Pimco talking down Canada again

The worlds biggest bond fund seems to think there’s some sort of an issue with the Canadian real estate market.

Ed Devlin sees a decline somewhere in the range of 10-20 percent for home prices across the nation.

“And if you get that kind of 10-, 20-per-cent real correction, that should alleviate some of the stresses,” he added in an interview with our real estate reporter.

“And so that’s kind of what what we’re seeing. It will start this year, it could be bumpy along the way.”

To be clear, Mr. Devlin is not forecasting a sudden crash, but he joins a chorus of voices, from Deutsche Bank to the Organization for Economic Co-operation and Development, in raising red flags.

Deutsche Bank, for example, believes the Canadian housing market is the most overvalued in the world.

Read the full article here.

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UBC in crisis mode
Guest
UBC in crisis mode

On Van West, sales are way down for Feb, 2014

apartment house duplex
Feb new listing 496 231 74
Feb sold 70 52 9
Jan new listing 695 398 112
Jan sold 286 131 36

space889
Member
space889

Obviously this guy has never been to China where the average apartments more than 1 hour from city center by subway can cost the average worker 100 years+ of salary pre-tax.

Skook
Member
Skook

For anyone following the Sunshine Coast, I have just uploaded January & February sales data in the VanPeak forum. Here’s the link:

http://vancouverpeak.com/showthread.php?tid=5236&pid=5935#pid5935

I’ll ad the HPI and Benchmark data for both months as soon as the REBGV releases its Feb sales stats package.

paulb
Member
Active Member

New Listings 320
Price Changes 130
Sold Listings 115
TI:14246

http://www.paulboenisch.com

Loon
Guest
Loon

320! C’mon baby !

Johnny-boy
Guest
Johnny-boy

Still HAM buying on the North Shore.

Those who deny it are fooling themselves.

Jimmy
Guest
Jimmy

Johnny-boy Says:
March 3rd, 2014 at 6:04 pm 6
“Still HAM buying on the North Shore.

Those who deny it are fooling themselves.”
——————————————
Johnny-boy, perhaps you should join them and buy a place on the North Shore, and then let us know how your investment performs over the few years.

Son of Ponzi
Guest
Son of Ponzi

# 7
what part of HAM don’t you get?
It’s not an investment, it’s a means of washing dirty money.

Johnny-boy
Guest
Johnny-boy

As Ponzi says it is not an investment. they don’t even bargain.

When they want something they offer full price.

It is easy money and heck I would be happy too, if I could exchange a few phone-calls and some nepotism for a nice home in a safe part of the world, where my property is protected and the streets are kept clean and safe by the locals.

Johnny-boy
Guest
Johnny-boy

F&%^ knows why my posts are getting voted down.

HAM is buying almost ALL the expensive homes on the North Shore and Van West. It is a fact.

Go to open houses, see which realtors are buying, talk to the sellers and ask them who is buying, watch the houses sit empty after they are sold.

If you want to believe that isn’t the case, fine , stick your heads in the sand and pretend if it makes you feel better.

Skook
Member
Skook

A new twitter account created on Feb 28th has some scratching their head including Ben Rabidoux…

https://twitter.com/FakeCMHC

Looks like one to follow and a good match for…

https://twitter.com/stats_canada

What?

JR
Guest
JR

My client is real HAM. His opinion and that of his circle of friends is that she’s going down, his house is on the market with fingers crossed. In fact the greatest fools of all will be the last HAMs in, sold by the HAMs that bought before them.

Snake
Guest
Snake
nom nom nom
Guest
nom nom nom
Yunak
Guest
Yunak

@JR

HAM enjoys to screw HAM. That’s how it works, their modus operandi, that’s where they came from, continuous screw-up.

mac
Member
mac
The lack of HAM bargaining isn’t because it’s dirty money or not dirty money. It’s more about cornering a market and pumping it up to sell onto another mainlander for profit. You guys should have a few conversations with the Westside realtors off the record. They can tell you how it works. For instance, in this “down” market for luxury homes, the buyer from the mainland will often have other people here make lowball offers to see the lowest the seller is willing to go. Once that price is estimated, the real buyer comes in, makes a deal and negotiates a long close (as possible) with as little down as possible. Then they look for another mainlander to flip it to. If they can’t find one, they wait until close to the closing date and threaten to walk from the… Read more »
mac
Member
mac

JR & Yanuk. You will like my comment above. HAM screwing HAM and screwing locals too. A real double ender.

mac
Member
mac

Johhny boy,

You’re at the beach when you come to VCI. It’s all sand here. Sand and buttocks in the air.

southseacompany
Member
southseacompany
Rob Carrick, Globe & Mail: “Think Gen Y will prop up Canada’s housing market? Think again” http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/think-gen-y-will-prop-up-canadas-housing-market-think-again/article17225753/ “Heard about all the struggling members of Generation Y who wonder how they’ll ever afford a house? Steve’s not one of them.” “Now, he’s thinking about home ownership. He wonders, is it wise for a young person like himself to buy now, or is the market headed for a fall as baby boomers unload their family homes? “I’m curious who they think is going to buy their houses at the prices they expect to get,” Steve said.” “In Steve, we have a Gen Y member who believes in home ownership and can afford to buy. He’s just nervous about buying into a market that seems headed for a mismatch between sellers expecting top dollar and buyers with limited means. “You’re going to have… Read more »
VHB
Member
VHB

Mar-2014
Total days 21
Days elapsed so far 1
Weekends / holidays 2
Days missing 0
Days remaining 20
7 Day Moving Average: Sales 133
7 Day Moving Average: Listings 228
SALES
Sales so far 115
Projection for rest of month (using 7day MA) 2668
Projected month end total 2783
NEW LISTINGS
Listings so far 320
Projection for rest of month (using 7day MA) 4564
Projected month end total 4884
Sell-list so far 35.9%
Projected month-end sell-list 57.0%
MONTHS OF INVENTORY
Inventory as of March 3, 2014 14246
MoI at this sales pace 5.12

Hey how y’all doing.

Village Whisperer
Member
Village Whisperer

Welcome back, VHB.

VanRant
Member
VanRant

VHB. We missed ya. Just in time to watch the fireworks.

tedeastside
Member
tedeastside

another big round of For Lease signs on Robson street….tough times for the best place on earth

patriotz
Member

@9: “As Ponzi says it is not an investment. they don’t even bargain. ”

Well then I will ask you again, why don’t you buy know since you’re so sure that you’ll be able to sell later at any price you want?

vangrl
Member
vangrl
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