Friday free-for-all! Octoberish!

It’s Friday and that’s important here!

Yes, even when we miss a whole week of updates it’s still friday-free-for-all time.

This is our regular end of the week news round up and open topic discussion thread for the weekend.

-links coming soon, hopefully!

In the meanwhile, what are you seeing out there? Post your news links, thoughts and comments here and have an excellent weekend!

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tedeastside
Member
tedeastside

i can afford Santa Monica but i can’t afford world famous killarney fraserview so i need to make sacrifices…looks like i’ll be cruisin’ Sunset Boulevard and not world famous 49th avenue

Barb Rennie
Guest
Barb Rennie

Correct me if I am wrong (I’m sure you will) but aren’t Depreciation Reports mandatory for all Strata Titled Properties effective Dec 14, 2013? Which means that sellers need to provide to potential buyers with an accounting of potential future repairs. I wonder if this will actually scare buyers away from buying Strata, or if this is another huge waste of money once strata councils find a way of shifting costs and liabilities. I know that it is really hard to sell condos with impending special levies or assessments, because buyers are very put off by an extra bill that they may or may not be able to afford. Wouldn’t these depreciation reports (some more than others) be the same?

George
Guest
George
A condo owner is appealing a judge’s decision that forces her to sell her condo because she and her son were nuisance residents. What I find interesting in this story is that the condo was constructed so poorly that the son’s jumping up and down with heavy boots caused the joists to be cracked and may have cracked the in-floor heating pipes. I don’t care how heavy his boots were and how hard he jumped, that should not happen. When I think about the abuse my childhood home took, we jumped and danced on those old hardwood floors and nothing ever cracked. From the Vancouver Sun: “Residents alleged the Jordisons contravened the strata bylaws with excessive noise, abusive language, threats and harassment. Jordison also refused to pay $20,000 in fines. Dougan, who is representing the strata council, said residents want… Read more »
patriotz
Member

Are homes an investment? No way

Carrick’s headline is wrong of course. Homes are an investment all right – just a bad investment at today’s prices. Which the article he links to – on Shiller’s views – correctly points out.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

have any bears not capitulated? is there still a bear who is expecting a crash? is there still a bear expecting real prices to go back to 2001 levels?

WestEndBear
Guest
WestEndBear

EVEN THOUGH THERE IS NO CRASH COMING I MADE THE RIGHT DECISION NOT BUYING. I MEAN, WHO WANTS AN ASSET THAT HAS MORE THAN DOUBLED??? MO MONEY MO PROBLEMS RIGHT??

ALSO RENT IS HALF A MORTGAGE. THIS IS THE WAY THE MARKET IS AND HAS NOTHING TO DO WITH MY INABILITY TO GET A DECENT DOWN PAYMENT.

LIVING PAY CHECK TO PAY CHECK IS THE WAY TO GO. SHOULD I LIVE LIKE A PAUPER LOL!!

ILoveCharts
Guest
ILoveCharts
How many different ways is Vancouver residential real estate overvalued? It’s an important question. If real estate was only overvalued on a single ratio such as price to rent, then one might argue that there is a 50/50 chance that prices will drop or rents will rise. Similarly, if real estate was only overvalued on the ratio of price to similar properties in the US, then it is equally likely that the correction would occur through a drop in CAD to the USD. On the other hand if real estate is overvalued on multiple ratios (such as price to rent, price to income, and price to similar properties in the US,) then it becomes much more likely for prices will drop than for there to be a simultaneous increase in rent, income and property values in comparable locations. To get… Read more »
Loon
Guest
Loon

I feel Octobearish myself.

Snake
Guest
Snake

Dream deal- It’s the kind of home many of us dream of owning if we won the lottery. The high end house is situated near Mission Hill winery in West Kelowna. While it does have a for sale sign out front, it’s not being sold in the conventional manner. It’s being “auctioned off” and handed over to the highest bidder. With no reserve pricing, it could go for a steal. Klaudia Ceglarz reports.

http://globalnews.ca/news/909660/watch-dream-deal/

Boombust
Guest
Boombust

“Sunset Boulevard”?

Ugh. You swilled far TOO much Kool-aid, I’m afraid…

It’s a dumpy street in a dumpy town.

YVR
Guest
YVR
Bull!Bull!Bull! from the previous thread: yeah, buying condos is stupid, every one knows that. but anyone who bought a house in 2006 is doing WAY WAY WAY WAY better than renters. It looks like the ‘Bulls’ are changing the goal posts again. First they said who cares if the US goes down in 2008, then who cares about the Okanagan in 2009, then who cares about Victoria and Vancouver Island in 2010, then who cares about Whistler in 2011, then who cares about the Fraser Valley in 2012, now condos everywhere don’t matter in 2013. Hey BBB this in the Vancouver Condo blog BTW. You are running out of places where real estate always goes up. Even Westside SFH houses are down by over 12% in the past 2 years and Richmond is looking similar. And if condos are not… Read more »
Simon
Guest
Simon

RE: Capitulating Bears

Quote from a recent Bloomberg article on housing:

“..anyone familiar with financial history knows, it’s when there are no more bears left that the bear market begins.”

Balanced markets now!
Guest
Balanced markets now!
@YVR 11 You name all the places that had buying opportunities. I have a friend who bought a duplex for a steal in Kelowna last May. Not only is it cash flow positive, there has been some appreciation on it. It was a foreclosure. I have another friend who bought a townhouse chalet in whistler, put some muscle equity into it by moving some walls around, installing some granite – doubled the sleeping accommodations, and now is renting it out cash flow positive. I myself was up in Kitimat in August and bought a detached house 4bed, 2bath for under 200K, and have it rented out right now for 1800 a month. I put 5% down on it. Easy money. Once I have 12 months rent saved, i’ll start investing the proceeds into dividend ETFs For a lot of the… Read more »
tyler
Guest
tyler

Sunset Blvd.? Hahaha. Lost akk credibility there son. Turn off that Google Maps.

In other news, Google shares top $1000. S&P target now 2000.

I hope you are keeping up with the inflation around you ( bears probably are willfully blind to it).

The world is away in money!

Brian Ripley
Guest
Brian Ripley

re: #7 How many different ways is Vancouver residential real estate overvalued?

Perhaps add “The Flip Count” and here is the U.S. Flip count by volume (past 2 years) and by price range: http://www.chpc.biz/2/post/2013/10/us-flipping-update.html

tyler
Guest
tyler

Tedeastside:

Some advice: you will never be able to afford Killarney. Asian demand will only increase going forward.

Of course we can make believe ….

Snake
Guest
Snake

1)Generation Rent: struggling to rent never mind buy

http://www.youtube.com/watch?v=O332vuCgfVM

2)Nakedrealty.ca (skip to 27:30)

http://www.youtube.com/watch?v=xtYZc75_lh4

3)RON’S CORVETTE – FOR SALE!!!!

http://www.royallepagecreditvalley.ca/ronscorvette

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

remember when bears said that no speculator would be able to escape the coming correction because it would come so fast? lol…

well, the reality is that any speculator can take their sweet time unloading their properties.

mosesupposes
Guest
mosesupposes

I am as bearish as ever. Like a desperate drunk, the Vancouver real estate market just keeps drinking to avoid the hangover. But eventually even the biggest drunk will pass out and when he wakes he soon realizes that his attempts at avoiding the hangover landed up making it so much worse.

It's simple
Guest
It's simple

17
how do you know that RE is hot, 2nd I do not see any sold stickers until the price is dropped by 10 or more percent, 3rd no ham, just you selling to your neibour and so on

It's simple
Guest
It's simple

sorry 17 I meant 18

Balanced markets now!
Guest
Balanced markets now!

@tyler – 14

“Sunset Blvd.? Hahaha. Lost akk credibility there son. Turn off that Google Maps.”

Agreed, not interested, in the least, in blinging down Sunset Blvd with my young family.

I do, however, love the fact that within 15 minutes from home i can have my 22′ jetboat launched into the Pitt River, or any of the other dozen or so rivers within 90 minutes drive, where almost unlimited fishing, hunting, wild splendors present themselves.

Different strokes for different folks.

mosesupposes
Guest
mosesupposes

“how do you know that RE is hot”

He doesn’t. It’s typically pumper nonsense – setting the definition of “hot” to match the market.

Right now in pumper land average sales = red hot.

What to mess with a real estate agent? Ask them under what conditions it’s a bad idea to buy real estate.

Anarchist
Guest
Anarchist

@Snake
thanks for link on renting in UK.
Who are the landlords? Usual suspects. White greedy middle aged man and Chinese. Did you hear that white dude saying the should be thankful that the are renting from them because the kids would end up on the street!!!
Fucking bustards.

registered
Member
registered

@13 Balanced markets now!: You’re casting the net too wide. I checked your numbers and the Kitimat story actually sounds feasible. However, Kitimat has done a remarkable job of losing 25% of its population over twenty years of Canada’s fastest growth. It has twice the population of my office complex and the region appears to be the focus of a lot of commodity investment over the next few years.
Props on finding a good investment (for the short term) but a tiny niche market like that has no relevance to the national picture or normal home buyers. It’s makes as much sense as predicting Montreal using Grande Prairie. That kind of comparison only holds by thinking ‘bears hate housing’ on principle.

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