Friday Free-for-all! June 17th 2016

It’s that time of the week again…

Friday Free-for-all time! This is our standard end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

Lowest interest rates in 5000 years
Tales from a line-up
Careful with that equity Eugene
Would ‘Brexit’ affect our prices?
Bank of mom & dad
More tales from a line-up
Housing bubble alarm

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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ComoxValley
Guest
ComoxValley

The gap in prices within BC is becoming an amazing story. If you move to a place like Comox you enjoy the same health care, education, climate, taxes, etc. Take a peak at what $800k buys you out there.. I expect many retirees to be cashing out and moving to Vancouver Island. Comox even has direct flights (on jet planes) to Edmonton and Calgary.

david
Guest
david

A “mere” $800K…..for Comox.

I believe this post itself, though not the poster’s intent, is an illustration of how utterly insane things are.

ComoxValley
Guest
ComoxValley

I used 800 because that is 50% of the price of an entry level house in Vancouver and it gets you something very nice in Comox (e.g. acreage or waterfront.) Of course, if you just want a good solid home to live in, you can do it for much less than 800 in Comox.

david
Guest
david

1) Using any fraction of Vancouver house prices for valuing anything else is utter nonsense….that’s the whole point.

2) Comox is a socio-economic backwater. That it has a couple of basic amenities of civilization puts it on your A list ?

Is that what the aspirations of native Canadians has been reduced to ? Pushed out to the hinterland to shop for thrift store housing?

Well heck….let’s widen the search to those with treated water and scheduled garbage collection—-I’ll bet you can buy an entire federal riding somewhere in Canada.

Ulsterman
Member

Is that what the aspirations of native Canadians has been reduced to ? This has been an interesting trend. Vancouverites’ increase tolerance for shit. A decade ago people wouldn’t dream of living in PoCo or Maple Ridge, now you can see nice middle class couples feeling lucky if they can afford a house there. The notion of a 45-60 min commute was abhorrent to many. Now it’s acceptable. Look at the people who will now commute from Squamish or even Gibsons and pretend that it’s not so bad. Right.

patriotz
Member

A friend of mine used to have a workmate who commuted from Mission to West Side Vancouver, before the West Coast Express, so this is hardly a new phenomenon. PoCo’s Mary Hill district, which goes back to the 1970’s, was marketed to commuters.

I agree that nobody would think of commuting from Squamish or the Sunshine Coast in those days.

ComoxValley
Guest
ComoxValley

You seem confused. The Comox Valley is a full city. It’s got treated water, sewage, an international airport, a state of the art hospital, a year-round mountain resort, and many industries including agriculture, tourism, an air force base, a college, etc.

david
Guest
david

Sure pal…you think indenturing oneself $800K for Comox is a wonderful idea, and that I’m confused.

YVR
Guest
YVR

In the US a house in a similar city as Comox would sell for $100K. I wouldn’t want to stay 1 night in Comox. An army base city.

space889
Member
space889

Really? Comox has the same kind of hospital facilities and range of health care professionals like VGH, Women Hospital, and Children’s Hospital??

ComoxValley
Guest
ComoxValley

Brand new $330 million hospital in Comox Valley is near completion. If you have a very special case, you can always get to Vancouver with a short flight (many direct flights each day.) The point is that you are a part of the same health care system.

http://nihp.viha.ca/comox-valley/building-details-design/

space889
Member
space889

part of the same health system same level of access of care.

For the health people, that’s not an issue. But if you get some serious, and especially chronic or long term, illness, that daily short flight to Vancouver suddenly doesn’t look like a harmless delay. Nor the potentially expensive costs of staying in Vancouver, especially if it is the kid that’s sick and one of the parents have to take time off work.

Granted, that’s not a common scenario for sure, but it is something that needs to be factor in as well.

space889
Member
space889

part of the same health system does not imply the same level of access of care.

The “” symbols got deleted.

ComoxValley
Guest
ComoxValley

You need to be in a pretty special medical situation to need to visit Vancouver. It does happen but it’s not a normal situation.

StupidityCheck
Guest
StupidityCheck

Spacetroll is loser, ok. And we need to stop the Chinese from buying all our homes — Crooked Chisty isn’t gonna do it, folks. Believe me. Neither is that Moonbeam loser. We need to make BC great again, that I can promise you. It’s gonna be terrific. Look, I love the Asians, they’re fantastic, and they love me. But we gotta stop the commies from coming. They’re corrupt, they lie, cheat, steal, and they’re buying up all the houses.

space889
Member
space889

And all those homeowners salivating over selling their houses for multi-millions gains will vote for you because really really deep down, they just want to sell their houses for $700K?
Not to mention all the realtors, construction, trades, ESL teachers, wealth mgmt., luxury retailers, personal services, etc. Yeap, they want to be out of a job so they can buy a $400K detached home with no salary.

Combat roach
Guest
Combat roach

Alright, it all makes sense. How to do it is a key question. If politicians can’t do it, only people can. But… that is not going to work with legislation, police and officials. There must be some sort of organized movement to get it going on. Fortunately but “unfortunately”, Canada never had to fight back to protect the state/country so experience is not here. Mainlanders know that and they have no shame to do whatever it takes to be their way.

space889
Member
space889

Or maybe, just maybe, the vast majority of people simply aren’t Chinese hating racist like you, nor do they feel the need to give up their hard earned tax free equity, simply so some ungrateful lazy entitled brat can buy a SFH in the nicest hood for 4x your pitiful $40K/yr salary?

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

4x?? Did you miss a zero there??

done like taost
Guest
done like taost

The news shows Trudeau in Vancouver today saying ” he will tame housing and deal with this crisis”. I think he a actually means it. However anything he does will just affect local buyers. The problem is also hot Chinese money and until this is addressed, then it just means locals get hit while off shore money gets a free pass.

BTW did you notice Christy standing next to him looking very flushed and red faced. She has been denying there is any problem for the last few years and now having to stand next to the PM saying there is a CRISIS (and you basically denied it) shows how insincere she is.

The CBC radio listed the major RE donors to the Liberals yesterday and suggested that may be one reason for their inaction.

space889
Member
space889

The most encouraging and spirit lifting sentence in English: I’m from the government and I’m here to help you!

patriotz
Member

That was said as a joke, but this wasn’t:

枪杆子里面出政权

space889
Member
space889

Really? Gov’t actually solves problems? That must be why we have widest income & wealth disparity? Gaping infrastructure deficit? Broken healthcare system? Broken education system? Highest tax load in decades? Yet largest gov’t debt and deficits? Super inefficient bureaucracy? And millions of pages of laws, regulations, tax code that the average person have absolutely no hope of ever able to read and understand?

Ulsterman
Member

I’ve actually been liking some of the comments you’ve been making recently but this one was a setback. I get it, you’ve done well out of housing. But you sound like a right-wing zealot. The government has its problems as do all systems that run on such a vast scale and try to please the majority. Try running even a relatively small group of people and see how hard people are to please. Broken healthcare? No, it’s just a victim of its own success – too popular. Broken education? That’s why its ranked in the top 5-10 consistently and why the Chinese send their kids here in droves. High taxes? Not really, just look at the numbers compares to most G8 countries. Complex tax code? Buy a copy of TurboTax from costco – fairly straightforward.

Combat roach
Guest
Combat roach

Be careful, don’t let 50-cent agent to trick you while you read sugar-coated bullshit. It is part of their strategy and tactic to infiltrate and troll.

Loon
Guest
Loon
david
Guest
david

Howe Street: Canada’s longtime, most notorious address for many a “House of Cards”.

southseacompany
Member
southseacompany

“‘A very significant crisis’: Trudeau says Canada must take measures to make housing more affordable”, Financial Post
http://business.financialpost.com/personal-finance/mortgages-real-estate/a-very-significant-crisis-trudeau-says-canada-must-take-measures-to-make-housing-more-affordable

“Canada needs to take measures to ensure more people can afford housing at a time when prices are rising, particularly in cities like Vancouver and Toronto, Prime Minister Justin Trudeau said on Thursday, but gave no details.”

david
Guest
david

The only opinion on housing that Trudeau believed enough to do anything about was that 24 Sussex Drive wasn’t “good enough” for his little royal family to move into.

The rest of us get a steady diet of his vapid, selfie-focused BS.

done like taost
Guest
done like taost

he didn’t move in as it is being renovated. He moved into a smaller place. Be fair.

space889
Member
space889

At taxpayer expense cuz it wasn’t good enough for his little royal family. Never mind a lot of average Canadian family that voted him in live in worse conditions.

david
Guest
david

It wasn’t scheduled for any renovation until he decreed it so.
…’be fair’.

He’s a pompous, entitled little twit who was born on third base who thinks he hit a triple

david
Guest
david

…all while 94 yr. old war hero Petter Blindheim can’t get a dam hospital bed in his final days to die with some dignity.

So forget the selfies and the trips to Paris, folks. THERE”S your public servant (urrrppp..) with his ‘Canadian values’ on true display. Sickening.

space889
Member
space889

Probably more tax breaks & fake programs like RSP Homebuyer Plan which will actually just jack up the prices and make people even worse off and indebted.

Likelihood of CRA actually enforcing existing tax laws around house flipping, income tax evasion, assessing lifestyle equivalent income, etc? Pretty much none.

Likelihood of Canada actually round up and deporting those wanted corrupted officials and seize their assets? And hence put the fear into those still in China and have Canada crossed off as a potential destination? None

Likelihood of assessing property tax surcharges on luxury properties or foreign own properties and use that $$ for reduce debt & personal income tax, or much needed infrastructure spending? None.

dyugle
Guest
dyugle

He will probably remove the 1 million cap on CMHC.
LOL.

southseacompany
Member
southseacompany

“‘The party will come to an end,’ TD says of housing in Toronto, Vancouver”, Globe & Mail
http://www.theglobeandmail.com/report-on-business/top-business-stories/how-does-the-vancouver-toronto-housing-party-end-not-badly-td-says/article30489888/

““There is little debate that Canada’s hottest housing markets are ripe for a correction; the difficulty is predicting its timing,” TD economists said in a new outlook for global economies.”

southseacompany
Member
southseacompany

“B.C. in greatest danger in a housing price collapse – analysis”, Brokernews.ca
http://www.mortgagebrokernews.ca/news/b-c–in-greatest-danger-in-a-housing-price-collapse–analysis-209016.aspx

“In his analysis for the Vancouver Sun, columnist Vaughn Palmer stated that the Bank of Canada’s latest report on the risks to Canadian finance revealed B.C.’s exceptional vulnerability to housing corrections.”

space889
Member
space889

When does it start and how much? Cause if it starts in 2018 after another 50% run up? Not much use unless you believe current price are fair.

If it happens in 2020 after a further 100% increase? A 50% cut only take us back to today’s prices!!! I doubt the average pre-tax income will increase by more than 10% in 2020.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

While we cripple with housing crisis Vancouver Coastal Health wants 5 more supervised injection sites.
http://www.cbc.ca/news/canada/british-columbia/supervised-drug-site-fentanyl-1.3628411

patriotz
Member

Like their job is to do something about housing? FYI the injection sites reduce the number of addicts ending up in acute care, which means more health care available for you and me.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

i dont want my tax dollar to be spend on injection sites,so they can shoot up in a comfortable environment.

If they are reducing addicts why open more ?

Royce McCutcheon
Member
Royce McCutcheon

We’re wildly off topic here, but there are data that indicate that harm reduction approaches – including safe injection sites – save the system money. They reduce first responder calls and enforcement needs (i.e. costs), reduce transmission of disease (i.e. fewer treatment costs), increase uptake into rehab programs (i.e. increased likelihood that people can turn their lives around and become contributing citizens [including contributing as taxpayers]), etc. The more these programs are rolled out, the more data emerge to support these conclusions.

In the interest of not lowering the tone here further, I will just suggest that it might be worth reconsidering your position.

space889
Member
space889

Most don’t want the help and if they do, is it really the gov’t responsibility to clean up after them? It’s not we don’t have drug & addiction education programs in schools, and pretty much everywhere.

StupidityCheck
Guest
StupidityCheck

Better they break into cars looking for money to buy them on the street? You want more HIV???

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

u know addict pay for the drug and the all safe injection kit is give to them for free ?

I dont have a problem with giving supplies but give them place to shoot up in my tax dollar that where i draw my line

so by ur logic sex addict should provided with men or women for their pleasure and we should open up brothels in Vancouver /

space889
Member
space889

Taking a more cynical team BPOM view…wouldn’t the drug issues simply resolve itself if we simply stand out of the way and let the addicts, the ones who don’t want help, continue on their way as is their freedom of choice? Health care usage is reduced in that case as well.

Shut It Down Already
Guest
Shut It Down Already

All the addicts are Chinese. None of them are young-to-middle-aged Caucasian men with hygiene issues.

patriotz
Member

Nah, it’s the pushers who are Chinese. They know the right side of the trade.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

There is never going to be a correction in Vancouver & Toronto so many people with lot of money want to live in those cities.

TD is calling about correction from 2011 & 2012 in those cities it never happened.

http://www.td.com/document/PDF/economics/special/td-economics-special-sg0711-housing.pdf

http://www.td.com/document/PDF/economics/special/td-economics-special-sg0711-housing.pdf

Zero Down Forty
Guest
Zero Down Forty

According to BCREA stats;
– 70 per cent of all MLS residential transactions in Metro Vancouver during 2014 were below the average price of $738,000
– 82 per cent below $1 million.”

Sounds like many people with a lot of debt are the drivers. Reduce their ability to borrow by half and see prices plunge.

space889
Member
space889

And I bet a lot of people, including the bears, will be crying how unfair this is!! That they can’t compete with foreign $$$ anymore! etc, etc, etc….

actually, just end CMHC and let the banks take the risk. If any private company wants to come in and sell banks insurance then be my guest. But keep gov’t out of it. That will take a lot of people who shouldn’t be getting mortgages at 5X+ income right out of the market.

Newcomer
Member
Newcomer

If this is the case, why is the population growth in Vancouver an anemic 1% per year?

BubbleTea
Guest
BubbleTea

Bogus ‘analysis’ obscures the role of foreign money in Vancouver’s runaway housing market. BC’s government is relying on flawed data provided by the real estate industry.
http://www.scmp.com/comment/blogs/article/1819499/bogus-analysis-obscures-role-foreign-money-vancouvers-runaway-housing

Krusty has to go
Guest
Krusty has to go

Krusty: China is not our friends so please do licking the boots of this authoritarian dick.
– They have singled handed destroy our manufacturing sector and stole our jobs.
– They have been stealing our western technologies through espionage.
– They have build up an enormous armed force to counter our American Allies .
– They have one of worst human rights anywhere.
– They are invading the South China sea with island building and militarized it afterwards.
– They have been kidnaping citizens of other countries at will.
– The government is stealing money from their people and hide /launder it in Countries around the world (especially in Vancouver).

space889
Member
space889

Spoken like a true brainwashed idiot.

Krusty has to go
Guest
Krusty has to go

Did I touch a nerve in you commie loving body?

space889
Member
space889

No, just at your totally lack of brain cells. Good thing you aren’t in charge of anything remotely important.

Best place on meth
Guest
Best place on meth

We’re you saying something about brainwashed idiots?

Nom Nom Nom
Guest
Nom Nom Nom

Space… please refute any of those accusations instead of attempting first to merely dismiss them. I know that you like to write in half sentenced rhetorical questions, and what Krusty has to Go just wrote was incontrovertible fact.

and as always. go f*#k yourself.

Kisses,
NNN

space889
Member
space889

Right…I’m responsible for disproving your statements when you provide no facts to back up your arguments first….sure buddy…get other people to do your work.

Nom Nom Nom
Guest
Nom Nom Nom

You tiny dicked retard… the statements that were made by Krusty has to Go, WERE the facts!

You are getting more unhinged as the weeks go by. go get some help.

Many Franks
Member
Andrey Pavlov and Tsur Somerville study relative price changes in neighbourhoods favoured by Chinese immigrants after the closure of the IIP and demonstrate an impact with a lower bound of 2.5%. Then they spend as much column space as possible conflating IIP with foreign money as a whole, talking about what the paper didn’t prove at all, and erecting straw men: “Maybe it wasn’t 2.5 percent,” he said. “Maybe it was five, maybe it was even 10 percent. […] The big point here is [that] it is not just the Chinese. Yes, our paper finds that the suspension of the [investors] program had an impact; therefore, foreign investors in general have an impact on the market in Vancouver. But that is not the only explanation. Of course it is not.” With Justin Trudeau starting to weigh in on the subject,… Read more »
Chabar
Member
Chabar

Often in Vancouver, it feels like unlimited money is given to primates as an experiment and they are let to do with it whatever they want. Yesterday I was in the car, waiting for lights and in the car next to mine a young mainland China couple in the Porche Macan Turbo doing the same. They were busy though, he had his finger deeply in the nostril, picking it like there is no tomorrow while she was pushing her mobile phone deeply into her mouth and taking pictures (flashes going off) of upper teeth or palate. Very disgusting scene to be witnessed, the city is definitely FUBARed…

https://asiancorrespondent.com/2016/05/shanghai-disneyland-trashed/

Best place on meth
Guest
Best place on meth

“Although the park only opens its gates next month, a number of badly behaved tourists were already seen wreaking havoc outside the venue, with some defacing lampposts, trampling on flowers, and excreting in the compound.”

Shanghai Disneyland: “The crappiest place on earth”.

Shut It Down Already
Guest
Shut It Down Already

Nobody shits on the streets of downtown Vancouver, no sir.

Combat roach
Guest
Combat roach

Wait until they get relaxed and start feeling like at home. Mosaic, right?

Best place on meth
Guest
Best place on meth

You’re going to compare behaviour at Main & Hastings to behaviour at a family theme park?

Fuck off already.

Shut It Down Already
Guest
Shut It Down Already

It’s basically every alleyway on the downtown peninsula. Open your eyes – before you step in it.

Brian Ripley
Guest

re: Bank of Mom and Dad

I mashed up charts on the Savings Rate, Retail sales and Home Ownership in both Canada and the U.S.

http://www.chpc.biz/history-readings/made-in-america

It’s a good thing the parents have lots of equity in their real estate to subsidize their offspring because it looks like the electorate is moving towards being tapped out.

space889
Member
space889

So basically you just proved they aren’t tapped out since there is still all these equity that can be tapped.

StupidityCheck
Guest
StupidityCheck

Boy, you really have no self-control. Or shame. Just like a good little locust.

Shut It Down Already
Guest
Shut It Down Already

Check yourself, racist.

Best place on meth
Guest
Best place on meth

Shut yourself down, racist.

mmmm.... ok
Guest
mmmm.... ok

compilation of trump supporters being attacked

https://youtu.be/RF_eGq6KKUs

paulb
Member
Active Member

New
226
Sold
83
TI:8485

Thinking of buying or selling? Contact me anytime

http://www.paulboenisch.com

pacific67
Guest
pacific67
southseacompany
Member
southseacompany

“Vancouver’s housing market — the canary in the calming”, CBC news
http://www.cbc.ca/news/canada/british-columbia/vancouver-s-housing-market-the-canary-in-the-coalmine-1.3641759

“Prime Minister Trudeau met with housing experts to discuss Vancouver’s red hot real estate market”

southseacompany
Member
southseacompany

“‘This is a bubble. A very big bubble. And it is going to end in tears'”, Business Insider
http://www.businessinsider.com/canadian-housing-bubble-2016-6

“Capital Economics’ chief North America economist, Paul Ashworth pointed out that the gains in housing prices in these regions now “far exceed” those in the US at the peak of its housing bubble.”

“When prices do begin to fall in Toronto and Vancouver, expectations of further declines could become just as self-fulfilling as the expectations of further price gains now. We have no idea exactly how far prices will fall.”

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

There is never going to be housing bubble price stagnant that the best u guys are going to get .

Business insider have saying this for last 4 years and nothing had happened.

https://www.google.ca/search?q=Business+Insider&oq=Business+Insider&aqs=chrome..69i57j69i65l3&sourceid=chrome&ie=UTF-8#q=business+insider+vancouver+bubble+2012

ostritch
Member
ostritch

Coach house in Kits crosses–no sprints–past the $2M mark. So that’s 2.301M for 1300-odd square feet of alleyway house. 1639 Larch.

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Overpaid

fosolo1
Member
fosolo1

From the trenches :

Patricia Houlihan
Signs real estate market shifting: homes not selling; sellers RAISING prices after no sale; banks don’t want to lend here; low appraisals…

https://twitter.com/realevancouver

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Now we giving away our job s to China what the pathetic Nation & the province and it leaders.

Future Transit buses to be made in China

https://www.google.ca/search?q=B.C.+Transit+buses+to+be+made+in+China&oq=B.C.+Transit+buses+to+be+made+in+China&aqs=chrome..69i57j69i60&sourceid=chrome&ie=UTF-8#q=B.C.+Transit+buses+to+be+made+in+China&tbs=qdr:d

would-be buyer
Guest
would-be buyer
patriotz
Member
Had no trouble opening as new private window. Anyway the article is a lot tamer than the headline – not much you haven’t heard already – except this should be noted: On the other hand, he considers some of the dialogue around foreign buyers to have elements of xenophobia and nationalism. “We get close to dangerous territory if we start discriminating based on people’s ethnicity or nationality,” he says. “Some of the subtext here is that, which is very un-Canadian.” Whether or not some opponents of foreign ownership are biased against some ethnic group, the issue of foreign ownership itself has nothing to do with ethnicity and this kind of comment is BS and doubly so coming from someone in this position. Do note he was appointed in 2014 (i.e. by Harper) so that in itself means he’s not going… Read more »
Shut It Down Already
Guest
Shut It Down Already

I guess he’s read some of the putrid comments here?

patriotz
Member

My idea of putrid is RE marketers and politicians who exploit ethnic divisions to serve their own ends, and then are shocked, shocked by the results.

https://www.youtube.com/watch?v=Sbfa2xpu9Aw

canadiansfirst
Guest
canadiansfirst

“We get close to dangerous territory if we start discriminating based on people’s ethnicity or nationality,” he says.

If you shut off the flow of foreign money into our real estate market and most of it happens to be coming from China for example, that has absolutely nothing to do with ethnicity or nationality whatsoever. It’s economic reality that Canadian families living and working in Vancouver are being forced out in part by foreign money, wherever it happens to come from. It is the Trudeau government’s job to be transparent and honest about that and to act on it if it means that tax paying Canadian families are being forced out of their own cities.

patriotz
Member

Foreign ownership of corporations has been an issue in Canada for its entire history, and governments of all stripes have been involved in controlling it. In recent years takeovers by China have been at issue and nobody has even claimed that opponents have racial motives.

Just like corporate ownership foreign ownership of RE is an economic issue and to impugn that racial motives are behind its opponents is not only wrong, it serves to further inflame relations between ethnic groups in Canada.

Best place on meth
Guest
Best place on meth

We have every right to discrimate by nationality.

China is a criminal shithole and they should be kept out of Canada.

southseacompany
Member
southseacompany

“Federal housing solutions: lots of talk, not much action”, CBC News
http://www.cbc.ca/news/canada/british-columbia/federal-housing-solutions-lots-of-talk-not-much-action-1.3640864

“The message from Prime Minister Justin Trudeau to those worried they’ll never own a home in Vancouver or Toronto was clear on Friday.”

“He feels your pain but there is no easy answer and there is a great risk of making a serious mistake should his government attempt to influence housing prices.”

patriotz
Member

Translation: he’s heard those warnings that a bust is coming and he doesn’t want to be blamed for it.

YVR
Guest
YVR

Trudeau’s problem is he has been in power since November and Vancouver has gone up 30% to 50% in that time frame. The reality is more damage has taken place under Trudeau’s watch in 6 months than under Harpers in 12 years. As an example a 2 bedroom condo in the building I live in DT Vancouver went from $850K in Nov 2015 to to $1.3 million in may 2016 (sale of identical units). That is a $500K increase in 6 months. The previous $500K increase (from $350k to $850K) took about 13 years! The last 6 months has been like nothing we saw under Harper. Trudeau will take the fall no matter what he does. Better for him to at least say he tried to stop it.

patriotz
Member

Teranet says metro Vancouver is up 21.7% over the year ending May 31 – that’s all sales, all properties. Your building – who knows, but it’s clearly a luxury property.

YVR
Guest
YVR

That is all of Metro Vancouver. Pretty much all that price increase was in the last 6 months. When was the last time prices went up 21.7% across all of Metro Vancouver in 6 months or even a year? Not since the 80s bubble. Of course 21% of todays prices is also much more even inflation adjusted.

ostritch
Member
ostritch

Idiot. Mine is up almost 100% in less than two years. I don’t know I why you waste your breath trying to look smart.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Show me proof .This cant be real, i called it a BS .There is no way a condo will go up $500,000 in 6 months.Even Vancouver SFH went up 30 %. in the last 6 months.

YVR
Guest
YVR

100% true. Maybe a one off on the unit in questions with a bidding war but from what I see all condos are up at least 30% in downtown Vancouver since December 2015. I have a realtor who sends me the actual sales info. It is not un common to see 15% over asking price.

YVR
Guest
YVR

This unit on 30th floor sold for $1.5 million in Dec 2015. It was totally renovated.

http://www.sonjapedersen.com/listings/sold/R2017582-3001-1199-marinaside-crescent.html

This identical unit was which was not renovated (year 2000 vintage) and on a lower floor listed at $1.87 million in June and sold over asking. The first unit is probably worth about $200K more due to reno and floor level.

http://stephenrealty.ca/mylistings.html/details-57546488

ostritch
Member
ostritch

If it were a one-off would there be a panic on?

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE
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