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FFFA! Rates, Redevelopment, Fraud and Stupid Pictures

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It’s that time of the week again!

This is when we do our regular end of the week news round up and open topic discussion thread for the weekend.

It’s Friday Free-for-all time!

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

–Vancouver Facts
–End of the party feel
–$1200 fine for forgery
–Bad home sale numbers?
–Stupid RE pic awards
–Little Nest pushed out by rent
–Oakridge wants to grow
–BC MOI for March
–Hawaii uses Vancouver to cheer up
–After correction US prices rise

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

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patriotz
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What You Get for … $820,000

A mansion! How about that.

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6 years 1 month ago
Mr X
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A Vancouver developer is suing the federal government because the land the developer bought from the government was used for Second World War training exercices and may contain unexploded bombs, which was undisclosed in the transaction” “K&L Land Partnership paid $15 million for a 546-hectare parcel of land with views overlooking Kalamalka Lake near Vernon in order to subdivide it for eager home buyers in 2005. The developer’s land overlooks scenic Kalamalka Lake, a popular boating destination just south of Vernon, B.C. (LN/Wikimedia Commons)But by 2011 the developments were put on hold after the company discovered the land could contain unexploded military ordnance. Between 1939 and 1945 the Vernon Military Camp, which was located right next to the developer’s land, trained soldiers how to use bombs, grenades and mortars before they were sent to war. According to the lawsuit, since… Read more »
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6 years 1 month ago
crikey
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Until recently British Columbia’s longstanding advertising slogan was “The Best Place on Earth”. Indeed there is a list of very good reasons for such pompous conceit, extreme arrogance… Move over ‘Chuck Norris facts’, here come ‘Vancouver facts’! Vancouver fact #10 Much like any other peasant that doesn’t live in Vancouver, Albert Einstein was obsessed with the city. For example, he was in fact explaining the Vancouver media’s universal real estate reporting philosophy when he famously said, “Imagination is more important than knowledge”. Vancouver fact #63 The term “Wet Dream” was actually originally concocted to describe the perfect paradise that is Vancouver’s many, mnay rainy days of the year. More recently, the phrase “Every Person’s Wet Dream!” nearly beat out “Best Place on Earth” as motto for the province’s longrunning advertising campaign. Vancouver fact #104 Vancouver is part of one of… Read more »
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6 years 1 month ago
BWilson
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For the first time since February the Canada 5 year bond is yielding more than 1.50% today.

(1.505% as of 7:04)

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6 years 1 month ago
Skook
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Research for a Sunshine Coast property took me to a condo/townhouse development in Calgary. It’s in a hot area of Calgary called Mission and you know who the developer was targeting when the colour scheme choice is “sexy package” or “soulful package.” Pre-sales began Feb 10, 2012 and 60% were sold within 4 days and the complex sold out within 10 months. What was frightening about this project was the fact that the developer struck a deal with TD to handle approval and financing. As two points from the project website shows, the developer wasn’t keen on buyers going elsewhere: “6. Why is a commitment letter from TD mandatory?: TD is offering an excellent package by holding today’s interest rates until occupancy. This gives you security knowing the maximum your mortgage payments will be and gives us security knowing that… Read more »
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6 years 1 month ago
Guy Smiley
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Vancouver fact #19

Summer isn’t slow to arrive in Vancouver, it’s fashionably late.

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6 years 1 month ago
Anonymous
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Post #4:

Quit dwelling on spiking yields. You’re going to be disappointed.

They are at Feb levels but we’ll below year ago levels. Surely this is a crash lol

Oh the nikkei is crashing. It’s at April 1st levels now that it has crashed 15%.

See the point??

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6 years 1 month ago
Anonymous
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@Mr X

How was that undisclosed? Did they take down the fencing and signs saying “DANGER! Unexploded Ordinance” that used to surround that land?

Shame really, there is a beautiful view from there.

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6 years 1 month ago
Anonymous
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Nothing will pop a bubble like unexploded ordinance.

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6 years 1 month ago
Priced out Renter
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People ,
Forget listings and sales statistics.
The number to watch is the “price changes”.
There are on average about 130 price changes a day, almost all of them reductions.
It’s the canary in the RE coal mine.

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6 years 1 month ago
Brian Ripley
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Post #7 “Quit dwelling on spiking yields. You’re going to be disappointed.”

Some people in the so called U.S. Housing Recovery crowd are going to be disappointed, see:

http://www.chpc.biz/2/post/2013/05/us-housing-big-money-update.html

U.S. Institutional Funds are buying property now for rentals that yield 6 to 8 percent a year, BEFORE COSTS such as insurance, taxes and vacancies!

According to Goldman Sachs, firms building new institutional real estate assets from the 14 million leased single-family residences that are worth an estimated $2.8 TRILLION…. even as demand for rentals rises amid a falling home ownership rate….. YIELDS (Investment Returns) ARE DECLINING and companies formed to buy the homes that have gone public HAVEN’T YET BEEN PROFITABLE.

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6 years 1 month ago
BWilson
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@ Anon. # 4

May 31, 2012 closing Canada 5 year yield: 1.242% so actually we’re quite a bit higher than a year ago, if you’re going to rip me at least get your facts right.

This matters because the relative improvement in the spring market has likely been driven by lower mortgage rates.

Rates have a huge impact on the market.

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6 years 1 month ago
vinylengraver
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Hilarious:
http://vancouver.en.craigslist.ca/nvn/reo/3841081142.html

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6 years 1 month ago
jesse
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“The number to watch is the “price changes”.”

I’m definitely watching it. Low sales don’t buy the GI Joe with the kung-fu grip.

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6 years 1 month ago
Troll
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Price changes are important, but they need context.

What is a ‘normal’ number of price changes per day? At what point can you declare the market in distress?

As an example, price changes are down about 20% from last year at this time. Does that mean the market is in better shape?

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6 years 1 month ago
BulbsForSale
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#13 – the funny part is that if that house was really for sale on the north shore they’d probably be asking $1.5 mil.

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6 years 1 month ago
Wakeup Call
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Lots of talk on BNN today about fear of higher rates as bonds got hammered and utilities continued to slide.
I wonder if extended homeowners are paying attention.

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6 years 1 month ago
Best place on meth
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At least something was “up” today.

http://finance.yahoo.com/q?s=^FVX

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6 years 1 month ago
Democrass
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“I wonder if extended homeowners are paying attention.”

Mark Carney has trained them to ignore concerns about higher rates.

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6 years 1 month ago
Anonymous
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@18 Fixed that link.

http://finance.yahoo.com/q?s=%5EFVX

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6 years 1 month ago
Wakeup Call
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@ memocrass

Got nothing against Carney, but the job doesn’t require much more than merely following the FED and his timing could not have been better. For starters, he was dealt an excellent hand, and the economy performed in his favour. His new job may be a lot more demanding, but he could not have picked a better time to leave the old one.

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6 years 1 month ago
Priced out Renter
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Troll # 15.
“Price changes are down by 20% from last”
Care to back your numbers up, Thanks.

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6 years 1 month ago
Guy Smiley
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Fact # 17

The lower mainland does not have gangs, it has cliques of legally creative entrepreneurs.

In a related note: More Realtors Behaving Badly

North van realtor Naz Mirhadi was not convicted of kidnapping, she was only “being an intermediary in regard to the money laundering transaction and nothing more.”

My guess is she will be severely reprimanded by the RECBC.

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6 years 1 month ago
An Observer
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#22 / #15

Trolls numbers are about right, price changes down around 15-20% from same time last year

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6 years 1 month ago
Troll
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@POR

Well you’ve been watching the number of price changes, so I’m sure I don’t need to back my numbers up, lol. But to humour you, May 2013: 134/day. May 2012: 162/day. How’s that canary doing?

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6 years 1 month ago