Can you imagine what would have happened if the CMHC had instead given loans to stable and growing Canadian businesses to allow them to expand and compete internationally?

The fact that they are even talking about “a landing” is an acknowledgement that they helped things to get too high.

#3
Joe Mainlander.
What do you say?
4 locals with decent incomes can only afford 800k.

#6

I guess “aversion” to any perceived losses is starting to kick in.

How many will de-list their homes in hope of getting their prices at a later date?

#6

Don't worry the 5yr bond yield is tanking and poised to make new record lows. We'll have 1.99% mortgages in the not to distant future and eventually 0.99%. That should get some more RE sales going.

Money is free for everyone! We'll all be richer then we think like Zimbabwean billionaires.

After the job stats debacle, anyone here still blindly trusts govenrment reports, stats or surveys.

Seriously, why does any reader here think that ‘westside realtor’ is a real realtor, and up vote him?

He, I mean Romeo Jordan, has yet to post one single piece of data after months of useless ‘commentary’ – not a daily sales stat, not one MLS listing from his ‘office’ showing a price decline, etc.

It is the same useless DAILY commentary about his ‘feelings,’ his ‘colleagues impressions,’ his ‘instincts’ – all of which is just utter garbage and noise.

I feel sorry for your employer Romeo- to deal with a clear clinical case such as yourself must be daunting.

Boom,

I suspect that many will delist/wait to “get their price”.

Might take an exogenous shock or higher rates (ever?…i don’t believe in never I believe in eventually /inevitable, but that said higher rates could be a long way off, who knows at this point?), so I don’t expect a listing surge until we see definitively lower prices and/or a shock to China economy/RE.

Right now prices are softening (and it is showing up in the data, if you mine it like I do), and if this feeds in itself then we could see lowere prices and lower seller expectations sooner than latelater which could feed on itself.

Time shall be the arbitrator.

Oracle, I am not posting under my real name. My name is not “Westside Realtor”.

You likely know this already as you reported me to the authorities as a suspect in your recent car vandalization.

I don’t post stats on activity in our office as I would catch shit for that.

When are you moving to the US again? I will miss you.

Keep you cash dry. It will pay off one day. (It is getting hard for a family wanted to take some root down in a community.)

@#9 “After the job stats debacle, anyone here still blindly trusts govenrment reports, stats or surveys.”

I only trust anecdotes posted on blogs by a small sample of anonymous individuals.

Patriots:

So what do we do as opposed to talking about it on a blog? We can start by ensuring the NDP/lib/green vote does not split in the coming election next year. Losers let it split and look what they get.

Aggregator:

Bang on. Rates will never go up. They are slowly bringing the average Canadian down while the rest of the world gains on us. Step One: see above.

#17
I only trust anecdotes posted on blogs by a small sample of anonymous individuals.
——————-
Amen, brother, Amen.

16,500 listings by next week. 17,000 by November. 18,000 by next spring ( or the spring after ) This market is done. Suck it, bulls.

HAM sunk $7 M into two West van homes today. Oh…IMVHO..

@4 “What do you say? 4 locals with decent incomes can only afford 800k.”

Four locals who are in their 30s and have a lifetime savings of $10K each to come up with the 5% down for the crap hole house. They probably drained their RRSPs to come up with that $10K each which they will have to pay back or be taxed on. The fact these 4 get loaned $760K tells you everything about the bubble. 80% to 90% of the properties sold in Metro Vancouver and the Fraser Valley are sub 800K. This type of thing confirms it is loose lending to locals driving the bubble.