This Vancouver Sun article used to have the headline “Vancouver housing market in bubble, new house price index claims.”
That version of the article apparently included the following:
“While foreign investors are no doubt playing some role, we think this explanation is overblown. Low interest rates and self-fulfilling expectations of higher prices continue to inflate actual prices independently of fundamentals,” reads a press release from the creators of the index.
“Over the longer-term, we still believe that these housing markets will experience major price reversals.”
But that has since been updated to “Vancouver’s ‘housing bubble’ shows no sign of bursting” and we’re having a hard time finding the above quote. The article now says:
According to Davidoff, it is impossible to judge Vancouver’s real estate market on the same bases as that in other cities. In the Prairies and the U.S. Midwest, where space is plentiful, the value of a home is essentially what it costs to build. Vancouver, on the other hand, is almost out of new land to build on. “The house, that means, is worth whatever people are willing to pay,” he said.
We can’t quite put our finger on it, but it feels like there’s been a subtle shift in the tone of this article.
Read whatever the article currently says here.
Could our market get any more surreal?
As if marketers pretending to be buyers wasn’t weird enough now there’s a pretend house as well.
Last week there was the story about the 2nd most expensive property ever listed in Canada
(spoiler alert: it’s a teardown in West Van).
It turns out those pictures of a weird gaudy Barbie palace that looked like it was built out of frosting and gold plastic were not of the actual home.
The Sun has since learned that the photos on the listing realtor’s website are artist’s renderings and not photos of the actual home on the property. The home on the property is a rancher/bungalow built in 1964. Realtor Laura McLaren says the images on her website depicting a mansion “are renderings of what could be built on this property.”
Yep, they’re ‘artist renderings’ of the sort of thing that could be built on that property.
Design is subjective, but if you had $38 million and enough left over to build a dream home would this be your ideal style?
Hey! A opening day presales condo in Vancouver SOLD OUT!
Marine Gateway, and the 415 pre-sale units that sold, is big news because at a time when listings are soaring and sales have been falling off a cliff, the pre-sales at this development have bucked the negative trend.
In fact it has completely turned that trend on it’s head.
Let’s put that into perspective.
A sell-out of pre-sale condo unit offerings hasn’t happened in Vancouver in over six years. As Global TV noted in this story, you have to go back to the Woodward’s presale in 2006 – before the collapse of the world financial markets – to match an opening day pre-sale sellout of a condo development.
Either the market is on the upswing again or Rennie is back with his marketing magic… Although he does seem to have lost the ‘be bold or move to the suburbs’ thing.
Check out Whispers from the Edge of the Rainforest for an examination of this sell-out.