Won’t you please help a hungry house salesperson?

Are you aware of the Vancouver Realtor Hunger Index?

Across the city you’ll see used house salespeople who are having trouble making their german auto lease payments – a decline in the glory days of Vancouver real estate affects us all.

That lost commission translates into a deferred payment to a local auto dealer, who might not buy that extra big ad in the local newspaper.  Will that editor buy his ounce of weed this month?  Will that grow op have the money to expand?

These are the big issues to consider.

Please.

If you’re thinking about buying a house or apartment in Vancouver BC or know somebody who is, your commission can make all the difference.

Just jump in and do it. Now is the time.

The Vancouver Realtor Hunger Index for February 2014 stands at 62%.*

And while thats nowhere near the worst that we’ve seen it, it’s a hell of a lot worse that the halcyon days of 2004 where for two solid months every used house salesperson in the city was fed.

You can help.  Buy a house or condo in Vancouver BC and lets keep this economy rolling.

*A big thanks to RFM for the data. 

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RealityCheck
Guest
RealityCheck

It is Foreign Money, Foreign investors, 100,000’s of RICH Foreign Students, and half million Temporary Workers trying to sneak into Canada the back door way that have caused this real estate mess.

If RE ever crashes, I would consider it morally correct if anyone who gets underwater to walk away….function in the cash economy for 7 years. If the gov doesn’t care about you, you shouldn’t care either.

IMMIGRATION SHOULD HAVE BEEN LEFT AT THE 220,000 level (+ no temp immigration) it had been for the last 2 decades.

Now it is:

285,000 Permanent Residents
300,000 Foreign Students
550,000 and counting Temporary Foreign workers
50,000+ Intra-company transfers.
150,000 and counting people who have overstayed their visas.

This is the government you voted for in action.

RealityCheck
Guest
RealityCheck
Oh, for the uninitiated, the latest scam is having babies. I just went to India and this is what ‘everyone is doing’: A young couple decides to get married in India. One gets a study permit (to study in Canada) based on an English Test. The spouse can accompany the person who is doing the studying. After about 9 months or so….a baby is born on Canadian Soil. Instant Canadian Citizen!!!!!!! Then the parents are at ease and don’t care if they don’t get permanent residency. Their child can always come back to Canada when he/she grows up (and the child’s children for 2 generations). This is what Harper’s Government is openly allowing. I was amazed when the number of babies born in Canada the last few years began to rise even though demographics say they should be declining. And… Read more »
RealityCheck
Guest
RealityCheck

…people are lining up to open Provincially Accredited schools in foreign nations for all these babies born in canada.

http://www2.gov.bc.ca/gov/topic.page?id=A372D5EE9D5D48F68F462A450E70CE73&title=BC%20Global%20Education%20Program%20%u2013%20Offshore%20Schools%20List

ILoveCharts
Guest
ILoveCharts
Let us all take a step back and remember three things: 1) We have one of the lowest population densities in the world. 2) For every “foreigner” buying a house at these inflated prices, there are probably 5-20 Canadians doing the same thing. 3) Rents are still reasonable and no one is forced to participate in this crazy market. It’s definitely a mess. Interesting how quickly everyone is pointing fingers at the foreigners though as if they were the sole cause. The real root of the problem (and the root of our anger,) is related to: A) Completely inappropriate mortgage rules B) Poor financial policy that was intended to boost the economy but really just boosted the housing sector C) Poor city planning which means that we waste most of the land mass in the country and a majority of… Read more »
tedeastside
Member
tedeastside

thats just the reality of vancouvers economy, anchored by marijuana and flipping houses…its not a corporate city or an industry city, or even a job city

tedeastside
Member
tedeastside

having your kid born in canada is stupid unless your dream is going on disability for life, Canada is a dead end, no opportunity country…

if you’re really smart you’ll have your kid born in America where they’ll have endless career opportunity, you can be ANYTHING you wan’t in America…….canada not so much

George
Guest
George
Another SCMP article to save to the hard drive. Some quotes: “Oxford-educated Ley has particularly noted attempts to downplay the impact of the scheme and its closure on Vancouver’s sky-high property prices, which he said represented deliberate “suppression”. “There are interest groups who are in denial and the moment that you or I make a suggestion [about the impact of rich immigrants on property prices] we are immediately racist and this is how the discussion has been closed down,” the University of British Columbia academic said. “We are very polite in Canada and if anyone raises the red flag of racism then everyone shuts up. To my mind that is an irrelevance. The issue is investors, wherever they are coming from, creating an issue of affordability in the market.” Ley’s previous research revealed the exceptional correlation between international immigration to… Read more »
Johnny-boy
Guest
Johnny-boy

I just went to India and this is what ‘everyone is doing’:

You went to a country of one Billion and saw, by chance, a scam where people get pregnant and deliver in Canada!

How come there is no mention of it newspapers /on line etc. My BS monitor just went off.

SS
Guest
SS

Richmond homes linked to passport babies
http://vancouver.24hrs.ca/News/local/2012/03/07/19472861.html

Of course this got very little local press

RFM
Guest
RFM
Thanks for featuring my groundbreaking and statistically sophisticated VRHI! :))) A few thoughts: I check the REBGV website regularly so I won’t miss the day they change the number ‘11,000’ in their description of the number of ‘realtors’ they represent. It will happen! And, I predict, the new number will be ‘10,000.’ Next, some ‘did you know’ questions: Did you know the lowest the VRHI got in 2013 was 55%, in July? Did you know that in calendar years 2002, 2003 and 2004, the VRHI was BELOW 55% all year? Did you know that even the ‘horrible’ year of 2008 had a yearly average VRHI of 64%, the same as 2013? Did you know that although the first two months of 2014 saw an improvement in the VRHI over 2013, the numbers are still below the 17-year average for the… Read more »
Many Franks
Member

@George:

Oxford-educated Professor David Ley, author of a book on the subject, holder of the Canadian Research Chair in Geography, photographed here in front of an Actual University, certainly knows his logical fallacies — he’s managed to fit an awful lot of them into one little column.

I suppose it didn’t occur to him to try correlating debt with house prices?

david
Guest
david

Kudos on the very witty post today. Well done.

chilled
Member
chilled

I was at The BC SPCA on Grandview a few days ago and they actually have Realturds in some of the K-9 cages, waiting for adoption and a new home. So if anyone wants to adopt a Realturd, head on down, but be sure to get your new friend neutered, we wouldn’t want it breeding.

@chilled
Guest
@chilled

yeah, i know right? cause sales are so bad compared to the 10 year average right?

i mean, it’s not like there are tons of people who get the real estate licence just to save money a couple of transactions per year. like builders, for example. or people who do it on the side and have a full time job.

bears have NOTHING to gloat about. that’s reality. feel free to convince yourself otherwise. i know you will.

Fix
Guest
Fix

The vancouver sun has about not one but two re inserts today

This is how their bread is buttered

space889
Member
space889
@Mary Franks – Show me how an average family with $120K in gross income can afford the average $1M SFH or even $800K Townhouse and then you might have an argument. If this is a peer review paper then the stats and methodology is probably way better than what anyone on this blog has come up about high housing prices. If you think you can do better then do it! Don’t just slam people who actually spend months doing the research without any actual study. Show that increase debt, low lending policy, and dropping interest rate actually causes housing prices to go up. Do a proper and rigourious investigation on it. Most of the data are available free on StatsCan, CANSIM, and Bank of Canada websites and you can run basic statistical analysis using Excel, and more advanced tests, ARIMA/ARCH/Granger… Read more »
SS
Guest
SS

Flying to N. America to have your baby is the ‘in’ thing to do. Even Chinese celebrities are doing it.

CCTV presenter Chai Jing “flew to the US to give birth to baby daughter”

A renowned CCTV reporter-turned-author is reported to have given birth to her first child in the United States.

http://www.scmp.com/article/1429644/cctv-presenter-chai-jing-flew-us-give-birth-baby-daughter

registered
Member
registered

@4 ILoveCharts Says: “For every “foreigner” buying a house at these inflated prices, there are probably 5-20 Canadians doing the same thing.”

Probably closer to 5 than 20. Twenty percent of Canada’s citizens are foreign born.

registered
Member
registered

@2 RealityCheck Says: “Oh, for the uninitiated, the latest scam is having babies.”

People hungry for opportunity and willing to go to those lengths are infinitely preferable to courting the indolent and non-productive rich who never have or will contribute to the common social good.

space889
Member
space889

More people are willing to go into bidding war to win a house…guess this bubble is going to go on for a long while….all the while the staunch bears have to change their goal post…admit it, it used to be that this RE bubble will pop and crash hard, no soft landing possible circa 2008-2010, now it’s while renting is cheaper than owning so it’s ok, renters are still ahead…

Anyways….

http://ca.finance.yahoo.com/news/more-canadians-willing-enter-bidding-war-buy-home-111535772.html

space889
Member
space889

@tedeastside – you also don’t need to be born in American or even educated in America to do and be all that you can be. Plenty of immigration success stories. First woman CEO of Pepsi was born and educated in India. In Canada, she would be consigned to a mid-manager position at best due to her lack of Canadian education, experience, and accent.

Skook
Member
Skook

Off RFM’s great VRHI topic…

I need some help. I have tended to ignore some REBGV stats info for lack of understanding.

On the ‘MLS Listings Facts’ page, what is the “% Sales to Listings” telling me? Is this the % of sales/mth versus the number of listings/mth? It doesn’t have anything to do with the ‘Sales Price to Listing Price’ ratio does it?

I did some searching on the ‘net to find the answer on my own; but, now I confused. I would think the ‘SP:LP’ ratio would only be available from a Realtor, but I don’t what to assume.

I appreciate any clarification you can offer.
Skook.

registered
Member
registered

@11 Many Franks Says: “… knows his logical fallacies …”

Like using nominal prices. From the article:

““The overall prices dropped, although it was concentrated. In Shaughnessy, prices went down by 25 per cent … that’s a big drop,” ”

Sauder data shows real house prices dropping from a peak of ~$490K in 1994 to $380K by 2002 (in 2002 inflation-adjusted dollars) for all of Vancouver. Sauder demonstrates that price changes followed not the number of millionaires in Vancouver but how quickly the population was changing, a far less dramatic conclusion.

king bob
Guest
king bob
I think for a bear like me (who owns and whose assessed value actually went up 10% YoY), is the fact that Vancouver RE remains overpriced and generally a poor investment. As someone who is wealthy on my own accord (I have over a million dollars in non-RE investments, and I’m only in my early 30s), I would avoid RE right now like a plague. I can certainly and have done a lot better investing elsewhere with a lot less headaches. I am properly diversified, I have a tenant in my basement but headaches abound in managing multiple properties (one tenant is enough for me). I have paid a lot in upkeep/maintenance and taxes which have eaten into my RE returns. I have “made” on paper, about $10,000 on my property since I bought it in 2011 (after factoring all… Read more »
Many Franks
Member
@space889: An average family with $120K in gross income *cannot* afford the average $1M SFH or even $800K townhouse. What they can do is get a big fat mortgage and pretend. I work with academics and I’m way closer to the guts of the peer review process than most. That combination can accomplish great things but it’s entirely possible for academics to go off on wacky tangents, armed only with ego and authoritative tweed. When I hear an academic claim that the voices of political correctness are suppressing them, I suspect one of these. What I see is a big fat appeal to authority on Ian Young’s part, followed by at least two ham-fisted assertions from our expert: first, claims of deliberate suppression, and second, that the only strongly correlated factor in pricing is immigration. Maybe these are both addressed… Read more »
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