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accent

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Guy Smiley

Ho ho!! Another zinger Ted! Really turned the tables on the stupid Vancouverites with that one! If only you could have snuck something about 1-800-GOT-JUNK in there it would have been unforgettable. Keep em coming genius.

Oh Grow Op!

Is this the first day you can legally buy weed in washington state? How’s that gonna affect the border lineups?

Westside Realtor

No joy in muddvile from where I sit.

I did get a client to take an offer 5% lower than asking and about the same percent off of what I think was the peak price we could have fetched for the property.

In truth, I think the seller was lucky, as I see downward pressure going forward.

Perhaps I should switch to Sothebys, they only have ever rising prices in their office.

I think the real story will become clear in the fall.

Again, just my view from what I am seeing.

tedeastside

im a proud vancouverite and i think Rogers Arena is more famous than Yankee Stadium, Fenway Park and Wrigley Field put together

oneangryslav2

Ted, Rogers Arena is more historic than Yankee Stadium…by a couple of years. Seriously, man, what is your issue?

Romeo Jordan

Oracle,

Smells like a peak story, one you tell after the apocalypse, to me.

Your friend is a true idiot. He will get hammered.

Oracle

he is building the home for a guy from Dubai….not HAM

Oracle

talked to a buddy in Toronto, he bought a tear down in Oakville at 725K about 5 months ago. Now going for 925K. He is building a new house on it….custom….will list for $2 Million in Sept.

Housing is on fire in Toronto.

Im perplexed to see why people think it will crash here now.

Foreign inflows are flooding Canada right now.

patriotz

@121: “demand is going up while supply is going down”

That is your fatal error. What matters is number of dwellings, not amount of land, which of course is fixed globally.

And growth of dwellings has been outpacing growth of households. Prices can still go up while this is happening – it does in almost every bubble – but not indefinitely.

space889

– yeah I was too lazy to look up the numbers….

still, we have more people, same land area, and decreasing single family house supply which everyone covets, even if they have to rent out basements or live in basements. So regardless of interest rates movements, demand is going up while supply is going down, price is going to up.

Sure you can density and get “best and highest” use but that’s not what most people ultimately want. How many people wants to raise their family in a 1000 sq ft condo or even a townhouse, instead of a house/duplex if they had a choice?

patriotz

@115: “25 years ago, BC population was around 1.5 M people. ”

No, it was over 3 million. Metro Vancouver alone was about 1.5 M.

“City of Vancouver is only about 55 square miles and yet population have probably tripled.”

CoV has gone from 478K to 604K.

Population growth over the last decade (both CoV and metro) has been much lower than in the previous decade.

http://en.wikipedia.org/wiki/Vancouver

VanDweller

http://www.alumni.ubc.ca/podcasts/urban-suburban-divide-can-you-build-the-life-you-want-at-a-price-you-can-afford/

This might have been posted by someone else a few months ago but I just came across it. So in case anyone else missed it – it’s a UBC podcast where a few local pundits give their opinions on Vancouver RE.

Bull! Bull! Bull!

2 out of 3 scenarios in the nytimes article have real estate not collapsing.

you guys are in the same camp as “cable news”

>Many commentators, particularly on cable financial television, have predicted an “ugly” one, full of out-of-control inflation, debt crises and collapse.

Joe Mainlander

And I see there is a sequel to the article today;

“How the Everything Boom Might End: The Good, the Bad and the Ugly”, NY Times

http://www.nytimes.com/2014/07/09/upshot/ways-the-everything-boom-might-end-the-good-the-bad-and-the-ugly.html

Joe Mainlander

@90 & 107. Ditto. Good read.

See the article is getting the rounds;

http://business.financialpost.com/2014/07/08/investing-asset-boom-bubble/?__federated=1

space889

25 years ago, BC population was around 1.5 M people. After the successive huge immigration from HK, Taiwan, China, India and Phillipines, the population of lower mainland is now over 2 M people. City of Vancouver is only about 55 square miles and yet population have probably tripled. Most people wants to own a house, preferably on the west side, follow by duplex/triplex, townhouse, and lastly condos. So condos and townhouse prices going up and down with interest rate, perfectly expected. However, given higher demand for houses and dwindling supply, especially affordable ones. So I can see a case where condo and townhouse prices fall dramatically but mid-range house prices only softens. I don’t really care about high end houses since a $5M house falling 50% is still $2.5M and out of my reach. And the property tax bill on… Read more »

space889

– A person’s marriage is their own private matter, I really don’t think it’s up to newspaper to publize such issues unless it is of public/society interests, that’s interest outside of curiosity and being noisy.

How would you like it if your marriage or other personal problems were broadcast for all to see? Frankly, honoring people’s and politician’s privacy might actually encourage more honest and capable people to run for public offices.

UBC in crisis mode

On Van West, so many tear-downs:

Among 860 SFH over $1.5 millions in Van West, about 300 of them are built before 1960, considered as tear-downs for all developers (and city officials?), and about 270 SFH for sale are newer than 2006.

Can you guess how long it would take to have these 300 houses turned into nice mansions?

Bull! Bull! Bull!

@troubadour

>I guess there is always next year. Onwards and upwards.

https://www.youtube.com/watch?v=04854XqcfCY

be a champion, own real estate. no time for renters, because we are the owners of the property!

Melba

…..Moody’s blames Ottawa for negative impact on Canadian banks….

Shame on you Canada for suggesting the banks cover their own gambling debts.

Son of Ponzi

#109
nothing unusual about the inventory.
It peaked around June in the last 2 years.
Check the Whisperer’s website.
Personally, I believe this year will show record listings.

troubadour

Total Inventory has been around 17,000 for about 3 months now. It seems that this year is not the year for total collapse in Real Estate ( or at least 10 – 20 % ). The peak was reached back in May ( if nothing happens for the remaining of the summer) which is very weird. Usually the peak is reached in August / September. I guess there is always next year. Onwards and upwards.

Many Franks

Moody’s blames Ottawa for negative impact on Canadian banks

Moody’s Investor Services is lowering its outlook for the Canadian banking system to negative from stable due to lower government support for the sector, which remains among the highest-rated in the world.

The change is based on the Canadian government’s previously announced plans to shift more burden to creditors in the event of a major financial crisis like the one in 2008-09.