FFFA! Cancelations, Condos, Concern

Here we are at Friday again. That means it’s time for our regular end of the week news roundup and open topic discussion thread.

It’s Friday Free-for-all time!

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

Judge kills Yaletown land swap
Labour participation drops
Oil crash bad for BC labourers
Condo cancelations in Toronto
Toronto and Montreal best cities?
Dodge warns on bank profits
Another retailer exits
Brain melting in panic

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

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[…] mentioned in that article is the fact that the asking price on that property was $30,000 under assessed, but still that’s a lot of […]

thedoginpoco
Guest
thedoginpoco

1% realty…I have a house to sell and am considering 1% realty. I dont understand why more people don’t use them. Anyone have any experiences to share or advice to give?

The neighborhood is selling at a steady clip and I want it sold before it turtles here too.

where is VHB?
Guest
where is VHB?

It’s surprising that patriotz is still around. That guy is such a snake. He even bought a house in 2014. Too funny.

He makes flippant remarks like #8, #101, beats around the bush, makes suggestions that prices are going down or that people should never have bought (lol), but never actually comes out and says it straight. He’s a slippery and slimy one, that’s for sure.

tedeastside
Member
tedeastside

@11

this is the real list of REAL cities

ie sleepy little hockey towns with no attractions and no industry like Vancouver dont make the cut …vancouver is a joke of a wannabe city..

by looking at this list it seems not everybody wants to be a canoeist or kayaker with nothing but low wage job opportunities

where is VHB?
Guest
where is VHB?

I haven’t seen him around in a long time. I guess he’s too ashamed to show his face around here or anywhere else. Can’t blame him. He steered a lot of people wrong.

Shut It Down Already
Guest
Shut It Down Already

… because it wasn’t being ranked, fuckwit. Many beautiful smaller cities were not on the list.

tedeastside
Member
tedeastside

i dont get it… how come the best place on earth didnt even crack the top 20 best cities list …

patriotz
Member

Alberta’s real estate woes threaten the rest of the country

The “soft landing” that Bank of Canada Governor Stephen Poloz still predicts for the housing market conjures up thoughts of powdery snow and fluffy pillows.

No bumps. No bruises.

But the threat of something more painful is growing.

Alberta’s real estate market appears to be in the early stages of a correction as the falling price of crude ripples through the province’s economy. Many homeowners are rushing to sell while they can, buyers are increasingly scarce, and prices are faltering.

Look for the impact first in the Interior as in 2008.

patriotz
Member

@105:

How many unsuccessful bidders there were doesn’t mean anything. What means something is the high bid.

If you give people the impression that you are willing to sell below market, you will get lots of bids under market. And that’s exactly the impression you give when you list under assessment.

Lurker
Guest
Lurker

@104

I believe I read it was sold for $30K above asking. So basically at assessment.

Not bad.

UBC in crisis mode
Guest
UBC in crisis mode

People allow to dream. If you want a SFH in Vancouver, then the under $1,000,000 lot in Van East is your best hope. Go for it, thanks to the low interest.

Poppy
Guest
Poppy

I dunno I might mean something more than squat (perhaps lunacy?) when 31 buyers bid around a Mill for a crack shack that will require a couple hund from looking at the pics to make it livable. It may have even went for more than the one that only got 10 offers and 250,000 over ask.

Where are these endless doofus buyers coming from?

patriotz
Member

@103: ” 31 offers on one of them ”

Means squat because we’re not told how much they were for or what the property sold for.

What we do know is that it was listed for $899,000 and 3 East 60th Ave is assessed at $929,700.

Poppy
Guest
Poppy

Looks like the bidding wars are starting up again… 31 offers on one of them. Another with 10 offers went for 250,000 over ask. How much longer til this pig is cooked?

http://www.vancouversun.com/business/Local+homebuyers+drive+selling+prices+east+side+realtors/10775458/story.html

nufio
Guest
nufio

I also believe that we will see more rate cuts in the future. I am glad i moved 90 % of my assets away from CDN to USD in the last year when usd:cdn was <1.08. I moved the majority 6 months ago. It wasnt a planned calculated move but I just got lucky as I couldnt take the insanity of 2M for a decent detached anymore and moved to seattle.

I still have my doubts vancouver RE will keep going up. We must have hit or pretty close to having the last sucker buying into the bubble.

patriotz
Member

@100:

Tsur has been telling people to sell?

88
Guest
88

@crashcow

Why would you punch him? Lets be honest, people who has followed his advice have done just fine.

crashcow
Member

Saw Tsur sommerville in the morning canada line heading into downtown. Was debating if I should punch him or shake his hand.

kabloona
Member
kabloona

#96 – Yeah, my Sister in Richmond Hill is telling me about the surge of people running through an open house right across the street from her place, a crappy mid-80s builder house with a postage stamp yard and an asking price of $779k!! …IN JANUARY!!! I think it’s about 10 below there….and still they don’t stop coming!!

😉

My personal take is that Harper hasn’t got any positive economic news going for him anymore – except Canada’s “bullet-proof housing market”…… that and oh, yeah – running around warning everybody that Johnny-Jihad is coming for them unless they vote Conservative…

😀

So he’s gotta keep pumping house prices with easy credit and ultra-low mortgage rates as long as possible…or at least until the next election.

Boombust
Guest
Boombust

What was the address of the Open House?

would-be buyer
Guest
would-be buyer

I went to an open house yesterday in New West and the place was PACKED with people. The listing agent told me there was already an accepted offer on the house. I don’t get it. I am starting to believe that the bad Canadian economy will have no effect on Vancouver housing since Vancouver doesn’t have any economy to speak of. In fact, I suspect that low interest rates will boost the spring market. I also think we will see another rate cut in March. The Vancouver housing market has 9 lives. I hope I am wrong.

patriotz
Member

@87: “The economic trajectories of the two countries are out of phase for the time being…”

Now that’s the understatement of the thread. Canada is in pretty much the same place as the US in 2005, with the added downdraft of the oil bust.

Canada is not going to be in a comparable position to that of the US today until our RE / consumer debt profile resembles theirs, which will be a matter of years if we have a similar RE bust, and God knows how long if we have a “soft landing”.

Lurker
Guest
Lurker

“when we go to war with your country I’m going to come looking for you and your kind.”

Well that’s the craziest thing I’ve read in awhile.

Best place on meth
Member
Best place on meth

crikey Says:
January 30th, 2015 at 12:45 pm 38

A quick check of the previous thread shows that out of a total of 84 posts, 25 (Twenty-five!) were made by SpacedOut999. LOL!

That is 30% of posts being made by one person! SpacedOut dude, are you okay? I’m getting worried about you.

This angry, pro-China piece of shit should have been banned from here a long time ago.

Every single one of his posts gets down-voted into oblivion so why is he still here?

I swear to god spacey, when we go to war with your country I’m going to come looking for you and your kind.

Oracle
Guest
Oracle

Oh, and I’m going to write to the Washington State Governor tomorrow. Wouldn’t a USA Green card immigration program for residents BORN in Canada be a great boost to the Pacific Northwest economy?