Bob Rennie urges Vancouverites to give up

The owner of a condo marketing company in Vancouver is urging young families to give up on the dream of a single family home and embrace density.

According to Rennie, whose company was involved in high-profile projects like Vancouver’s Olympic Village and the redevelopment of the historic Woodward’s building, planners need to create a lot of density at once in order to drive down prices.

“I know nobody wants to hear that, but unless we’re going to take a big broad brush stroke and add a lot of density, we’re in trouble,” he said.

Read the original article over at the CBC.

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hahaha
Guest
hahaha

those were not RE blogs – those were bear blogs of which put out too many wrong predictions that caused many families priced out of the market. vhb quit because the guy realized it, VREAA has gone silenced cuz she might have bought a place for her family…there are a few bear blogs left treading the water.

southseacompany
Member
southseacompany
“Toronto, Vancouver condo owners look to list over next 5 years: CMHC” Globe & Mail http://www.theglobeandmail.com/report-on-business/economy/housing/toronto-vancouver-condo-owners-look-to-cash-out-over-next-five-years-cmhc/article24562790/ “A growing number of condo investors in Canada’s biggest housing markets are planning to list their units over the next five years, banking on the profits from rising prices to cash out.” “A new survey of nearly 42,000 condo owners in Toronto and Vancouver by Canada Mortgage and Housing Corporation found that 52.6 per cent of investors were planning to hold their units for at least five years, down from 58.4 per cent last year. The changes were driven largely by investors in Toronto, where 52 per cent of investors expected to own their unit for at least five years, down from 61 per cent from a year earlier. In Vancouver, the number of investors who said they planned to hold their units for… Read more »
StupidityCheck
Guest
StupidityCheck

@117:

This market has killed-off most of the RE blogs, but there’s still at least one more.

http://vancouverflippersintrouble.wordpress.com

Oracle
Guest
Oracle

Garth having a hard time explaining why prices in Vancouver and Toronto keep going up. Now saying they are only 2 markets amongst 100’s in Canada. So he was right. Haha. L

Westside Realtor
Guest
Westside Realtor

True, I didn’t foresee the surprise interest rate chop.

Doesn’t change my view, just delays the INEVITABLE.

Makes the downside even more extreme.

We are peaking now, and the long slide commences. Seeing signs of this NOW.

WSR

ponziharmony
Guest
ponziharmony

@114

“Rennie’s only consideration is the supply side”

Clearly so. What’s amazing is that he’s considered a ‘real estate expert’ and that he has been given so much media coverage this week.

He’s a marketer !

He clearly received a phone call to do something and launched a Blitz Marketing Campaign to counter the Foreign Investment questions that were getting too much coverage. Those are not news, is a campaign, timed to release bits to different media every day and shift the conversation.

Is advertisement, not news !

ponziharmony
Guest
ponziharmony

@114

“Rennie’s only consideration is the supply side”

whisper
Guest
whisper

@116

“Guess even this blog has closed down , no “Friday Free For All”. Maybe it was bought by an off-shore investor.”

Hopefully not, RE silenced my blog and even convinced vreaa to spend more time with her family. This is the only outlet remaining.

Wearehere
Guest
Wearehere

Guess even this blog has closed down , no “Friday Free For All”. Maybe it was bought by an off-shore investor.

Anyway we are close to 25,000
Let’s keep push it. a few hundred more in the last 48 hours.

https://www.change.org/p/premier-christy-clark-mayor-gregor-robertson-mayors-and-city-councillors-of-the-gvrd-restrict-foreign-investment-in-greater-vancouver-s-residential-real-estate-market/u/10324691

flaneur
Guest
flaneur

“At some point even the Chinese greater fools will wane.”
China’s anti-graft campaign so far, is scratching only the surface. Expect more exodus of hot money.
http://asia.nikkei.com/print/article/93455

@#104: “Don’t hold your breath.”
Agreed. Clearly CRA is the lesser of two evils. Karma is a bitch.

Polozi Scheme
Guest
Polozi Scheme

Rennie’s only consideration is the supply side – because of course that’s what made him rich. For Van RE to come back to reality for the middle-class, the demand side must be addressed. The demand side – taxes, rules that benefit locals. Oops – obviously Christy and Gregor (and Harper for that matter) are benefitting too much from this Ponzi scheme to listen to voters. Vote them out ASAP.

JR
Guest
JR

#106 Do you seriously think it is news that Joe O will not tamper with CMHC at this time? Joe O and his colleagues are going to keep a very tight lid on this entire steaming heap until the after the election. Then, they will either be history or in a position to act “responsibly” to correct an enormous problem of their own making. Look out below regardless of the outcome.

Gatho
Guest
Gatho
we’re doomed. Garth: “there’s no HAM, but sell fast to them and give me the money” Ren2008: “you can’t afford a house now, so buy a condo, give me the money, I promise you will climb the ladder ad get rich” Ren2015: “give up, buy a condo and give me the money. and let me bulldoze all SFH to put my condos” dear Leaders: “there’s no HAM, but let’s take their money” city: “traffic and congestion will doom the city, so give us more money. then we will build more condos along traffic corridors and increase congestion where there is none now. and developers will profit from rezoning. and city will profit from permits. and more condos, more congestion where there is none now, paid by you, profit by others.” how did it turn out for Cambie. seriously considered voting… Read more »
southseacompany
Member
southseacompany

Bubble Part II in US?

“San Francisco’s housing boom has gotten over-the-top crazy” Business insider

http://wolfstreet.com/2015/05/19/how-over-the-top-crazy-san-franciscos-home-price-and-construction-boom-really-is/#ixzz3apxBMZQZ

“People were shaking their heads at the time 9prior bubble). But after the boom came the inevitable bust.By January 2012, the median home price had plunged 31% to $615,000.”

“By then, the tsunami of money that the Fed had unleashed was already washing over San Francisco from multiple directions”

“Over the course of three years and four months, the median home price about doubled to $1,225,000.”

soquamish
Guest
soquamish
Regarding 70% ownership, one new factor this time may be that the property ladder is dead. Those hoping to cash out on their condos bought 5-7 years ago and upgrade – won’t happen because SFH went up by a more greater margin. May explain there is more awareness of the high prices. The first wave of upgraders has arrived and all sacrifice hasn’t paid off, because SFH took off like a rocket. Because the idea was to buy a condo, wait a few years, then something bigger, wait a few years, etc. and then arrive at a house. You don’t mind living in a leaky shoebox if there’s some hope, some day, but what if reality has shown otherwise. May explain why master propagandist is pushing condos in the last days. If people were buying condos as a starter home,… Read more »
Bear Vancouverite
Guest
Bear Vancouverite

@Westside Realtor #66

“I think our local market has or will peack shortly (by June at the latest) and am already seeing signs of softening.”

Who upvotes this guy? WSR has been seeing softening since a year ago. His observations never align with any hard data.

Remember this? July 6th 2014:

WSR: “I think the market is softening in the area I focus on”

and

WSR: “Traffic to Westside showings are noswdiving.”

http://vancouvercondo.info/2014/07/friday-free-for-all-4th-of-july.html

soquamish
Guest
soquamish

#105

“condo’s going up” … said the Condo Marketer.

This piece is basically the same propaganda that has been in all media for the last days. Free advertisement presented as ‘news’.

So how are condos affordable, when “… young buyers are increasingly leaning on parents to help with a condo purchase … and … nearly 50% of baby boomers are helping their children by giving or loaning some or all of the down payment for a Metro Vancouver home …”

Regarding densification, it doesn’t help at all affordability when Condos are designed for investors, presale schemes, flipping and not for families. How many 3 bdr condos are built ?

southseacompany
Member
southseacompany

Poloz to stay put – or go down? Meanwhile across the border;

“Fed still seen in lift-off mode as Yellen takes center stage” Reuters

http://www.reuters.com/article/2015/05/21/us-usa-fed-yellen-idUSKBN0O62RT20150521

“The U.S. Federal Reserve is likely to stick with plans to raise interest rates later this year, with progress toward its employment and inflation goals helping allay concerns over the economy’s recent weakness, current and former Fed officials say.”

southseacompany
Member
southseacompany

Joe O. says no;

“Ottawa has no plans to privatize CMHC, Joe Oliver says”, Financial Post

http://business.financialpost.com/personal-finance/mortgages-real-estate/ottawa-has-no-plans-to-privatize-cmhc-joe-oliver-says

“Finance Minister Joe Oliver says Canada’s hot housing market — especially in Toronto and Vancouver — continues to be closely monitored by the federal government, but “we don’t see a need for an immediate shift in policy” to further tighten lending rules or alter the role of the country’s mortgage-insuring agency.”

southseacompany
Member
southseacompany

Condos going back up?

““Seller’s market” takes grip of condo market”, Business In Vancouver

https://www.biv.com/article/2015/5/sellers-market-takes-grip-condo-market/

“Plunging mortgage rates, a tight inventory and parents willing to bankroll their kids are all factors pushing Vancouver new condominium sales and prices into record territory this spring.”

fookem
Guest
fookem
Shut It Down Already Says: May 21st, 2015 at 7:17 am 58 54, and what if 4 of those 6 million came from sale of the previous primary residence, $500k came from cash, and $1.5m was mortgaged? You’d still tax that person as if their annual salary was $2m? Do you really believe that BS. They just bought an $8 M house today in West Van. How much do you think that buyer will pay in income tax this year??? Maybe the house was sold in another continent. The fellow that was killed in West Van had put one mansion in a cousin’s (the killer’s) name and one in his own for ‘tax reasons so they could both claim them as principal residence ‘ according to the TV. that means paying less property tax to the District and the gains… Read more »
paulb
Member

New Listings 273
Price Changes 79
Sold Listings 243
TI:13370

http://www.paulboenisch.com

rrrrrrrr
Guest
rrrrrrrr

Relax guys and gals at VCI, you could ultimately be the ones that failed to catch the figurative jetliner that ends up crashing. Keep saving and waiting for your opportunity. Peace.

Zero Down Forty
Guest
Zero Down Forty
@#101 They will curb it. But, they can’t yet as it would hurt the overall economy. I’m talking about the Feds that is, as they are really in control. People like Christy don’t have that kind of power and even if she did I doubt she’d understand. They want to engineer a ‘soft landing’ where home prices moderate, but the economy doesn’t crash. Sustaining this bubble is just the by-product of trying to save us all from the great depression. The are just putting up with it until the can stop artificially stimulating the economy. Then they’ll try to make it go away gradually. So no one will notice. As you’ve pointed out yourself, condo HPI is the same as 5 years ago. But, considering inflation, thats a 10% drop already. Did anyone notice? Are they saying that condos have… Read more »
Bear Vancouverite
Guest
Bear Vancouverite
@vangrl #99 – I see what politicians do as a reflection of what would appease the voting majority. They want to stay in power, and of those who vote, a larger majority at this time need or want housing to stay high. Long term ramnifications rarely come into play and are often overshadowed by the fears of those more shortsighted. In this way, patriotz is dangling a red herring when he says we get who we voted for. There’s no one that ANY bear can succesfully vote into office who will make an honest effort to make housing more affordable, not in the way most of the blog readers here want. Consider how hard it is for us to convince others that housing is overpriced. In fact, let’s consider another scenario: if a majority of locals were willing to stop… Read more »