Three months until the Strata Depreciation Reports are due.
http://www.housing.gov.bc.ca/strata/regs/

How will this play into numbers in Q4?

I think that sellers in condos that voted to not prepare the reports should expect to reduce their price.

As the Dec 13th deadline draws closer, I think that sellers in the remaining condos will have a harder time selling their units if the report is not yet complete. Why buy in November when you can make a much more informed decision in December?

On the other hand, it also appears that there are a lot of fools who are happy to buy into buildings with obvious problems so maybe this won’t have as much of an impact as it should.

@ tedeastside

Totally agree, without a lot of high paying jobs here people cling onto RE as their only hope of wealth creation, which makes them easy prey for those that try to sell them that dream.

Canada August job numbers were just released this morning the headline number was pretty positive +59,200 jobs in Canada, BC added 6200 jobs. However, BC lost 9800 full time jobs and gained 16000 part time jobs. If you value a part time job as 1/2 a full time job, BC lost jobs last month. Realistically, a part time job is worth less than half a full time job in terms of economic impact.

BWilson,
That’s why job numbers should be reported as FTEs (Full Time Equivalents).
Also interesting is the trend to hiring older workers, which does not bode well for BC’s economy as younger workers will have to leave the Province.

the vancouver bear blog bubble is popping! the cut and run legacy of VHB lives on!

don’t worry though, a new batch of blogs will pop up once the real estate market makes it’s next run up. after all, a sucker is born every minute!!!!!!!!!!!!!!

http://vreaa.wordpress.com/
last post 14 July 2013

http://vancouverpricedrop.wordpress.com/
last post August 2, 2013
second last post June 27, 2013

Translation of Troll! Troll! Troll!:

“Isn’t it great that the people who want housing to be affordable for the average Vancouverite aren’t getting what they want?! Isn’t it great that developers, banks and real estate agents are getting rich at the expense of the average family?! Isn’t it fantastic that professionals are leaving or not coming here in the first place?!”

“want housing to be affordable for the average Vancouverite”

The average vancouverite appears happy to pay super high, unaffordable prices. If they wanted affordable housing, they would not pay anaffordable prices.

I love the spin that a two month reversion to the 10 year average in sales (without any price increases) is somehow a great Bull victory.

So Average Sales + No Price Increases = Bull Market? Right.

You should run for City Council, softinthehead. You would fit right it. Here is Kerry Jang on the definition of “affordable housing”.

http://www.straight.com/news/418221/vision-vancouver-accused-misleading-residents-use-term-affordable-housing

“Well, you know, affordable housing is something that somebody can afford,” Jang replied.

It’s up to people to make “decisions as to what’s affordable to them”, the Vision Vancouver politician explained.

“Generally, if you can’t afford to buy a home, you rent something,” Jang also said.

The average vancouverite appears happy to pay super high, unaffordable prices.

Happy?!? Really?!? I know that sellers are gleeful that they’re getting the prices they are, but buyers happy? The only reason that buyers are not despondent about the prices that they’re paying is because they think (or have been told by the Real Estate Industrial Complex) that they will be able to sell for more than they purchased in the future.

” love the spin that a two month reversion to the 10 year average in sales (without any price increases) is somehow a great Bull victory.”

It proves that its a soft landing. No crash on the horizon.

“Well, you know, affordable housing is something that somebody can afford,” Jang replied.

It’s up to people to make “decisions as to what’s affordable to them”, the Vision Vancouver politician explained.

“Generally, if you can’t afford to buy a home, you rent something,” Jang also said.

All three statements are correct. Affordable housing is, in fact, housing that is affordable. It is, indeed, up to people to decide what is affordable to them – should the government tell them what they can afford?. And it is also a fact that renting is cheaper than owning, so if you cannot afford to buy, you will rent.

Canadian Job Creation Triples Forecasts in August

BUT

“Education workers fell by 22,400 to lead declining industries in August. The finance, insurance, real estate and leasing group cut 18,500 jobs…”

Got a bit more time on your hands these days Softy?

Hmmmmm….

Apparently, August was bumper month for home sales but the industry still managed to whack 18,500 jobs. Wonder what a downturn looks like?

In any case, seems like there’s lots of lease-foreclosed Beemers suddenly available.

Do you see the ignorance of you last statement softy? It is only because of the government that housing has gotten to where it is today.

With record-high prices, record-low mortgage rates – which are certain to rise in the near future – no bank in their right mind would be issuing 95% LTV mortgages if they weren’t guaranteed by the government. And rates wouldn’t be this low in the first place if central bankers weren’t manipulating them.

Softy,
Many people prefer to rent, even though they could afford to buy.
Rather than buying an overpriced, depreciating asset, they are investing the 50% bonus of renting vs. buying.
And come out way ahead.
And remember, once the RE market has deflated, they can always come back and swoop up the bargains.

Should say “net affect on market PRICES is nil”

“And come out way ahead.”

Until something like 2000 or 2008 or 1987 happens.