Who wants to throw in the proverbial towel?

Bull! Bull! Bull! had a question in yesterdays comment section, but as usual it was quickly voted down.

Not to worry, we’ll highlight it here:

@vancouvercondo.info
@VMD
there is always a lull in posts during xmas. that lull would provide you a good opportunity to retire from the vancouver bear scene.
most people stop posting during the holidays. all you have to do is not start again. thus you, and this blog would simply fade away.
it seems like a dignified to end your mission. you were wrong. that’s ok. just accept it and fade away into the winter sunset. VHB has already done it. maybe your time is coming too…

Not sure why this was also addressed to VMD, but what do you think? Are you readers getting tired of the Vancouver real estate market yet?

Should we set the site on fire and walk off into the sunset? As suggested we could just shut down for the holidays and never come back.

The only thing that gives us pause is that this commenter also seems to desire rain over dry cold weather. Sorry, can’t agree with that one!

But what do the rest of you think? This site is getting long in the tooth and hey, there really has been no dramatic house price crash yet. Does the current situation prove we’re wrong? It’s only been 19 months since the peak of house prices here and the theoretical buyer of a 2009 condo has only lost $35k.

Time to call it quits?

69 Comments

newest

oldest most voted

Inline Feedbacks

View all comments

Peter

7 years ago

You need a recession and rising unemployment rate before you see substantial drops in home prices. Even if interest rates go up in the next few years (not a certainty) and unemployment rate does not rise, home prices will not crash, maybe move down a little bit more or move sideways. The bottom line is, another recession has to materialize before we see home prices crash 20% or more.

bestplaceonearth

#65
sold since 2007? gosh, no wonder you are always angry!
who else are angry around here? most of you, and VMD’s parents.

Blah!

@Xyz: “@Blah! I really think you are being ripped off..3300 is rediculous IMHO”

Sorry if I wasn’t clear Xyz. I am the OWNER, not the tenant. I was the one who had a choice of seemingly excellent tenants.

Until last year I paid $1600 for an older (but tidy and fully functional, other than having only one bathroom) four bedroom house West of Nanaimo and North of Broadway, which was assessed at about 850. We have the entire house and lot to ourselves. Last year the rent went up to $1850. This might not be a typical deal. First, the property is assessed based on lot value alone, given the location and given that the size of the house vs the price makes it a tear down. We are also ideal tenants with perfect credit. I turned down many other houses and chose this one carefully. That said, this is not a highly unusual deal. For peace of mind, I check similar rentals in the neighborhood at least once a year, and I always find that I would… Read more »

YLTNboomerang

I’ve been around since I sold in 2007, ain’t going anywhere till this bubble pops then I’m going to find the “it’s not fair, we were told houses only go up” blog and make sure they know who “forced” them to buy….nobody!

Bull! Bull! Bull!

@born a Vancouverite

you should ask Spacemonkey. he’s renting over $900,000 of real estate for $1,600/month.

renter_is_betterer

i rent a full house in Vancouver for $1,800. it’s 5 minutes walk to my work, downhill both ways, and both the front and back yards face south.

why would i buy?

Interest Only

@Bull X3

I know a number of people who used to post regularly here that don’t anymore, but they still read avidly here and are even more bearish than before.

Facts are facts, Vancouver real estate prices aren’t supported by fundamentals. We all know that the party can go on longer than expected. It always does. The party ended two years ago, we are just waiting for the alcohol to wear off and the hang over to settle in.

Son of Ponzi

Softy, so far this year there were only 3 days with more sales than listings.
Throw in the towel.

Wow

Assuming you could continue to pay $2000/month in real terms for the next 20 years, and even with a measly 1% real discount rate, you would only spend $435,436 in today’s dollars to rent that “Million dollar house”.

And the big savings:
1) Minimize opportunity cost by having free capital to invest elsewhere.
2) No operational costs, property tax, maintenance expenses
3) You can exercise your free call option to buy when the prices are more inline with your utility.

The potential downside:
1) Home prices go up [BEYOND what you are saving from above]
2) Rents go up (on an inflation adjusted basis they have generally been on a downward trend. Therefore, not likely.

In summary, I think you win!

Cancelled/Expired: 58

Xyz

@mac. I’m still here… :).

paulb

New Listings 124
Price Changes 40
Sold Listings 164
TI:14101

http://www.paulboenisch.com

Name goes here

I rent a full house (4 bedrooms, 2 baths) in south Burnaby assessed at $$$ ONE MILLION DOLLARS $$$ with a view of the mountains for $2,000/month.

Softy

165 sales today according to Chipman. Nothing stops this market.

I’m paying in the neighbourhood of 1600 for a house, 3 bed, great front and back yard. It’s in north burnaby, which is a terrific neighbourhood, we do have tenants under us, who are great. @Blah! I really think you are being ripped off..3300 is rediculous IMHO, now did the landlord show you the people who applied and were turned down, or was that a story you were fed… Cause I am not buying it.

YobiKanobi

even BPOM quit.

mac

OK. So we’re all ready to call it quits except:

Patriotz
Jesse (I’m guessing)
Bo Xilai
Koozdra
Many Franks
Doomcouver
Atomic Frog
VMD?

Anyone else?

DOC

Please call it quits, the party won’t start until the last bear is done.

RaggedyRenter

Amateur landlords probably think their unit is one-of-a-kind special palace, but in reality there are probably a lot of similar units for rent in the area.
The last time we’re looking to move, I checked out craigslist, and sent out e-mails to 5-6 unit. I was courteous, explained who would stay in the unit, my employment status , income, list of reference etc and I asked for a lower price (The units are listed from 1600 to 1750). I asked for $1400.
Most are willing to budge, I got anywhere from 1430-1550. I ended up renting an older rental building for $1400. The newer units may have nicer appliances but they’re way too small.

bluechipbear

Hang on to the towel.
Saving and waiting here…..personally making far more progress that way right now than if I was saddled with a mortgage. Also gives me the opportunity to wait it out for a better market. The true “bubble” is in credit and cheap money, and when that pops…..

mls watch

Craigslist tells you what landlords wish they could rent for, not what the median rent is.

wutwut

OK… I’m going to say what everyone else is thinking….

Spacemonkey is paying $1600 for half of a house not the entire house.

wut?

Spacemonkey is paying 1600 for half of a house not the entire house.

born a Vancouverite

I periodically look at Craigslist to see what a laneway house on the westside of Vancouver rents for. Owners are asking $1800 to $2300 per month for a 2 bedroom place for 750 sq ft (which is on the larger size). These are asking prices and they increase to $3000 for a furnished laneway. Does anybody know what the owners actually get in the way of rent as some of these have been on Craigslist a while. I don’t know how Mayor Moonbeam thinks this creating affordable housing for families since they are way too small.

Vancouver Condo Info

Who wants to throw in the proverbial towel?

Bubble? What Bubble?