Canada, hype

Ontario cracking down on phantom bids

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98 Comments

Most real estate professionals are honest and unless there is a signed offer in place would never use the threat of a competing offer in an effort to drive up a property sales price.

But just to make sure a few bad apples don’t spoil the bunch Ontario plans to crack down on phantom bids.

The scam involves a sales agent hinting to prospective buyers there are other bids as a way to coax them to bid higher.“You say, ‘We’re expecting another offer. I do have another offer. You may want to go back to your client and make sure this is their best offer’,” says said Joseph Richer, registrar of RECO. “You are suggesting there might be competing offers when there may or may not be.”

With the new rules, “You cannot suggest or even imply that you have an offer unless you have one in writing, signed sealed and ready to be delivered,” said Richer, while adding there have been very few formal complaints about phantom bidding over the years.

Read the full article here.

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Gnomes of Zurich

@#94
The market will see inflation and raise interest rates.
Who’s going to lend you money at 2%
If inflation is 4%?

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trackback

[…] as space889 points out that experiment has ended. Rogers is shutting down […]

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Bull! Bull! Bull!

vancouverites have forgot about HAM and focusing their energy on pot and yoga day.

sheeple have been pacified.

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vangrl

#91

Change inflation target?

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Many Franks

@vangrl: MLS doesn’t have the market cornered on bad photos; Craigslist rentals can be stunning too.

http://vancouver.craigslist.ca/van/apa/5068688357.html

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Gnomes of Zurich

@#90

Who is they?
Debt is bought and sold on an open market
That sets fixed interest rates
The BoC overnight rate
Only influences short term variable rates
And the fixed rate market is saying
Interest rates – going up.
If the tide is too great
Even the BoC couldn’t hold it back

But, then who knows
What the feds will pull out of their ass
Will zero down, forty years be back?
Or will they sacrifice recent homeowners
Like in the early 80’s
Stay tuned

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vangrl

They’re going to leave rates low just because they are terrified of the housing bubble they created, aren’t they? which of course could make the bubble even bigger.

If oil goes back to $100, is there any other reason to leave them this low?

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vangrl

Million dollar properties here don’t usually need interior shots..

Spice Lucks-
“Since it will almost certainly be torn down, it seems redundant to list the house’s features, but there are four bedrooms and a den, three bathrooms, and a downstairs rec room and laundry”

But ya the interior photos of some condos are insanely bad. Either a lazy realtor or disgruntled renters refusing to clean.

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solomi

#81

“Making sure the unit is clean, free of odors, and clear of clutter is important if you want to consider someone else living there”

Well, they’re discovering it themselves now I guess.

I have seen pictures in MLS where houses are a dump, clutter and trash everywhere. Or pictures from IKEA show room. Or no pictures.

I guess only when the market is slow they have to put an extra-effort. That’s why commission at 6% for million dollar houses that sell themselves are unjustified. Just put a sign and hordes of buyers will come. If they don’t come, lower the price a little more.

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Bull! Bull! Bull!

World Stock Markets Rise on Greece Hopes, Asia Rate Cuts

http://abcnews.go.com/International/wireStory/world-stock-higher-cheered-us-rally-kiwi-tumbles-31684921

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southseacompany

“Bond crash across the world as deflation trade goes horribly wrong”, The Telegraph

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/11666355/Bond-crash-across-the-world-as-deflation-trade-goes-horribly-wrong.html

“Markets ignored clear warnings in Europe and America that the money supply is catching fire, signalling a surge of inflation later this year”

“The global deflation trade is unwinding with a vengeance. Yields on 10-year Bunds blew through 1pc today, spearheading a violent repricing of credit across the world.”

“How this now unfolds for the world as a whole depends on the pace of tightening by the Fed. Futures contracts are still not pricing in a full rate rise in September. They are strangely disregarding the message from the Fed’s own voting committee – the so-called ‘dots’ – that further rises will follow relatively soon and hard.”

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southseacompany

“Bank of Canada says household debt, housing price crash remain major concern for economy”, FinancialPost

http://business.financialpost.com/news/economy/bank-of-canada-says-household-debt-housing-price-crash-remain-major-concern-for-economy

” In an environment of low-for-longer interest rates, and global economic uncertainty, the persistent concern of Canada’s monetary policymakers remains in its own backyard: household debt.”

“But the most obvious and persistent concern is the impact on household debt and house prices in the event of a global shock, according to the central bank’s twice-yearly Financial System Review, released Thursday.”

“Long-term interest rates, driven by bonds and other forms of securities, would present another risk in Canada and globally. “Since movements in Canadian risk premiums tend to be correlated with changes in global risks premiums, the shock would be immediately transmitted to Canada, resulting in higher interest rates domestically,” the bank said.”

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southseacompany

“Cover preview: Inside the crazy world of peak real estate”, Maclean’s magazine

http://www.macleans.ca/economy/realestateeconomy/cover-preview-inside-the-crazy-world-of-peak-real-estate/

“How Canada’s overheated housing market is making everyone mean, petty, classist, greedy—even xenophobic. A sneak peek of this week’s cover story”

“The battles have grown even more irrational and vicious of late as buyers armed with giant mortgages compete for the privilege of owning dilapidated, inner-city houses that often need to be gutted to be saved.”

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vanrogers

#81
Does it hint at HAM ?

The property ladder is dead, still there’s a hint about buying a condo to get in the ladder.

“Si specializes in listing condos and said many of his clients sell their condos and move into single-family homes”

I know you don’t like realturs but a commenter shows why you need one.

–“Making sure the unit is clean, free of odors, and clear of clutter is important if you want someone else to consider living there, he explained”

–This is the kind of advice only a true professional can give. The average person couldn’t figure this out for themselves. You’d need weeks, even months, of professional real estate training to understand this concept. Now, where’s my 5% of listing for that advice

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patriotz

@81:

“Most of the homes are almost brand new,” he said of the expired condo listings. “Those homes we find aren’t very easy to get sold. Owners’ expectations are too high.”

That of course should be:

“Those homes we find are easy to get sold at the right price, but owners’ expectations are too high.”

It’s interesting that you hear a lot about sellers’ expectations being too high, but not buyers’. Today’s seller who expects too much is yesterday’s buyer who expected appreciation, egged on of course by the same realtors who are complaining about the sellers.

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vangrl

Finally some chatter about what’s happening in the Condo market.

Richmond down almost 8% in the last year.

Burnaby Condo owners struggling to sell, especially new units

Langley and Surrey Condo more affordable than they were 5 years ago.

All articles in MSM this week..

It could get very interesting with all the new building still going on

http://www.burnabynow.com/news/new-burnaby-condo-owners-face-hurdles-in-sellers-market-1.1801874

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gungho

The really big bubble here is the Chinese stock market bubble. It’s the real elephant in the room. Vancouver’s bubble is a tertiary bubble that’s a side effect of the real bubble.

http://www.bloomberg.com/news/articles/2015-06-08/the-6-5-trillion-china-rally-that-s-making-stock-market-history

The whole index has doubled in a few months. Not 1-2 stocks, but the *entire* index. I love how the analyst says in the video “there is still some upside to come because more idiots are still piling in”.

Since the consequences of the run-up are being felt in Vancouver,let’s see if the consequences of the bust are felt here as well.

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Shut It Down Already

WSR, you’ve been saying that for a year now:

Westside Realtor Says:
June 29th, 2014 at 1:53 pm 70
Definitely seeing some softening of demand relative to supply. And new Chinese buyers are not of the same abundance e as prior to the IPP changes.

I can only see things getting worse going forward. I suspect I can still make some very good coin helping people buy and sell as prices decline.

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Westside Realtor

Slide downward is underway.

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Royce McCutcheon

@73:

“Oh, the raise would be 18%? And there’s more opportunity for both of us? And that house that would cost over $3M here is going for… $850k? And X and Y who recently moved away live there? Huh.”

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paulb

New Listings 277
Price Changes 81
Sold Listings 183
TI:13320

http://www.paulboenisch.com

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oneangryslav2

UPDATE 6: My in-laws are selling a 2BR home on a standard lot on the East Side near the PNE. Once contingent offer (for $1.05 million) fell through due to a contaminated oil tank and there are no other offers imminent. The house has been on the market for just under 2 months now. They just had a situation with on sewer line (grey water) backing up and flooding the unfinished basement. A whole day of cleaning up and trying clearing out the pipe from the basement to the edge of the back yard (with a snake) and it should be fine for a few months. I think that what happened is that the backhoe that they had to come in a get rid of the oil tank must have cracked the old drainage pipe, which may have been inundated… Read more »

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Westside Realtor

Blah boating on about gains…Ya, they can’t help it the fucking lemmings who got lucky.

Every dog, and even bears, has their day.

This insane market has peaked, watch the gains slip away.

It’s a market built on quicksand and greed, NO fundamental valuation underpinnings.

WSR

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oneangryslav2

@61

I’ve tried to convince my spouse to leave Vancouver for 5 years now and my persistent badgering may be about to have its intended effect. It’s off to the US(and)A (h/t to Borat) for this (childless) couple.

The only thing that has kept me here is family–mine and hers. When I showed her relative housing possibilities for the same amount of money in Vancouver and elsewhere, she was dumbfounded. Both she and I have travelled extensively and are aware of Vancouver’s strengths and weaknesses.

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