Monthly Archives: June 2010

Sellers Wedded To Imagined Gains – “Can’t get more than 250K”, “How much you’ve paid?”, “150K, 2003″

Raguz at vancouvercondo.info June 29th, 2010 at 2:47 pm -

“Today…
Me: How’s condo selling going? (Bby, 1BR)
She: Not good, can’t sell.
Me: Why?
She: Can’t get more than 250K
Me: How much you’ve paid?
She: 150K, 2003
Me: Yeah, too bad…”

“I work in the insurance industry and I see a lot of suspect transactions.”

‘Kim Jong-il buy 3′ at vancouvercondo.info June 29th, 2010 at 4:46 pm -

“I agree about all the money laundering in the lower mainland but none of the people I suspect are foreigners, all are greedy locals. I work in the insurance industry and I see a lot of suspect transactions. A common one: People buy properties in company names to avoid paying tax on the retained business income, fine, but then they declare the other residence they own personally as a Principle Residence so they remain capital gain tax free. Others who even when the move out, request that we don’t change their mailing address because they don’t want CRA to know that they don’t live in the residence anymore. I had one client request that we back date her insurance policies to show a multi million dollar vacation home as her principal residence after she was audited…sure…let’s commit fraud together…WTF. I’ve seen a twenty something woman pay cash for her Fraser Valley Insurance renewals (about $2,000) suspicious because we are located in Vancouver and nobody ever pays cash. Probably growing tomatoes. One thing I have noticed lately, locals are leaving. I’ve never seen so many people leave for AB, ON before. Most have been renters but I think locals are giving up on Vancouver.”

“My neighbours’ house sold in East Van 2 months ago for 800k. Chinese family bought it, Father works in Beijing, family lives here. Newly built house 2 doors further down has no buyers, on the market for 6 months now.”

Topper at greaterfool.ca 28 Jun 2010 11:21 pm -

“My neighbours house sold in East Van 2 months ago for 800k, I guess it seemed like a good deal. Chinese family bought it, Father works in Beijing, family lives here. Wow, did he make a mistake. Newly built house 2 doors further down has no buyers, not sure what the price is but it’s been on the market for 6 months now. It’s pretty much dead money for the developer, he doesn’t even bother cutting the grass.”

“Real estate is like a sport here” – Tracie McTavish, President, Rennie Marketing Systems

“Real estate is like a sport here.” – Tracie McTavish, president of Rennie Marketing Systems, as quoted in Businessweek, 24 Jun 2010.

An outrageous comment, if one considers it for a moment.
What’s next? Government sponsored food-fights? -vreaa

“Vancouver lacks any real industry. You can’t eat the scenery! I not only expect a crash, but have sold my place as deal flow drains.”

‘West Vancouver raised’ at businessweek.com 27 Jun 2010 4:39 am -

“You can’t eat the scenery! If Vancouver is to be a retirement center and haven for criminals, well then, good luck. Frankly there are no jobs and it lacks any real industry. I think a capital gains tax on real estate is needed to realign reality. I not only expect a crash but have sold my place as deal flow drains. Frankly Canada’s immigration policy is so wacko I am fully prepared to move.”

“I know a couple who were forced into buying a couple of years back cause “daddy knew best” and he co-signed and coughed up the downpayment as they work low level jobs.”

coastal at vancouvercondo.info 27 Jun 2010 5:43 pm -

“I know a couple who were forced into buying a couple of years back cause “daddy knew best” and he co-signed and coughed up the downpayment as they work low level jobs. The suite in the basement idea never worked out cause they kept getting assholes for renters and they had to put their kids in an illegal daycare to save money. They can’t sell cause daddy will lose his cash and they’re stuck paying most of their income to the mortgage.”

Bingo! – “I’m sick of the jizzbags who enjoy the benefits of renting instead of buying. I own a place: I’m a quarter-million dollars in the hole; I pay $250 a month to my strata; if I move, it’ll cost me thousands of dollars in realty/transfer/mortgage fees. Renters avoid all of this by living in someone else’s property and letting the landlord assume all the risks that come with ownership.”

As the market turns and then implodes, we expect all players to become acutely aware of the disadvantages of owning and the benefits of renting.  It is somewhat ironic that the Westender titled the following letter ‘You rent, you risk’.  -vreaa

From ‘Frank’ in this week’s edition of the local ‘Westender’ newspaper [24-30 Jun 2010], as quoted by bridgeman at vancouvercondo.info 28 Jun 2010 10:20 am -

“I’m sick of the jizzbags who enjoy the benefits of renting instead of buying a place and then won’t accept the downside- that is, they might have to move out if their landlord needs to renovate the place. I own a place: I’m a quarter-million dollars in the hole; I pay $250 a month to my strata; and if I want to move, it’ll cost me thousands of dollars in realty/transfer/mortgage fees. Renters avoid all of this by living in someone else’s property and letting the landlord assume all the risks that come with ownership. When the tide turns and it’s time to go, they can bitch and moan and call the CBC “Go Public” hotline, or they can do what I did: accept the unpredictability of renting, take their two months’ notice… and buy a place. Or keep renting and stop complaining.”