FFFA! Spring is sprung!

Hey! Welcome back!

Its that time of the week again, Friday free-for-all time!

Time to do our end of the week news roundup and open topic discussion thread for the weekend.

-we need to add links here.

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

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tedeastside
Member
tedeastside

in real cities like Seattle SanFrancisco and Los Angeles people know what industries are paying the bills

in a phantom city like vancouver nobody knows whats paying the bills in that town’s mysterious economy

crikey
Guest
crikey

@aa4#67
There is no such thing as dream annual property tax payers from the perspective of city hall
. City hall always collects every penny their budget calls for, not more not less. if every home in the city was a 25 year old $300k bungalow, property taxes for each would the same for each home compared to if every home is a $4 million new built oversize box (which is where things are headed).
Property taxes are based on the city budget for the year (and only secondarily on value relative to others in the area).
Property transfer taxes are a different story, but city hall doesnt get that money does it?

Heard Herd selling
Guest
Heard Herd selling

Dip in March sales = buyers wait for higher asking prices, higher price mean market still going up, price stall or fall and it confuses buyer eager to see price uptike, sooner the prices hit 8 million dollar average the better. Hint Mao will be reincarnated as Ronald MacDonald before that happens.. Keep filling your boots folks as Shit has hit the fan:-)

aa4
Guest
aa4

If I was a media guy, I would have word docs with all the canned spin statements to explain away any dip in house prices or sales numbers.

Good ones about foreshadowing the big rise in April. “Historically April is a strong month.. yet some early birds have beaten the rush and the bidding wars this year and bought in March.”

aa4
Guest
aa4

Possibly the Vision party will achieve its goal of transforming Vancouver into the greenest city in the whole world by 2020.. if Vancouver is completely unihabited mansions that no one who lives in the greater area can afford.

Basically those are dream tax payers. Imagine the property tax on a 4 million home must be in the $15,000 a year range. Yet with no one living there, no need to provide municipal services.

In comparison citizens of British Columbia seem like crumby residents for the municipalities.. They can’t afford anywhere near that much property taxes, and they demand a lot of service for their property tax money.

UBC in crisis mode
Guest
UBC in crisis mode

How to spin March’s low sale numbers by Vancouver media:

1. “A cold and rainy March hinders house sales”
2. “Post Chinese New Year holidays affected HAM Purchase Plan”
3. “The Nation is holding breath for an April housing rebound”
4. “Experts expect house price jump in the summer”
5. … …

Too many ways to spin

Heard Herd selling
Guest
Heard Herd selling

Rumor has it lotsa Chinese have gone back to China to liquidate real estate holdings so sales in Vancity have slowed, upon return they will list and sell here. My Asian friends are now wearing depends

UBC in crisis mode
Guest
UBC in crisis mode

Sales in Van West so far:

apartment/house/duplex
New listing 484 189 69
Sold so far 101 42 18
Listing(Feb)561 251 82
Sold (Feb) 293 154 47

It looks like the sales are way lower than last month.

Son of Ponzi
Guest
Son of Ponzi

#62
also featured in a prominent role will be Brodie, The Mayor of Ditchmond.

Heard Herd selling
Guest
Heard Herd selling

Rumor today is a new reality TV series will be shot this summer, “Hamville” staring Bob Peenies & Gregory Robertson. Sponsored by Bosa Concert & Scam Good. The series will depict corruption, embellezing, and political deception all of which is fueled by cleaning dirty money from China via Vancity real estate. Rated PG88

Son of Ponzi
Guest
Son of Ponzi

Gregor, The Mayor of HAMville.

Collie
Guest
Collie

Re#49 George.
On the subject of Green Vancouver, here is a little insight.
I live slap bang in the middle of Westside HAMville. Two neighbouring houses are newly built monstrosities (old houses demolished, trees felled) but even though empty, all the outside light are on, every night. Between the two houses there are over 60 lights burning in the gardens and exterior.
So Mayor Moonbeam, you imbecil. How does that work into your PowerSmart Vision!!!

southseacompany
Member
southseacompany
From The Economist: “Housing markets. Double bubble trouble. China’s property prices appear to be falling again.” http://www.economist.com/news/china/21599395-chinas-property-prices-appear-be-falling-again-double-bubble-trouble “Bubbles often go on longer than expected. This newspaper warned about America’s internet and housing bubbles years before they burst. What is unusual about China’s bubble is not its persistence but its prevarication. It seems to be bursting for a second time.” “One fear is that China’s developers are building houses for the wrong people (speculators) in the wrong places (backwaters). Instead of accommodating China’s overcrowded urban masses, too many houses stand empty, serving as stores of value for people dissatisfied with bank deposits and distrustful of the stockmarket.” “Because China has misallocated housing, some parts of the country remain overcrowded while others remain empty. A bubble is always bursting somewhere, even as another inflates elsewhere. In China’s patchwork housing market, the Cassandras… Read more »
tedeastside
Member
tedeastside

Marijuana means more to Vancouver’s economy than Cars mean to Detroit

patriotz
Member

@55: “Would be great if BC can implement this to $ 2M+ properties.”

That should be “would”, not “can”.

In fact the NDP government of the 1990’s proposed doing just this (with a lower threshold, but the same properties would be $2m+ today) but backed off.

You may estimate the chances of the present government implementing this.

Skook
Member
Skook

Sunshine Coast Sales Update…

I have just posted the SC sales result for March 14 – 20. We are still on track for this month being the worst for March sales over the last 12 years (from 2002).

Here’s the post link:
http://vancouverpeak.com/showthread.php?tid=5236&pid=5996#pid5996

T
Guest
T

http://www.zerohedge.com/news/2014-03-22/imfs-property-tax-hike-proposal-comes-true-uk-imposing-mansion-tax-soon-year

Interesting new tax. Would be great if BC can implement this to $ 2M+ properties.

Re-diculous
Member
Re-diculous

Actually not a bad article from the G&M this time:
“Who’s most likely to end Canada’s housing boom? Janet Yellen”

http://www.theglobeandmail.com/globe-investor/inside-the-market/canadas-housing-boom-vs-janet-yellen/article17620552/#dashboard/follows/

patriotz
Member

@40: “In the US they have plenty of 3 bedroom units.”

Well maybe in New York City. In the City of Seattle (population 634,535) Zillow lists 68 condos for sale with 3 or more bedrooms, and most look like town houses or duplexes. And the high rise units (what somebody in Vancouver would call a “condo”) all seem to be luxury.

But maybe that’s because you can buy a SFH in Seattle for the price of a condo in Vancouver.

LS in Arbutus
Guest
LS in Arbutus

From the Vancouver Sun article in #49 a Facebook page called, “Vancouver Vanishes” which is documenting the homes being knocked down.

https://www.facebook.com/VancouverVanishes

RFM
Guest
RFM

Just updated on sister site VancouverPeak is my Marketing Buzzwords topic. My new category ‘I’m DESPERATE’ is added to reflect the current direction of sales. Here’s the link: http://vancouverpeak.com/showthread.php?tid=5247

Loon
Guest
Loon

After reading that Mainlander Bob Rennie piece, it affirms that Vancouver real estate development plays a significant part in it’s political foundation. It’s not outright corruption, but pretty damn close.

When this cash cow finally dies, it will have a far reaching impact.

George
Guest
George
From the Vancouver Sun: “Houses in desirable west-side neighbourhoods like Kerrisdale, Point Grey and Dunbar routinely sell for $2 million or more. They are often sold to developers, who knock them down and put up a bigger home that sells for upwards of $4 million. “And nobody lives in it,” said Adderson, an award-winning writer. “It’s not an increase in density, it’s not green, and it’s not increasing affordability — the price of the house doubles. Nobody (in Vancouver) can buy it. And then it’s empty, because it’s bought by (overseas) investors, or developers who are building it to attract investors… She notes Vancouver’s governing Vision party promotes itself as environmentally friendly, and has a stated goal of making Vancouver the greenest city in the world by 2020. She wonders how the city will pull it off when every house… Read more »
KK
Guest
KK

Thank you for the statistics VMD. A very abrupt change in trend to March 2014 so far.

VMD
Member

Estimated Mar/14 month-end official stats:
Sales: 2550
Inventory: 14500
Months of Inventory: 5.7 (was 5.3 in Feb)
Only other time Mar MOI> Feb MOI was in 2008 (4.8 vs 4.3)

Greater Van 10Y March Avg Sales: 3362
Est. March Sales: 2550 (-24% vs 10Y)
(Feb/14 was -3.8% vs 10Y)
(Jan/14 was +5.9% vs 10Y)

– For Mar 2014 Sales to hit 10Y (2004-13) Average, the remaining 6 business days need to average >250 sales/day.
– For Mar 2014 Sales to hit -10% of 10Y Average, the remaining 6 business days need to average 200 sales/day.
– For Mar 2014 Sales to hit -20% of 10Y Average, the remaining 6 business days need to average 140 sales/day.