Its the end of another week and that means it’s Friday Free-for-all time!
This is our regular end of the week news round up and open topic discussion thread for the weekend.
-news links to come?
So what are you seeing out there?
Post your news links, thoughts and anecdotes here and have an excellent weekend!
City News: Investors in Brampton house development hit with $30K bill
09/05/2014
“Investors in a Brampton house development are suffering from a severe case of “sticker shock” after they found out the homes they purchased — originally scheduled to be completed in 2012 — will cost them an extra $30,000 in closing costs now that they are finally done.
Fernbrook Homes is telling the investors in the Castlemore development that if they want the keys to their new homes, they’ll need to pay up.
The buyers are upset since Fernbrook did not apply for a building permit until March of 2013 – one full year after the project was to be finished – and now they have to foot the very large, and unexpected, bill.”
Virgin Atlantic dumps vancouver in favor of Detroit
….Business in Vancouver http://globalnews.ca/video/1543768/biv-virgin-atlantic-leaves-yvr/
@2:
Fernbrook said that of the 97 units affected, nearly 10 per cent of purchasers invoked their right to stand down from their purchase and received their full deposit back, plus a $7,500 penalty payment due to the delay in construction.
Puts a different spin on the story than that headline, doesn’t it?
If house prices had gone down in the last few years instead of up you can bet your socks 100% of them would have been happy to take the money.
Couple of our HAM clients spoke of their concerns that their China ppty holdings were losing value (seems to me that the nouveau rich in China hold lot of in productive Real Estate and have enjoyed large leveraged gains) and are concerned that their holdings here are/will do the same.
They are correct to be concerned.
The odd well priced home is seeing multiple offers, but that said it’s largely a phenomenon of the past, at least hereby on the Westside.
Take a drive around my area and see for yourself if it looks like a hot market.
Maybe all the HAM are out in Surrey bidding on Oracle’s building lot?
The certainly are not crawling all over the sfh listings on the Westside!
Enjoy the sunny weekend all
I’m seeing very low inventory. We are looking at Kits 850 sq ft and above. Only 25 units on the market ??
A look back at your barbaric history:
Archives: Anti-Asian mob goes on rampage
This day in Vancouver history: Sept. 7, 1907
850 – 1000 sq ft
Mac, look but don’t leap, imho prices will only decline, I believe we are at the front end of an inflection point, with years of declines ahead.
Likely a gradual decline that people can adjust to, but in my view you could easily see $100k declines in the market you are looking at. Just my two cents, good luck with your search/etc.
@12: ” We’ve had a 5 year gradual decline of 5% already and in the meantime rent keeps going up. ”
Okey dokey. So who’s ahead, the guy who bought a condo for $400K in 2009 or the guy who has rented since then and buys now for $380K? Include all cash flows.
Condos seem flat, however once you factor in how much smaller they’ve been building them over the years they have actually risen in price. No one used to build 400 sq ft units.
“House prices in Canada’s major cities setting hot pace, but for how long?”, Globe & Mail
“Home prices in Canada’s major cities are running at a rate many economists just don’t think is sustainable.”
“Falling mortgage rates helped make homes more affordable heading into the summer, according to Royal Bank of Canada.”
Hi Mac,
I agree that prices have fallen off their peak values.
I just think that it’s early days yet for price declines.
Hopefully, while you were renting and saving on the total cost of ownership you put a bunch of that $ away.
Don’t see how you are getting the worst of the bargain, at all.
Congrats on your patience thus far, hope the stars align for you.
i love living downtown vancouver. you don’t even need a car! it’s so convenient walking, taking transit or riding my bike. i don’t think i’ll ever go back to driving. also, because not driving is convenient given my personal situation at this point in time i think that public policies should punish drivers.
is “Westside Realtor” a realtor? Or just a name for fun????
I think it’s been proven that it’s more economical to be a renter provided you save. But this city does have very high rents making it hard to save. There are also many other reasons, both forced upon a renter and not, why a renter would have to move more often than a homeowner. This has been my experience over 6 years.
It would have been better for a homeowner to have bought the dip in 2008. Regardless of having not made much money since then. But some properties have made dough. So once again Patriotz you have proven how you can be correct on paper and wrong I real life.
@19: “I think it’s been proven that it’s more economical to be a renter provided you save”
What does that have to do with it? A is more economical than B if they provide the same thing and A is cheaper. It doesn’t matter what you do with the difference.
Meh. I’m over it.
I was born here.
I grew up here.
All my friends are here.
My family ia here
I made almost 80 k last year, will make closer to $90 this year.
But there ia no chance I’ll buy a home here.
Mege. I’m over it
I have the 3 hot Canadian Housing Charts up with August data now (Vancouver, Toronto & Calgary):
http://www.chpc.biz/
Seasonal momentum continues to head into 4Q-1Q lows.
#21
Don’t throw in the towel, stay put.
I remember the EXACT same sentiments back in ’81…people left Metro Vancouver in droves,
Of course, they regretted buying in the Interior, the Cariboo and other places when the market turned.
Guess what? They were stuck.
You nailed it LS.
Westside sfh sales are in a funk, and set to get WORSE from here.