You live in a wonderful place. You want to stay living there. Why do you care so much About small movements in the market?
Just curious.
72 Comments
[…] Sales are neither rocketing to the stars nor plummeting to the depths of the seas. They are currently just about where expected compared to a 10 year average. […]
It’s the one year anniversary of meng-mengs arrest.
I can’t wait until we hand her over to Trump and she goes to a federal prison, at which point the vermin’s two mansions can be put up for sale.
Assuming it would happen, do you think your situation will improve ?
Yes – how?
No – then why have you invested the time and energy too much into it?
There are major price reductions in Burnaby now on detached… 10% to 20% off previous asking prices. Some houses are selling but only at deep discounts. The detached market is really sliding there.
“By the way, a newborn knows the multi million dollars sector is in a buyer market and takes a beating. How about the entry level? Is it more affordable than before?” The top end of the market is more efficient because the players have more resources, and can take advantage of the market moves. They can quickly move in when they think there is opportunity, they can also exit quickly and can afford to take losses. The low end is made up of the regular folk and amateurs. They cannot move in and out so quickly, and therefore the market is inefficient, in fact the reason why the low end has not collapsed, yet, is that some of the market players are now “priced in”. The low end of the market has built in resistance to price fluctuations and does… Read more »
Wow, shiny words, as always. You are so smart, why are you stuck on the renter treadmill?
Shiny words? Where did you learn to speak English, cocksucker, Huawei headquarters? Name your shithole of origin!
And what the fuck is a “renter treadmill”? Is that anything like the “hamster wheel of mortgage payments”?
One more question. Why has nearly everyone with anything intelligent to say disappeared leaving the blog reduced to a bunch of worthless pumpers, hyper partisans, and race baiters/AIDS? It’s so painful to read this shit nowadays.
You scumbags have turned a once valuable forum into a disgusting cesspool, just like the chinese have done to Vancouver.
Thanks to zero moderation you vermin have won. Congratulations and fuck you.
LOL. You wife isn’t making this divorce easy on you, is she?
I just wonder who gets to keep the gold fish!
Did…I… just…hit… someone’s nerve!
Yes, just like mosquitoes, flies, rodents , china men and other vermin get on my nerves.
The only person that is stuck are wage slaves like you with underwater mortgages on a Surrey starter dump. Trying to convince people you are smart for being such a financially inept person living in the armpit of BC is really pathetic. But keep trying.
Oh, I have not seen you pull out the rent vs own calculation, and opportunity cost yet. Only then, you can complete the program.
Any one remember opportunity cost from vhb time? Too funny!
>In April 2008, Garth Turner added a new book to his library as an investment author. Greater Fool, The Troubled Future of Real Estate, detailed Turner’s view of the dangers confronting middle class Canadians who reside in volatile urban real estate markets across the country.
How did that work out?
Not too well, I say!
The market began to crash 3 months after that but was saved by the financial crisis and the lowest interest rates since the invention of fire.
The motherfucker is still going to crash though, regardless of any delays.
Keep an eye on Trumps next moves to destroy china, it’s going to be yuge!
It doesn’t matter what should have happened. Only thing that matters is what actually happened – the market has not crashed and even if did crash right now, it would take several years to reach levels at which the doomers would be comfortable to buy.
And the market is “still going to crash” you say? When? And what does it even mean – 20%, 30%, 50% from peak?
Do you understand that some people have been waiting for 15 years now? They are 15 years older. *We don’t live forever and 15 years is a huge chunk off the productive parts of our lives. Do you get it?*
I so what you are saying is living broke trying to pay off a mortgage and then losing 70% after the crash is happiness?
Garth was right buy you are too dumb to figure it out. In the last 10 years the S&P 500 is up 250% while Metro Van RE is up 75%. If you used US dollars to invest you are up over 300% on the S&P 500 in Canadian dollars.
If someone invested $1 million the difference would be a $1.7 million house today compared to a $3 million portfolio churning out a dividend higher than the rent equivalent of the house. And the S&P 500 is liquid to sell all or a part, you don’t need to maintain it, pay maintenance fees, property taxes, special assessments or substantial transaction fees to buy and sell.
See how dumb you are?
Read it an weep.
Oct 2009 Greater Vancouver All Areas All Property Types $551,600
Oct 2019 Greater Vancouver All Areas All Property Types $992,900
https://www.rebgv.org/market-watch/MLS-HPI-home-price-comparison.hpi.all.all.2019-10-1.html
S&P 500 10 year return 244% in USD or 317% in CAD unhedged
https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf
Then, why did you not invest to s&p, instead of the whistler time share? Every one is smart talking after the facts.
Oh dear, like everyone in this country has a million dollars in cash to invest! I assume you have ten million dollars after cashing out the whistler time share?
The math works with any amount. You are even more financially illiterate than I thought.
You are retarded. 99% of people don’t have the choice of either buying their primary residence or throwing a million in stocks. And when they buy the primary residence, they don’t pay everything in cash. They use a mortgage – in other words *leverage*. In your hypothetical case, they would put $200k downpayment on the $1M house, which would change the math completely, but you are too dumb to understand that.
Garth was spectacularly wrong. Just like the doomer blogs for the past 15 years.
You can use leverage when buying the S&P 500. Any brokerage will give it to you. Garth’s book was not meant for broke financially illiterate wage slaves like you buying starter condos in Surrey. Maybe that is why you are so confused. You bought way too late to have made anything. Just admit you are a loser.
@projection
The only reason buying a house is such a price possession is because it’s subsidized by hard working people income taxes. Make property taxes high at 1.2% and get rid of provincial income tax. Let’ see then how many people will still want to own a house in Vancouver. The only way to bring housing back to normal where there is some correlation between income and property prices is to make property taxes increase proportionality as the prices go up. Why should a person making $40,000 keep living in a million dollar home? Just doesn’t make any sense.
New
119
Price Change
50
Sold
89
TI:11261
Talk about non sequitur.
The crew from the best place on earth have always claimed that Vancouver real estate will never crater because all the rich billionaires from all over the world want to live here.
Now they readily admit the high end of the market has collapsed.
Simply absurd.
A newborn knows nothing going up or down forever. Nice try, team elite armchair economists.
Why would you believe in what the anonymous says, or admits anyway? Don’t you make a stand on your own?
And yes, every one wants to live here. If you want a piece of it, compete for it.
No, a newborn knows no such thing you fucking moron.
“Vancouver home sales in November roughly in line with 10-year average”, BNN
“The benchmark price for detached homes was down 5.8 per cent from a year ago at $1.415 million, while the condo benchmark price was down 3.8 per cent at $651,500.”
LOL you have to love the financially inept.
“Metro Vancouver Home Owners Hosed in Falling Market”
Of all the thousand of listings sold every month, they cherry-picked five listings lost money in two years of correction! Can the Vancouver Sun do better than this?
By the way, a newborn knows the multi million dollars sector is in a buyer market and takes a beating. How about the entry level? Is it more affordable than before?
Did you happen to own a whistler condo? what happened to it? sold too soon?
Your entry level Surrey dump is also going down.
A dump, a sack, a box, wherever that is, whatever you call it…At least, somebody lives in it appreciatively!
Why could you not buy back in? You timed the market so well. Is it because of B20 financing?
“Five more Metro Vancouver homeowners hosed in a falling market”, Vancouver Sun
“Central 1 Credit Union is tipping a market rebound — but it ain’t happened yet”
“Despite a recent report from Central 1 Credit Union suggesting a rebound in Metro Vancouver’s housing market, there are still property owners losing hundreds of thousands of dollars on their investments.”
New
148
Price Change
49
Sold
111
TI:11309
Condo insurance for stratas set to go up 300%. Coupled with the 9% CoV property tax increase. So many joys of owning a condo.
https://globalnews.ca/news/6237709/bc-strata-insurance-surge/amp/
Properties linked to money-laundering schemes remain in hands of accused: investigation
“Better co-operation needed among jurisdiction to close loopholes, expert says”
This “Wan Fang Kuang” is a real gem.. a peach if you will.
Where is Eby?
“You live in a wonderful place. You want to stay living there.”
Vancouver? Are you fucking joking?
Says the fool who’s lived in a place he apparently hates for years.
“Fine display of faulty and dishonest logic…” Again, you worry too much of things beyond your control. Every second, somewhere, some place, there is a wrong from a people in power, do you spend all your breathing time whining about it on the Internet? You are absolutely right about politicians crooks that steal money from hard working class in the form of taxes. And please tell me you have taken action against the crooked politicians because you know their existence. I have no ” valuable skills ” , I will hold a third job to look after my family if I have to. Unlike the elite with lots of valuable skills, good on shiny words, but lack of action there off, and complain why life is not fair. Properly functioning market? Where can people find it? You must be an… Read more »
A new law protecting B.C. whistleblowers goes into effect Dec. 1.
The Public Interest Disclosure Act outlines new protections for current and former B.C. government employees who come forward to report wrongdoing in their workplace
http://www.msn.com/en-ca/news/politics/bc-law-protecting-government-whistleblowers-comes-into-effect-dec-1/ar-BBXBZLy?li=AAggXBV
More bad news for the hillbillies
Why is my comment stuck in moderation, VCI?
Fine display of faulty and dishonest logic. From your blind spot you tell me what I have and have not control over, yet you claim to have two jobs. Seems to me you have no control of your life. You make mention of your appreciation of the free enterprise system, yet you cannot recognize that your hillbilly politicians have sold control of the system to a few criminals who have destroyed the economy.
In a properly functioning free market, an individual should not have to hold two jobs for shelter- unless of course you don’t have valuable skills.
“I don’t care at all about the up and down at all. Nothing can beat the sense of safety and secure knowing my family cannot be evicted by a landlord” When taken in context your statement seems thoughtless, contradicting, and callous. Just what ‘hard work” have you done that justifies the price of housing to go up more than what people earn by their labour while you slept in your house? You also claim it is not about the money, while you gloat about the unrestrained growth of the bubble. But the most nauseating aspect of your post is you claim to value the security of shelter, which of course is a basic human need, yet you seem to support the politicians that have created the conditions that has turned shelter into a monopoly game for the criminals at the… Read more »
So while I sleep, the price of house going up is my fault? The growth of housing price in multi-billion dollars is my fault? Supporting a government policy that facilitating economic growth is my fault? Supporting a free economy is my fault? Guilty as charged! I am not sure where you live. But in where I live, I have to earn my basic human needs by working two jobs, no fancy iphone, no fancy vacation, no fancy dine out, and no fancy latte. I do not entitle to what I have, I have to earn it with my sweat and labour. What have you done for yourself? You seem to be worrying too much about the things beyond your control pay too little attention to the thing within your control. While many families transact RE every day, why don’t you… Read more »
I don’t care at all about the up and down at all. Nothing can beat the sense of safety and secure knowing my family cannot be evicted by a landlord. It might be a sack or a box as the naysayers called it, but it’s my castle.
And no, you don’t have to compare the ROI on s&p and a principal residence. Average home owners don’t have million dollars at once to plunge into the equity investment. It’s accumulative over time by hard work , scracrify and frugality.
There you have it. It’s not a secret!
I have never been evicted. Most landlords are more than happy to sign a long term lease and have little ability to evict with month to month. Why would they want to anyway.
I have both owned and rented condos and even if the price was the same I would rent. To buy there would have to be a big discount to take on all the negatives of owning a strata where you are financially tied to some useless strata coulcil who spends your money.
Sounds like you are getting desperate to justify having bought.
So you sold, couldn’t buy back in, and now turn sourgrape?
That is a bingo.
Also explains why he cannot do an honest buy vs rent comparison.
And you can’t one one at all.
Ah, more bait – what a genius!
Sounds like you are the sour one trying to justify over paying.
Very sour, couldn’t raise rent more than 2.5%. just have to suck up the cost increases until the NDP is voted out of the office.
Why would a landlord who is subject to rent control want to evict?
That’s a tough one.
But it sold for less than it did in 2017.
What will the remaining four bidders do next?
Buy something else for less than you paid?
Good luck with that!
What do you own and what did you pay?
Dirt and just more dirt! Nothing valuable!
Last time I checked the price if dirt is falling. Salt is what all the newcomers want. You should of stocked up on that.
Thank you for the tip. I ran out of resources. I am sure you must have scoupped it all up to your rental basement.
$5000.00 below the all time high of Vancouver RE.
Or in other words, someone was willing to pay peak pricing in 2019. How is this a bearish indicator?
How much will your penthouse have to go up before you are even on the half million you lost last year? Another $5000 loss is not going to help the red you are bleeding.
No idea.
I have no intention of selling, its a home and party pad.
Its not a financial investment, its a lifestyle. I choose to own a principal residence, because its an important priority.
If you want to debate merits of Vancouver RE as an investment vehicle going forward, then by all means.
A principal residence cannot be put to the same scrutiny, its illogical.
This individual has no ability to tell the difference between a principle residence and an investment property.
Was it a whistler condo timeshare that you sold, YVR? No investor with a right mind would sell the whistler condo, it’s a cash cow. And if it’s time share, plus the rental payments here in the lower mainland. it’s no wonder you bleed cash.
“A principal residence cannot be put to the same scrutiny, its illogical.”
It is hilarious to see you losers try to justify over paying for the same thing anyone else can rent at a fraction of the cost. After you are schooled on the financials of it all you come up with all these other make believe benefits that no rational person can see. Enjoy your white elephant.
How about I treat you to lunch and a drink? Downtown? You name the place. We can chronicle the schooling you will surely give me in person, for this board to see.
“Or in other words, someone was willing to pay peak pricing in 2019.”
As every index has shown, and as many posters have pointed out, the peak was in 2018, not 2017. And the seller lost a lot more than $5K after expenses.