Vancouver detached home sales have dropped nearly 40% compared to a year ago and you know what that means?
The market for detached homes in Vancouver has softened so much that it is “beginning to enter buyers’ market territory,” says the president of the region’s real estate board.
Now get out there and transact!
[…] out of land, but apparently the old expo lands aren’t. The city has had tentative rights to 6 vacant lots intended for affordable housing for almost 3 […]
[…] It’s kind of fabulous how easy it is these to days to rent out your spare homes as a vacation home with an online listing. And it’s easy to find a vacation home for a short term stay as well, all you need is a credit card… or your parents credit card. […]
Poloz strikes again. But eventually his tactic won’t work anymore.
indeed inflation fears are overblown, a lot of deflationary pressures persist. the real estate market will be relatively flat for years and u.s. stocks are overplayed; I currently like Canadian dividend stocks outside of banking
A “flat” RE market? Here? Only after a whopping price crash.
I wouldn’t bother with Canadian stocks. Our dollar is looking weak and getting weaker.
I agree US stocks are valued high, but where else are you going to find growth?
I think our whole country stagnates for the next decade.
A Hong Kong property tycoon known as the “King of Shell Companies,” whose name appears in the Offshore Leaks database of tax haven clients, is trying to sell a house in Vancouver Westside for $18.88 million after buying it just three months ago for $14.12 million.
On March 12, 2017, exactly three month after buying the property, the owner put the Point Grey home, assessed at $14.1 million, back on the market.
https://thinkpol.ca/2018/03/13/hong-kong-tycoon-linked-offshore-tax-havens-flipping-18m-vancouver-house-shell-company/
Are people speculating he wants to leave because the NDP are likely closing the bare trust loophole?
It’s not a bare trust. The registered owner of the property is a foreign owned BC company. As such PTT and FBT would have been charged upon purchase. If it’s the house itself that’s for sale it would definitely be subject to the increased PTT and FBT. I think the budget changes would result in these being charged if the company was sold as well, but I’m not sure at this point.
“As such PTT and FBT would have been charged upon purchase.”
That is the optimistic view of things. As it happens, in Vancouver I am not sure anyone is enforcing. And these guys are not volunteering the funds to pay the tax.
“Joyful Holdings Ltd.”
what a name …
Probably more relevant would be “Joyful Happyendings Ltd.” considering parties involved.
Sam Cooper: Massive BCLC casino cheque payouts were mostly returned funds
http://vancouversun.com/news/local-news/massive-bclc-casino-cheque-payouts-were-mostly-returned-funds
So easy to laundered money courtesy of BCLC. Why is fintrac not involved?
With how rampant the money laundering was I’m surprised they didn’t have an RCMP officer permanently standing outside the River Rock checking for drug money on the way in.
Crazy stuff, again. Nobody is checking, apparently. They have free rein.
“Internal BCLC records, disclosed to Postmedia under freedom of information laws, revealed that River Rock Casino in Richmond issued 21 of the top 25 patron gaming fund withdrawal cheques in 2016. The cheques ranged in value from $600,000 to $2.4 million. ”
“The enforcement branch says this could be a problem, because “the majority of bank drafts are accepted” by casino operators “without knowing whether the funds are coming from the (VIP gambler’s) own bank account,” documents say. “Some of the drafts are blank. … Customer due diligence (of some VIP gamblers) responsible for a significant amount of patron gaming fund account activity may not be sufficient.”
“Patron gaming accounts were promoted for high-risk VIP gamblers who have been associated with the transnational money laundering of suspected drug-dealing cash in BCLC casinos.”
“BCLC could not initially find copies of five of the top 25 patron gaming fund cheques on site at River Rock Casino, including the largest patron fund disbursal for 2016, a $2.4-million cheque.
Postmedia asked BCLC if there could be any concerns that the cheques that couldn’t be located on site at River Rock were not properly marked.
“BCLC, in this instance, has taken the additional step to assist you by asking the service provider to obtain copies of the cheques that were not retained on site, from its bank,” a response says. “BCLC has followed up with its service provider to ensure ongoing compliance with policies related to financial records management.”
“One of the River Rock Casino cheques appears to have confusing labelling. It is a handwritten cheque for $600,000 that is marked “Great Canadian Casinos Inc. — Player Winning — River Rock.” And yet the cheque also contains a handwritten note that says “patron gaming fund cheque, no buy in.” BCLC has not been able to locate the cheque stub record for this October 2016 cheque, a response says.
The only other hand-written cheque in the sample reviewed by Postmedia — a $1.72 million cheque issued by River Rock in October 2016 — is also marked “Great Canadian Casinos Inc. — Player Winning — River Rock.” The majority of the top 25 cheque stub records disclosed to Postmedia include a description of cheque transactions, which says “No buy in, patron took cheque.”
They got confused and reported it to the fastrac department of the Casino, which then made the cheque writing a top priority.
Growing debt loads make Canadian banks vulnerable, says Moody’s
http://www.cbc.ca/news/business/growing-debt-loads-make-canadian-banks-vulnerable-says-moody-s-1.4573980
Does Captain Obvious write for Moody’s now? It’s nice he found work.
Pure speculative play fail ( Sold in 2016 for 740k) :
4620 W River Road, Delta
Dec 13:$1,514,000
Mar 11: $899,000
Change: – 615,000 -41%
Ass: $842,000
looks like subdivision/rezoning
Appears that way. Reading the listing or doing a little google research is hard for some people it seems.
4612 and 4620 used to be listed together.
Poloz is bailing out the housing sector once again. Central banking as a firm of asset inflation.
“Poloz Sees Potential to Fuel Canada Expansion Without Inflation”
Look what happened to the CAD after Poloz’s speech. Deliberately running the currency into the ground.
He is doing his utmost to let th3 shifts how go on indefinitely, with housing a key consideration.
We need a better central banker. The Poloz/Wilkins duo is totally inadequate.
the tillerson firing is definitely a factor as well
Watch what happens when oil goes to $50 and the US gets the next rate increase.
If you need some USD, now is a good time to switch IMO.
Poloz says the economy is running at capacity, but he wants to keep it growing without inflation. He proposes to do that by increasing labour force participation by women and youth. The conservatives tried to do the same thing by increasing temporary foreign workers. The Liberals are trickier. TFWs caused significant backlash, but hey, who can object to workplace equality? Same result — labour costs are suppressed by increasing the supply of lower-paid workers.
No inflation is code for no wage increases. So the rich get richer in a growing economy, while the rest stagnate — sounds like more of the same useless growth we’ve had for the last 30 years. It does nothing but drive up income inequality and entrench the status quo.
Poloz is less in control than he assumes. What happens in the US will surely follow here. Higher interest rates and inflation are going to cross our border.
You can’t just force labour participation by waving your hands.
We’re a resource economy that now hates resource projects. The housing bubble kept the party going since the Great Recession, but now it’s our turn for a downturn.
When the bubble pops positive aggregate inflation will be a distant memory. The deflationary death-spiral that our housing market will be in will kill inflation for at least a decade or longer.
It’s easier for a camel to go through the eye of a needle, than for a central banker to engineer such a perfect landing. I read that in the Bible.
Immigration to lower wages.
Firesale:
4788 Angus Drive, Vancouver
Feb 13:$9,988,000
Mar 12: $5,990,000
Change: – 3,998,000 -40%
Ass: $5,896,000
this sale needs to be audited.
Why? When was it bought?
I think he’s saying it should be audited because who in their right mind would take a 40% write-down unless there’s something shifty going on. I don’t think this level of desperation has actually sunk in yet where people are legitimately cutting their asking prices this much. It probably means it was a house used for money laundering or other criminal purposes.
And what if the owner paid $100K 40 years ago? Transaction history matters.
“I think he’s saying it should be audited because who in their right mind would take a 40% write-down”
There’s no write-down. BC Assessment says the property has not been sold in the last 3 years, so it’s pretty clear the owner paid less than the current assessment.
From BC Assessment:
It was purchased 16-Mar-2015 for $4,300,000 .
The property’s only assessed at $5.6M. It got an “interior upgrade by prestigious Designer” in 2016. Presumably the seller thought that update increased the value by $4M, but there were no takers. The property’s still for sale, as far as I can tell.
Money exchanged hands overseas. Buyer and seller probably both Chinese.
Stop lying, liar.
Tax tax tax. Coming.
What’s that?
Stah Li Pak you say? That won’t help you anymore.
Massive BCLC casino cheque payouts were mostly returned funds
http://vancouversun.com/news/local-news/massive-bclc-casino-cheque-payouts-were-mostly-returned-funds
If you are a Globalist minded banker and you want to test a large scale bankruptcy. (We are talking Country Size), which country do you choose?
Canada?
On Global….
ICBC and luxury cars….
Case from 2012 whereby car in accident was worth over $600,000..but ICBC has pissed away more than that on the case fighting with the owner.
Also……apparently there are 3000 cars in BC worth > $150,000.
So did this Ferrari owner guy just pay his $300 deductible and get a million dollars worth of repairs?
Oracle would know, it’s his fellow countryman?
Yes. That is what you buy insurance for.
The problem with this case is ICBC paid more to fix the car (improperly apparently) than it would have cost to write off the car and payout the owner plus then sell the car for parts/scrap. That is before legal costs.
On another note according to Eby on the news the high end cars insurance fees cover the costs for at fault accidents. The impact of other drivers (hitting the high end cars) is unknown which is covered by normal cars insurance. The fact ICBC does not know this is proof of more incompetence. Time for the government to get out of the insurance industry.
Here’s a question for the bulls: Why aren’t you guys realtors?
That’s an excellent question. Also why haven’t they pulled equity out of their house to buy several condos?
I thought of the same thing. If you’re 100% sure an asset will grow, go all-in!
Yeah i’d borrow until I was up to my eyeballs in debt if I truly didn’t believe it was a bubble. It’s the only one-way bet in the universe apparently…
I guess they are, or they think they are. Question is how much successful and profitable though, hence no bragging about it at VCI?
They’re just losers like best place on earth waiting for their parents to die so they can get the house.
well, here is question for the bears: why are you chickens?
^ That BPOE response speaks volumes. No answer to the question. Just a pigeon strutting around shitting everywhere and claiming the win.
Dumbass is just consistent with any post, paradigm of stupidity.
Because being a chicken is better than being a rat.
As if they aren’t.
Six False Creek affordable housing lots still empty after three decades:
“We may be left with empty promises and empty land, with people desperate for affordable housing,” Shayler, with the Tenants Rights Coalition, said during a public hearing for the megaproject on Nov. 2, 1989.”
some things never change …
Yeah..caught this story as well…
So VISION…the lands there…30+ years….where’s the money you are allegedly squirreling away for affordable/social housing…????
…….OR are you gonna do a quick ca$h grab selling these lands and what is also available when Georgia Viaduct is torn down ???
I’m all for affordable housing but it’s pretty stupid to build it on rare and prime waterfront.
New
327
Price Change
53
Sold
139
TI:8642
A judge has ordered that the owner of a home in Vancouver’s exclusive Shaughnessy neighbourhood who failed to disclose a gang-related murder of the owner’s son-in-law in front of the property be required to return a $300,000 deposit to a purchaser of the home.
Ironically, this case will probably be “settled out of court”. Don’t go fishing in the Fraser in the upcoming weeks.
“Yuan, who had initially purchased the Cartier Street home on behalf of her mother and later transferred title to Wang but was acting with power of attorney at the time of the sale, was arrested by Hong Kong police in December 2009 and served jail time for money-laundering following a separate proceeding.”
money laundering back in 2009? and who buys a house for someone else under a power of attorney? a lot of suspect stuff going on in this story.
Everybody turns a blind- eye and holds their nose …….. UNTIL SHTF….
Sky is the limit to these retarded mindf*ck methodologies employed by foreign locusts until light is shone on their dealings..legal or otherwise.
Hopefully, someone writes a book about all locust’s abuse, scams, exploits, frauds, tricks, deceptions and other traditional skills and shenanigans that they generously deployed over past 30 years across the Lower Mainland, BC. That book would be a valuable document about times when dignity, justice, and the law went deep down to the shitter in the name of self-interested multiculturalism, alleged promotion of racial tolerance and boomers retirement.
The book will be called:
“The rape of Vancouver, how mainland chinese destroyed a city”.
Hopefully Clarke on the cover wearing traditional Chinese clothing
Waves of dirty cash from China will definitely be one of the narratives when the history of the Great Canadian Housing Bubble is told. Greedy investors, corrupt Chinese, willfully ignorant politicians, and a clueless central bank will undoubtedly be listed as the main offenders.
“Toronto trial hears cop tipped off drug dealers in exchange for cash; used money to invest in two condos”
🙂
😀
“…Craig Ruthowsky, a former member of the Hamilton Police Service’s guns and gangs unit, has pleaded not guilty to obstruct justice, bribery, breach of trust, trafficking and conspiracy to commit an indictable offence….
….The jury will also hear Ruthowsky’s former friend and colleague testify he invested “heavily” in improvements to his home, notably the backyard, the prosecutor said.
Also during the time of the alleged protection scheme, the colleague will testify Ruthowsky bought a new F-150 pickup truck and made deposits, with his wife, on two condo developments in Hamilton and Oakville….”
laundering cash through real estate. what a novel idea … oh wait a minute …
Wow one of the traffickers that was paying him for information rolled over on him when he got arrested. No loyalty amongst thieves. 🙂
When SHTF…..the knives come out.
As I submitted numerous times, watch the court dockets get filled with cases..both civil and criminal.
Maybe the same criminal the puts this cop away will put an offer on one of the condos he bought when it’s seized. haha
A smart seller after 7 months?
3691 Point Grey Road, Vancouver
Aug 18:$12,750,000
Mar 5: $8,998,000
Change: – 3752000.00 -29%
That Point Grey “cube house” started out by asking $14M.
Wow that’s a marginal seller if I’ve ever seen one.
Exactly.
Someone just repriced an entire area by failing at a flip and panicking.
THAT’S HOW THAT WORKS.
‘Appraised’ at $11M in May 2017. Listed since June 2016.
https://docs.wixstatic.com/ugd/97ce1a_e225c79d84894c4898d7d930444adeef.pdf
from page 3:
“Comparables 5 and 6 were time adjusted to account for a significant rebound in detached price trends seen since fall 2016 since the return of the spring market and increased buyer demand in 2017 as per observed sales and listing data. ”
this didn’t work out as they thought it would …
Teen trashes rental home in weekend party: West Van PD
http://www.news1130.com/2018/03/12/teen-trashes-rental-home-west-van-pd/
yup let’s rent our multi-million dollar ‘vacation’ house to a 14 year old. what could possibly go wrong?
Why doesn’t the article mention this is obviously an illegal short term rental? I doubt the 14 year old rented the property for a whole month.
you guys come to this blog year after year talking about how you wish prices would go down so you can afford to buy that house you so desperately want…. and yet you think a crash is coming.
there are so many priced out people just like you waiting to buy. except they aren’t delusional and waiting for a west side house to cost $300k. so this market doesn’t have a floor, it’s sitting on solid concrete 10 feet thick.
these guys are waiting for their NDP comrades to hand them free housing and free needles.
keep poking the bear you losers …
Free housing is not equivalent to affordable housing. Young people just want housing that’s within reach of the working class, not a huge ask.
Who ever said anything about a West Side house?
I also agree that most bears do not believe the west-side will approach anything resembling affordability even in a crash scenario. Let’s be honest, some markets will unfortunately never be affordable in Vancouver proper. It’s basically become a Veblen good and the positive perception of buying a place in desirable Vancouver neighborhoods should be able to weather the storm when the bubble pops. That said, although working-class affordability may never return, it’s presumptive not to say that prices could correct in the west-side in a spectacular fashion. They could crash 75% though, and it’s still not affordable. Especially since it will be be in a high interest rate environment. A $3 million house selling for $750k doesn’t help a middle class buyer if the interest rate is close or at double digits, with property tax potentially based on a $3… Read more »
The westside will be affordable for those on the property ladder. Their condos, townhouses and eastside or suburban houses may take a hit but the price gap between house A and the more expensive westside house increases when prices increase; and decreases when prices decrease. #theywin
Just as long as no 2% annual speculator’s tax is put in place.
In Phoenix and Vegas, some neighbourhoods saw a 80% decline in 2008-2010. Just saying…
Not unfair comparisons since they’re both also “resort” economies like the bulls keep saying about Vancouver… Land constraint is the only major difference there, but if you treat the GVR as one big “city” we’ve got plenty of land. As of 2016 Phoenix is 1300 square kilometers with 1.6 million people, while the GVR has 2700 square kilometers and about 2.5 million people. Shockingly that means Phoenix has HIGHER population density than the GVR at. 0.08 square kilometers per person to our 0.1 square kilometers per person. Very interesting…….
That aside, it’s also a fabulous example of cherry-picking.
Pointing out a worst case scenario isn’t really cherry-picking. It’s illustrative of the fact that there is precedent for massive housing devaluations in large cities like Vancouver.
True. But the implication by omission was that this unlikely scenario is somehow a likely one. There were way more cities that saw a drop nowhere near 70%.
I think that’s just your opinion of his intentions. It’s completely open to interpretation how much the Phoenix and Las Vegas crash relates to the current situation in Vancouver. I would postulate however that there’s likely a very strong correlation between how overstretched rent and income ratios were in US cities affected and how much of a correction they experienced. So comparing Vancouver to say… Oklahoma City, where there was almost no correction after 2008 is an unfair comparison because you can’t really argue that Oklahoma was ever objectively expensive to afford a home to begin with.
“There were way more cities that saw a drop nowhere near 70%.”
But those cities didn’t triple in price on the way up like the places that dropped 70% did. You can flip the graph of the run up upside down to see what the correction looks like.
I’m sure some people do, but I don’t “wish” prices would go down. It’s nearly an objective mathematical certainty that price:rent and/or price:income ratios will normalize at some point. Rents generally reflect incomes however, and since wage growth doesn’t look like it will be getting much bigger any time soon, your “non-crash” scenario means that house prices would have to stabilize and move sideways until wages can catch up. Since housing across Canada has roughly doubled in price over 20 years and wages have grown by roughly HALF that: What that means is for the imbalances to correct, we need about 15 YEARS of house price stagnation, coupled with at least a 2% wage increase per year to make up the difference. Can you honestly believe that the level of speculation in the market would allow for 15 years of… Read more »
now this is a good and thoughtful comment. take note bpoe & mega-bull. you can also do it if you try.
Thanks Name I appreciate the overt support.
Doucouver – I don’t have the same level of confidence you do, I think because I’ve been watching his market since 2002 and if I remember correctly you’re a more recent bear, however, this is a very well thought out response. Please keep it up.
Thanks BearVan. I’ve been a real estate bear for a long time, but probably not as long as you. I’ve had opinions about how overvalued Vancouver is since at least 2008 though because I can remember thinking that the correction in Vancouver was not nearly enough. I don’t blame you for lacking confidence in the crash though. Everyone with the bullish view has had their ego stroked and their bank account filled every time the prices have gone up, and they’ve been going up for the better part of 2 decades. What have bears had to show for their financial prudence so far? Pretty much jack-squat other than the currently intangible hedging of risk mostly on to landlords that have been getting rich (on paper) off capital appreciation of housing. If I thought I was smart enough to sell before… Read more »
Between a rock and a hard place…..but IMHO the financial system is pre- programmed to create cycles .
In good olde days……RE market was often out of sync with stock market….ie if one went down the other picked up the slack. Now it appears all markets are in sync within the same phase.
Unless a Jubilee occurs…aka debt forgiveness..the only choice is to keep bubbles inflated. There will be some sort of day of reckoning …at minimum for optics sake….then reload,
In essence, we will wake up to all the hallmarks of a communist-esque economy, not local, but global, which has been the plan of oligarchs for centuries.
I think you have too much faith in the government to be able to keep bubbles inflated. The free market isn’t controllable this way especially when you’re coming off the zero-bound of interest rates. When a crash starts even if the government suddenly decided that 40 year 0 down mortgages should be brought back in, the sentiment would likely have shifted too far to make much difference. The normal 7 year cycle of real estate has become a 20+ year supercycle thanks to low rates, rampant house-lust, and risk aversion of the stock market and other assets. There will be no debt jubilee, those days are over, but debt-slavery will be a real thing as many millenials will often be unable to discharge their mortgages in bankruptcy. They’ll be working their McJobs for a long time to pay off their… Read more »
No one wants to look at San Fran’s current “crash”. Prices topped out maybe 2 years ago without a huge pipeline of new builds coming to market. Today they are at a whopping 10% off but only for the crappy stuff people need to sell.
Data please?
Saying “there are lots of people waiting to buy” is the same kind of platitude that you hate seeing us Bears post.
When markets are in freefall, demand dries up. That’s why they freefall.
Banks won’t lend against them and sentiment says “if you buy now you are missing out on big gains” so people wait.
Markets are driven by greed and fear and if you think BC housing is exempt I would love to hear why.
i live in burnaby and i can tell you that stuff is not selling. lots of new builds happening too so who knows what will happen with those.
All over; he’s just shilling.
It’s almost like Burnaby is a suburb and shouldn’t command a big city premium on prices or something… No that’s just crazy talk…
Been attending opens in the under $1.5 range for SFH and town homes.
Still very busy, and offers coming in for well priced properties.
Realtors are pricing sharper, knowing that multiple bids are not coming, but sharp priced properties are getting sold.
On the flip side, I have noticed builders offloading lots/future projects, the confidence in the $2+ million market must be low.
I last purchased in Burnaby in 2009, very similar mood out there now. Trending towards negative, but enough demand that people are willing to pull the trigger on desirable properties.
Not yet nearly as competitive as I would like it to be to get a deal, and not enough listings to throw offers on.
Hopefully that changes over the next couple of months.
With a 40% decline in SFD sales in February, I would hardly say things are “robust:’ this Spring will be a wash out too, as the momemtum has now sputtered.
The March headline will read sales up 25% over February and the footnote will say sales at a 20 year low for March.
Those “10 year averages” they trot out to make things “look better” over are as ,meaningless as DOM figures. There have been a LOT of new-builds from 10 years ago so it’s always an apples to oranges comparison.
I hope you’re right – more inventory and lower prices is what I want. For now there is little inventory and busy opens.
Volume might be down, but buyers are out and looking at lower price points.
The liveable houses are still selling for ask, or $10,000 or so over. Only thing that will change that is more competition in the way of listings growth.
Burt can only be a rich foreigner.
I think many posters on this blog recognize already that locals are most active in the sub $1M, active in the $1-1.5M market (as Burt here illustrates), and least active in the $2M+ market.
No, no local can afford more than 3x their $60K salary. Right Just Me?
I think this can easily be explained by the low listing numbers, and people with equity swapping property between each other. Boomers are still likely making moves even though first time buyers and HAM have been squeezed out for the moment. We might not know until 2019 if the speculator tax is capable of destroying sales activity at the lower-end of the market. Fire-sales in the ultra-luxury market have a lot of price slashing to do before they get anywhere near the lower priced segments of the market, so it can crash while everything else still looks peachy for the most part.
All important momentum is gone..
Current buyers, unless truly naive, must be feeling more empowered .
Question is WHO is selling? ie long term owners (little or no mortgage) that want out ??? and/or over -leveraged ??? or _______________________????
The boomers will lead the charge in a falling market…they’re counting on that equity for retirement and will panic when it starts eroding…most of them planning to leave the city anyway and have been waiting for the market to peak before selling.
Boomers statistically don’t have the choice to wait out a downturn.
Neither does anyone who can’t service their mortgage without continuous price appreciation.
Both either sell or go bankrupt.
And there are lots and lots and lots in both categories.
Boomers don’t have to sell to fund their retirement. They can take a reverse mortgage.
“They can take a reverse mortgage.”
Which will be cut off if prices start falling.
A HELOC is a better way to go than a reverse Mortgage in pretty much every circumstance. People have already been going nuts with HELOCs but hose are limited to 65% of the equity which in a falling market gets used up pretty quickly.
Besides falling total HELOC credit available, boomers will not want to see the value of their asset continue to drop and drop, some don’t have the stomach for that kind of risk anymore and have only held on because markets have been going up.
Again, statistically they do.
You can’t have a reverse mortgage while you still have a mortgage.
And regardless of sentiment, they need to be able to project that their net worth will carry them through the rest of their lives.
Which is hard to do when your net worth is shrinking by double-digit percentages annually.
As a population they need to make some hard decisions and liquidating a depreciating asset will be one of them.
Overhead a top realtor talking about the market last week. He wasn’t worried about the changes. He said the tax going from 15% to 20% wasn’t going to affect the market. He certainly wasn’t reluctant to drop a bunch of money on a luxury product, so it wasn’t just bluster.
Then he’s an idiot.
An idiot would have told the truth.
“Buy now if you want to fuck over your family for 2 generations”.
A smart realtor says literally anything else.
Then he’s a smarmy idiot.
Realtors will have limitless confidence in the market even as it’s plunging. They’re woefully unequipped to gauge where the breaking point is for our housing market. If they had an ounce of objectivity they would realize we seem to be extremely close to a tipping point.
You think they don’t know?
That’s like saying that your car salesman was an idiot because he failed to warn you that Chryslers are pieces of shit.
Chrysler salesmen know that Chryslers are shit. They know.
The idiot in that transaction is not the salesman.
I will grant you that some realtors are secretly bearish on the market, but I would argue there’s a larger portion that legitimately believe the market will keep growing indefinitely. Some people actually care about being a good person. Willfully selling someone an asset that’s up to 400% overvalued makes you a bad person. The stereotypical used car salesman is a good comparison.
Humanity always forms a neat bell curve, no matter what the metric.
There are good people selling houses and good people supporting Trump and good people selling Fentanyl.
It’s the median that matters and the median Vancouver Used House Salesman is willfully ignoring 90% of the data.
Fucking over families in your community to add to your bank account, whether you were in denial or not, makes you a bad person.
At the heart of it is that Realtors ™ have positioned and branded themselves as trusted investment advisors and marketplace guides.
I think they will regret that branding after a hundred thousand Vancouver families find themselves underwater. History being self-evident in retrospect, and all.
You can read a lot of stories about the hate that realtors got in the USA after the crash. We’re definitely set for a repeat north of the border.
Nonsense. They “know” as Burnabonian said.
“Willfully selling someone an asset that’s up to 400% overvalued makes you a bad person.”
There are two side to every transaction. The realtor is helping a person unload their over valued asset. Note the person selling is paying the commission.
Sure and a Fentanyl dealer is helping by removing Fentanyl supply from the market.
The fact is that anyone involved in a transaction where someone sells the Brooklyn bridge would be indicted for Fraud: buyer’s agent, seller’s agent, seller, the works. The only rube is the buyer and nobody else gets to claim ignorance.
If you know it’s wrong and enable it anyway, you suck.
Quote of the year right here. 🙂
I don’t care why or what a person’s rationale is or should be. I care what the mood is because that is a huge factor in where markets go.
Last week, I had a meal next to a mover and shaker and he wasn’t happy about the changes and was venting about it. So I’m seeing mixed messages.
But both are actually a change from where we were six months ago. At that time, people were still saying prices never go down. I haven’t heard that since last Summer.
I don’t hear anyone saying “it always goes up” anymore either.
Now I’m getting the classic pivot to “well if you buy for the long run” or “if you bought more than 3 years ago”.
Which to me is the same as saying “Seems we are all about to get corn holed to the point of anal fissure, but apparently it can heal in time. So close your eyes and think of England”.
I see the bears are well trained in their bend over technique. Yuk.
Hahaha. You’re always next to someone. Eavesdropping. It’s kinda funny.