Every so often it’s fun to play a game of compare and despair with the price of Vancouver real estate.
Buzzfeed has just discovered this and posted a list of 9 castles that cost less than a Vancouver condo.
I’m betting none of those castles is walking distance to a coffee shop.
Dual agents are more likely to persuade seller to accept bully offer. All agents could care less other than maximize comission. …that’s a fact
A RE question:
Some realtors say 10% sales are for them to be “dual-agents”.
1. Is this allowed? I though there was a rule change a while ago.
2. How the seller / buyer benefits using such an agent?
“Buying his first home at 51 or saving for retirement: It’s a tough choice”, Financial Post
“Middle aged man wants to buy his first home, but worries about effect on retirement budget”
“Seth Klein: Raising RRSP withdrawal limit no solution to unaffordable housing”, Georgia Straight
“But the Conservatives’ plan to increase what first-time homebuyers can pull from their RRSPs for a down payment—from a maximum of $25K to $35K—would do nothing to help ease the unaffordability of housing. That’s because an effective policy response either has to control prices (for example by means of a speculation tax), cool demand (by more tightly regulating speculative buyers), or increase the supply (by building more affordable housing). But a policy such as the one proposed, aimed at simply encouraging more demand, would only result in the bidding up of prices. “
“Brad Carr Of Mattamy Homes, Canada’s Largest Homebuilder, Fears ‘Scary’ Future Of Mortgage Rates”, Huffington Post
“Low interest rates have driven Canada’s housing markets to new heights in recent years, but the president of Canada’s largest homebuilder is concerned by what that could mean if and when those rates begin to rise.”
“Editorial: RRSP hike risks further fueling Canada’s borrowing binge”, Ottawa Citizen
“So, economy in recession, not enough saving, far too much borrowing, a housing bubble, and the answer is … more government spending, consumer borrowing and bubble inflating?
For a federal government that loves to brag about its supposed fiscal expertise, it sure is a strange time for Harper to make this move.”
Pats,
I think most of the newer homes in the Lower Mainland are now water metered.
What I’m hearing anecdotally is that it’s actually cheaper than a fixed fee.
Sales slowing, buying pressure muted…we need another rate cut….
Once again, the market is looking tired…without more ‘juice’, it’s over.
And HAM is not flowing with as much pork and sausage as before..China has growing problems.
Perfect Storm brewing?
WSR
@94
” Mulcair wouldn’t commit to taking on further tightening action ”
After refinancing his family home 11 times, that might give him the opportunity to do it some more and increase his debt load.
@ 108
That’s why I think the bears holding out for SFH in Vancouver will be disappointed. It’s a different mentality, capital preservation vs. gain. Compared with high priced Asian cities (Singapore, Sydney, HK, Shanghai, Tokyo, etc.), Vancouver price is not that high, especially noting that you are comparing single family home with land to condos.
On the positive side, I think condos in the lower mainland will remain reasonably affordable.
Foreign buyers snatch Vancouver land with no immediate plan to develop
@109:
Los Angeles has water metering and Vancouver doesn’t (at least my house didn’t). User pay is the most effective way to make people conserve water.
@93: “She told me she may re-list next year if the market picks up, or just rent it out.”
I would assume that she wants to buy somewhere else then? Well if she doesn’t sell she would likely borrow against the equity in the current condo and use it as a DP for the new property. Yet another 2 property local owner.
Note that this is not good tax wise. If the current condo is rented out, only the interest on the old mortgage balance (before refi) is deductible, since the refi proceeds are going into the new personal residence.
A friend of mine in Vancouver tells me that there is water restriction level 4 in place there, what is going on, has communist china taken over the government of BC?
Been living here in LA and it hasnt practically rained since (almost 4 years) and we do not have such restrictions in place.
Foreign Chinese buyers are buying up Vancouver land with no plans to develop it.
@106: “At least Stephen Harper is addressing the topic of foreign ownership with his promise to collect data on it.” You mean exploiting the topic. For $500K all they can do is hire a couple of hacks to talk to RE boards and write a report. There is no way you can get the provincial governments involved with that kind of budget. And note that there was no mention about getting them involved – they’d probably tell Harper to take a hike anyway. Including a nominal ally like Christy who has already stated clearly she wants nothing done about foreign ownership. Promise a BS “study” of foreign ownership, then couple it with encouraging people to put their retirements at risk to boost prices even more. And I think a lot of people will fall for it – you have to… Read more »
Still waiting for Mulcair to address the issue of foreign ownership, an issue that is so important to the working class people who traditionally vote NDP. At least Stephen Harper is addressing the topic of foreign ownership with his promise to collect data on it. Not that I’m really falling for the vote-getting ploy. Even after they collect the data, the Conservatives aren’t going to tell us what they are going to do with it. What if the data shows that foreign ownership is really high in Vancouver and pricing out locals? The Cons should commit to a foreign ownership tax or some kind of restrictions on foreign ownership. So I am not voting Conservative just because they said they will collect data. But at least the Conservatives scored one point in my books for just acknowledging the issue of… Read more »
@104: Hey, at least a federal party leader is acknowledging that things might be bad instead of proposing ways to get a few more drinks in to stave off the hangover for a bit longer.
@94: “While Mulcair wouldn’t commit to taking any further tightening action, he said the government needs to educate people that rates won’t stay low forever.”
The translation of this into plain English is, “I’m pretty sure rising rates will bring on a bust, but I don’t want my government to get blamed for it if I enforce responsible lending qualifications”.
Next 13K inventory party in April, sorry.
New Listings 182
Price Changes 58
Sold Listings 184
TI:12282
For weekly sales info and/or daily new listing updates on a specific neighbourhood/city of your interest in Greater Van, email me and I will customize a weekly update for you.
Bears, rejoice the FFFA that never was with a beer !
Times getting tough. ..road rage is evidence all day long…the herd is broke and the banks are tightening the strings…the days of easy mortgage are ending the price slide has begun
@Mortgageslave – I thought only HAM buys $1M+ houses in Vancouver and all the locals are priced out??? Seems something don’t add up with all the anti-HAM bear logic.
@Mortgageslave – Tough talk from someone who just love to talk sh*t about stuff they never even seen.
Culture don’t equal old nor expensive. Nor does liking some old stuff make you cultured.