Hot at the edges

Just in time for the spring buying season the Province newspaper has published a public service announcement about the hottest lower mainland markets.

What do the experts say are the hottest markets in BC?

1. Surrey
2.Maple Ridge / Pitt Meadows
3.Fort St. John
4.Dawson Creek

Surrey seems to do quite well with REIN – they took the number one investment spot in the province last year and also in 2012, 2011, and 2010.

Have you bought your surrey home yet?

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24/7 in love
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24/7 in love

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Elinor
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Elinor

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temptation island philippines
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temptation island philippines

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Bradly
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Bradly

The draw back to loving the game much in our houseis that you choose to must
have an internet based relationship for each player.
I have my doubts as to the bona fides of the transaction but of course
we would not contest it. Be the reason people buy, not the reason they don’t.

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Real World
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Real World
@92 “As I’ve said before, there can’t be a shortage of anything in a free market because supply and demand are always equal at the market price.” I guess you learned everything from a text book. In the real world there is a finite supply of quality labour. If one company raises wages to attract a more desirable candidate another company loses out and has a shortage. I have no direct experience with TFWs but I can see why companies are going that route. When it comes to unskilled labour Canadians just don’t want to do it. You can pay $20 per hour starting with zero related experience and zero skill level and you still end up with lazy people who show up when they want. The TFW program is not about saving money it is about getting a reliable… Read more »
mac
Member
mac

There are a lot of very wealthy delusional sellers. Yesterday, I tried my best to make a generous offer on a Kits property that hasn’t sold for 5 years. No luck. The guy wants 100K over what he couldn’t get 5 years before, minimum.

Son of Ponzi
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Son of Ponzi
For those who are interested in Rochmond RE: Email Richmond Real Estate Market Report I am not a big fan of using graphic technical analysis for investment purposes.  However, there is a certain psychology that sometimes makes sense of it all.  Say you were almost looking at retirement as a seller, or a frustrated one back in 2011.  If the highest price for similar properties to yours fetched $1,000,000 back then, would you now wait to see if you could surpass that number in 2014?  Chances are that you would not.  You might have been kicking yourself for the last 2.5 years that you didn’t grab the $1,000,000 back then.  After watching your property value descend to possibly around $870k you might leap at the chance to get even close to where it was last time. As prices move up… Read more »
MikeS
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MikeS
Moneybags
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Moneybags

Not sure if this was already posted…

Canadian Housing Prices Now Pushed Up Same Way as US
http://www.millersamuel.com/canadian-housing-prices-now-pushed-up-same-way-as-us-prices/

“Of course from our past experience in the US, it’s not surprising to see every outpouring of Canadian housing market bubble concern met with an equal outpouring of Canadian housing bubble denial.

Please stop using housing prices as a measure of housing health. It was obviously flawed logic when applied in the US during 2003-2006 and now it has become apparent it was flawed during the 2012 to 2013 US run up.

Housing price growth doesn’t reflect good housing market health in Canada either.”

Guy Smiley
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Guy Smiley

That Detroit mansion (#94) seems pretty nice for $774k. Imagine picking it up for under $250!

Last Sold:Mar 2008 for $242,300

Zero Down Forty
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Zero Down Forty

Sorry. I meant exceptions that Chip mentions.

Zero Down Forty
Guest
Zero Down Forty

@#96

Since there are thousands of contracts signed every month in Canada, I would think those hypothetical examples you present can be reasonable counted as the “rare exceptions’ that Patrotz mentions

Some Guy
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Some Guy
@93: “It’s a contract willingly signed and apart from rare exceptions, willingly completed.” Yes, if both parties agree to something and they both benefit, it must be a good idea, here are some more examples of your theory in action: A Canadian military officer and the Russian military willingly sign a contract that benefits both parties whereby the military officer provides intel on NATO’s plans to the Russians in return for 1,000,000 in a numbered bank account. Tech companies willingly sign a contract that benefits both parties whereby they agree not to poach workers from each other or offer salaries higher than the current wage levels in an effort to attract talent. An immigrant group and a political party willingly sign a contract that benefits both parties whereby the immigrant group agrees to vote for the party and the party… Read more »
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

i think we should blame TFW and not HAM for vancouver’s real estate bubble.

highly desirable neighborhoods like Joyce and Brentwood attract TFW money like magnets. that’s why these neighborhoods are out of reach for average Canadians.

Dr N
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Dr N

@#73. I’m in Detroit. The other end of the market: I think this is the Detroit house with the highest list price, still under $1M. For that price you get more than 10k sq. ft. and it looks to have been renovated (how much more is needed, who knows?). I believe Palmer Woods, which is the neighborhood of Detroit where the house is located, has its own private police force.

http://www.zillow.com/homedetails/1830-Balmoral-Dr-Detroit-MI-48203/88571536_zpid/

Chip
Guest
Chip

TFW is actually a smart program that benefits both parties. Canadian businesses meet their labour needs (face it, Canadians aren’t doing these jobs) and the TFWs in Mexico, Philippines and elsewhere would give their right arm to earn this kind of money.

It’s a contract willingly signed and apart from rare exceptions, willingly completed.

To turn this into another parable of victimization is typical Canadian idiocy.

patriotz
Member

@84: “But the reality is there is a shortage of desirable labour in Canada.”

As I’ve said before, there can’t be a shortage of anything in a free market because supply and demand are always equal at the market price.

If I have a taxi business and it’s only viable if I can buy gas at $1/litre, that does not mean there is a shortage of gas. If I have a restaurant and it’s only viable if I can buy steak at $1/pound, that does not mean there is a shortage of steak. And so on.

mac
Member
mac

Aggregator,

If you’re of a devious mind me, you might imagine the US is hoping more and more Chinese money comes to their shores and then the Chinese bubble bursts giving Americans the benefit of large cash infusion in part 1 of the plan and a chance to buy great property on the cheap in part 2.

ReadyToPop
Guest
ReadyToPop

The Bank of England should invoke new legal powers allowing it to rein in Britain’s booming housing market for the first time, an influential international think tank has said.

Bank must burst housing bubble

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

“Total value of residential property sales in Hong Kong. Chart”

it’s like looking at a chart of average sales price in vancouver.

Aggregator
Guest
Aggregator

Total value of residential property sales in Hong Kong. Chart

China's property bubble bursting. Chart

Reports are already starting to come in about protests at developers' offices in China. Watch the PRC flinch and re-pump more stimulus in t-minus…

mac
Member
mac

Emmi,

Strange thins is… I’m not heavy into equities! I’ve got like a Garth portfolio: preferreds, perpetuals, market neutrals, sr. credit that goes up when int. rates go up, etc., etc. I’ll let my stocks run.

emmi
Guest
emmi

Canuckdownunder, the article said “short-term” it will increase chinese buying. That seems reasonable. The first few to dump their mainland investments will still be ahead and will need a place to stash the money.

Audits will act to drive the parked money overseas I would think, as long as Macau is there and relatives to help the cadres take their money out of the country. If china can figure out how to block the money exiting, or property is widely underwater so there are no gains to remove, then the overseas buying will stop.

Or that’s how it looks from here, to me.

Mac, sounds like it’s time to rebalance. Dow is back well above the previous bubble.

mac
Member
mac

Now the question is, do I take that money that created those 18 grand in three weeks and use them to buy a place to eat, sleep and sh*t in?

Waiting to exhale
Guest
Waiting to exhale

People are right when they say there is no labour shortage in Canada. But the reality is there is a shortage of desirable labour in Canada. Some employers were willing to pay their TFW more than their Canadian counterparts because they were more reliable and more hard working.

I am not saying it is right but employers could also abuse their TFW (ie no overtime pay) which is something they couldn’t get away with if they hired a Canadian worker.