FFFA! What does the blog think?*

It’s that time of the week again!  Free-for-all time!

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

Vancouver bubble does its own thing
VancouverPriceDrop is back
Buy or Rent?
A Vancouver Calculator
Locals bid up prices, blame outsiders
Latest stats, 21 months since peak?
Singapore headed for Iceland style meltdown?

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

*The blog doesn’t think. The blog is made up of comments from thousands of different people, some of whom agree with one another, some who don’t.   

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blah-blah-blah
Guest
blah-blah-blah

Vancouver Condo Info – “the blog that doesn’t think”

Aleksey
Guest
Aleksey

Nice opening in the CBC’s article:

“There seems to be no end in sight to the housing bubble in two of Canada’s largest cities, with the real estate boards of Toronto and Vancouver reporting year-on-year price increases of two to 12 per cent for January.”

http://www.cbc.ca/news/business/house-prices-still-rising-in-toronto-vancouver-1.2524167

They just stated an obvious: Vancouver has the housing bubble. All bubbles inevitably burst. Just sit and watch.

Melba
Guest
Melba

Oh, My God! Have you seen on TV what’s going on in Russia today? Apparently, they’re hosting the Olympics! Shit! Now everybody is going to want to live there. Buy now or be priced out forever! Dasvidaniya!

Aleksey
Guest
Aleksey

#3 @Melba
Spot on.
Russians have a saying: “If only I always bet on the right horse my home would be Sochi.” I often compare Vancouver and Sochi because of the climate and prices. No we have one more thing in common =)

Softy
Guest
Softy

“Just sit and watch”

Sitting for 13 years and counting.

It is a soft landing.

Yunak
Guest
Yunak

Right, soft landing like this: http://www.youtube.com/watch?v=_nhxm5QEbYI

De La Riva Guard
Guest
De La Riva Guard
I’ve always thought it odd that no one here seems to be carefully collating which foreign nationals are buying local real estate. Are we talking about a monumentally difficult task here? Would an interested agency or individual be embarking on a wild goose chase, repeatedly stonewalled by shell companies, property managers, local relatives who “don’t sprechen sie the lingitty”? Is there simply no incentive to track this data? It seems that on the other side of the pond, however, there is great interest in who’s going where, with what, and buying what, where, and for how much. http://www.asianpacificpost.com/article/5958-chinese-exodus-triggers-real-estate-boom.html Chinese exodus triggers real estate boom Nearly 10 million Chinese nationals have emigrated to other countries in the past 23 years, taking billions of dollars in assets as well as their technical skills along with them. In 2012, the total number of… Read more »
tedeastside
Member
tedeastside

proud vancouverites should buy a billboard in lower Manhattan that says…world class vancouver if you lived here you could be working at a really small company right now,
and instead of watching the Yankees or watching Letterman Live or going to Radio city Music Hall, you could be in Vancouver looking at mountains all day

Brian Ripley
Guest
Brian Ripley

Vancouver residential Monthly Absorption rate ticking down and Months of Inventory is on the rise. (a negative for vendors):
http://www.chpc.biz/mar-moi.html

Bull Horse Mountain remains in a Bull Trap on sinking seasonal sales:
http://www.chpc.biz/bull-horse-mountain.html

There is a pulse, but not much desire.

Softy
Guest
Softy

Remember the rate hold buyer theory that was used to explain market strengh? That was hillarious.

Snake
Guest
Snake

lololololololz Says:
Tedeastside it took me all of five minutes to find you on facebook. you actually live in vancouver. stop lying. you don’t actually live in santa monica.Tedeastside If you are going to claim you live in Santa Monica, at least turn on your privacy settings in Facebook, which clearly show you live in Vancouver, and post on Vancouver related topics.
——————————–
ROFL

###########################################################
lololololololz Says:
Tedeastside facebook page https://www.facebook.com/matt.danton.90
—————————————–
Thankyou so much,that was the first FB page i visted when someone doesn’t have any friends.

Snake
Guest
Snake

Quotes FROM TEDEASTSIDE FB PAGES

Yet more people move to metro Vancouver every year….to work!!! I have a job..all my friends and family have jobs….vancouver is also a main port hub….Ted you are one of those people who complain about “no jobs” yet you probably complain about mining, oil and coal companies trying to take office in bc…..Do you have a job Ted??? If so, stop bitching. If ya don’t. ..stop collecting welfare

where do you get your information? You reek of ignorance

Ted. What are you smoking ?

tedeastside
Member
tedeastside

snake u send add me on facebook…..i like to hear sensitive types like u whine about comments

tedeastside
Member
tedeastside

proud Vancouverites this ones for you!!!!!

http://youtu.be/qZ9weWC3g3c

paulb
Member
Active Member

New Listings 200
Price Changes 49
Sold Listings 105
TI:13717

For weekly sales intel on a specific neighbourhood/city email me and I will add you to my Friday list. I send this info to a lot of VCI members and it’s no problem. http://www.paulboenisch.com

PizzaEater
Guest
PizzaEater

@7: ” Is there simply no incentive to track this data?”

Bingo! The only incentive is to NOT have the data. Then real estate marketers can get their employees to pose as fake foreign buyers and get stories in the news about helicopter tours for foreign buyers that are actually all just local real estate agents.

Whats the incentive on the other side? Who would benefit financially from information like Teranets estimate of foreign buyers in the 2% range?

Professor Farnsworth
Guest
Professor Farnsworth

The previous thread was highjacked by an immigration debate. I was wondering if I might highjack this thread to discuss education.

I have heard so many times that one of the big reasons for HAM coming to Vancouver is for children to get a world class education. Having attended two universities in Ontario as well as UBC and having spent time at a couple of other universities in the United States, I really have to wonder about this. In my experience, the quality of the facilities and faculty at UBC are second rate when compared to truly world class institutions such as Stanford or even the University of Toronto. Perhaps I am wrong and foreign students are actually flocking to Vancouver to study at Capilano University or SFU but somehow I doubt it.

crikey
Guest
crikey
Just found out that a good friend of mine and is splitting up from his longtime wife of 20+ years. Problem is, sadly they owe more on their house than they can possibly get for it on today’s market. That is despite having bought the house the house around 8 years ago. Over the years, between all the regular mortgage house expenses, all the “one-time” things that had to be fixed several times, and all the optional renovations they were inspired to make (Thank God for HGTV, eh?) … Yes, they are worse off today than when they bought. And so now, they are quite literally *stuck*. Despite the fact that they are split, they cannot sell their home and go their separate ways because they refuse to have any outstanding debt after selling. And so they are waiting. Patiently.… Read more »
crikey
Guest
crikey

My chuckle of the day:

$2,175,000 house for sale on smallish lot, boasts 2 bedrooms downstairs for “extra mortgage helper, would rent for approx $1500-$2000/mo” (V1039397)

That’s right, because anybody that can afford to pay $2.2 million badly needs the annoyance of sharing their basement with total strangers, just to make ends meet.

No, this isn’t going to end badly. No, people aren’t living beyond their means. At all.

Bo Xilai
Member
Bo Xilai

Oh Great… Can’t wait… Somebody tell Gregor Robertson and Garth Turner.

Exclusive: Vancouver facing an influx of 45,000 more rich Chinese

http://www.scmp.com/news/world/article/1423370/exclusive-vancouver-facing-influx-45000-more-rich-chinese

Joe Mainlander
Guest
Joe Mainlander

Over the last 8 years about 25,000 investor class immigrants have settled in Vancouver.

http://www.ibtimes.com/vancouvers-skyrocketing-housing-prices-are-mainland-chinese-investors-blame-1510934

Over the last eight years Vancouver has grown by 300,000 people. The investors make up 8% of that growth.

There no mention of when those applicants will arrive, if they are all accepted.

45,000 may seem like a large number, but you have to look at the order of magnitude and compare it to Metro’s overall growth rate of 30,000 or so per year to understand the significance.

Is the 8% the cause, or is the cause to be found in the 92%? Or is to be found in the population that were already here?

Renter
Guest
Renter

@Bo….true lot’s are moving here, but lot’s who are. already here are moving back to Asia, I hear it a couple times a week, this is just more drivel to keep proping up RE sales….. Bunk junk

BEd
Guest
BEd

Chinese students do not come for a “world class” education. They come for a free education and for university an almost free education. They or their parents pay no income tax here because they are economically supported by a non-resident.

When you see the parents on TV saying that’s they come for the great schools, ‘great’ is code for ‘free’.

The schools here are obviously not great.

patriotz
Member

@23:

Why would a wealthy person send their kids to a mediocre university just because it’s cheap? They sure don’t in the US or anywhere else I know.

As someone else mentioned, “free” and “cheap” really don’t count much to rich people.

An Observer
Guest
An Observer

@Joe Mainlander “Over the last eight years Vancouver has grown by 300,000 people.”

This chart doesn’t give the full picture but it has 2006 to 2011: http://www.metrovancouver.org/about/publications/Publications/Census2011PopulationGrowthTrends.pdf

According to that Metro Vancouver grew by 200,000 over that time (5 years) which roughly matches your numbers but lets look at things a little more closely. Where are investor immigrants moving to? Not Surrey. If you look at Vancouver City, West Vancouver, Richmond and Burnaby the population change over those 5 years is roughly 62,000 and likely half of the Vancouver City increases are van east which again, they are not moving to so realistically we’re looking at 50K population growth.

So now does 45K investor visa’s look a little more significant?

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