Friday Free-for-all! Rates, Pop, HPI, Dip

It’s the end of another week, time for a long weekend!

And since it’s Friday that means it’s time for our regular end of the week news round-up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

Banks in trouble if bubble pops
WTF is the HPI?
Cost of debt dips
High end sales dip just a blip?
Crash fears rising
US new home sales slide
China RE price drop trigger protests

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent long weekend!

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World Wide Wet
Guest
World Wide Wet
Boombust
Guest
Boombust

#96

Sounds like an “urban tale” to me…

Opsal
Guest
Opsal

Does anyone know anything about the Opsal condo building on 2nd and Quebec? I have a friend that just moved in and claimed his place went up quite a bit from the pre-sale of 2011. I thought the area was flooded with condos and that prices for condos have stalled for the last few years…

Yunak
Guest
Yunak
Rexx Rock
Member
Rexx Rock

First time visitor, its a great blog, great info. I’ll be back!

mac
Member
mac

RJ bought a condo downtown, bragged that he got the deal of all deals by not using an agent, Chipman twisted every word he said until he admitted that up was down and down was up and then, when it didn’t even decline that much, he went and sold it, believing the market would crash. Proving real estate is a bad idea for bears.

mac
Member
mac

An analyst at a China think tank? More like an anti-Chinese propagandist on an all night bender. That analysis is ground zero for the idea that if an implosion happens everyone who can get out–will.

Westside Realtard is Romeo Jordan
Guest
Westside Realtard is Romeo Jordan

How do I know?

A few weeks ago he posted “At a morning sales meeting…..”

Have any of you ever met a Realtard that was up before noon? Little lone at a sales meeting???

What the hell would they talk about? How that picture from their iPhone and the poorly worded write up wasn’t earning them at $25,000 commission? What “selling” does a real estate agent do?

Sorry RJ but you are outed. Now go back to your GF’s Port Moody Condo.

Fosolo
Member
Fosolo
“China real-estate: A bubble bursting” http://www.cnbc.com/id/101945949 FWIW, From the comment section of article,thought this was interesting : I am a Chinese working as a China analyst at a think tank. It is becoming more and more apparent to many people, that the ruling Chinese Communist Party (CCP) knows it is on its last straw of survival. The party is facing severe and endlessly increasing systematic stress on all fronts: 1. Increasing external oppositions from all other countries in the world including all of China’s neighbours. They are forming more and more alliances and becoming more outspoken with rising strengths against China, in addition to increasing anti-China sentiment from people in all other countries. Many countries including Canada and Australia and U.S. have just tightened their immigration policy to prevent Chinese from entering their countries. Even on these casual internet message… Read more »
Lou
Guest
Lou

Just watched an online news, that 50% of the corruption officers from China are hiding in Canada. But two countries don’t have any agreement for the deporting…sad, Canada is really a heaven for those dirty bags.

Boombust
Guest
Boombust

#79,

I agree with the above.

I have been to many cities and have thought, “Hmm, this looks like a nice place to live”.

HOWEVER, it never went beyond that.

So, just because “Mainland Chinese” have a boo at Vancouver doesn’t mean they’ll buy into an inflated RE market.

Would YOU?

tedeastside
Member
tedeastside

79………you showed them around vancouver and they ‘mesmerized’ by what???

the cold rain the 3:00pm sunsets, the unfriendly population ,the tidal wave of ‘for lease’ signs…the boring blandness that vancouver is known for…

or they saw the mountains and oceans and said wow….skiing and kayaking in the same day…..best place on earth….snowshoeing and mountain biking opportunities best place on earth… some people do like tiny villages like vancouver and not big cities

mac
Member
mac

The market is not red hot. It is room temperature yet still we’re at 70%-80% Sales/List.

Steavestonite
Guest
Steavestonite

“go to richmond. you can get 10% off just by speaking Cantonese to the shop owner.”

Oh! My absolute FAVORITE thing about Richmond is when I walk into a Asian restaurant, stand in front of the host, and watch the host as they serve the Asian people standing behind me. Boy, I sure love that!

BWilson
Guest
BWilson
Who said the market is red hot? Just because sales are up in the 3000/month area doesn’t necessarily mean that much. Look at the Teranet Vancouver HPI, over the past 4 months it’s been down (and this is for detached houses) during the highest sales numbers since spring 2011. If this segment is dependent upon capital flows from China, which seems to be at least partially the case it doesn’t look good. Chinese real estate fundamentals are deteriorating at an alarming rate, in June 55 of 70 cities in China had prices drop, in July it was 64 of 70 including all of the largest ones. Last week in China iron ore prices hit fresh 52 week lows 3 times, and iron ore is down over 30% year to date. Condos haven’t made anyone money for years, while the real… Read more »
Juju
Guest
Juju

go to richmond. you can get 10% off just by speaking Cantonese to the shop owner.

east indian builders know their days are numbered as chinese start to enter the building industry. they know their days are numbered because chinese will only do business with non-chinese if their is no other choice.

patriotz Says:
August 31st, 2014 at 6:18 pm 61

The Chinese have about a 3000 year history of fighting each other, the last significant shots I recall in 1989. As Mao charmingly put it, “political power comes from the barrel of a gun.”

“To each other” does not extend far beyond one’s own family and friends.

patriotz
Member

Canadians expose foreign worker ‘mess’ in oilsands

Canadian tradesmen from a huge oilsands construction project are waving a red flag about safety hazards and near misses, which they blame on the use of foreign workers who aren’t qualified and can’t speak English.

Ray
Member
Ray
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

the fact that you are even talking about 2 mil and up homes in Richmond, a legitimate market segment and not an anomaly, should tell you everything you need to know about real estate in vancouver.

ham Says:
September 1st, 2014 at 7:47 am 68

2 mil and up homes in Richmond aint selling too well. Whos in the market for these homes here? Condos slowing but TH are doin ok. SFH under 1 mil still cruising.

mac
Member
mac
Boombust, I agree. Most Mainlanders have never heard of Vancouver. And that is a bad thing if you think of all the damage a super small fraction of hot money has done to Vancouver home prices. A friend whoi has lots of connections to the old money Westside establios asked one of them for advice on the housing market here. He said–have no idea in the short term but was just on business with Mainlanders from Bejing in Winnipeg. Part of their trip was to stop into Vancouver for a few days on the way back for holiday purposes. None of them had heard of Vancouver. He showed them around the city and said they were totally mesmerized. Whearas before they landed they never thought about a second home here and after they landed they thought of nothing else. That’s… Read more »
vangrl
Member
vangrl
patriotz
Member

@70: “Y-O-Y numbers are lagging indicators, looking backwards.
M-O-M are leading indicators, therefore UBC’s numbers are more relevant.”

M-O-M is leading? You know next month’s numbers in advance?

crabman
Guest
crabman

#70,

Last year, attached sales fell 15% from July to August. This year, they fell 12% from July to August.

Again, as much as I would like this market to correct, there is no sign that it’s going to happen anytime soon. The odds that we are leaving go up every month. Can’t wait forever, especially when we have other options.

Deserter
Guest
Deserter

Ferry to Victoria 60% Chinese
Probably going over to buy. We are fuc&ed. May as well throw in the towel

Yeti
Guest
Yeti

Note the condo average price is LESS than 2011