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FFFA! Slump, no bubble, price drops, etc.

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155 Comments

Well, well, well.

Looks like it’s that time of the week again!

Friday Free-for-all time!

Yep, It’s Friday and that means it’s time for our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few links to kick off the chat:

–Van prices fall for 13th month in row
–SunLife: expect 10 – 15% drop ‘over time’
–Vancouver Peak community guidlines
–New forum reputation system
–West side spec houses
–Richer? Poorer? Make up your mind!
–Whats up with the banks?
–A debt averse home hunter?
–A housing slump in India
–

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

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F1 2013, Formula 1 2013

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paulb

Hey Vangrl, I look forward to it! Feel free to contact me anytime and tell me you are from VCI.

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Dave

^^^ Don’t hold your breath.

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vangrl

God i wish prices would hurry up and come down so I can use you Paul!

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paulb

New Listings 298
Price Changes 153
Sold Listings 128
TI:17255

P.S. If you are interested in following the sales of a particular city/neighbourhood please contact me. I send customized market data to a select few of my past and present clients each Friday. It’s a great way to get a better feel for a local market and to see what homes are selling for. pboenisch@sothebysrealty.ca

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Beuller

Interest rates are about 1/3 where they were in 2002
Home prices are about 3 times what they were in 2002
Home ownership is at an all time high
Household, personal and mortgage debt is at an all time high
Rates just started to normalize after years at the all time low
Total real estate stock has grown more than population growth since 2005.

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Son of Ponzi

Harvey # 148.
Is your comment xenophobic or RE related?

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Harvey

so is there LNG terminal in Kitamat or not? Are there any investors interested or not for that project. these articles are so confusing. just propaganda for sheeple.

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Barb Rennie

Ham Solo, what’s the address of the condo in Whistler?

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Son of Ponzi

RealtorCheck #144.
house prices in 2002 were about 1/3 of what they are now.
Interest rates then were not as much a factor as they are now.

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Son of Ponzi

#143
you’re probably right.
I found the Aussie lift handlers quite agressive last winter.

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RealityCheck

Post 133 Its Simple said “cheapest 5 year bank mortgage 3.69 today. I think the bull’s are shitt’n their pants ha ha he he”

Son, fixed rates were much higher (50% higher) during the Bull run from 2002-2008. It’s clear that it wasn’t rates that caused the 2002-2008 Bull Run. The Bull run from 2009-present was at fixed rates more or less around 3.69%.

So what now?

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patriotz

142: “Is this remark xenophobic or RE related?”

Most likely both. Obviously RE related, and probably about Aussies. 🙂

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Son of Ponzi

“This is why we don’t rent to white ppl.”.
N. # 129.
Is this remark xenophobic or RE related?
Just wonna be sure.

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WWW

“Of course the evicted tenants, who were probably service industry people in Whistler, weren’t thrilled and held an “eviction party” on their way out, thoroughly trashing the place.”

this is why you don’t rent to white ppl.

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Son of Ponzi

Pawn.
“We’re merely pawns”.
it toolk you how long to figure thiis out?

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pawn endgame

“VANCOUVER — Back in May, when Christy Clark’s Liberals won a commanding mandate in the B.C. provincial elections, the premier drove home one point — the election was won on the economy.”

c’mon Chuck (or is it the Sun’s editors?)
this first paragraph is not the truth.

the election was won by Crispy because the alternatives were not acceptable. The day of the vote, May 14, 2013, assured the voters would have this reaction because of something called ‘election astrology’. I’m not going to go into it too deep.. but for those that are curious, the elite in our society does this type of thing all the time. We’re merely pawns.

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HAM Solo

Yes, land value still there. Except to be useable, the new buyer has to pay for demolition and removal. And, despite worries that Canada is “running out of land”, there are plenty of other sites at Whistler where the new buyer would not have those costs. Still you might get 1/12th of something, less closing costs, less accumulated liabilities.

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softly

#136 – surely, if this is the case, their best plan would be to sell the property for land value, and salvage what they can? Either way, me laughs.

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HAM Solo

Interesting anecdote from this weekend. At a party with someone who owns one unit in a multi-unit Whistler condo. The condo is ~30 years old, wood frame construction. Not good condition. About two years ago, the strata agreed upon a plan to renovate the property. Many of the people who owned units did not have much money. Therefore, there was a lot of debate over how much budget to authorize for the renovation and the owners voted to hire a fixed-price contractor with a set budget. However, due to rising building costs, including wood, labour etc, the first contractor withdrew. So did a second. The strata council revised upwards the budget, and a third contractor was engaged. Because of the pending renovation, many of the unit owners served eviction notices on their tenants so that the building would be empty.… Read more »

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mac

And who will it end up killing?

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mac

Who is the ricin for?

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It's simple

cheapest 5 year bank mortgage 3.69 today. I think the bull’s are shitt’n their pants ha ha he he

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jesse

TD Economics report on CREA data released today: http://www.td.com/document/PDF/economics/comment/CanadianExistingHomeSales_Aug2013.pdf The housing market has proven more resilient in 2013 than we had anticipated. The outperformance has been particularly notable on the price side. – The recent strength in Canadian housing needs to be kept in perspective. Sales are still well below historical peak levels. Four rounds of insured mortgage rule tightening have worked to temper home sales, which are still 11% below the peak reached in late 2009. – Some of the strength over the summer months may reflect buyers jumping into the market in order to get ahead of increases in interest rates – 5-year mortgage rates have increased 70 basis points since June 2013. Looking forward, however, the increase in longer-term mortgage rates is likely to keep housing demand in check. TD loves to tout how the move to… Read more »

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Softy

“Sales are stronger for 2nd week in September than 2010, 2011, or 2012. Maybe this is all expiring rate-holds. I don’t know. But facts are facts”

Yes. Red hot sales. It’s a soft landing with sights of taking off again.

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