Friday Free-for-all!

It’s the end of another work week, let’s get out in that sunshine and enjoy it!

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:

Home ownership still favourite investment
Calgary new condo sales plunge 61%
Bundle and save on realtor fees
Blame your mom and dad for high prices
Mother of Mayors girlfriend arrested in China
Scary high ratio mortgages in Canada

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

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Mortgageslave
Member
Mortgageslave
“@MortgageSlave – Hey uhm…so where is some evidence that I just HATE, HATE Garth Turner? I’m still waiting….” Hey uhm Sorry don’t sit at home reading blogs on the weekend loser. Was on my boat catching prawns before the commercial fishery opens. Got a few spring as well, bowen island is hot! How was that talipia and farmed shrimp that you poor suckers eat! Go reread all your posts for the past for the past year and you’ll find it. You post so much Bullshit, you don’t even know what you’re talking about regardless. Just funny to see I’m in your head again. I don’t even read you responses as they’re voted down. All I know is you, like most of your type are just insecure. You lease a BMW to make you feel good about yourself, then drive to… Read more »
Mortgageslave
Member
Mortgageslave

@Ostrich

It’s the end of month, try looking at the beginning of the month maybe. It’s also April, this shit is all seasonal. Especially Kits. Did you check the same time last year? Good case study, sky is falling moron…

history
Guest
history

Gregor Trudeau, sounds better than that other GT

now if he can dump Wanting and find a younger chinese woman, he would be well on his way to much bigger things…

Best place on meth
Member
Best place on meth

“Just for context: Port Hard(l)y has a population of ~4000.”

I know, huh?

We have way more than that just in Chinese fugitives.

Wearehere
Guest
Wearehere

@127. Now that’s what I’m talking about!

paulb
Member

New Listings 305
Price Changes 123
Sold Listings 150
TI:13468

http://www.paulboenisch.com

say whaaaa?
Guest
say whaaaa?

@125

Just for context: Port Hard(l)y has a population of ~4000. Act fast and you can corner the rental market there …

Best place on meth
Member
Best place on meth

@124

Some interesting listings, like the one in Port Hardy with a 10.3% cap rate.

47 units for $1.75 million, less than the cost of a single teardown house on the west side.

$330K per year gross income, $180K net income.

At least there is still some sanity in other parts of the province.

realist
Member
realist

News from the frontline, released April 27

The Goodman Report, April Newsletter, 2015 http://goodmanreport.com/

“The Greater Vancouver rental apartment market is white-hot, with record breaking prices being achieved throughout Greater Vancouver. If you’ve been keeping up with the incessant headlines highlighting real estate activity, you’d be well aware of the market’s ferocity, both in the residential and commercial sectors. Demand is insatiable and unrelenting…”

Background: The Goodman Report is a respected staple of the multi-family RE scene in Vancouver. And no, such breathless and extreme language does not appear every spring.

kabloona
Member
kabloona
In case it hasn’t been posted yet…. 😉 THE VACANT TRUTH ABOUT RENTAL CONDOS http://www.macleans.ca/economy/realestateeconomy/the-vacant-truth-about-rental-condos/ Condo investors who think vacancy rates are ultra-tight will be disappointed Jason Kirby – April 9, 2015 “As Toronto condos go, a cramped unit on the 52nd floor of a newly built downtown tower is as good a place as any to pick apart one of the most oft-repeated real estate stats in Canada’s largest city: the ultra-tight vacancy rate of little more than one per cent. You hear it all the time, on the lips of every condo buyer and regurgitated in real estate reports. It’s one of the reasons a growing number of developers say they’re shifting gears from building condos to building rentals. But like all statistics emanating from Canada’s clubby real estate industry, this one should be taken with a grain… Read more »
ostritch
Member
ostritch

Hey is it still Friday? Have we run out of things to say? Entirely possible. I hear market is slowing a tad from last month because there is absolutely nothing worth buying.

Vangirl, and this message is to her, because she likes to think… can you do me a favour? Can you go to craigslist and look for rentals, specifying > Vancouver only >2-beds & 2 baths >Kits. Do you see what I see? There used to be pages of the stuff. Duplicates of course. Last week when I did this. 35 entries. Thirty-five?! Can you believe it? No rental stock either. WTF? Are your mainland friends buying more than just SFHs to leave empty?

Many Franks
Member
Active Member
Vancouver real estate: 10 reasons why homes sit vacant according to the CoV’s chief housing officer: – Development timing – vacant prior to demolition or following new construction. – Property is in the process of being sold or rented. – Property has been vacated in anticipation of being renovated. – Flipping – bought and sold in a short period of time, with no real possibility of rental. – Domestic investment property – decision pending to rent or leave vacant for a later sale. – International investment property – decision pending to rent or leave vacant for a later sale. – Probate – the owner has died and their estate is being administered. – Hoteling – owner with a long commute buys a property to live in during the work week. – Sabbatical/Snowbirds – because of work, retirement or travel, the… Read more »
vangrl
Member
vangrl

didn’t sell.

They took it off the market. Said that the realtor suggested dropping the price by a lot and that they weren’t willing to.

Going to sit on it for a year and either re-list or just rent it out depending on where the markets at.

vangrl
Member
vangrl
huh? let’s hope it’s an accepted offer subject to reading the depreciation report. I’m the 1st to admit that depreciation reports are a bit bogus, but if a realtor denied me access to look at one… “The Agent’s Take: Older suites usually offer more space than new condos, but the depreciation report can make it a tougher sell. The listing generated a lot of interest, but initial buyers backed off after reading the report, which outlined upcoming maintenance. Few could see that the work required was several years down the road, it would be based on cost per unit, and it would come down to a vote, Ms. Gillis says. “They didn’t understand the document and were frightened by dollar amounts.” Ms. Gillis decided to not release documents again without an accepted offer.The buyer was a scientist who did his… Read more »
space889
Guest
space889

@BPOM – That’s rich…coming from someone who does nothing but posting off topic offensive racist shit.

space889
Guest
space889

@vangrl – So my tax $$$ is paying for your mom’s stupdity?? No wonder our healthcare system is going down the tubes, thanks to morons like your mom.

bullwhip29
Guest
bullwhip29

@ #41
one down, 99 to go…
http://www.businessinsider.com/chinas-first-economic-fugitive-captured-2015-4

http://www.chinadaily.com.cn/china/2015-04/23/content_20521796.htm
(click photo for full list of 100…maybe you will recognize a neighbor or relative)

Slagathor
Guest
Slagathor

….a staggering 2/3rds of new Chinese investors in recent months had a junior-high-level education or less….

LOL. Or about the same education level as a typical Canadian ‘Financial Adviser’.

Best place on meth
Member
Best place on meth

@113

You’re quite right, the hikes could be delayed until later in the summer which would line up perfectly for a bond bust in October.

http://finance.yahoo.com/news/economy-uncertain-no-fed-rate-153058237.html

Wednesday’s announcement might shed some light on the timing.

franko
Member
franko
@ 90, BPOM A FED rate hike in June, followed by another in July sounds a bit optimistic. The FED may opt for more gradual hikes to avoid driving the US$ even higher as the rest of the world is still in stimulation mode and countries that are in deep shit, like Russia and China, keep hording the US$ as a hedge. But be patient, with the US economy on a steady recovery, there is no way in hell they can continue keep rates this low. The mere perception of a hike (remember the taper tantrum a couple of years ago?) will be enough to scare the shit out of the bond market. Who knows, that could even spur another round of pre-approved idiots plunging into this crazy market. When higher int rates inevitably become a certainty, our housing market… Read more »
Slagathor
Guest
Slagathor

….The Harper right wing idealogues never did like the Wheat Board. Seemed too Soviet and anti-market to them….

And they were right.

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

“you can question how worthwhile democracy is in a lot of countries right now”

Gregor Robertson responding to a CBC reporter’s question about working with authoritarian China.

http://archive.citycaucus.com/2010/09/gregor-robertson-you-can-question-how-worthwhile-democracy-is

bullwhip29
Guest
bullwhip29

@ #110
O’Leary is completely full of $hit (not to mention himself). Past history suggests he gets involved in some sort of RE play way late in the game (probably condos too), slaps his name all over it, then goes on BNN, CBC, CNBC et al to pump it. Anyone wanna laugh…go look up info on all his “O’Leary”-branded funds (lol) that have gone under in recent yrs

http://www.theglobeandmail.com/report-on-business/rob-magazine/kevin-oleary-hes-not-a-billionaire-he-just-plays-one-on-tv/article4564334

southseacompany
Member
southseacompany

Here’s Kevin O’Leary’s take on condos;

“”The condo you bought is getting ‘crusty’: Kevin O’Leary”, BNN

https://www.youtube.com/watch?v=nEGi_JczjIY&spfreload=10

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

@98

UBC geography department has plenty of research and data. the problem is that it tells a story the mayor doesn’t want to hear.