Well, that must be the top then.

Over the weekend we found out that a bearish poster on this site just bought a house.  Not in Vancouver mind you, but still..

What went wrong? Landlord wanted to move back in. Now if it was just me I would have rented another place, but as it isn’t just me I decided to see if I could make buying work.

Had to look outside my old neighbourhood, but I found a house on a big lot, price $330,000. Taxes about $3000/year, rental value about $1750/month. Great deal? No. But one I can live with. There might be some downside on the price going forward, but what matters to me is value, i.e. ownership costs versus rent, not expectation of price changes going forward.

And in that same thread we found out that a bullish poster sold his house and is now renting.

In all sincerity, when a voracious bear purchases, it may signal a top. Market trends often reverse at points like this.

To let you guys in on a secret, yours truly is no longer a home owner. I rent. I do have other real estate interests though.

So are these signals of a market top or what?

 

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George
Guest
George

Congratulations, Patriotz, on your new home. To each, his own. Everybody has to do what’s best for their own lives. Where someone chooses to live (and whether they choose to buy or rent) is never 100% a financial calculation, other things like emotions, family connections, friends, quality of life, subjective preferences all come into play. We shouldn’t let the debates on this blog get personal. I wish Patriotz all the best in his new home.

history
Guest
history

In Canada we aspire to be Entitled, comfortably using new immigrants for our jack work.
JOHN Galt said it first… and when he finally emerged from debtors prison… he was a broken man, just the way the bankers who put him there intended.

patriotz
Member

Temporary foreign workers hired in area with high aboriginal unemployment

At the centre of an Alberta mall catering to four First Nations grappling with massive unemployment is a cafeteria that dishes out burgers, fries and bannock – cooked and served by temporary foreign workers.

The exact number of foreigners employed by Ermineskin Cafeteria’s owner, Howard Ng, is unclear. Mr. Ng, who is not aboriginal, did not respond to repeated interview requests relayed to him through phone messages, e-mails and a couriered letter to his corporate registration address in Edmonton.

His cafeteria in Ermineskin Cree Nation is in the red-brick Maskwacis Mall, a hub for about 12,500 people. The mall has an employment centre, which estimated that seven of 10 aboriginal adults in the four First Nations didn’t have a job in 2009.

patriotz
Member

@34: “Calgary real estate market is hottest in Canada in third quarter 2014″

Just in time for the next down market in the oil price cycle.

They never learn – go back 7 years and take a look.

southseacompany
Member
southseacompany

“LePage CEO predicts slower growth in home prices” Globe & Mail.

http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/lepage-ceo-predicts-slower-growth-in-home-prices/article21096385/

“Canadian home price growth is not going to be as strong in the next while as it has been, says Phil Soper, chief executive officer of real estate agency Royal LePage.”

“It’s a view that’s shared by many economists, but is not frequently touted by real estate agencies. So it’s noteworthy that in the first line of a press release to be issued Wednesday, Royal LePage says “housing prices across the country are showing signs of moderating.””

“What about outright price declines? Mr. Soper sees those happening after interest rates rise, although they might be confined to the most price-sensitive markets, many of which are in B.C. “I don’t think we’ll see any price retraction until there’s a reset in interest rates to more normal levels,” he said.”

southseacompany
Member
southseacompany

“Calgary real estate market is hottest in Canada in third quarter 2014”

http://www.newswire.ca/en/story/1427730/calgary-real-estate-market-is-hottest-in-canada-in-third-quarter-2014

“The Royal LePage House Price Survey released today showed sizeable year-over-year price increases in all housing types surveyed in Calgary.”

“The average price for standard condominiums recorded the highest year-over-year price increase, surging 11.8 per cent to $294,156. During the same period, the average price for detached bungalows increased 10.8 per cent to $515,844 and standard two-storey homes increased 9.2 per cent to $499,811.”

Real Oracle
Guest
Real Oracle

Haha,

Moron posting as me..Marco, William, I am not posting. Westside of his meds I think.

Admin, you going to do anything or do I resort to plan B?

Marco
Guest
Marco

#31 Oracle

It hasn’t had to Oracle. I think it would be an unwise decision for anyone to buy in this market at this time.

Cheers.

Oracle
Guest
Oracle

William,

Envy eats it’s own heart. Piss on you.

Marco – how has that thesis worked for you thus far?

Marco
Guest
Marco
#28 Oracle. Yes it is a global market. But it is also a local market especially at the lower and mid end. In the less desired areas of rich foreign investors. What I am trying to point out is there won’t be enough foreign investors in the Vancouver market to keep up with demand. When the less desired areas are not being picked up by foreign investors the prices will go down. They will go down in the non demand areas, not West Van or the Westside, although they might if foreign investors get caught with other properties that are losing value like in China, and have to sell. Interest rates will eventually rise alongside the Fed. They must for a healthier economy. West Van/Westside = Local and Global. Other areas = mostly Local. Cheers.
William
Guest
William

Oracle, go away.

All of you.

Go camp out on your Surrey building lot you loser.

Oracle
Guest
Oracle

Marco,

What I am and have been saying for quite some time is that locals will only increasingly get priced out/bought out by wealthy foreigners.

Our market is not a local market anymore, it is a global market. Given the great number of global wealthy that want to own a home here. Any bears. Hanceville of ever having a place is predicated in buying as much home as they can as soon as they can.

It has worked wonders for the last decade and will only accelerate going forward.

Peace be with you.

Marco
Guest
Marco

I meant #24 Oracle or whoever it is

Marco
Guest
Marco

#25 Oracle

You fail to realize that there are a number of local landholders that have their houses as retirement plans and have taken out second mortgages to finance their children’s condo purchases. What happens when they want or need to sell? What your proposing is there will be enough local residents, that are as well tapped out, to buy from them. Do you believe that a wave of of foreign investors will come and save the day. Will they line them up at the airport? And once a new for sale sign comes up let them through? Peace.

Real Oracle
Guest
Real Oracle

Only post 14 is mine.

Moron behind the computer has time on his hands.

Oracle
Guest
Oracle

Heard Herd,

You wouldn’t be able to afford the initial rent. Besides, if you are smart enough to run a grow op you would have been wise enough to load up on real estate.

Global economic weakness will drive big money/cash buyers to Vancouver as a safe haven move by the global elite. This town is not for wage slaves like you, it is the preserve of the ultra wealthy and local landholders now

I am sorry to tell you this, but you missed the boat – a long time ago.

Heard Herd selling
Guest
Heard Herd selling

Oracle I will rent your millio dollar house for $2500 a month, text me when the paint is dry enough to move in, I will operate grow up meth lab and make 25k a
month in you new house, thankful for generous landlords like u

chinoria
Guest
chinoria

This marks the top

V1086455

nom nom nom
Guest
nom nom nom

… or merely moraly repugnant?

nom nom nom
Guest
nom nom nom

…. does charging more money for investor immigrant program participation make it less socially destructive?

http://www.bbc.com/news/world-australia-29611137

paulb
Member

New Listings 258
Price Changes 125
Sold Listings 98
TI:15534

http://www.paulboenisch.com

westbeach
Guest
westbeach

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What the top looks like.

Marco
Guest
Marco

The only way they’re going to keep this boat afloat is if the US Fed abandons it’s tapering.

http://www.ratehub.ca/mortgage-blog/2014/01/the-feds-taper-and-its-effect-on-canadian-mortgage-rates/

Or they open the doors wide open for foreign investment.

Peace.

Oracle
Guest
Oracle

I may build on my lot and net an easy $600,000 gain on it after expenses, in less than 15 months.

The options are mine as I own it. Think about that renters.

Oracle
Guest
Oracle

And by the way, it was not me who posted on the sale of my Surrey building lot.

I am holding on for a much larger gain than $30,000.

Add a zero to that and I might let it go next spring. There is a ton of upside left in this market despite the prognosticators who deny what is actually happening.