The Real Estate Agent Bubble.

Does this stat surprise you?

About 1 in 245 Canadians over 19 is a Real Estate Agent.

We have almost as many people in the country selling real estate as we have building it.

This according to an article in the Financial Post

Royal LePage chief executive Phil Soper blames this increase on what he calls ‘speculative’ agents.

“This is a real regional story. If you look at Quebec, where they took a different approach to licensing and professionalism by increasing the length of time and difficulty to get your licence, their ranks have shrunk,”

So who’s out there getting their real estate license?  Sounds like this is the easy path to riches and as long as we get enough churn in the market there should be plenty of commissions to go around, right?

Read the full article here.

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UBC in crisis mode
Guest
UBC in crisis mode

More realtors, and fewer other jobs (from Garth Turner’s site):

http://www.greaterfool.ca/wp-content/uploads/2014/05/CREA-MEMBERS-modified.jpg

Many Franks
Member

Admin, thanks for putting the previous thread out of its misery. I stop posting when the pointy hats come out.

gordholio
Member

That’s a helluva lot of leeches. Where’s pest control when you need ’em?

UBC in crisis mode
Guest
UBC in crisis mode

Some price reduced Vancouver houses (> 10% reduction) for our local buyers:

$1,298,000
8120 SHAUGHNESSY ST, Vancouver, BC V6P 3X8
Central location, Wonderful land in Marpole area. You can build a 3-story new house (about 2820 sq feet) on this 4029 sq feet lot.
House – 2,818 Sqft. – 5 Beds – 5.0 Baths
$682,000 (34.4%)
Jan. 31, 2014
==========================
$1,350,000
1157 PARK DR, Vancouver, BC V6P 2J7
45′ x 120′ lot in South Granville area. South facing on the high side of the street. Shopping, restaurants, banks nearby. Easy access t…
House – 1,925 Sqft. – 3 Beds – 2.0 Baths
$230,000 (14.6%)
April 30, 2014
==============================
$1,225,000
5909 DUMFRIES ST, Vancouver, BC V5P 3B1
1946 4 bdrm, 2 bath, 2030 sf home on a huge 52’82 x 124’46 (6594 sf), RS-1 zone corner (potential view) lot. City zoning allows you to …
House – 2,030 Sqft. – 4 Beds – 3.0 Baths
$173,000 (12.4%)
April 8, 2014

crikey
Guest
crikey

@#4 UBC in crisis mode:

Thank you for the price reduction updates. 8120 Shaughnessy St is still shown online as a new home priced at 2M.

From what you describe at least, the prices before reductions were complete fantasy, and no correlation to recent sale prices in that neighbourhood. What kind of used house salespeople are dumb enough to agree to list at such fantasy prices in the first place?

It is one thing to agree to list a client’s place at 5% above comparable sale prices in the same neighbourhood, but they aren’t ever going to make any sales commissions by agreeing to list at 15%+ above comparables.

Don’t they teach that in the 5 week used house salesperson course?

Debt Master
Guest
Debt Master
RE Agent, aka CHA (Canada Housing Act) Sovereign Debt Remarketer, is just another type of service job. Here’s a hot tip for all those realtors and mortgage brokers out there: Student loan debt slave working 2 service jobs wants an easy monthly payment and a place to live, but she doesn’t know it yet. https://www.youtube.com/watch?v=ns_nS2nsp5M Clearly she needs a smaller payment from more leverage in the form of a government backstopped home mortgage. Why doesn’t she just use the Poloz Easy Button TM? With your encouragement she can upgrade her lifestyle with some of that Poloz easy money funneled through taxpayer funded loan default obligations. Also remind her that if she’s single she can finally couple up for that fairy tale wedding, honeymoon, and new car on the windfall line of credit that comes with renting a home from the… Read more »
tedeastside
Member
tedeastside

and the numbers for Vancouver are off the charts …

since vancouverites are real estate obsessed to the point of crazy and there’s zero other industry in vancouver… so people cling to RE

there’s no Boeing or Microsoft in vancouver, i wonder what the numbers are for Seattle.

UBC in crisis mode
Guest
UBC in crisis mode

@5:
It is unusual for a huge price reduction after 9 days.

Price History for 8120 SHAUGHNESSY ST, Vancouver, BC V6P 3X8
Date Event Price Source
Jan. 31, 2014 Price change $682,000.0 (34.4%) $1,298,000.0
Jan. 22, 2014 Listed for sale $1,980,000.0

crikey
Guest
crikey
@#8, Ah since that price reduction it was raised up to $2M again. Looks like they decided to build a new home on the lot and sell it as new. see V1042720 on mls On another note, after seeing those price reductions it occurs to me that it would be fun to do something like a “Vancouver Real Estate Delirium” pool. Anybody that wants to play would simply pick, say, 5 properties that they think are priced particularly unrealistically. After 60 days the person whose net list price % (or sales price %) have gone down the most wins! I do of course realize that these days most list prices start higher than the ultimate sale price, but the point of this game would be to ridicule the MOST stupid prices out there. You know, the ones that are listed… Read more »
OV
Guest
OV

Garlic thieves underline increasing thefts at community gardens

http://www.richmondreview.com/opinion/letters/258656711.html

southseacompany
Member
southseacompany

Vancouver Sun form Friday. Perhaps already posted;

“Harvey Enchin: Housing correction coming, maybe.
Market is unsustainable, but prices keep rising, numbers suggest”

http://www.vancouversun.com/business/Harvey+Enchin+Housing+correction+coming+maybe/9824210/story.html#ixzz31XV3lae8

“If history is any guide, the Vancouver housing market will correct at some point, but no one can predict when that will happen.”

Son of Ponzi
Guest
Son of Ponzi

All garlic sold at T&T and other Chinese grocery stores comes from China.
Most local Chinese do not trust the garlic from China, and they do not want to grow there own, because only peasants grow food.

southseacompany
Member
southseacompany

And is China another domino falling? From Hong Kong’s South China Morning Post:

“Housing ‘correction’ threatens broader mainland economy”

http://www.scmp.com/property/hong-kong-china/article/1510836/housing-correction-threatens-broader-mainland-economy

“Major developers have taken a hit in the first quarter as property sales dropped.”

“The mainland property market is experiencing a correction. It is restructuring and will force small and uncompetitive developers out of the market,” said Andy Chang, associate director at Fitch Ratings. Chang attributed the market correction to the credit tightening. “The increasingly difficulties in raising funds will force small and local developers to discount housing prices,” he said.”

“With developers locked in a price war, he said, potential buyers would prefer to wait for prices to drop further before entering the market. “No one really wants to buy now.””

Son of Ponzi
Guest
Son of Ponzi

Noah is the most popular name for boys in Canada.
Very fitting, given the coming RE flood.

BingBong
Guest
BingBong

What kind of dirtbag steals bottles & cans?

http://forums.beyond.ca/showthread/t-348764.html

Son of Ponzi
Guest
Son of Ponzi

The mainland property market is experiencing a correction. It is restructuring and will force small and uncompetitive developers out of the market,” said Andy Chang, associate director at Fitch Ratings. Chang attributed the market correction to the credit tightening. “The increasingly difficulties in raising funds will force small and local developers to discount housing prices,” he said.”
————————–
Chinese developers in the Lower Mainland also will be affected by the credit tightening in China.

mac
Member
mac

If only these stories of property market collapse in China came out of different sources than the SCMP, which hates China. Didn’t they coin the term locusts?

My Website
Guest
My Website

The disadvantage, however, is the identical also that have condominiums and condominium processes. These varieties of residential Australia properties available are also referred to as for a unique expensiveness.

Son of Ponzi
Guest
Son of Ponzi

If only these stories of property market collapse in China came out of different sources than the SCMP, which hates China. Didn’t they coin the term locusts.
-____________
The local Chinese newspapers Ping Tao and Tsing Tao are reporting the same thing.
Told you.
That’s why you should learn Mandarin.

mac
Member
mac

I rather just become a real estate agent. Be a part of the real bubble and actually see what properties trade for and who’s buying them. Because without this information I feel like a patsy buying in this city. More like a sitting duck. A mark.

OV
Guest
OV
4SlicesofCheese
Guest
4SlicesofCheese

Didnt take long to get off topic again.

kabloona
Member
kabloona
Creepy Kenney defends Canada Job Bank that lists non-existent jobs…. https://ca.finance.yahoo.com/news/kenney-defends-job-bank-despite-litany-outdated-postings-194735244.html “….Some job-seekers also complain that they never heard back from employers after applying for jobs posted online. An email address set up under a generic name by The Canadian Press has not received any replies to multiple queries about various job postings, including at companies that already employ temporary foreign workers. Bill Wadsworth, a helicopter pilot in B.C., says he applied for jobs at numerous companies that he later learned were given a positive labour market opinion — or LMO — that allowed them to hire temporary foreign workers. “I had applied to, and had the qualifications, to work for 75 per cent of the LMOs,” he said in a recent interview. “During my job search, I would contact these companies every two weeks on average. The response was… Read more »
Joe Mainlander
Guest
Joe Mainlander

@#16. “Chinese developers in the Lower Mainland also will be affected by the credit tightening in China.”

I have never heard of any China based development firms operating in the Vancouver area. There are a few with Hong Kong connections, like Concord Pacific. Majority of the others are local or western Canadian firms; Anthem, Onni, Amacon, Concert, Pinnacle, Westbank, Portrait Homes, Wesbild, Bosa, Embassy, British Pacific Properties. Adera, Appia, Aquilini, Beedie Group, Bentall, Cressy, Genstar, Ledingham McAllister, Mosaic, Parklane, Polygon, Qualico, Solterra, Townline, Westbank.

Can you elaborate? Do you know of many mainland Chinese development firms operating here and what projects they’ve done?

Son of Ponzi
Guest
Son of Ponzi

#24
The highrise on Park Rd, close to Richmond Centre Mall was build by an all Chinese Developer.

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