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Realtors say condos a great investment

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Royal LePage has released a report that forecasts condos values to have a robust future.

Yes, even Vancouver condo values, which have stagnated for years!

Status perceptions, too, have done a 180, according to Chris Simmons, owner/broker, Royal LePage Westside, City Centre and Sunshine Coast. In 1974, buyers kept condo purchases down to a disdainful two to three per cent of the housing market. Today, the idea of houses barely flickers on buyers’ radar. Instead they’re thinking about whether to buy a condo in a bustling or quiet location.

Simmons just placed a professional couple in a $750,000, 1,140-square-foot, two-bedroom-and-den condo near the Olympic Village, “with nice views and well located.”

Hopefully the proud new owners are in a building with heat!

We’re still waiting for the report on the future value of cars from the automobile dealers association, but early rumours have us excited!

Read the full press release news story in the Vancouver Sun.

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Son of Ponzi

Now I get it.
NPRs are people who race their Maseratis up and down NO 3 Rd in Richmond at 30 km/h.

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Molasses

I recently drove from San Diego to Vancouver – off the main coastal neighbourhoods, I was amazed at how poor US citizens appeared to be. There do not appear to be jobs or very poorly paying ones.

It is sad compared to how mighty the small towns were 50 years ago (from what I have read).

Granted my drive was not a scientific survey – but I was so shocked to see this and very sad. If it can happen to the US, it can happen here.

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RealityCheck

Non-permanent immigrants are a major factor in the price run-up in the last 10 years. And they are not counted in stats.

Foreign students and temp workers come here to get permanent residency any way they can. They ate not here to get a ‘superior’ education. .lol

And when their visa expires, they don’t leave even though stats can counts them as having left. Trust me on this one.

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2.79% 5 yr. NEVER AGAIN

That money (MORE THAN EVER) will chase limited assets.

True but Vancouver RE is not a limited asset. There is more of it everyday and it has just gone through a one in a generation bull market.

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patriotz

@53: “they are the ones who buy vacation homes and leave them empty.”

I don’t know if that’s supposed to be a joke, but a non permanent resident is someone who is living in Canada who isn’t a citizen or permanent resident. Surprise.

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tedeastside

if i had to live in vancouver i’d cry like Steve Francis too

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tedeastside

wonder if David Duchovny will buy a vacation home in vancouver

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Sold2Soon

Is it just the stricter debt ratio standards that become even more conservative after December 31st that were announced earlier?

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Son of Ponzi

#52
they are the ones who buy vacation homes and leave them empty.

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mls watch

Non permanent residents are immigrants? Or tourists?

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Aggregator

I remember McLister tweeting something about CMHC starting income verification after Dec 31st. Could be that.

Is that such a shock for brokers? OMG, I can’t insure my clients falsified income? Not fair!

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VMD

rumor from a mortgage broker an hour ago:
“Wow, WOW, if true, this new #cmhc #mortgage rule change will sure clean up our business and fast!”

I asked if he can elaborate he said “not until I read it with my own eyes to believe what I just heard”

guess we’ll stay tuned…

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paulb

New Listings 57
Price Changes 21
Sold Listings 48
TI:13366

http://www.paulboenisch.com

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Son of Ponzi

#44
thanks.
Temporary foreign workers and Non Permanent Residents are making up the bulk of immigrants to the Lower Mainland.
If that’s the case, we are screwed up to our eyeballs.

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gradinita

I wouldn’t be aware that buying and selling domains ended way up right here, even so presumed this particular publish used to be very good. I do not comprehend which that you are having said that certainly you’re going to any well-known tumblr for those who are not already. Cheers!

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Aggregator

Latest OSFI data for charted banks as of October. (YoY%)

HELOCs (-1%)
HELOCs for Business Purposes (31%)
(i) Insured Residential Mortgage Loans (2.2%)
(ii) of which pooled & unsold [banks insured MBS holdings] (21%)
Uninsured Residential Mortgage Loans (12%)

Uninsured mortgages increased by a net change of $45B y/y. while insured and pooled MBS holdings increased by $29.5B y/y. Clearly there is pressure against CMHC’s capacity to insure loans, which is why they securitized more mortgages under CMHC guarantees.

F will have to increase guarantees higher then $85B/month at some point in the future. Genworth IIF could max out by late next year too.

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squeako

“Realtors say condos a great investment”

This is an occupational group that says whatever it suits them to say or not.

But, in fairness, I suppose there is the odd good apple in the barrel.

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Loon

NPRs = Non-Permanent Residents.

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Best place on meth

Bond yields are creeping up again after spending a few months consolidating their gains from the summer.

http://finance.yahoo.com/q?s=^tnx

I look forward to what the new year will bring.

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crikey

@#37: “Isn’t the sale price of something the actual definition of ‘fair value’?” Clearly, if I can convince just one idiot to pay $100 for the lint in my pocket, then $100 is the ‘fair value’ of the lint in my pocket. I better talk to the Vancouver MSM stat! I have a whole new line of ad revenue business…”Best Lint in The World” articles and op-eds, “Official Lint of the Winter Olympics”. After all, unlike the vast amounts of unpopulated land in Canada, and the vast amounts of wood and resources available for us to build with for our very small population in Canada…. the lint in my pocket is in extremely limited supply! But we aren’t running out of land (or spaces for Condo boxes in the sky) in Canada. Buy the line now or be priced out… Read more »

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RealityCheck

Listen closely to these points:

1) US stocks at highest level in history.

2) Total Bond Market Capitalization is at the highest level in history.

3) US housing just posted a $1.9 Trillion aggregate gain over the last year, the highest since 2005.

Now what don’t you doomers get?? The US is awash in money…unless you’re the bottom 50%.

That money (MORE THAN EVER) will chase limited assets.

Its really simple if you’re not an eternal pessimist.

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patriotz

@37: “Isn’t the sale price of something the actual definition of ‘fair value’?”

“Price is what you pay, value is what you get”

– Warren Buffett

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bestplaceonearth

“That’s why you can’t rely on predictions.”

relying on bears’ predictions only? how have those predictions been reliable in the past 11 years and counting? bears cant see beyond their zippers.

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Melba

….single family homes in nice neighbourhoods are the very last thing in the world to fall below fair value….

When, in the entire history of mankind has anything ever sold for below ‘fair value’? Isn’t the sale price of something the actual definition of ‘fair value’?

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