It’s the end of another work week and that means it time for the free-for-all! This is our regular weekend news roundup and open topic discussion thread. Here are a few recent links to kick off the chat:
–Tiptoeing towards sub-prime
–Get ready for more bidding wars!
–Carney hints at rate hikes
–Is Carney actually driving?
–Vancouver might get a new tower
–Want to RE blog for G&M?
–Higher learning in Whistler
–Translink puts on the brakes
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
For most people a home is the largest purchase they will make in their life. And it’s so complicated!
Now you could do a bunch of research or you could relax and let an expert tell you what to do.
Fortunately there’s a whole bunch of people that specialize in the finer points of buying and selling real estate and they form organizations to help you, the potential buyer/seller.
In the USA there’s the National Association of Realtors or NAR and they put out this great ad in 2006:
LOL on bad timing. In 2006 in the US only one of those options was a good move. And yes, that’s a real ad. Found it over at Burbed with thanks to gordholio.
This comment was left by Condo Paradise in the previous thread:
This rambling is addressed to all those who contributed to the insane property values we have here.
First, I would like to disclose some relevant info.
I own my 1000 sq, ft condo(no intention to sell) which I purchased new back in 1996 for $279,000. I don’t care what it is worth today because I enjoy living here. The building is situated in a very quiet neighborhood and consists of 120 suites. We have had very little problems with the structure as we are diligent with our maintenance and repair. Our strata fees are $300 – $400 /month and have a healthy contingency fund Over the years the demographics of the building has changed dramatically. We have 25% of the suites vacant.
This is where I begin.
Continue reading Condo owner against speculation
It seems that everywhere around the world that house prices lept up quickly there was always someone predicting a ‘plateau’. The idea that even if the market is overpriced the correction won’t come in the form of a crash, but instead property prices will stay flat and wait for income and rents to catch up. This prediction is of course being applied to the Canadian real estate market as well:
Matthieu Arseneau, a senior economist with the National Bank, likes mortgage payments as the best yardstick. That’s because the evidence tells him that the rise of interest rates from today’s bargain-basement levels will be moderate. Based on this, he thinks it’s silly to foresee a housing crash, since monthly payments won’t get into distress territory even by the time rates peak in about three years.
That’s why Arseneau dismisses apocalyptic talk about a housing crash in Canada. As a cautious analyst, he doesn’t rule out any scenario absolutely, but Arseneau said Monday that this one is awfully unlikely: “I think there will be no collapse unless there’s a worldwide recession and credit crisis.”
Of course these comments regard the Canadian real estate market, not the Vancouver market specifically. Can anyone name any real estate markets that have reached Vancouver levels and then gone flat?
Full article at the Ottawa Citizen.