BC, data, equity, hype, prices, west side

OV condo unit sale gets big price drop

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“If they got in early, they got burnt” says the selling agent about the Olympic Village condo development.

The Globe and Mail features this deal where a unit was purchased new for $1,565-million + HST in 2010 and recently sold for somewhat less.

He says prices dropped in 2013, when the city took over sales. At that time, he sold a 1,200-square-foot unit, with a water view, in the same building for $860,000. “That’s more like a Burnaby price,” Mr. Yan says.

Last December, he advised a client to purchase this unit, and she jumped on it. She’d been looking for three months in Richmond and Yaletown as well.

“I said to her, ‘If you had talked to me a year earlier, I would have got you an even better deal [in the building],’” Mr. Yan says.

Read the full article here.

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patriotz

@48:

Also, whoever inserted Dorval, QC into this misinformation didn’t realize that cities in Quebec don’t administer the public schools, and mayors have no say in their running. Dorval is part of a larger school district, just like most municipalities in BC.

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hoax

45/46.
Not only this mayor,a mayor of Belgium has said the same thing exactly, I mean word-for-word kind of exactliness.

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Guy Smiley

Pork lunch thing never happened. Original story was written about a mayor in Ath, Belgium and was not true then either. Link

Just more stirring of the pot.

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space889

@LL – Once this gets picked up by the mainstream media, start the countdown before a human rights complaint is filed, and the mayor/city is under political pressure to apologize and be sensitive to Muslim needs and not contributing to Muslim alienation and radicalization….

But you know what would be funny? If a Chinese/Southeast Asian parents group starts a petition to have Pork in all the school canteens since we Asians eat pork way more than beef or lamb and frankly most Asians can’t stand lamb. Too bad there aren’t that many Asians in QC. That would be pretty funny contest – Yes Pork Action Group and a No Pork Must Respect Muslim Coalition duking it out in the next election.

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LL

MAYOR REFUSES TO REMOVE PORK FROM SCHOOL CANTEEN- MENU… EXPLAINS WHY Muslim parents demanded the abolition of pork in all the school canteens of a Montreal suburb. The mayor of the Montreal suburb of Dorval, has refused, and the town clerk sent a note to all parents to explain why… “Muslims must understand that they have to adapt to Canada and Quebec, its customs, its traditions, its way of life, because that’s where they chose to immigrate. “They must understand that they have to integrate and learn to live in Quebec. “They must understand that it is for them to change their lifestyle, not the Canadians who so generously welcomed them. “They must understand that Canadians are neither racist nor xenophobic, they accepted many immigrants before Muslims (whereas the reverse is not true, in that Muslim states do not accept… Read more »

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Royce McCutcheon

They’re talking about “panic” in AB/SK and the only thing that’s really happened so far is a decline in SALES?

Oi.

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patriotz

@38: “Alberta and Saskatchewan, where homeowners are trying to sell their houses before values drop further.”

Owner-occupiers rarely try to sell unless they are in dire trouble, and few are yet – the big wave of layoffs is still ahead.

I think it’s the investors who are trying to get out. But that’s all it takes to tank prices.

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Bull! Bull! Bull!

lol @ patriotz. surrey doesn’t have retirees? wtf?

couldn’t find the stat for all of surrey (i don’t want to waste time disproving someone who is ALWAYS wrong), but here is the stats for south surrey.

22% of south surrey residents are retired yet median houshold income is $63k.

http://www.surrey.ca/files/health_profile_south_surrey.pdf

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southseacompany

“Mortgage rate war heats up as smaller lenders offer deep discounts”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/economy/housing/smaller-mortgage-lenders-sacrifice-profits-to-compete-with-big-six-banks/article23018446/

“Less than a month after the Bank of Canada’s surprise interest-rate cut, a renewed mortgage-rate war is in full swing. But, this time, it’s being driven by an unlikely source: smaller lenders.”

“Even as Canada’s big banks have cut rates to near three-year lows, small credit unions and mortgage brokers are going a step further, sacrificing profits in a fierce bid for new business.”

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southseacompany

“Oil rout continues to hit Western Canada housing markets”, Globe & Mail http://www.theglobeandmail.com/report-on-business/economy/housing/existing-home-sales-slip-in-january/article23023685/ “Canadian home sales continued their descent in January, driven by cooling housing markets in Alberta and Saskatchewan.” “It was the first year-over-year decline in home sales since last April as plunging sales in Calgary and Edmonton more than offset gains in other markets.” “Housing market analysts had predicted that longstanding trends in Canada’s housing market would start to reverse this year, as plunging oil prices put a damper on hot housing markets in Western resource economies, while the Bank of Canada’s decision to lower interest rates would boost home sales in other region” “Yet, Bank of Montreal chief economist Douglas Porter points out that Canada’s housing market is cooling well beyond the Western resource economies, with annual sales stagnant or falling in 15 of the country’s 26… Read more »

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southseacompany

“Real Estate Watch: Home sales fall again, seller ‘sense of panic'”, BNN

http://www.bnn.ca/News/2015/2/17/Real-Estate-Watch-Home-sales-fall-again-seller-sense-of-panic.aspx

“Sales of existing homes in Canada slipped further in January as the drop in oil prices hurt homebuyer demand in western Canada, the Canadian Real Estate Association (CREA) said on Tuesday, with one analyst saying seller panic has set in.’

“”What is interesting to note about the housing measures is that there is a clear sense of panic,” Mazen Issa, senior Canada macro strategist at TD Securities, said in a research note.”

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southseacompany

“Canadian home sales drop 3.1% as ‘sense of panic’ sweeps western markets”, Financial Post http://business.financialpost.com/2015/02/17/canadian-home-sales-drop-3-1-as-sense-of-panic-sweeps-western-markets/ “Sales of existing homes in Canada slipped further in January as the drop in oil prices hurt homebuyer demand in western Canada, the Canadian Real Estate Association said on Tuesday, with one analyst saying seller panic has set in.” “The data suggested Canada’s prolonged housing boom may finally be ending after more than five years of rising sales that pushed home prices to record highs.” “A sharp and sustained drop in oil prices has sideswiped the economy in the resource-rich provinces of Alberta and Saskatchewan, where homeowners are trying to sell their houses before values drop further.” “Issa said Alberta and Saskatchewan were the epicenter of housing-related weakness in January, with sales down 24% in Calgary, 10% in Edmonton, 7% in Regina and 18% in… Read more »

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George

A woman in California has taken real estate bidding wars to the next level. Kathy Rowe found her dream home for sale in San Diego but she was outbid by another couple who paid $779k US. The woman embarked on an unusual campaign of revenge against the couple who outbid her on her dream home. From the Vancouver Sun: “Soon after they moved in with their two young children, Ms. Rowe used a false name to re-list the house for sale on the Internet and would-be buyers began turning up at the door. Leaflets went to neighbouring houses warning that a sex offender had moved onto their street. On Valentine’s Day, wives in the neighbourhood received romantic cards apparently signed by Mr. Rice when he had done no such thing. Then someone put an ad online inviting high school teenagers… Read more »

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patriotz

@35: “They could all be reporting $1,000.000 a year”

That number of course should be $1,000,000 in case anyone is confused.

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patriotz

@30:

You just don’t get it do you? According to that web page, about 40% of households in Arbutus Ridge are renters with an average rent of $1150/month. It also indicates another 20% of households are retirees (assuming almost all are homeowners). The median income is going to lie within that cohort regardless of how much income the remaining 40% is reporting. They could all be reporting $1,000.000 a year and the median would still be determined by those retirees.

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Bo Xilai

#7 DaMann… As well. ICBC has ensured the tax is paid based on your residency, not where you buy the car. So, if you live in Vancouver and decide to buy a new BMW whip in Chilliwack (if there actually was a BMW dealership there), you still couldn’t avoid the extra 0.5% tax…

C’mon, it’s not like the government would allow you to hoodwink them out of their well-deserved tax revenue, right?

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Jimmy

DaMann Says:
February 16th, 2015 at 2:07 pm

If I were to buy a $100k car or watch or some other big ticket item I sure as hell wouldn’t be buying it in Vancouver now
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No disrespect, but if one is buying a $100K car, the extra 0.5% tax is $500 — the dealership in Vancouver would be willing to lower the selling price by $500 to close the deal.

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southseacompany

“Canada’s Fairfax urges caution on markets and economic outlook”, Reuters

http://www.reuters.com/article/2015/02/13/fairfax-fin-economy-deflation-idUSL1N0VN1EY20150213

“Fairfax Financial Holdings Ltd said on Friday investors ought to be wary about financial markets and the global economic outlook, as the huge oil price slide over the last six months has led to a global deflationary environment.”

“He noted that the price of oil dropping from $100 a barrel to $50 a barrel was totally unexpected for most people, but said Fairfax had warned in its annual report last year that commodity prices could collapse.”

“He argued that the decline in oil is not an isolated event impacting just one sector, but one with much deeper implications for the global economic environment. He sees many people, including some central bank heads, being caught off guard by the extent of the deflationary risk.”

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Shut It Down Already

The OV price cuts are old news (4 years old) and didn’t impact the rest of the city in any sort of meaningful way that even the most bearish of bears would call a crash.

If there are 100s more like that then they’d show up in the stats.

The post-Olympic crash never materialized, so stop trying to rewrite the history books.

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88

@20

The second most expensive neighborhood in the second most expensive city in the world claims less income than the butt of all jokes in BC, and we are just going to dismiss it as a flaw in the survey? Bull shit.

Dirty money. Plain and simple.

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@28

“I thought the crash would happen the day after the closing ceremony?”

It did for the Olympic Village. Unless a 35% hair cut is not enough of a crash for you. Plus closing costs, PPT, RE commissions, GST, etc. The guy is likely down well over 50% if he didn’t use leverage. He would have lost everything and will still be making payments for 20 years if he did use leverage. Nice 7 year investment. There are 100s more just like him. Those were some painful closing ceremonies.

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Shut It Down Already

I thought the crash would happen the day after the closing ceremony?

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seven

7 yrs and the Olympic Village in Vancouver still not sold out if that doesn’t spell all is not rosy then I dunno what the heck does

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ILoveCharts

@7 DaMann

The carbon tax was introduced as a carbon neutral tax. Therefore, it can only be used to offset other tax revenue. That’s the only way it would be accepted. Personally, I am a fan of it. Makes more sense to tax carbon emissions (something we don’t want to reward,) than income (we should be encouraging people to work hard.)

All that said, constantly messing with taxes is no way to run a government. Have a simple tax code and then manage your budget within that.

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@history

The uninformed thinks it’s an anomaly.

It’s HAM cash changing hands and units being offloaded at less than market value only to be put back on sale later for market value to wash the cash.

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