Friday Free-For-All! 2015 is here!

It’s the beginning of a new year and the end of another week.

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, here are a few recent links to kick off the chat:

1988 flashback
Chinese bottom fishers in Russia
That’ll bump up the average
Chinese buyers eye Seattle
The pretending to pay buyers gambit

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

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Westside Realtor
Guest
Westside Realtor

Seeing a general absence of HAM and tepid overall bidding on westside sfh market.

Seeing a smashing in oil prices and guessing we will see a lot of job. It’s in Alberta and wondering what the spillover will be like to BC in general and to our local market (if at all).

Seeing stronger GDP I’m USA, and wondering when interest rates reverse course.

Interesting times indeed. I believe we will see lower y-o-y prices in a handful of months or less.

WSR

UBC in crisis mode
Guest
UBC in crisis mode

On Van West, most SFH assessed values are up for 2014, but duplex at UBC are down.

New BC Assessment Tool:

http://evaluebc.bcassessment.ca/

southseacompany
Member
southseacompany

Poloz says housing may be 15-30% overvalued. RBC chief says maybe 15% overvalued. Oil prices are dropping.

Meanwhile, here in Vancouver, Georgia Straight reports, “Forecasts predict Lower Mainland’s housing market to grow in 2015”

http://www.straight.com/news/796951/forecasts-predict-lower-mainlands-housing-market-grow-2015

“WITH NO OBVIOUS bumps looming, the housing market is forecast to chug along in 2015. According to economist Bryan Yu, the industry should continue to register growth in the Lower Mainland.”

Brian Ripley
Guest
Brian Ripley

I mashed up a chart of USD/CAD and the Oil Index

http://www.chpc.biz/history-readings/swan-and-bear

The strong USD and weak energy prices are probably going to define the first half of 2015. There is a lot of global debt that has been created in US$ and will have to be repaid in kind; and the crushed energy prices are forcing currency devaluations. FX and Energy “wars” are going to force portfolio reviews and weak hands may not want to subsidize their real estate holdings if commodity prices continue to deflate.

bullwhip29
Guest
bullwhip29

@ #3

imho all indicators point to a softer RE mkt in Canada in the short to medium term (at the very least) as investors continue to divest themselves of Cdn assets

and the view from the doomsday pornsters…. (note: charts 23-26)
http://www.zerohedge.com/news/2015-01-02/elephant-dragon-room-chinas-hard-landing-21-charts

-definitely a huge elephant in the room. things could play out in china as they did in the US with the eventual fallout being exponentially bigger

Royce McCutcheon
Member
Royce McCutcheon

Self-five for getting a job a few months back that pays USD and for negotiating salary back when things were close to par.

I’ll soon be able to buy that detached teardown on the outskirts of Mission!

Royce McCutcheon
Member
Royce McCutcheon

Ok Mr./Mrs. Thumbs-down. It’s not THAT bad.

I should’ve said Pitt Meadows!

CPG
Guest
CPG

I see Doug Noland has started up a new blog.

Credit Bubble Bulletin
— Chronicling History’s Greatest Financial Bubble

http://creditbubblebulletin.blogspot.ca

paulb
Member
Active Member

New Listings 158
Price Changes 31
Sold Listings 71
TI:10028

http://www.paulboenisch.com

valleyrenter
Member
valleyrenter

Wow, new listings sure shot up after the Christmas and New Years brouhaha. Thanks paulb for sharing all the numbers you do for us.

southseacompany
Member
southseacompany

“Typical detached house values spike to $1.8-million in Vancouver”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/detached-house-prices-spike-in-vancouver/article22278878/

“A typical detached home on Vancouver’s west side on a 15.24-metre-wide lot had an assessment of $1,812,000 on July 1 last year, up 12.5 per cent from the previous evaluation on July 1, 2013. A representative detached property on the west side on a 10-metre-wide lot saw its year-over-year valuation climb 7.5 per cent to $1,575,000, according to new data released Friday by BC Assessment.”

“On the city’s east side, a typical detached home had an assessed value of $993,000 last July, up 11.3 per cent over a 12-month period”

“The average price in the latest assessment roll for single-family detached properties increased 11 per cent year-over-year in the City of Vancouver,”

southseacompany
Member
southseacompany
” B.C. assessments show strong appreciation in Vancouver single-family home values”, Vancouver Sun http://www.vancouversun.com/business/assessments+show+strong+appreciation+Vancouver+single+family+home+values/10697150/story.html “What’s new this year is that condo values are also rising in the region, after a few flat years that saw condo construction outpace homebuyer demand.” “Condo prices in Vancouver and its nearer suburbs were up about two per cent as of July, when B.C. Assessment sets its values for the next year’s assessment roll.” “B.C. Assessment doesn’t produce average assessment values for property types in Lower Mainland markets but does highlight representative examples.” “In Vancouver, a typical east-side two-bedroom apartment increased 4.7 per cent to $381,000, from $364,000 a year earlier.” “On Vancouver’s west side, values for a typical two-bedroom apartment rose 7.5 per cent (to $616,000), in line with the growth in value of a detached home on a 33-foot lot (up 7.5 per… Read more »
southseacompany
Member
southseacompany

Note on two posts above, assessments are taken July 1st, so this data is half year old now.

Vancouver bored of trade
Guest
Vancouver bored of trade

“On the city’s east side, a typical detached home had an assessed value of $993,000 last July, up 11.3 per cent over a 12-month period”

Wow, impressive!

But you can have it, I wouldn’t pay half that to live on the east side, guess this city is definitely not for me anymore.

mc
Guest
mc

Happy New Year everyone! Thanks for sharing all those of you that aren’t racist jerks, and oddly enough thanks to the Vancouver housing bubble, without ridiculous prices I probably would have stayed somewhere I wasn’t happy and not found the place where I am happy.

May you all find your own happiness, wherever that may be!

Polozi Scheme
Guest
Polozi Scheme
Whistler or bust?
Guest
Whistler or bust?

Nice to see Westside Phoney being voted into oblivion.

Westside Realtor
Guest
Westside Realtor

Whistler or bust, aka Oracle – is that the best you got?

Sad.

Your a bullish retard.

WSR

Oracle
Guest
Oracle

Screw you westside realtard, and all of your bearish ilk.

When you all down vote me it simply reinforced how stupid you all are!

Bunch of idiots all of you.

Oracle
Guest
Oracle

You up vote WSR and down vote me?

Go rent a moldy basement.

I warned you all that the path to riches is tied to hitching yourself to this ongoing epic real estate BOOM which still has many years to run.

It is not too late to climb aboard.

If not, stay a loser.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@14

>But you can have it, I wouldn’t pay half that to live on the east side, guess this city is definitely not for me anymore.

as if you had a choice. you are priced out of the city. I hear pentincton is nice. it should be safe from sinofication for another 20 years.

CBC
Guest
CBC

9k party coming soon to a market near you. However, low inventory has no effect on prices because oil is tanking in another province….

CBC
Guest
CBC

“British Columbians can expect to see almost one million job openings in the next seven years as boomers retire, according to a provincial government report.

Two-thirds of the projected 985,100 job openings created between now and 2022 will be due to retirement, one-third to economic growth — especially in skilled trades, according to the B.C. 2022 Labour Market Outlook, a forecast of labour demand and supply trends carried out by KPMG.”

http://www.theprovince.com/touch/news/bc/million+jobs+expected+open+here+five+most+demand/10697856/story.html?rel=838332

These workers will need homes be it local or foriegn

imagine that tedeastside, jobs will be available in bc despite vancouver being a 3rd rate backwater inferior to 500 cities in the states.

chinoria
Guest
chinoria

Larry seems to have given up knocking out the monthly numbers. Too bad. We will have to wait for the RE board to decide how to spin them before we get them. While alberta’s fate is tied to oil and I expect Calgary RE to take a big hit this year, we are linked to China. While the Shanghai index goes up our RE follows it.

Westside Realtor
Guest
Westside Realtor
Chinoria, Out real estate is tied to China’s stock market? Interesting. So…what impact does the FACT that china’s top 100 cities have ALL fallen in price in EACH of the past SEVEN months have? Ya, none I guess. Too funny. I remain bearish. And I embrace this new era of cra scrutiny of overseas money transfers. Al so, I like that analogy of Iip water in the hose…ain’t e much left though as HAM are rare sightings indeed. I suspect that this spring could see the first net outflows of HAM, through new westside listings, in St least a decade. And I will fucking stand at the airport and wave goodbye and rejoice their departure. They added little to nothing to this great city and country, other than driving up real estate prices and pushing Canadians into extreme and record… Read more »
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