Realtors hungry no more!

Home buyers may be eating a lot of Kraft Dinner but Realtors are doing fine.  From RFM over at Vancouver Peak:

The VANCOUVER REALTOR HUNGER INDEX is the percent of realtors who earned no commission income for the stated month. For June 2015 the VRHI was 34%. How does this compare? The 18-year average for June is 39%. At 34%, the 2015 June VRHI was higher than 8 years and lower than 9 years since 1998.

The lowest June inventory in nine (9) years and strong demand forced already high prices higher, especially in single family homes, where the HPI reached a stratospheric $1,123,900. Fueled by continuing historically low interest rates, a flood of foreign investment money and panic buying by uninformed and delusional buyers, the June sales rate is extraordinary! And unsustainable. And prices are unsupportable. For a complete analysis of the market dynamics of this firestorm, consult the DSM-5! (The Diagnostic and Statistical Manual of Mental Disorders (DSM-5), published by the American Psychiatric Association, offers a common language and standard criteria for the classification of mental disorders.)

Details and comparison data for 18 years at: http://vancouverpeak.com/showthread.php?tid=64

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Westside Realtor
Guest
Westside Realtor

Everyone is feeding at the trough. Plenty for all.

If it seems too good to be true, that’s because…it is.

all debt bubbles burst. China looking mighty shakey right now. No wonder why the mass exodus has taken place before it’s too late.

WSR

MikeS
Member
MikeS

So WSR, which clown college did you get your supposed realtor’s license from? When Poloz cuts rates again upon the realization that ‘yes, we are in a recession’ will you continue your nonesense about your fake little office with realtors that are noticing empty open houses and the like?

How many years will this drivel continue?

Westside Realtor
Guest
Westside Realtor

MikeS, I appreciate your frustration.

Yes, I believe that Poloz may cut rates, and yes I think this will extend the gas bubble that is Vcr real estate.

If this occurs, the problem simply becomes worse. Like giving a drunk dude more alcohol, in an attempt to ward off a bad hangover. Perhaps it works, but it’s mighty risky. Again, yes rates could drop and prices could stay elevated. But for how long? My guess is that we are close to the end of this epic bubble. JMHO.

Yes, the realtor exam is easy. And the barriers to entry are low. The industry has been flooded. Once the tide turns, all this will get washed away. If you are thinking seriously of entering the industry, I urge you to reconsider before making the leap. I want the best for you MikeS.

WSR

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

Asian garden littleton new hampshire NASTY!!!
https://www.youtube.com/watch?v=4o4KeIJE7JU

Yunak
Guest
Yunak

Finally a good call. At least there is some hope that someone still cares about locals and doesn’t necessarily suck-up to locusts.

http://www.ctvnews.ca/business/trade-tribunal-agrees-cheap-chinese-imports-are-hurting-domestic-solar-makers-1.2456247

VanRant
Member
VanRant

Wow, asset bubbles (courtesy of the US’ 0% interest rate) are blowing up all over the world as we speak. Pass the popcorn, Vancouver, you’re the biggest and you’re next.

space889
Guest
space889

@Yunak – so that’s why you enjoy paying more for pretty much everything here, when the same goods sell for much less, even after the exchange rate in US?

btw, apparel industry have an even more valid claim about cheap imports hurting domestic industry, especially slave factors in SouthEast Asia, and yet I don’t see anyone up in arms protesting about it. I guess it’s must be a-ok since Superstore/Loblaw is a big import of said cheap clothing from those factories where safety and labour regulations are simply discarded.

Westside Realtor
Guest
Westside Realtor

Big uptick in calls from ‘investors’ thinking of selling.

Margin calls back home?

WSR

Many Franks
Member

Vancouver developers look to luxury housing for seniors:

“By ‘high end’ we don’t just mean you have beautiful carpets and so on – that’s only the hardware,” says Don Ho, founder and president of Element Lifestyle Retirement Inc. “By ‘high end’ we mean all the services and amenities that we provide, so that a senior would love to come live with us.”

Where could these lucky seniors have gotten their money?[W]ith a number of seniors in Vancouver cashing out with several million dollars from pricey west-side homes, there is a new market that is willing to pay more for private care.Ah.

Many Franks
Member

Poop, I screwed up the formatting. Again:

Vancouver developers look to luxury housing for seniors:

“By ‘high end’ we don’t just mean you have beautiful carpets and so on – that’s only the hardware,” says Don Ho, founder and president of Element Lifestyle Retirement Inc. “By ‘high end’ we mean all the services and amenities that we provide, so that a senior would love to come live with us.”

Where could these lucky seniors have gotten their money?

[W]ith a number of seniors in Vancouver cashing out with several million dollars from pricey west-side homes, there is a new market that is willing to pay more for private care.

Ah.

UBC in crisis mode
Guest
UBC in crisis mode

Here’s how to save 6% on the sale of your home?

https://ca.finance.yahoo.com/video/heres-save-6-sale-home-181438681.html

Is this a soft-news or a commercial?

Mortgageslave
Member
Mortgageslave
@space889 – Once again, what is your point. Buy local, support our economy, don’t really see why you would argue this? But this is spacecase we are talking about. He is the defender of the Chinese! LMAO. One thing that happens from buying crap made in China is you get what you pay for. Like if you buy all your plumbing joints for a 100 story condo from china a developer can save Thousands. Too bad after 5 years these start to develop “pin hole” leaks and force stratas to redo the plumbing. This happened to my condo right when I sold and many others that I’m aware of. Boycott China!!! Also Somebody get space a woman so he has a life! He’s too busy being bitter at life, I feel sorry for poor Chinese boy who spent all his… Read more »
space889
Guest
space889
@Mortgageslave – And what’s Yunak or your point? Do you support the local apparrel industry? How about the local cellphone/hardware industry? Or the local furniture industry? Oh wait, those don’t exists, but that’s ok as long as the foreign competitors aren’t Chinese. What’s with all the anger and bitterness about China? Because you feel some rich people from there took away your dream house? Btw, if someone wants to sell stuff at a loss, that’s a consumer gain. I don’t see too much problem with it. As for crap from China, maybe it’s because when you are only willing to pay $5 for a product that would cost $10 to manufacture at a high quality, then crap is exactly what you are going to get? I think that’s more your fault for buying a knowingly a cheap product, not the… Read more »
flaneur
Guest
flaneur

8260 Gilbert Road, Richmond

is listed on Expedia.com, HotelPlanner.com, Hotels.com and AirBnB.com as an eight room hotel.
The City of Richmond is presently investigating seven other “illegal hotel” complaints.
http://www.richmond-news.com/news/hotel-mega-home-one-of-many-to-get-city-s-attention-1.1984953

2012 July – V963270, A/P: $3,180,000
2012 September – V974169, A/P: $2,888,000
2013 January – V987440, A/P: $2,788,000

2013 March – V997538, A/P: $2,813,000
June – A/P: reduced to $$2,748,000
July – A/P: reduced to $$2,680,000

2013 October – V1032313, A/P: $2,488,000
2014 January – V1044389, A/P: $2,488,000
2014 March – V1054792, A/P: $2,180,000

paulb
Member
Active Member

New Listings 320
Price Changes 94
Sold Listings 236
TI:12825

http://www.paulboenisch.com

Smoke sales
Guest
Smoke sales

Could be smoky out here all summer watch for listing explosion as immigrants head home for cleaner air

Smoke sales
Guest
Smoke sales

#blackswan

EngineerWhoRents
Guest
EngineerWhoRents

@Smoke – dude lay off the weed. Vancouver actually smells more like Beijing or New Delhi since Saturday. Them imgrunts staying put.

Whistler or bust?
Guest
Whistler or bust?

Friend of mine in White Rock put his house up for sale. First open house, 23 people 22 Chinese. House sold in 2 days to a mainland Chinese person who needs till Oct to close so he can get the $1.6 mil offshore.

Read into this what you wish.

bullwhip29
Guest
bullwhip29
more on the gong show in china… http://www.reuters.com/article/2015/07/06/china-markets-halts-idUSL3N0ZM3TN20150706 what’s next? why not shut down the internet, close the banks and turn off all the power while we’re at it? i previously compared all this to the dotcom bust + subprime crisis + enron scandal all rolled into one. i take that back….it many times worse than this. the 10’s if not 100’s of millions of ppl trading stocks over there are not only scared, they also have completely lost faith in the govt’s haphazard attempt at central planning. i will go on record as saying these problems in china will get much, much worse in the not too distant future and will spread like wild fire all around the globe. the canadian economy is in for a seriously rough ride no ifs, ands or buts. bubblicious RE in cities like… Read more »
Whistler or bust?
Guest
Whistler or bust?

Further, friend says he doesn’t even recognize the neighbourhood anymore. All Chinese who politely smile and nod but can’t speak English (or don’t try) and won’t be coming to his Canada Day party.

Don’t cry for him. He bought the house for $445K in 1993 and sold for $1.6mil+ with no major upgrades. As an aside, when he bought it he beat out a cop who couldn’t close cause he couldn’t sell his home in time to complete. How many cops are buying $1.6 Mil places today?

We are so fucked.

southseacompany
Member
southseacompany

From the US: “These Home Buyers Will Be Hit the Hardest by Rising Interest Rates”, Time magazine

http://time.com/money/3946920/buying-home-interest-rates/

“Mortgage rates hit a 2015 high when the national average rate on a 30-year fixed-rate mortgage hit 4.08% earlier this week, according to Freddie Mac’s weekly survey.”

“if mortgage rates hit 6%, a third of millennials (people younger than 35 years old) wouldn’t be able to afford homes as they’re currently listed”

“Given that millennials make up more than a quarter of the population, their ability to buy homes will weigh heavily on the performance of the housing market, which has been driven by the baby boomers for decades.”

“Why do interest rates have such a huge impact on home affordability? Mortgages are huge loans, so a seemingly small shift in interest rates can change a borrower’s monthly payment by hundreds of dollars”

Bo Xilai
Member
Bo Xilai

#19, at 1.6M our new Chinese homeowner in White Rock has to find 32 friends and family members to “smurf” or launder his money out of the homeland. I’m sure CIBC will help him in that endeavour… They’ve proven adept in the past.

patriotz
Member

@19: “Friend of mine in White Rock put his house up for sale.”

What’s the address? The seller listed on MLS so there’s no reason for him to object to it being posted here, right?

patriotz
Member

@22: “These Home Buyers Will Be Hit the Hardest by Rising Interest Rates”

That should actually be these potential home buyers will be hit the hardest.

Those who have already bought have locked in 4.08% for 30 years. Unlike in Canada.

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