterior weather than if you have brick-block-glass-concrete-wood.

    For once Vancouver isn’t playing the rube; it seems Toronto, in its wide-eyed innocence, has never contemplated a building boom/bust before.

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

    Many Franks Says:
    7

    @Q: Scooped. Great minds think alike! (And so do we.)

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

    Let’s not forget the 2 hour time window for meeting your realtor to view the property!

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

    Short'em High Says:
    9

    Cyprus follow-up on the question of when, rather than what will happen.

    http://postimg.org/image/e6i6ivhjr/

    Well-loved. Like or Dislike: Thumb up 38 Thumb down 5

    Anonymous Says:
    10

    As I was walking in the Fraser neighborhood yesterday, I noticed that the population, on average, seem to be composed of workers, and may be some middle class family, but I bet the average household income is below the province average. I was dressed in MEC, I guess one could tell I did not belong to that neighborhood, and some people were giving us the strange look. Now, I belong to the top 5 percent in terms of income. Nevertheless, I cannot afford any of the houses for sale in that neighbourhood. Clear sign we are in a bubble? Are people renting the basement, the attic and taking two homestays? Are they packing 10 people per dwelling? Or are these neighborhood gentrifying overnight?

    I also noticed a huge disconnect between the new macmansions being built and the school next door. I do not mean to be disrespectful to those schools, I was myself brought up part in an inner city and part in a rural area where I was surrounded by very nice people. But PC aside, after talking with local educators, I do not wish to send my kids to most Fraser schools. So who are those mcmansions being built for?

    Well-loved. Like or Dislike: Thumb up 36 Thumb down 7

    Many Franks Says:
    11

    @Anonymous: Heh. Only in Vancouver would an outfit from MEC be proposed as a mark of ostentation. Did you know that most cities don’t normally have hiking poles in the umbrella stands at fancy restaurants?

    Well-loved. Like or Dislike: Thumb up 42 Thumb down 3

    Anonymous Says:
    12

    I wonder what Mila Kunis thinks about Cyprus.

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

    Aleksey Says:
    13

    It would be a good news if it wasn’t about Rogers.
    The worse company in Canada I had a bussiness with.

    Hot debate. What do you think? Thumb up 18 Thumb down 3

    Many Franks Says:
    14

    Where do mortgage rates go from here?
    Hint: duh.

    “It’s very difficult to conceive of a sharp downturn in this market when mortgage rates are so low,” said Mr. Soper.

    That’s a failure of imagination, Phil, not an indication of probability.

    On the plus side, Martin Reid from Home Capital Group (one of Rabidoux’s favourite shorts, IIRC):

    “It was already slowing down [before the mortgage] rule changes,” said Mr. Reid.

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

    Really? Says:
    15

    “In her mind, real estate has only every benefited people. When asked what about the 1/4 underwater in their mortgage in the US, she responded that everyone did short sales; that the banks wipe out the difference between assessed value and what they own; give the owners back that money after the sale so no loss to the homeowner; and that you only have a blip for 2 years on your credit.. As a result, there is no risk, and real estate always goes up.”

    From yesterday’s post, but this sounds too good to be true. I never read anything about short sales essentially creating a wash for a homeowner.

    If so, this totally changes the risks of homeownership. It basically means that it doesn’t matter when you buy, or are underwater, because you still come out ahead!!!

    What am I missing? Is this really the US experience?

    Hot debate. What do you think? Thumb up 16 Thumb down 1

    No sub-prime loans in Canada?
    Yeah, right:
    http://www.sequel138.com/
    (0% down mortgages)

    Hot debate. What do you think? Thumb up 14 Thumb down 3

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

    Poorly-rated. Like or Dislike: Thumb up 4 Thumb down 19

    Many Franks Says:
    18

    @Spit: Somehow I doubt any central banker is cheering about tiny, inconsequential Cyprus blowing huge holes through global finance. Just like I doubt the latest deal has solved anything or restored trust in European banking. And while I’m so full of doubt, I’ll also doubt that Vancouver is suddenly going to look like the go-to place to park scared European money. Or angry Russian money.

    But hey, that’s just, like, my opinion, man.

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

    suomynonA Says:
    19

    that the banks wipe out the difference between assessed value and what they own; give the owners back that money after the sale so no loss to the homeowner; and that you only have a blip for 2 years on your credit..

    Sounds like someone doesn’t understand what a short sale is. What is this money they ‘give back’ to the owners after a short sale?

    A short sale is the bank cutting their losses when they see the market continuing to decline. They agree to sell the house for less than what is owed on it. There’s no money left over after that to ‘give back’ to the owner.

    The owner won’t owe more after a short sale, but they’ll be homeless and have bad credit.

    Not really the ideal ‘can’t lose’ scenario.

    Well-loved. Like or Dislike: Thumb up 24 Thumb down 1

    bon jovi Says:
    20

    i have been in contact with few friends in Spain, Cyprus and Greece and they all are pulled the money out of the bank. They will keep it in safe at their homes. They leave only little in the account just for day-to day expenses. These are small depositors 100k-200k. They don’t trust any bank anymore. I highly doubt that they even trust banks in North America. Big money? I really have no idea what they are planning to do.

    Hot debate. What do you think? Thumb up 20 Thumb down 5

    @Many Franks: Part of me agrees with you, but there is no doubt that the rich money in Europe is going to be on the move if it isn’t already, and especially out of Spain and Italy. Canada is as likely a place as any for this money to go really (Swiss would probably top the list however).

    Also, I have noticed a growing number of Russians out here in New Westminster over the last few years, so who knows maybe word will get back to Sergei that New West is a real estate mecca! ;-)

    Hot debate. What do you think? Thumb up 5 Thumb down 12

    Many Franks Says:
    22

    @Spit: I was being more than a little flippant with that last response. Seriously, though, I wonder where all these burned investors will be getting their information from; the “Canadian banks are safe” maxim is pretty played out, and I wonder to what extent that particular Conservative Government lens has been turned on us as voters rather than the outside world as potential investors. I’ll bet rating agencies play a considerable role for external investors when comparing potential havens, and those agencies haven’t been kind to Canada recently.

    My speculation is that clean money will be returning home until this blows over, and dirty money that can’t be re-nationalized probably has better places to hide out than a Canada that seems poised for a bust and possibly also a crack-down.

    Hot debate. What do you think? Thumb up 14 Thumb down 5

    @Many Franks: ‘I’ll bet rating agencies play a considerable role for external investors when comparing potential havens, and those agencies haven’t been kind to Canada recently.’

    Good information, thanks. Quick check of Canadian bank stocks shows they are pretty much flat to up over last 6 mos.

    Another thought hit me, that being local RE cartel can use the Cyprus/Euro chaos as another ‘Wealthy foreign investors’ meme to peddle to the local MSM cartel.

    Clean money going home makes sense, however my personal experience with wealthy individuals is that they don’t always make wise decisions (sorry, no billionaire experience so can’t comment on them).

    Dirty money who knows, but I like the differentiation you make. I will still hold that there is the possibility that some money may make it’s way to Canada and in particular Vancouver.

    Like or Dislike: Thumb up 5 Thumb down 3

    Really? Says:
    24

    Not to harp again, but I have reviewed several Q and As for short sales, and I still do not fully understand them.

    If you have a short sale, do you keep your equity?

    It seems if the house is worth less then what the mortgage is and you do a short sale, the proceeds from selling the property will fall short of the balance of debts, and the bank will agree to accept less then what is owed to them.

    In this scenario, how can you possible walk away with any equity,

    I chatted with a RE agent whose brother did a short sale in one state, came away with 300,000 and then bought a home free and clear in another state. I call BS….

    Like or Dislike: Thumb up 6 Thumb down 1

    suomynonA Says:
    25

    In this scenario, how can you possible walk away with any equity,

    I chatted with a RE agent whose brother did a short sale in one state, came away with 300,000 and then bought a home free and clear in another state. I call BS….

    Exactly. Total BS. There is no equity in a short sale. It’s ‘short’ because you owe more than the property is worth. The equity is NEGATIVE. There is no equity to pull out.

    Well-loved. Like or Dislike: Thumb up 34 Thumb down 2

    Really? Says:
    26

    Thanks – the RE spoke with a very confident tone and claimed that all short sales could extract equity. Did not know enough other than the intuitive notion that you were short…

    Like or Dislike: Thumb up 3 Thumb down 0

    Amanda Li Says:
    27

    “WOW!! What a beautiful kitchen
    Me and my sister are checking it out.
    Me and my sister have to tell our
    Russian boyfriends, who live in Cyprus
    what we like and they will buy a Vancouver
    Condo for us!

    Well-loved. Like or Dislike: Thumb up 46 Thumb down 10

    Bag it and tag it Says:
    28

    Short Sale
    Benefit to bank: They lose less money than going through foreclosure
    Benefit to home ownner: They can come away with no blemish (or much less) on their credit rating, than going through foreclosure.

    Hot debate. What do you think? Thumb up 8 Thumb down 2

    Democrass Says:
    29

    Regarding Cypriot money coming to Canada, yeah right… Because that’s easier and more secure for a European than Switzerland or the Isle of Man, etc., etc.

    Hot debate. What do you think? Thumb up 16 Thumb down 5

    Democrass Says:
    30

    Here is an interesting passage from Paul Krugman’s piece today in the New York Times:

    It’s hard to imagine now, but for more than three decades after World War II financial crises of the kind we’ve lately become so familiar with hardly ever happened. Since 1980, however, the roster has been impressive: Mexico, Brazil, Argentina and Chile in 1982. Sweden and Finland in 1991. Mexico again in 1995. Thailand, Malaysia, Indonesia and Korea in 1998. Argentina again in 2002. And, of course, the more recent run of disasters: Iceland, Ireland, Greece, Portugal, Spain, Italy, Cyprus.

    What’s the common theme in these episodes? Conventional wisdom blames fiscal profligacy — but in this whole list, that story fits only one country, Greece. Runaway bankers are a better story; they played a role in a number of these crises, from Chile to Sweden to Cyprus. But the best predictor of crisis is large inflows of foreign money: in all but a couple of the cases I just mentioned, the foundation for crisis was laid by a rush of foreign investors into a country, followed by a sudden rush out.

    Well-loved. Like or Dislike: Thumb up 35 Thumb down 4

    Anybody following the North Delta and Surrey (not south surrey) markets? Are they in bear or bull territory now?

    Like or Dislike: Thumb up 3 Thumb down 3

    gokou3 Says:
    32

    #26, realtors have confidence injected into their DNA (from the material in their 6-week courses)… doesn’t mean they are correct though.

    Like or Dislike: Thumb up 5 Thumb down 1

    kabloona kabloona Says:
    33

    #27

    Are you trying to be funny or something…????

    Like or Dislike: Thumb up 0 Thumb down 7

    patriotz patriotz Says:
    34

    “Benefit to bank: They lose less money than going through foreclosure”

    Exactly. The other factor that should be pointed out is that short sales are the most popular in no-recourse states (which are the minority, but there are a few big ones like California) because the owner has the option of walking away without the bank going after his assets anyway.

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

    patriotz patriotz Says:
    35

    “These are small depositors 100k-200k. ”

    Your friends have 100k-200k cash Euros in the bank and they consider themselves “small depositors”? What’s their idea of a big depositor? I doubt the average person in those countries has close to half that – certainly the average Canadian doesn’t.

    Hot debate. What do you think? Thumb up 21 Thumb down 4

    Clarity Says:
    36

    I think I can help solve the whole short sale issue here with realtors. Many of you seem to be arguing about the semantics but the real problem is that realtors cannot produce logical/mathematical arguments properly when it comes to housing. These laws that we bears are so familiar with are erased during a portion of the 5 week training course not unlike the Hollywood movie “The Adjustment Bureau”. They are replaced with one single rule, all statements that encourage higher home prices or increased sales activity are true. Of course it’s also frustrating to argue with them because in their system of logic, the converse is true. A statement is false if it could be used to negatively influence prices or decrease sales activity.
    Hope that helps clear things up

    Well-loved. Like or Dislike: Thumb up 22 Thumb down 1

    kabloona kabloona Says:
    37

    Interesting rent-vs-buy argument in the Seattle Times.

    I’m really, really confused…..cuz Cam Muir told me it was ALWAYS better to buy….

    Who does this Stan Humphries character think he is, anyway?

    http://seattletimes.com/html/businesstechnology/2020614946_sundaybuzz24xml.html

    Originally published Saturday, March 23, 2013 at 8:01 PM

    A new analysis suggests you should rent instead of buy a home in the Seattle area if you plan on living here for less than four years.

    That’s the second-longest “break-even horizon” among major U.S. cities examined by Seattle-based Zillow.

    The online real-estate database and marketplace calculates a break-even point of 3.7 years for the metro region and 4.3 years for Seattle proper.

    The break-even horizon is the number of years after which buying an individual home becomes more financially attractive than renting it. Zillow says its model accounts for property taxes, utility costs and tax benefits of buying a home.

    “From a macroeconomic perspective, it’s true homes are more affordable than they ever have been in most markets in the U.S., but that doesn’t mean everyone should go out and buy a house,” said Stan Humphries, Zillow’s chief economist.

    Both investors and consumers should think hard about how long they plan on being tied to a home — and can target their search according to the break-even horizon.

    Among the large metro areas examined by Zillow, Seattle’s break-even horizon is longer than all except New York’s 5 years. In San Francisco it’s 3.7 and in Portland, 3.6. The ranking is based on data through the end of last September.

    Even so, there’s a lot of variation within a region: Zillow estimates it would take 5.8 years to break even on a house in Yarrow Point on the Eastside, and only 2.3 years in Parkland in Pierce County.

    Those who plan on staying put for longer than the break-even horizon should consider buying a home, Humphries said. Realtors’ rule of thumb was that this horizon was three to five years.

    “The fact that 60 percent of markets are below three years tell you how affordable things are,” he said.

    — Sanjay Bhatt

    Like or Dislike: Thumb up 6 Thumb down 2

    Good to be out Says:
    38

    Re: Here comes Rogers,

    I think any competition is better than what we have right now.

    Hot debate. What do you think? Thumb up 13 Thumb down 2

    vangrl Says:
    39

    well that house that was just re-listed last week for $110,000 less than it was listed for before Christmas (the half lot house at 8th and Vine that I posted about a few days ago), now has a sold sign on it…. whoda thunk

    http://www.homes.com/listing/184702148/2344_Vine_St_VANCOUVER_BC_V6K_3K5

    Like or Dislike: Thumb up 4 Thumb down 2

    bon jovi Says:
    40

    “Your friends have 100k-200k cash Euros in the bank and they consider themselves “small depositors”?

    they are in their late 40s, have decent income of 100k euro annually, had free education so no student debt of their own or for their kids, free health care, never owned a car debt since they use efficient public transportation..so if you add all this up there are huge savings in their budget so it is not unrealistic to have saved 100k

    Hot debate. What do you think? Thumb up 10 Thumb down 5

    vangrl Says:
    41

    and on another note my brother had an offer on his house (listed since last summer and reduced once by about 10%), the subjects are supposed to be removed today but he’s heard nothing yet from his realtor…. the suspense is killing me, every toe and finger are crossed

    Like or Dislike: Thumb up 7 Thumb down 2

    Amanda Li Says:
    42

    For Kabloona
    #33
    Here is the whole story
    You can see pix of me and my sister

    http://whispersfromtheedgeoftherainforest.blogspot.ca/2013/02/media-manipulation-you-decide.html

    Hot debate. What do you think? Thumb up 19 Thumb down 9

    Amanda Li Says:
    43

    Hot debate. What do you think? Thumb up 14 Thumb down 3

    Devore Says:
    44

    “Your friends have 100k-200k cash Euros in the bank and they consider themselves “small depositors”?”

    Yeah, pretty funny. If I had the kind of money to consider a $100k deposit “small”, I certainly wouldn’t keep it in the bank. To what purpose, to masturbate to the monthly statement? At least stick it in a massive money market fund, it will be more liquid and safe than some 3rd world country bank account.

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

    Sheesh Says:
    45

    @kabloona

    The NY Times website featured an interactive buy/rent calculator a couple of years ago. I plugged in some typical numbers for Vancouver, but unfortunately the Times did not include results past a 30-year breakeven point, so I’m not sure exactly what the result would be, just that I’d probably be dead before it happened.

    Hot debate. What do you think? Thumb up 8 Thumb down 2

    RE: “Break-even” point.

    Hmmm… I find this whole concept rather dubious from the start. Nobody talks about “break-even” point for stocks. Either they are a good buy today or they are not; it doesn’t depend on how long you plan to hold them.

    The only reason that your time horizon could theoretically affect your buying decision would be transaction costs, in particular realtor’s commissions, since they would be amortized over the duration of the holding period.

    But from reading the Zillow article, it doesn’t appear that transaction costs are the main reason they believe there is a so-called “break-even point” for houses. Instead, they seem to be relying on that old “house prices always go up” meme:

    A particularly glaring omission in any price-to-rent ratio is home value appreciation which can make a home purchase a profitable investment after a certain number of years as opposed to renting the home. Hence, the number of years after which buying a house becomes financially beneficial compared to renting the house is a function of the number of years one plans to stay in the house and the price-to-rent ratio calculation does not take this into account.

    As Patriotz has pointed out, you can’t reasonably include price appreciation in your asset valuation model. Zillow should know better.

    Here’s the original article on Zillow for those interested:

    http://www.zillowblog.com/research/2012/08/01/should-you-buy-or-rent-depends-on-how-long-you-want-to-stay-and-where-you-want-to-live-of-course/

    Like or Dislike: Thumb up 7 Thumb down 2

    No Way! Says:
    47

    Alright, I know everyone has slammed realtors here, saying it only takes 5 weeks to become a realtor…

    I always thought it was an exaggeration until I looked up how to become a realtor on the Island….

    You have to take two separate courses – each one with ten units, consisting of 30 hours each, for a grand total of 60 hours….60 hours!!!!!!!!!!!!

    That learning period if a week and half a regular job…

    I know non-professionals (not lawyers or engineers) who have taken longer career development courses….

    My god, trusting your financial well-being to someone who has a had a grand total of 60 hours of “training” to make them a “professional” is just plain stupid…

    Well-loved. Like or Dislike: Thumb up 49 Thumb down 1

    gokou3 Says:
    48

    This is the course one needs to take to become a BC REALTOR:

    http://www.recbc.ca/licensing/trading.html

    “On average, most individuals complete the course and exam within six months, based on completing one assignment a week and usually spending 10 – 12 hours per assignment. The course covers a variety of real estate, legal, finance and valuation topics and for detailed information you can view the Table of Contents.”

    Take someone 6 months to screw you around for 25 years (of mortgage payments)!

    Hot debate. What do you think? Thumb up 11 Thumb down 6

    “they are in their late 40s, have decent income of 100k euro annually, had free education so no student debt of their own or for their kids, free health care, ”

    Nothing is free. The costs are hidden in their taxes.

    Hot debate. What do you think? Thumb up 8 Thumb down 5

    Oops, almost forgot to post. My baby girl (our 3rd) was born last night at 9pm. A happy and hearty 8lb 3oz!

    New Listings 284
    Price Changes 128
    Sold Listings 177
    TI:16437

    http://www.paulboenisch.com

    Well-loved. Like or Dislike: Thumb up 141 Thumb down 3

    Congrats PaulB on the new baby girl. She must be extremely cute and fun to play with right now :)

    Hot debate. What do you think? Thumb up 19 Thumb down 2

    Congrats!

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

    Anonymous1 Says:
    53

    Congrats PaulB!!!

    Listings (Inventory) seems to be stalling. What was it at this time last year? Are we still at a record or????

    Like or Dislike: Thumb up 6 Thumb down 3

    http://www.vancouversun.com/news/metro/Construction+industry+group+calls+government+crackdown/8150533/story.html

    The fallout of these practices has been to prevent law-abiding companies from successfully bidding on jobs and to discourage Canadians from entering the trades because wages have been kept artificially low, the document argues.

    Wages for journeyman carpenters in the Lower Mainland were between $22 and $24 an hour in 2011 — an increase of less than $5 since the mid-1990s, the paper states. In other jurisdictions such as Toronto or the Alberta oilsands, wages for that type of work approached $40 an hour.

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

    chilled chilled Says:
    55

    paulb Says:
    March 25th, 2013 at 7:33 pm

    Oops, almost forgot to post. My baby girl (our 3rd) was born last night at 9pm. A happy and hearty 8lb 3oz!

    ++++++

    Congratulations, but PLEASE, PLEASE, PLEASE promise us you won’t name her Amanda, OR Cranteeni!!!!

    Hot debate. What do you think? Thumb up 11 Thumb down 5

    vangrl Says:
    56

    sweet Paul enjoy!

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

    jack crack shack Says:
    57

    Congrats Paul B!!

    Hot debate. What do you think? Thumb up 14 Thumb down 1

    Congrats Paul B

    Like or Dislike: Thumb up 6 Thumb down 1

    Burnaby Bear Says:
    59

    Congrats Paul B!

    You are excused from posting stats to take care of Mrs B and the new baby!

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

    Hope mom+family are doing well, Paul, congrats on the new bearcub ;)

    Hot debate. What do you think? Thumb up 15 Thumb down 1

    Congratulations PaulB!

    Like or Dislike: Thumb up 6 Thumb down 1

    Congratulations Paul B. Wishing you and your family all the best. Also, thanks for the ongoing stats.

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

    Total days 20
    Days elapsed so far 17
    Weekends / holidays 8
    Days missing 0
    Days remaining 3
    7 Day Moving Average: Sales 134
    7 Day Moving Average: Listings 218
    SALES
    Sales so far 2030
    Projection for rest of month (using 7day MA) 402
    Projected month end total 2432
    NEW LISTINGS
    Listings so far 4071
    Projection for rest of month (using 7day MA) 655
    Projected month end total 4726
    Sell-list so far 49.9%
    Projected month-end sell-list 51.5%
    MONTHS OF INVENTORY
    Inventory as of Mar 25th, 2013 16437
    MoI at this sales pace 6.76

    Congrats Paul. I wish you and your family all the best.

    Well-loved. Like or Dislike: Thumb up 33 Thumb down 2

    Congratulations, Paul!

    May she grow up to spend less than third of her income on a 20 year mortgage on a nice home.

    Well-loved. Like or Dislike: Thumb up 29 Thumb down 1

    Congrats Paul! Get some rest whenever you can!
    _______

    Inventory 2013 vs 2012 @ March 25 (17th business day)
    2013: 16437 (+3.1%)
    2012: 15940

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

    patriotz patriotz Says:
    66

    “My baby girl (our 3rd) was born last night at 9pm. ”

    Third girl? How Chekovian. Congratulations!

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

    Yellow Helicopter Says:
    67

    Oh, the irony.

    Carney’s wife, (and i like Carney – oh dear-) is publicly complaining about the high cost of housing in London, (with a housing allowance of 5000 pounds per week to deal with.)

    She is blaming the wealthy French for driving up prices.

    Hmm, guess Ottawa was far removed from anything Vancouverites go through on a daily basis. And without a multi-thousand pound housing allowance. :-/.

    http://www.dailymail.co.uk/news/article-2299152/Housing-woe-1m-Bank-England-chiefs-wife-blames-influx-wealthy-french-London-struggle-home-despite-5-000-week-allowance.html#comments

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

    Amanda Li Says:
    68

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

    Poorly-rated. Like or Dislike: Thumb up 18 Thumb down 35

    Short'em High Says:
    70

    Home Prices Accelerate in January 2013 According to the S&P/Case-Shiller Home Price Indices
    26-Mar-2013 09:00

    http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff–p-us—-

    Ironically, despite Robert Shiller’s effort to make home prices more transparent and affordable, the Case/Shiller HPI continues to be an indicator not of housing supply dynamics but rather an indicator of the supply of idiots who think their mortgage is a trading account.

    In the USA, the higher reading in January tells us the same idiots who got burned in 2008 are back and/or a new batch of idiots were hatched in the meantime. It remains a fact for now, the rate of HPI exceeds the rate of ordinary inflation because most people are still unaware that speculative financial leverage is available elsewhere and without having to bet the notional value of their entire home for the opportunity.

    Hot debate. What do you think? Thumb up 14 Thumb down 1

    Democrass Says:
    71

    From the Globe:

    Indeed, just 15 per cent of those polled by Ipsos Reid say they’ll probably buy a house in the next two years. That’s down from 27 per cent last year, and marks the biggest drop in buying intentions ever in the annual poll, now in its 20 year, done for Royal Bank of Canada.

    http://m.theglobeandmail.com/report-on-business/top-business-stories/canadians-pull-back-from-housing-market-in-droves/article10338094/?service=mobile

    Well-loved. Like or Dislike: Thumb up 23 Thumb down 0

    Many Franks Says:
    72

    Home buying intentions drop to record low:

    Fewer Canadians are planning to purchase a home in the next two years, but more than a third of those will be first-time homebuyers, according to a study released Tuesday.

    …who may discover, at least according to industry lamentations, that they are no longer able to borrow like they once were.

    The annual poll by Royal Bank found that 15 per cent of those surveyed say they’re likely to buy in the next two years, a drop from 27 per cent from the previous year.
    [...]
    Sean Amato-Gauci, senior vice-president of Home Equity Financing with RBC, says current economic and industry trends are consistent with this bleaker homebuying forecast.

    Translation: the market is performing terribly and the public has noticed.

    What can we conclude from the sharp increase in national bearish sentiment?

    “Our findings suggest confidence in the housing market is still high and young Canadians are the bright spot as they look to buy their first home and seek the advice to do it right,” said Amato-Gauci in a release.

    Riiiiiiight.

    Well-loved. Like or Dislike: Thumb up 27 Thumb down 2

    Many Franks Says:
    73

    And another F[laherty]-bomb: OSFI is requiring BMO, BNS, CIBC, NB, RBC, and TD to hold 1% more capital “to protect them from financial disruption.”

    Well-loved. Like or Dislike: Thumb up 20 Thumb down 0

    @Yellow Helicopter Says:
    74

    Carney’s wife must be racist.

    Well-loved. Like or Dislike: Thumb up 25 Thumb down 2

    Chris Lee Says:
    75

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

    Poorly-rated. Like or Dislike: Thumb up 14 Thumb down 26

    so why the banks in US are trying to manufacture another RE bubble? They are the once that supply the credit. But why?

    Like or Dislike: Thumb up 0 Thumb down 0

    curious lurker Says:
    77

    What’s this, BC has a new ‘transition tax’ for new Real Estate?

    http://www.rebgv.org/2-bc-transition-tax-new-homes-coming-april-1-2013

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

    Anyone who’s plugged into the MLS system: is there usually a delay between a property being “listed” (getting a V123456 number, signage, and a blurb on the listing realtor’s personal website) and the same property showing up in the realtor.ca map or RETS?

    Like or Dislike: Thumb up 3 Thumb down 0

    Democrass Says:
    79

    I’m not plugged in but there is a lag. I use this website to check for new listings: http://www.ecorealtyinc.ca. Listings with an MLS number appear on that site as much as one week before appearing on http://www.mls.ca.

    Like or Dislike: Thumb up 3 Thumb down 0

    Not much of a name... Says:
    80

    @curious

    That was announced a long time ago. It’s so the gov’t can capture some of the ITC’s the builders will be claiming (have claimed) prior to the reintroduction of the PST.

    Like or Dislike: Thumb up 2 Thumb down 0

    North Delta Says:
    81

    Someone wanted market data on North Delta and I found this pretty “factual” realtor site that admits when a market is a buyers or sellers…

    http://vancouvermarketreports.com -

    Individual markets on the right side..

    By the way, North Delta looks cooked….

    _____________

    Current: N.Delta is in a Buyers market with an 13 %SOLD rate and a 98% Sell/List ratio. (This means that there is an average of a $13,200 sales discount from the original list price)

    Most Active Range: Homes below $500,000 have a 18.2 %SOLD rate.
    Least Active Range: Homes between $600,000-$700,000 have a LOW 6.8 %SOLD rate.

    History: North Delta RMR Home Price Index* shows that prices increased $2,190 in 2012.
    *The RMR HPI (Home Price Index) is an approximate reflection of the Average Home Price Changes.

    Forecast: North Delta has high Listing supply; 177 homes are for sale and with the low 13 %SOLD monthly rate gives us about ~8 months of inventory. Approximately 127 of these listings will not sell. 24% of the active listings have reduced their price by $23,167 on average or $20,000 on median.

    The next few weeks should see increased sales in the local real estate market. Spring fever will soon inspire a new buyer confidence. If you have longed to move to another community, or create income through rental property, now might be your best chance to do so.

    Like or Dislike: Thumb up 4 Thumb down 0

    I don’t know about the rest of you, but the realtors I am meeting now are alot more aggressive in their dogmatic positions on RE.

    For comparison’s sake, I chatted with an overly aggressive realtor the other day and he had been 3 months without a sale.

    Previously, he was averaging 1-2 sales for 5 years in the Fraser Valley market on mostly condos and townhouses (200,000-450,000 range).

    I assume that he would have put money away from those sales, but I don’t know. Anyone know what the take home pay would be for that type of sales commission?

    All I know is the approximate 7% rule around commissions; that they have to split the commission; that they pay a flat fee from each sale to their head office ($700 bucks); they they have overhead with licenses, office, car, but that these are tax deductible (for those of you who didn’t know that).

    That last point is key, because they always talk about their overhead when trying to negotiate commissions, but you can easily point out that they get most of it back!

    Hot debate. What do you think? Thumb up 13 Thumb down 3

    Wakeup call Says:
    83

    BMO has announced mortgage rate increase from 2.99% to 3.09

    Not much, but ya gotta start somewhere.

    Like or Dislike: Thumb up 7 Thumb down 1

    Not much of a name... Says:
    84

    @surly

    That last point is key, because they always talk about their overhead when trying to negotiate commissions, but you can easily point out that they get most of it back!

    They don’t get it back, it’s an expense. It reduces their tax liability. They pay tax on the difference on their income versus expenses (profit). Oversimplified, of course.

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

    Thanks, @Democrass!

    Like or Dislike: Thumb up 0 Thumb down 1

    Anonymous Says:
    86

    The +0.05 move up in the Can $ today must have wiped out Short em High.

    Hot debate. What do you think? Thumb up 8 Thumb down 12

    Short'em High Says:
    87

    @Anon#86,

    I closed my USD/CAD position at the tick of Canadian GDP weeks ago, if you recall. FYI, USD/CAD moved barely .005 today – you missed a decimal point. LOL! USD/CAD is not worth trading at the moment.

    Also, if you recall, on Friday I told everybody on the forum that Sunday or Monday night at 23:30 Vancouver time is likely a good time to trade something related to adverse action at the Cyprus bank open. I worked out when the banks would open in Cypress and told people to tune in and place their bets at that time. Some idiot called @crashcow thought little of my advice on timing the market this way. Obviously, he was wrong.

    Based on what I said Friday, all one had to do on Sunday night was take a few minutes and look at the list of liquid instruments related to EUR and put your money on the largest initial move up or down, as I did. As it turned out, a short bet of 1M EUR/CAD at 23:30 on Sunday night in Vancouver is now worth 27,000 as of Tuesday afternoon. Similarly a short bet of only 100K EUR/CAD would be worth 2,700 (and so forth). EUR/CAD has fallen nearly 3 cents since Sunday night!

    http://postimg.org/image/e6i6ivhjr/

    Well-loved. Like or Dislike: Thumb up 27 Thumb down 7

    pricedoutfornow Says:
    88

    “young Canadians are the bright spot as they look to buy their first home and seek the advice to do it right”

    By “doing it right”, I hope most young Canadians realize the only way is to rent for now, as prices as absurdly high!

    Like or Dislike: Thumb up 8 Thumb down 0

    Many Franks Says:
    89

    A buyers market for real estate in the lower mainland?

    Spokesperson Ian Martin says with affordable interest rates combined with price corrections in some areas it is time to buy.

    Nonetheless, it seems he can hardly keep from voiding his bowels on the microphone:

    “Certain real estate is local in that there are areas that have seen a slower sales cycle and prices are correcting a bit and interest rates remain very positive well when I say positive I mean very favourable for affordability and they feel that there is the opportunity to do some deals right now.”

    You heard the man — expect a very, very heavy burtation tonight.

    Like or Dislike: Thumb up 2 Thumb down 0

    patriotz patriotz Says:
    90

    “so why the banks in US are trying to manufacture another RE bubble? ”

    Maybe because the government now holds the bag on almost all new high ratio mortgages in the US.

    Sound familiar?

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

    Paul B is probably ripping off sellers just like other Realtors

    You obviously haven’t been paying attention. Most of the vitriol directed towards realtors around here is due to the fact that they intentionally mislead and withold critical information from prospective buyers. And the worst behavior comes from the cartels who represent them – GVREB, BCREA, etc. who hide the sales and price history data through their MLS monopoly, among other things. Paul has chosen to bravely defy the cartels and publish the information in a free and open manner, day after day, and in doing so exposes himself to significant abuse from his own industry and colleagues.

    He’s been on the receiving end of numerous insults by fellow realtors on this very board (and likely elsewhere) for having the courage to stand up to the real estate mafia, something he does in full light of day using his own name. I have yet to see one of those lowlife realtors use their real names themselves when giving him grief.

    Do you have any idea what it’s like to stand up and openly defy your peers like that? I can tell you that it takes a hell of a lot of courage, and that puts Paul light years ahead of the those other douchbags you’re comparing him to.

    Well-loved. Like or Dislike: Thumb up 57 Thumb down 6

    Many Franks Says:
    92

    Can’t sell your house? Give it to the winner of an essay contest with a $100 buy-in and a 3,000 participant minimum.

    Like or Dislike: Thumb up 2 Thumb down 0

    Anonymous1 Says:
    93

    Yalie,

    I read your spiel. No offence to you but i think your statement exudes naivety. If it wasn’t PaulB, someone else would be in his place on blogs like this.

    Yalie, I may think my Realtor is the best while you think it’s PaulB. Your rant is just a subjective opinion.

    No offence PaulB. I don’t get where this hatred for Realtors comes from. –> If you don’t need one, don’t use their service. Their fees are negotiable if you think they’re too high. You can always take the course and become one if you think its that easy.

    I think what you have to realize is macroeconomic policies have caused this bubble. Don’t blame Realtor greed. For you have it too (you want to see prices come down so you can buy)….just saying

    Hot debate. What do you think? Thumb up 14 Thumb down 20

    Anonymous1 Says:
    94

    Short’em:

    Nice! where you buying this weekend?!

    Like or Dislike: Thumb up 1 Thumb down 1

    Vancouver Sun reveals that 23% of the population is not stupid.

    http://www.vancouversun.com/business/affordability/Most+would+choose+house+suburbs+over+luxury/8153112/story.html

    Like or Dislike: Thumb up 8 Thumb down 0

    I think what you have to realize is macroeconomic policies have caused this bubble. Don’t blame Realtor greed.

    Of course the government’s cheap credit policies are mostly to blame for the bubble – I never said otherwise. But the real estate cartel shares much of the blame too, partly via their monopoly on real estate transaction data, partly through their shilling disguised as “news”, and partly through their significant government lobbying which contributed to all that cheap money in the first place.

    Hot debate. What do you think? Thumb up 11 Thumb down 7

    Anonymous1 Says:
    97

    http://o.canada.com/2013/03/26/quebec-immigrant-investors-who-reside-in-toronto-and-vancouver-are-committing-fraud-kenney-warns/

    Back door entry into Vancouver/Toronto through Quebec Immigration program. Goes to show Immigration destination stats are unreliable!

    May need to kick Quebec out of Canada if this keeps up.

    Hot debate. What do you think? Thumb up 9 Thumb down 7

    New Listings 228
    Price Changes 108
    Sold Listings 132
    TI:16467

    http://www.paulboenisch.com

    Well-loved. Like or Dislike: Thumb up 94 Thumb down 2

    You are a trooper, Paulb. Hope you are getting some sleep.

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

    George Soros Says:
    100

    Short em high:

    “Based on what I said Friday, all one had to do on Sunday night was take a few minutes and look at the list of liquid instruments related to EUR and put your money on the largest initial move up or down, as I did. As it turned out, a short bet of 1M EUR/CAD at 23:30 on Sunday night in Vancouver is now worth 27,000 as of Tuesday afternoon. Similarly a short bet of only 100K EUR/CAD would be worth 2,700 (and so forth). EUR/CAD has fallen nearly 3 cents since Sunday night!”

    If you are making $27K in a few minutes why the hell are you wasting your time here?

    Hot debate. What do you think? Thumb up 6 Thumb down 5

    “Vancouver Sun reveals that 23% of the population is not stupid.”

    Are we entitled to protection as a visible minority?

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

    Scottsdale renter Says:
    102

    paulb – congrats and thanks for the stats today. Appreciated but hope its not interfering with your time with your wife and little ones.

    Like or Dislike: Thumb up 8 Thumb down 1

    RaggedyRenter RaggedyRenter Says:
    103

    Congrats Paul.

    I was reading the news about a startup site residr.com
    Looks pretty neat, one differentiating factor is they have assessment data for each unit for the past 3 years (land portion and building portion).
    Right now the data is limited to Vancouver.

    Like or Dislike: Thumb up 4 Thumb down 1

    Paul B have three, I gonna have three !

    Congrats Paul, you are on your third…this baby stuff is old hat now ! Cheers for the stats !

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

    Anonymous Says:
    105

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

    Poorly-rated. Like or Dislike: Thumb up 1 Thumb down 14

    Short'em High Says:
    106

    @George Soros,

    The main reason I visit this forum is that somebody else owns the Vancouver property that is rightfully mine. I rent somewhere else and they own that hypothetical property because I am not willing to pay them roughly double what it is actually worth.

    There are other minor reasons why I look at this forum. Over time this forum and others have been good source material to understand what people are talking about and/or worried about. The Cyprus thing came up here and wouldn’t go away, so I offered a suggestion on how to trade it rather than worry about it. In some ways the seed of my USD/CAD trade weeks before also started as an idea spun from Ben R’s treatment of RE correlated Canadian equity trades. The remarks of retail investors on this forum are also useful as a benchmark of Canadian investor specialization and general skill level.

    Like or Dislike: Thumb up 4 Thumb down 0

    RaggedyRenter, thanks for checking out our site. We will be back up and running shortly as there are some compliance issues we are working to resolve. We’re going to be doing a lot of creative implementations with the growing amount of real estate data we are acquiring. Stay tuned!

    Like or Dislike: Thumb up 0 Thumb down 0

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