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

forget vancouver, richmond is world class.

Media outlets from at least six countries have documented Richmond’s growth and demographics shift over the past two years

http://www.richmond-news.com/news/immigration-draws-international-media-s-attention-1.2028636

History
Guest
History

Watching the Blue Jay-Yankee game today?
Jays gunning for 12 in a row, their 5th attempt.
This i found is a Market Indicator. When Jays break a new record, the market turns bearish, when they fail, market remains bullish.
The reasoning is sound. The team spends money to improve their roster, commensurate with good economic times, until they push over the hump, the team is primed for prime time, until the local ecomomy breaks while fans wallow in hometown pride (national, because the team transcends the local market).

squeak
Member
squeak
Re headline: Buzzfeed has just discovered this and posted a list of 9 castles that cost less than a Vancouver condo. I am curious as to how many seniors in Vancouver and in Canada think of Vancouver to be a good place to retire. If you retire in Vancouver/BC (as in moving here), I think your bank account will be cleaned out and no room for any life style. Whereas, if you stay out of BC/Vancouver, that money can be used for a lot of fun stuff: travel, snow birding, therapies, enjoy a nice home (vs. a Vancouver crack house or leaky condo) senior proofing your home so you can enjoy a dignified senior age, much less financial stress and maybe even a sense of community.. (that died in Vancouver some time ago) Maybe there will be snow where you… Read more »
southseacompany
Member
southseacompany
“NDP leader Mulcair sees ‘serious danger’ in Canada’s housing market”, BN video http://www.bnn.ca/News/2015/8/14/NDP-leader-Mulcair-sees-serious-danger-in-Canadas-housing-market.aspx “Federal NDP leader Thomas Mulcair says he’s seeing serious dangers in housing markets where prices have climbed too high and warns Canadian could be in for a “terrible surprise.” “In an interview with BNN, Mulcair said historically low mortgage rates are fuelling mortgage growth, but stopped short of saying whether a New Democrat government would further tighten the market.“Right now there is a serious danger. I think that (in) some cities the prices are too high,” Mulcair said when asked about hot housing markets like Vancouver and Toronto.”” ““There could be a bubble created there, and we could be in for a terrible surprise.”” “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… Read more »
vangrl
Member
vangrl

#92

“She” didn’t even get an offer. The realtor said she should reduce it “a lot” and she didn’t want to.

She told me she may re-list next year if the market picks up, or just rent it out.

She’s owned for a while, so I’m pretty sure she’s paid off a lot of it, and would have cash in her pocket with even a reduced price sale.

She reno’d it a few years back, and my feeling is that she at least wants to break even after reno & real esate fees.

patriotz
Member

@87: “Person in my building couldn’t sell and delisted after 6 months on the market.”

You mean he couldn’t get an offer that was enough to pay off the mortgage? Or he just wasn’t willing to accept the market price, i.e. wouldn’t sell.

patriotz
Member

@90: “HPI data is only based on houses that sell, not the % that sit on the market for months. If it was included like in the US we’d hava more realistic picture”

All RE indexes (and stock indexes for that matter) are based only on properties that sell. If they are sitting on the market it’s no different than if they weren’t listed in the first place.

Mortgageslave
Member
Mortgageslave
My coworker who plunked 20% down on a 1.2 million house 4 months ago still hasn’t sold his Burnaby condo. he’s taking a loss on it 3 years after buying it, FACT. They’re lucky his wife sold her Vancouver condo and loan to finance the down payment. I can see him sweating more every day. As Garth stated the whole Market is smoke and mirrors. HPI data is only based on houses that sell, not the % that sit on the market for months. If it was included like in the US we’d hava more realistic picture. You can’t believe anything that is on the news from the Real Estate sector, it’s all advertising, mostly cherry picked data. Just do one thing, don’t listen to the Real Estate Agent Trolls that sit on here posting the same BS everyday. They… Read more »
Mortgageslave
Member
Mortgageslave

“Go to Riverport and see how many people line up to see Jian Bing Man. That’s where the current culture is at now.”

A shitty movie? Culture? What’s your point?

Ford Prefect
Guest
Ford Prefect

patriotz #77. Shame on you, quoting the New Yorker on a financial matter! 🙂

vangrl
Member
vangrl

I see cracks in the condo market.

Person in my building couldn’t sell and delisted after 6 months on the market.

A Realtor friend of mine bought in a similar building (wood frame 3 story), it was originally listed for $390,000 for 5 months and didn’t sell, was re-listed a few months after listing expired for $339,000, and my friend got it for $330,000. According to my friend, less than what the previous owner paid 8 years ago.

My other friend that bought an East Side house has still not sold his Downtown Condo, been listed for at least 2 months, maybe 3.

Just a few cracks, and mostly older buildings, but still…

Maria
Guest
Maria

Canada’s housing market takes a breather; home resales slip

http://www.theglobeandmail.com/report-on-business/economy/housing/canadian-existing-home-sales-drop-for-second-straight-month/article25965021/

“Despite the 0.4-per-cent monthly drop, home sales activity was 3.4 per cent higher than July of last year, the second-best July since 2009.

Strong sales in much of the Greater Toronto and Greater Vancouver areas masked a more substantial slowdown in other markets, with July extending the regional divide that has characterized Canada’s housing market for much of the year.

Ontario and B.C. make up about 60 per cent of total national sales, helping to skew the picture, said CREA chief economist Gregory Klump.”

Tiger
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Tiger
Mortgageslave
Member
Mortgageslave

@Realist

THE GOODMAN REPORT. A report on the condo economy by a real estate corporation! No “Real Esate Scare Tactics” going on there. Sounds a bit Biased to me. I see my Condo that I sold in NewWest 3 years ago lose value and rent is down. Not sure what they’re talking about? Why rent a 5 year old condo when you can get a new one for same price or less? Condo rentals will continue to go down as more condos are going up.

realist
Member
realist

@ space889 “Dude, how many local Caucasians would pay $$ to go see the VSO or Opera?”

Actually, I see very few empty seats at Vancouver Opera. I note that there are not many Asians in attendance, though! Go see for yourself: Rigoletto opens September 26:

http://www.vancouveropera.ca/whats_on/2015-2016_season

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

@https://www.youtube.com/user/southseacompany/videos

a very nice archive of wrong perdictions.

realist
Member
realist

@78 Bull!Bull!Bull!

It’s hard to see much evidence of Dr Minsky or Mr Market at times, but they never go away. On the contrary, after a prolonged absence, their return is often a decidedly ugly re-appearance. You are no doubt aware of the psychological phenomenon of “recency effect”?

space889
Guest
space889

@bullwhip29 – Dude, how many local Caucasians would pay $$ to go see the VSO or Opera? These type of shows are simply extremely out of favor now with general public. It has nothing to do with being world class or not.

Go to Riverport and see how many people line up to see Jian Bing Man. That’s where the current culture is at now.

Tiger
Guest
Tiger
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

haven’t heard someone reference minsky in a long time. it was popular to talk about his ideas after the financial crisis. i thought the huge run up in everything after the financial crisis would finally put minsky to bed. guess i was wrong. just goes to show even i’m wrong sometimes. how ironic that always wrong patriotz is the one to prove that 😀

patriotz
Member
Oracle
Guest
Oracle

Let’s not kid yourselves. There will be no crash. 50,000 condo unit’s being built in Toronto can be swallowed up in less than a year. The city grows by over 100,000 people a year and much more when temporary immigrant are included.

Regarding Vancouver, I know of a guy that bought a 55×145 lot by kits beach backing into ocean. He bought it 2 years ago. Price $16 Million. He is putting it on the market soon for $24 million.

This is global wealth flooding Vancouver.

southseacompany
Member
southseacompany

“O’Leary: No cracks in Canada’s housing, condos show insatiable demand”, BNN video

http://www.bnn.ca/Video/player.aspx?vid=679079

“BNN speaks with Kevin O’Leary, Chairman, O’Leary Financial Group comments on CMHC’s latest report on the riskiest real estate markets across Canada. He says the report is “kind of irrelevant” and that any cracks in the foundation of the housing market would be apparent from the condo market – something he is not seeing from the latest data.”

southseacompany
Member
southseacompany

“Warnings pile up about Canada’s real estate industry” BNN video

http://www.theglobeandmail.com/report-on-business/video/video-warnings-pile-up-about-canadas-real-estate-industry/article25952462/

“The housing market could face a day of reckoning when the inevitable happens and rates rise”

southseacompany
Member
southseacompany
“GLOBE EDITORIAL: Tory promises throw caution to the wind in overheated housing market”, Globe & Mail http://www.theglobeandmail.com/globe-debate/editorials/tory-promises-throw-caution-to-the-wind-in-overheated-housing-market/article25960597/?ts=150814005118&ord=1 Subscription but here’s the full text; “Last week, just a couple of days into the election campaign, Conservative Leader Stephen Harper vowed to bring back the Home Renovation Tax Credit. This week, he floated another home-related goody, promising Wednesday to increase the RRSP withdrawal limit for first-time buyers. Question: What happened to the Conservatives who once focused on cooling the housing market and getting Canadians to cut back on household debt? You know – the Tories from last year? Who are these new ones who are encouraging people to draw down their savings, acquire mortgages and invest money in new decks and bathrooms? We miss you, Jim Flaherty. Mr. Harper says his government would raise the amount first-time buyers can pull out of… Read more »