“Interesting that VREAA decided to drop dead just when the bubble is probably finally bursting for good..”
- Saturno_v at VREAA, 26 Nov 2013
Yes, we’re still dead.
When we stopped posting earlier in 2013, we had every reason to believe we’d be back soonish, but personal circumstances have not allowed.
I’d agree with the commenter above that we should now simply presume the blog to be ‘dead’, until some form of miracle of a resurrection, in which case we’ll start posting again. But don’t hold your breath for this to happen anytime soon. So, presume dead for the foreseeable future.
To reiterate, the cessation of posting here was not the result of any developments (or lack thereof) in the state of the Vancouver RE market: our opinion, that our market is in a bubble and that prices will see very large retracements at some point, remains intact.
Anyway, a good holiday season and All the Very Best for 2014 to all readers. I hope to be back with regular posts one day, but it won’t be anytime soon. Keep well, all.
‘These 17 countries may have housing bubbles. If they pop, God help us all.’, Wash. Post, 2 Dec 2013 [hat-tip El Ninja]
“Yes, Virginia, We’re Still In A Bubble”
- from ‘The Most Overvalued And Undervalued Housing Markets In The Developed World’, Business Insider, 27 Nov 2013
“In Kelowna on Thursday, Clark said she has already been on the Internet looking for a home but would also like to hear from anyone in real estate about a home that requires low maintenance.
“I have a cat, but I won’t be bringing her. So no pets, no smoking and low maintenance,” she said.
The premier told reporters at her victory party on Wednesday night that she didn’t want to be “presumptuous” and start looking for a house while she was campaigning, but she’s getting serious now.
“I think the market’s good, it’s a buyers market. And you know the riding is really getting stoked again, so I want to make sure I get in before prices start to rise.”
- from The Times Colonist, 11 July 2013 [hat-tip kabloona]
With this brief (but sweet) post, we’ll be taking another break from our (admittedly very skeletal) posting habits of the past six weeks. We’ll be on hiatus for at the very least the rest of the summer. Refer to VCI and Whispers for ongoing Vancouver RE discussion. We hope to be back in full at some point. Enjoy the fine weather, and keep well, all. – vreaa
(PS: Nothing has changed regarding our overall bearish outlook on the Vancouver RE market.)
The annual ‘Running of the Bulls’ in Pamplona resulted, this year, in three gory gorings [MailOnline, 12 July 2013].
The most ghastly is getting lots of airtime, but one of the others is noteworthy for how the fellow involved, despite being attacked by a bull, managed to hang onto his cell-phone each step of the way.
Check it out:
912 W 23rd Avenue, Vancouver
2,922 sqft SFH
Asking price $1,950,000
Assessed (reportedly) $1,600,000
- for the whole story, see ‘Guess who’s trying to cash out of the real estate market in Vancouver?’, at ‘Whispers from the Village on the Edge of the Rainforest’, 9 July 2013
Maple Ridge: Lougheed Highway and 223rd [image and post title care of Aldus Huxtable]
Posted in 02. Profiting from the Boom, 05. Where do Buyers get the money?, 08. Overextended Buyers, 12. Effects of Development, 15. Misallocation of Resources
Tagged Anecdotes, British Columbia, Bubble, Canada, Construction, Housing, Real Estate, Vancouver
“We spoke to a friend of ours yesterday. Even though she has purchased a house, she wants to keep (and rent out) the condo she’s living in, because she thinks prices will only go up. She estimates her condo to be worth $530K, and rent she would receive to be $1800/mo. After taxes and condo fees, this appears to be a yield of 3%, without taking into account repairs/upkeep on the unit itself. She’s getting a one-year fixed rate of one point something percent to finance the thing. Sounds crazy to me!”
- from ‘s’ via e-mail to VREAA 13 Jun 2013