A group of about 20 concerned west side residents have started posting a photo collection of vacant abandoned homes in Vancouver.
For some of these homes the term ‘beautiful’ is a bit of a stretch, but it’s interesting to see the growing resentment of abandoned and vacant properties in a town with high house prices.
There’s an article in the Province about that site as well:
The blog is “a documentation of what happens when Vancouver real estate enters the global real estate market,” but there may be factors other than absentee owners that contribute to the rubble-strewn yards and the decaying homes it showcases, Yan said.
As aging baby boomers begin downsizing to condos in other parts of the city “perhaps a good number” of their single-family homes are sitting empty between real estate deals, Yan said.
Still, this phenomenon could be the “edge of the new normal,” as Vancouver becomes a “resort city” where people from around the world invest their money in home ownership.
Regardless of why they are emptying, these neighbourhoods were centred around public schools and built for families, Yan said.
Read the full article here and visit the site here: Beautiful Empty Homes of Vancouver.
Well here we are wrapping up 2013.
The Vancouver market continues to fluctuate in its flat range.
Owners are still paying more than renters, but can paint their walls whatever colour they want.
Renters are still more flexible when it comes to relocation and some of them have more diversified investments, but some of them just want to paint their walls whatever colour they want.
The Vancouver housing bubble is boring.
Not like some of the more exciting housing bubbles around the world. Remember the Celtic Tiger? Ireland had a giant boom, but now they’re tearing down brand new homes.
So what will 2014 hold in store for the Vancouver Real Estate Market? A slump, a dump, a bump or a jump?
What do you think, are we in for an exciting year or another yawner?
It’s that time of the week again.. Free-for-all time!
This is our regular end of the week news round up and open topic discussion thread for the first weekend of October 2012.
Here are a few recent links to kick off the chat:
–Everything about Canadas bubble
–Sales plunge: normal or bursting bubble?
–Industry tries to paint positive picture
–They always say the same thing
–Buy one get one free
–A sad day for data
–High end homes take a hit
–A guarantee against price drops?
–Gen Y renting?
–Not in My Back Yard
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
So we’ve gotten to the point where it’s pretty unanimously agreed that real estate in Toronto and Vancouver is over-valued and due for a correction.
The question now is what sort of an end to this housing boom we will be looking at.
Will this be an explosive toppling of values, a market that runs head first into a wall, or will it be a simple slow leak for years and years?
..And which would be better?
You can add David Rosenberg to the list of people that say ‘whimper, not bang‘.
His latest comments fall into the ‘not a bubble, a balloon’ camp:
“Prices are starting to deflate by 0.8% YoY, though more like air coming out a balloon slowly than a giant pop,” wrote Rosenberg Tuesday in his morning note.
“It is gradually becoming a buyer’s market with the inventory of unsold homes rising to six month’s supply, which is at the edge of a balanced market.”
Of course most of that drop nationally is being driven by Vancouver where everything is falling fastest. What remains to be seen is whether the current drop will remain even or accelerate.
It looks like the number of detached home sales in a number of lower mainland areas are coming in very low for June this year.
It’s useful to look at what sales looked like in June 2012 compared with the last many years.
Fortunately Inventory posted a bunch of month-end stats showing exactly that this weekend.
Here’s Richmond, which saw an all-time low number of sales of detached homes:
Continue reading Detached home sales collapse in June