FFFA! Best Free Mortgage Tower Plans

Hey!

It’s that time of the week again, lets do our regular end of the week news round up and open topic discussion thread.

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

Canada: 3rd most overpriced
Inventory graph update
More Vancouver Facts
Estimate with Zoopraisal
Not your 90s market
The biggest condo sale
Newest price drops: free mortgage
5 more towers at Metrotown?
Magic marketing on the coast
Who lies and why?
Renters: copy your landlords ID
Squamish Data
Slowing at the debt trough
Has Vancouver hit bottom?
Largest price declines
Realtor Hunger Index

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

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Waiting to exhale
Guest
Waiting to exhale
I have been contacted by two of my realtor friends in the past week both proclaiming that the market is turning and that this is a good time to buy. One of them even mentioned that interest rates will be rising this Friday. When they tell me this I argue that they should look at the ten year average. Sales are still around 20% lower than the ten year average and this is with major banks advertising mortgate rates under 3%. If you compare stats between spring 2012 and 2013 it is like comparing chicken manure and cow manure. Yes cow maure is better than chicken manure but it is still manure. One of them had the audacity to say: “You better get in now I bet you five years from now people will say that Spring 2013 was the… Read more »
rp1
Guest
rp1
Anonymous
Guest
Anonymous

Areas of strength
Green shoots blue skies
Rainbows rainbows rainbows

Areas of weakness
Sour puss bitter pills
Earth wind fire

On we go wagons ho
To the breach on the beach

Weak or strong
Told in song now
Won’t be long
Won’t be long

Anonymous
Guest
Anonymous

Lots of greed in this city. MLS # V1001630
Bought for $1.58 M Sept 2011 by HAM.
Listed May 2013 $1.88M
Same old pictures used to relist. So probably no $ spent on up-dating.

There are one hundred examples of this. Local and HAM buyers trying to flip a recent purchase for several hundred thousand more with-out any money spent. I would like to see these opportunist get their just rewards.

Lifetime Renter
Guest
Lifetime Renter

Very interesting employment stats this morning. Haven’t seen an industry by industry breakdown for BC but the climb in unemployment in this province (where most other provinces show an increase in employment) is in line with what occurs as the downward slide from the top of a hyper-inflated housing market begins to bite. This should result in an acceleration of that decline. Will be very interesting to see the stats on inter-provincial migration as that, too, if it shows an increase in people leaving the province, will provide a further indication.

Bailing in BC
Guest
Bailing in BC

Thanks for listing my Squamish data. I have updated it again to highlight some interesting cases. It is far from complete. If anyone has pieces of the puzzle they would like to add that would be great.

If you would like to see the realtor hunger index in graph form it is on RFM’s thread. Just scroll down.

Ponzi Pete
Guest
Ponzi Pete

Re post number 4

You say it was last sold in 2011? Are you sure because the property description includes this.

“This immaculate home has seen the family grow for 35 YEARS and is ready for a new family.”

Surely the realtor hasn’t used the same description as well as pictures from 2001? If so how can they get away with this? More importantly how are they allowed to?

All this is doing is creating a short-term flip investor driven ponzi scheme. The only ones who will be left holding the problem will be those who go long…i.e those who actually want to live here and work here.

Ponzi Pete
Guest
Ponzi Pete

Sorry ‘2001’ should read 2011 above.

crikey
Guest
crikey
I visited the Vancouver Sun online real estate section yesterday for the first time in a long time (yeah, I made sure my stomach was empty first). Anyways, after a couple of years of a terrible Vancouver market, including two years in a row of depreciating values and the worst Vancouver real estate stats in a decade, it is nice to see that the Vancouver Sun is finally focusing its real estate stories on the reality and ongoing risks in Vancouver’s overpriced real estate market. Just kidding! The Vancouver sun continues to be a mouthpiece for Vancouver real estate propaganda. And by “mouthpiece”, I mean the Vancouver Sun’s mouth is firmly on the real estate industry’s piece. Here are the top headlines in the Real Estate section of the Vancouver Sun website: 1. “Vancouver’s priciest condo sells for record-breaking $25… Read more »
Anonymous
Guest
Anonymous

Record setting job creation in Canada last month!!!!!!!!!!

Now surely that is a sign of a crash….hahahahahaha.

You guys are sooooooo wrong.

anon to anon
Guest
anon to anon

Record setting job creation in Canada last month!!!!!!!!!!
Now surely that is a sign of a crash….hahahahahaha.
You guys are sooooooo wrong.

read the fine print………. and what of B.C.?

Regionally, employment rose in most provinces with Ontario realizing the lion’s share of the increases, adding 50,600 workers. Employment rose by 18,600 in Alberta and 20,100 in Quebec

Anonymous
Guest
Anonymous

Post 11:

—> You Are A Pessimist. 95,000 Jobs last month and you TRY to find flaws. If the same number of jobs are produced this month, then what? you will still TRY to find flaws.

Enjoy your day. I sure know homeowners are knowing their properties went up by several thousand dollars on this news alone.

Democrass
Guest
Democrass

Mortgage rates have increased. As reported by Garth:

And on that note, here’s the latest bulletin sent to realtors yesterday by the nice mortgage executive at Scotiabank:

FYI- Rates are to increase 10bps on the 5 year to 2.99% as of Friday. Any clients needing a pre-approval please have them contact me asap. TD and RBC have already increased as of June 4th. Also, if you provide clients name and number I can rate hold for 30 days and then submit pre-approval at the end of the 30days allowing an additional 120 day rate hold………… Thanks and enjoy your afternoon!.

Goldmember
Guest
Goldmember

Record setting job creation everywhere – except for BC which LOST 15,700 full-time jobs last month!!!
Yep, rising rates & mortgage payments, and no job – fun times!

Meanwhile Ontario gained 87,600 full-time last month. In case you had any doubt which way interest rates are headed.

Democrass
Guest
Democrass

Increasing mortgage rates arrive right on schedule to end the seasonal spring bounce that the real estate market enjoys every year.

Canary in the RE mine
Guest
Canary in the RE mine

Stronger Job growth = Stronger Economy = Higher Interest Rates = RE Crash.
Homeowners are shanking in their boots.

Democrass
Guest
Democrass

At least some realtors understand the typical seasonality of the market. This is from Vancouver realtor Duncan Brown:

* AS PREDICTED IN MY LAST NEWSLETTER, THE MARKET IS FOLLOWING A TRADITIONAL SEASONAL PATTERN WITH EACH MONTH THIS YEAR SEEING AN INCREASE IN SALES VOLUME OVER THE LAST AND PRICES NOMINALLY INCREASING

http://www.housevancouver.com/

Anonymous
Guest
Anonymous

“Record setting job creation in Canada last month!!!!!!!!!!”

Yes but Starbucks baristas can’t afford a mortgage payment.

Lifetime Renter
Guest
Lifetime Renter

To add to Goldmember #14 The loss of 15,700 full time jobs from April to May is stunning even if partially offset by a gain of 15,400 part time jobs. Year over year BC has lost 6,100 full time jobs and gained 1,000 part time jobs. This does not bode well for maintaining obscene price levels for shelter.

aa4
Guest
aa4
Real estate appreciation has been a great percentage of the Vancouver economy. Like if someone’s house has appreciated by 100k since the last time he looked, and they take out 100k in home equity, they spend it locally. Like hire contractors to carry out home improvements. Those contractors then pay for things locally, whether it is going to the local pub, repairs for their truck or what have you. Eventually the money dissipates as a percentage of the spending in each round goes to things made abroad. Now imagine homes are no longer appreciating, and taking out that 100k in home equity is not possible. The home improvement contractors are not hired, the pubs do not have the contractors going there, the truck repairs are not needed, in fact the truck is not getting enough use to need repairs yet.… Read more »
Canary in the RE mine
Guest
Canary in the RE mine

Another record breaker for Open Houses this weekend.
Can smell the fear. The bears are roaming in the burbs.
Better get out now!

Canary in the RE mine
Guest
Canary in the RE mine

Check this out:
Now you can buy a house in the prestigious Westwind area in Richmond for $ 795,000.
V1011200.
Also, there are 3 listing realtors.
If it takes 3 realtors to sell a house these days, that tells me that RE in Richmond is in trouble.

Canary in the RE mine
Guest
Canary in the RE mine

This just in:
RBC hikes mortgage rate!

Seafair Dweller
Guest
Seafair Dweller

While property values are on a slow decline here, in China they are still rising. I wonder if and how this could affect our local market?

http://www.scmp.com/business/china-business/article/1255011/china-vanke-chair-wang-shi-again-warns-china-housing-bubble

Canary in the RE mine
Guest
Canary in the RE mine

When the Chinese RE bubble bursts, it will have a devastating effect on RE in the Lower Mainland.
Especially Vancouver West and Richmond.
Chinese investors will have to liquidate their Canadian holdings to cover their losses in China.

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