A very expensive way to do your laundry

The Vancouver Observer has some good articles from the Real Estate trenches.

This one looks at what it’s like to shop for your first apartment in Vancouver.

What does $350k get you?

Not insuite laundry.

She lined up four apartments, all under $350,000. The cheapest is $250,000. None of them have ensuite laundry. If you think that giving someone a third of a million dollars would get you a washer/dryer, then clearly you’ve never apartment-shopped in Vancouver.

East Vancouver is heating up, because nobody who works for a living can afford to buy in the West End anymore. Rising rents make an investment property in East Van a more viable option than it once was, though proper houses remain out of reach for anyone on a Canadian wage. This keeps the pressure up in the apartment/condo market.

My Realtor says that the sales market is slower than it’s been in a long time: properties will sit for an average of 70 days. Still, there are vacant units that she won’t touch with a ten-foot pole: “I’m afraid to sell in Olympic Village, to be honest. I steer my clients away.” Dead neighborhood, small units, renovations that “probably won’t stand the test of time”.

Read the full article here.

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Vote Down The Facts
Guest
Vote Down The Facts

asalvari1, it’s because the RE market doesn’t move fast enough to provide enough to discuss every single day.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

We’ve hit bottom. Smart money is buying, bears are renting. 2008 redux.

Yalie
Guest
Yalie
We’ve hit bottom. Smart money is buying, bears are renting. 2008 redux. I think you mean 2009, but in any case you are indeed wise to buy now that prices have clearly bottomed like they did 4 years ago. I’m sure I speak for the rest of the readers when I say that we’d love to watch as your savvy investment grows sharply in value over the next couple of years, just like 2009-2011. So can you please tell us the type of home, location, and price of whatever you’ve bought this spring? Then you can back here from time to time update us on price increases and gloat as your net worth skyrockets, while we sit around with our thumbs up our butts jealously watching you make money from our cold, damp rented basement suites. I look forward to… Read more »
jesse
Member

“2008 redux”

Buy now or I’ll kill a kitten.

Short'em High
Guest
Short'em High

http://www.rebgv.org/monthly-reports?month=March&year=2013

REBGV says:

sales inventory
2347 15460

Dailies from this forum add up to say:

sales inventory
2395 16635

Question. Is it safe to assume that 2395-2347 = 48 residential lots were sold in March? Is there anything else besides residential lots in the daily numbers?

I’m asking the forum first rather than bothering @paulb in case this question was answered years ago.

VMD
Member

Mar/13 SFH Sales Stats by Region

Richmond: Price down 8.4%
Sales: -14% YoY
Ratio: 40% vs 32%
HPI YoY % Change : -8.4% (-9%,-6.3%,-6.5%,-4.2%,-4.0%,-4.2%,-3.7%) (last few months’ YoY % change) 
 
Vancouver West: Sales flat YoY. Price down 9.1%.
Sales: -1%
Ratio: 55% vs 45%
HPI YoY % Change: -9.1% (-9.2%,-7.5%,-5.5%,-8.4%,-7.7%,-6.5%,-3.7%,0%)

Vancouver East: What happened to the “Hot” Van East a year ago?
Sales: -39%
Ratio: 45% vs 57%
HPI YoY % Change: -2.6% (-2.7%,-0.5%,+0.2%,+0.5%,+1.9%,+3.2%,+4.8%,+5.5%)

Burnaby: Price YoY decline picks up pace
Sales: -20%
Ratio: 43% vs 45%
HPI YoY % Change: -4.9% (-3.1%,-2.3%,+0.4%,+1.5%,+2.4%,+4.2%,+5.2%)

Coquitlam: Price soon to go negative YoY
Sales: -33%
Ratio: 51% vs 72%
HPI YoY % Change: +0.8% (+1.4%,+2.4%,+2.9%,+2.6%,+2.8%,+3.6%,+3.7%,+4.3%)
__________________

/dev/null
Member
/dev/null

Thanks for the summaries VMD. If North Van is easy to do could you please post that too?

VMD
Member

SFH March Sales ’13 vs ’12 vs ’11 (by region)

Van West:
’13: 151
’12: 152 (-1%)
’11: 279 (-46%)

Van East:
’13: 94
’12: 155 (-39%)
’11: 227 (-59%)

Richmond:
’13: 89
’12: 104 (-14%)
’11: 262 (-66%)

West Van:
’13: 58
’12: 78 (-26%)
’11: 152 (-62%)

Burnaby:
’13: 76
’12: 95 (-20%)
’11: 160 (-53%)

Coquitlam:
’13: 103
’12: 154 (-33%)
’11: 147 (-30%)

BWilson
Guest
BWilson

24 consecutive months with sales below the 10 year average.

VMD
Member

@ dev/null
certainly

North Van SFH:
Sales: -7% (-16% vs 2011)
Ratio: 60% vs 61%
HPI YoY % Change: -2.4% (-2.9%,-2.5%,-3.7%,+0.3%,+2.2%,+5.2%,+5.2%)

Makaya
Member
Makaya
Many Franks
Guest
Active Member
Many Franks

Global news gets a few kicks in. I’d quote a few choice bits but the whole thing basically consists of the sound of a printing press being dropped onto Eugen Klein’s chest. Kind of a combination of “clunk” and “squick” noises.
Home sales in Toronto, Vancouver fall sharply

Democrass
Guest
Democrass

It looks like HPI had a MOM increase this month. Is this any reason to be concerned about the future of price declines?

dog lover
Guest
dog lover

I simply can’t live in this city anymore because of the ethnic issues. When I take my dog out for a walk, I like to kiss her on the lips. I’ve gotten a lot of dirty looks from ethnic people when I do this, and it really hurts my feelings.

I’m looking to move to the north shore or white rock now.

Anonymous
Guest
Anonymous
patriotz
Member

“You just need to not be tied to a Vancouver office job to take advantage of that situation in the Interior.”

More like you don’t need to have a job to take advantage of that situation.

left already
Guest
left already

I was called a wingnut for posting this the other day but the mainstream meadia seems to be catching on slowly.
This story is so scary if you think about it, but canadian banks are the safest in the world of course, our government has told us so.

http://www.cbc.ca/news/politics/story/2013/04/02/f-rfa-macdonald-canada-cyprus-banks.html

patriotz
Member

I don’t find it scary at all. What I would find scary is if the government had plans to compensate uninsured depositors if a bank failed.

gokou3
Guest
gokou3

Buy now or be priced out forever! Only 4.5 months MOI!

http://www.reuters.com/article/2013/04/03/us-usa-economy-housing-idUSBRE93211T20130403?feedType=nl&feedName=usdai

BTW This is the US, bulls.

anonymous1
Guest
anonymous1

VMD: good work!

vangrl
Member
vangrl
Anonymous1
Guest
Anonymous1

India’s movie stars are in Vancouver.

On Saturday, over 1 Billion people will be watching Vancouver.

In a recent talk show poll (Covered by South Asian post), 37 Million people in India choose Canada as the emigration destination of choice.

I can see this as a game changer…sell a $5 Million rancher in Mumbai, Buy a $2 Million one here.

Just think about the numbers….if all of Hollywood came to Calgary (and said its beautiful), what do you think would happen to the RE prices.

Anonymous1
Guest
Anonymous1
Short'em High
Guest
Short'em High
@left already. That article seems to imply, incorrectly, that raiding the insured part of deposits for “bail-in” is a practical possibility simply because some clumsy bureaucrats talked about doing it in Europe before they thought about the consequences. If insured deposits are raided then nobody’s property is safe and many normally law abiding people will suddenly realize that government can no longer be trusted to uphold property rights. Government always need to imagine who and how many such an action will cause to suddenly have nothing to lose. For one, those empty Van West properties won’t stay empty for long after insured deposit seizures. For another, people on the street who appear to have means or property will also be at greater risk of being kidnapped or robbed. All hell would break loose. If the government wants instant and irrevocable… Read more »
vanpire
Guest
vanpire


…law abiding people will suddenly realize that government can no longer be trusted to uphold property rights.

Neither Canada’s constitution or Charter of Rights and Freedoms have any provisions to protect its citizens personal property.
It is rare in the western world for property rights not to be constitutionally entrenched, but it is what it is – the government can expropriate anyone as it deems suitable. And it did happen many a times before.