BC, data, economy, equity, hype, presales, prices, supply

Vancouver Flippers in Trouble

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82 Comments

Some of you may recall various ‘flippers in trouble’ blogs during the US bust.

They were popular in California, Nevada and Miami.

These chronicled various sales or attempted sales of real estate that didn’t work out as a road to easy riches.

They were the Nelson laugh of the housing bear.

Well in case you missed it Vancouver now has it’s own version.

condont

Vancouver Flippers in Trouble chronicles local sales or listing prices that work out as a loss. Here’s what they say on their ‘about’ page:

A website dedicated to following the bursting of the Vancouver Real Estate bubble by documenting real-life losses on properties purchased during the bubble.

Know of any flippers in trouble? Enter the details in the comment section or in the contact form below and we’ll try to feature them on an upcoming post.

It’s not just the flippers either, sometimes those have held for a while look to be trying to squeak out without too much of a loss.

Like this place that six years later is asking $100k less than it was bought for, or this place in Spectrum that looks like it’s up for its second sale at a loss!

If you’re looking for the antidote to ‘real estate always goes up’ you’ll find it there!

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Hymie Garshman

Real estate is great!

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Sunshine 123

RE: Barb Rennie #26

“How about addressing the problem of giving University education to foreign students”…

you are kidding me, right ? When does a racist cares about education ? If you actually finished high school, you might have developed some insight beyond the ones your incestive family has provided for you…We need a stronger monitoring system on this blog to screen out Nazis like this from spilling their hate on to the public.

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Sunshine 123

Re: Barb Rennie #26

“…Rather than concentrating on the individual unsuccessful flippers, I think it is more important to think about what happens to Canada.”
Hey racist bitch, don’t ever use Canada as your reason to make Nazi statements. As a Canadian, you certain don’t speak on my behalf…watch your back next time you out walk in Vancouver…

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Anonymous

‘Go to German Schools that produced:
Einstein, Beethoven, Kant, Wernher Von Braun, Nietzsche, Heisenberg, Wagner, Brahms, Schoppenhauer, Goethe, Max Plank, Porsche, Ferdinand Benz, etc, etc.’

Your list is curiously missing the most infamous gang of evil criminals the world has ever known. Do I have to tell you who they were?

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Anonymous

At Langara: 20% of the seats are for international students. They have first priority for registration in the courses of their choice.

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Anonymous

Asians know that houses (value is the land) take 25 years to pay off in Canada……..but will generate rent for 200+ years.

Most in Canada don’t know how to build inter-generational wealth.

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Barb Rennie

Barb –
Exactly.
In addition, some of them keep the house when they leave and rent it to dumb locals like me.
—————————

And you are helping them pay off their mortgage? Those asians sure are smart. Can’t play hockey, but they have the money to buy box seats at GM place.

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Van coffee

Barb –
Exactly.
In addition, some of them keep the house when they leave and rent it to dumb locals like me.

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Barb Rennie

In China and Hong Kong, Vancouver is known for getting an education for your kids, cheap sushi, lots of good chinese restaurants in Richmond, and good clean air. Vancouver is not known for gainful employment, or investing in a business. After your child gets a UBC degree, take them back to Hong Kong or China to make some real money. The parents may buy a house, a car, dim sum, but that’s about all you’re going to get.

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Anonymous

Enough of this Godwins Law crap.

Most of us now here in vancouver are not of European ancestry so it doesn’t apply to us now or in the future. It was not a part of our upbringing and never will be!.

Hitler. There!

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Laurey

China is down 1% but Honk Kong is up 1%. Bears, what does it mean for Vancouver RE ? Are we crashing? or should i look at BMW take over leases on craiglist to get a clue?

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Spec

and son of ponzi. Every time you run afoul of Godwin, God kills a kitten.

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Dyugle

http://www.canequity.com/stats/canadian-mortgages/british-columbia/index.phtm
In response to how the mortgage business is going.
In a word Ouch!

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Anonymous

Shibor those aren’t all “rights”. PRs for all intents and purposes are citizens, some have been in Canada over 60 years, and have never bothered to get citizenship. Why would they bother? They already have valid passports issued in Europe.

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Son of Ponzi

Anon,
I knew you would fall into that trap.
Hitler was born and raised in Austria!
Bingo!

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Anonymous

Son of Ponzi: “Go to German Schools that produced:
Einstein, Beethoven, Kant, Wernher Von Braun, Nietzsche, Heisenberg, Wagner, Brahms, Schoppenhauer, Goethe, Max Plank, Porsche, Ferdinand Benz, etc, etc.”

Ding, Ding Ding…Son of Ponzi wins the “no life” prize for the 1000th post in 3 days. Good job SOP.

You forgot Hitler BTW as what a German education system produces.

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GT

You can call it something else, and everybody has until now. But that doesn’t change a thing. Trying to solve a debt problem with more debt creates bigger bubbles. In the end, there’s one rule that always applies: credit bubbles lead to debt deflation, and the bigger the bubble, the more deflation there will be. It’s inevitable. And it’s not all bad: it cleanses the system, albeit in a painful way. But the longer you try to postpone it, the more painful it becomes.

http://theautomaticearth.com/Finance/deflation-by-any-other-name-would-smell-as-foul.html

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Son of Ponzi

Yesterday, detractors said the June TI is way lower than last year’s June TI.
Fact is as of June 24 TI is 18527. Last year at July 2, TI was 18,800.
With 6 more days to go, we are on track to do better than last year.

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jjss

#17

The People’s Daily

“The central bank is not a wet nurse to the stock market. If it saves the stock market, it will in fact be harming it,” the paper wrote.

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Shibor this

@patrioz “Permanent residents are not foreigners. They have the same obligations and are entitled to the same benefits as resident citizens.”

You’re quite wrong. PR’s are technically foreign nationals.

They do not have the same rights as citizens. E.g. they cannot:

– Vote or run for political office.
– Hold certain jobs that have a high-level security clearance requirement.
– Remain in Canada if convicted of a serious criminal offence and have been told to leave the country.

In fact Bill C-43 just received royal assent; it will automatically boot PRs out of the country if they receive a jail sentence > 6 months.

Just the facts…

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Son of Ponzi

Anon,
The downside is that you’d have to go to a School in Germany.
Here’s the choice:
Go to German Schools that produced:
Einstein, Beethoven, Kant, Wernher Von Braun, Nietzsche, Heisenberg, Wagner, Brahms, Schoppenhauer, Goethe, Max Plank, Porsche, Ferdinand Benz, etc, etc.
Or to go to a Canadian School that produced what?

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Anonymous

space889

UBC is a money making machine. It builds and sell RE to wealthy Chinese and It wants as many foreign students paying high tuition as possible.

Part of this is to keep fees lower for locals, but most of it is to pay top dollar to the army of administrators and to attract ‘top talent’ like Tsur (ha!)

http://www.vancouversun.com/health/dominates+salary+rankings/8196320/story.html

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Anonymous

Happy 18.5k

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Aleksey


I have to disagree with you. Take a look at the budget of any university in BC and you will find that it’s partly covered by tuition fees from foreigners. My friend who is a foreigner student at UBC pays >25K per year in tuition fees only. Compare it to ~5K for citizens and PR. http://www.students.ubc.ca/coursesreg/tuition-fees-deposits/tuition-fees/

My university and many others depend on international students. Regarding your remark on PR students, I have to say that I haven’t met students with PR status who has an intention to go back home after graduation, but that’s just my experience.

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