It’s the end of another week!
Let’s do our regular end of the week news round up and open topic discussion thread for the weekend!
–housing boom pushes 1 in 10 to deep debt
–Inventory graph update
–Home prices suffer smallest increase since 09
–Are we getting richer?
–Absurd property comparison
–Vancouver island historical data
–putting the ‘rust’ in ‘trust’
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
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RE: Richmond listing @ $719k (formerly $789k…supposedly)
Who gives a f#&k and what’s the big deal. There are dozens of homes offered for $700k or less in Rmd, E Van, Bby, Coq, NWest etc. In cesspools like Maple Ridge, there are over 500 detached homes on the market for this price or lower. I’m pretty sure some of them have had to lower their asking prices too. Yes bulls, say it isn’t so…
@ s11
RE: Kevin O’Leary on the Steven and Chris show on CBC just said…
Why are we even bringing this a-hole’s name up? This guy is maybe a notch or two above your typical Howe St hustler and has made a lot of bad calls over the years. His call on shipping co’s like FRO emptied the bank accounts of many of his viewers. The most recent endorsement of Blackberry (after the co became the sponsor of Dragons Den…lol) is beyond laughable as the stock has done nothing but tank since then. Lastly, he is the ultimate hypocrite for ripping the govt, politicians etc while at the same time working for the CBC (presumably because no one else would have him).
Barb,
Ask your condo pusher brother for the info and stop calling my boy a liar.
Or you can just google the MLS number.
Son of Ponzi,
you are lying – there is no listing in Richmond priced at $719,000. Originally at $789,000 listed for $70,000 under assessed. Why do you feel the need to lie when there are actual sellers that are reducing their prices and are listing for under assessed? Why are you such an idiot?
Deep Debt Sheep Say: “. The city is also an overcrowded economically unproductive shit-hole which should be bypassed on the way to a better life in a different place. ”
so you are on your way to sophisticated Regina dumbo?
Deep debt.
Sorry to disagree.
Vancouverites can ski, play golf, surf and work at McDonald’s all in the same day.
Reality is suspended in the BPOE.
Vancouver bidders and shills like @Harvey need to get over themselves. The city forms the nexus of an open air debtor’s prison extending across the entire nation. The city is also an overcrowded economically unproductive shit-hole which should be bypassed on the way to a better life in a different place.
There is always some sort of scam going on in Vancouver whether it be penny stock gold miners trading assay fraud in the 80’s and 90’s to the present day version of penny stock miners – sovereign mortgage loan insurance being remarketed by banks and realtors.
Realtors are not selling property, they are selling taxpayer obligations to cover the bad loans being made on 300% overpriced Canadian RE. Don’t forget it.
V1015813 – “Sellers have spent over $1 million to build this house to the highest quality………spend $75k-$100k to finish”. Don’t know the story behind this but to come up short on this someone must be pooping their pants! Spec build gone bad?
Oh noes, 18K has fallen.
We won’t see 18K again for a long time, probably not until tomorrow.
A breakdown of Psul B.’s numbers shows the following:
July 14.
157 sales and 101 expired listings. About 10 expireds for every 15 sold.
July 15.
156 sales and 124 expireds. About 12 expireds for every 15 sold.
It’s too early to draw any conclusions from this small sample, but it appears that expired and withdrawn listings are having a major impact on inventories.
When these expired listings are coming back on the market in the future, probably in the fall, we could see a serious pickup in inventories, leading to much lower prices.
THe number of July 15th expirations (because they COULD NOT SELL) would account for the overall drop in inventory.
So, we’ll see an uptick in a few days as people re-list…at LOWER prices.
Get it now?
18k is fallen. man that was easy. hope you guys at least invested in S/P.LOL
MLS #F1311358
Assessed – $590,000
List – $514,900
Sale – $476,500
New Listings 271
Price Changes 101
Sold Listings 156
TI:17999
Plus (on too many other listings) the word sought. As in sought-after. I’ll give any agent $50 if they can use the word sought in another sentence. And no… sought I saw a puddycat… doesn’t count.
Anyone care for a good laugh?
“INVESTORS: Four brand new studio apartments in boutique Fairview Slopes townhome development, ALDER CROSSING, with projected positive cash flow as furnished rentals! (Projected capitalization rate of 4.7%). A City of Vancouver Rental Covenant ensures that the Strata Corporation can’t prevent rentals on these suites so your investment and your exit strategy are secure. Room dimensions are for one of four studios.”
Hahaha… like big wigs are coming from the international film industry to rent apartments for astronomical prices and live on top of a highway.
#156 franko is right
Anyone still doubtful about higher rates for a long time?
According to BNN, June had the highest monthly withdrawal from bond funds sine 1990.
No matter how much Bernanke would like to slow down the transition, the private sector just ain’t listening. We all knew it had to come eventually, and it’s time to pay the piper.
Could take a while for shoppers to clue in as they scramble to get in before expiry of their pre-approvals, but it could be a long ugly road as rates will continue to climb on and on while property values decline…as they always do with major reversals of rates to the upside.
” it is safe to say that there is no end in sight to high Vancouver Real Estate prices”
Anecdotes of losing money were non-existent until recently, well save for 2009 of course. But other than that.
When some guy says his condo is worth the same as what he paid in 2006 that perks my ears up a bit. Dude can’t rebalance a condo; he left close to 6% annualized gains on the table and got close to zero instead. And I’m not even mentioning the precarious capital position out of sympathy. Ouch.
Demo & billy,
Would a guy called Ponzi lie to you? 🙂
This is, in essence, a true story.
My friend also reads this blog. He used to be a bull, but now he’s quite bearish about Vancouver.
All the information is true, except for the location of the property.
Anecdotes from Ponzi do NOT count. He already discredited himself with richmond inventory. He is on some kind of medications.