“When I told me RE agent what the President of the Real Estate Board said [had recently made bullish statements] he rolled his eyes and said – “Why do they keep saying things like that?” My agent is very well known and has been in the business 20 years.
It makes RE agents look like used car salesman.
BTW I am a homeowner and would love RE to go up so I could sell my money pit of a house and get the hell out of here.”
- Victoria at vancouvercondo.info October 7th, 2011 at 7:44 am
More seller psychology: sell when it goes up; sell when it hits ‘x’; sell when your cash-out is a home run; sell when it sells for what the house across the street sold for last summer; etc.
- vreaa
Rich (insert subgroup here): the trump card rendering all forms of logical nuanced arguments impotent.
There are a lot of people thinking along the same lines. I talked to 5 different people yesterday who are all saying the same thing, everyone seems to be on a hair trigger hoping to cash out at the very peak and not a moment sooner.
This is going to be epic.
Property prices have already fallen in Victoria. Our house would sell $100,000 below what we bought it for. I think this city is doomed. You know what is funny I am cheering for houses to go down even though I am a homeowner. I want to see the self-satisfied smirk wiped off peoples faces in Victoria. I never want to hear that this is the greatest place in the world and everyone wants to live here. I didn’t buy the house to flip we bought it to live in with our large family. There is still more work to be down, we are drowning in debt, husband won’t budge.
Victoria
Victoria -> Thanks for the additional info; appreciated.
I talked to my Eastern European friend yesterday who moved to Vancouver over 2 years ago. He kept referring to Vancouver as “this shitty place with insane real estate prices and shitty weather all year”. His original plan was to settle down/buy a house in the suburbs. Zero chance at current prices. He visited his home country this summer and found a large house with pool that he could buy with cash that he saved here. He would still have money left to live like a king there. Long story short – he is planning to move his family back and enjoy the good debt free life in his home country.
Another skilled, university educated professional gone!
Forgot to mention that my friend lived in another Western country before moving to Vancouver and he saved a good chunk of his money there.
that’s a different story, then
and trust me, after living in a civilised country like Canada or another Western one you don’t want to return anywhere further than the Czech Republic (which is still part of Eastern Europe, but the most civilised)
“after living in a civilised country like Canada or another Western one you don’t want to return anywhere further than the Czech Republic”
That is a delusion. His complaint was that people here think that they are wealthy, but are really just in debt. They are “civilized”, because they live by strict rules under constant supervision and they love it. (His words)
Yeah. Like, apart from those geezers Bob&Dave – who in their right mind would ever want to hang in the Czech Republic when they could ‘chill’ at the OV and quaff Luckys, instead?
PG-13 (Language)
http://tinyurl.com/289gufx
@bubbly
“They are “civilized”, because they live by strict rules under constant supervision and they love it.”
EXACTLY. I am from Eastern Europe and I LOVE (did I just say LOVE ? YES I DID, YES I DID) the way cops do their jobs here. There you would NEVER EVER read about 5 super cars forfeited to the government for racing … I hope you get my point. But WTF, I guess if you have money left to live like a king there you don’t really care about things like that, do you ?
@Nemesis
Oh, and those ads about Greece … just lovely. When do you move ?
So after 2 years of living in Vancouver he managed to save so much money that he could buy a large house with pool and still have money left to live like a king there for … 1 week ? Where is he from, Ukraine or Belarus ? Even so, probably the large house with pool is in the middle of a village in the middle of nowhere. I call him a bluff
I love the I’m going to sell when price hits “x” mentality, these are the folks that end up selling at the absolute bottom and losing their shirts. Same deal happens all the time with equities.
I’ve got a number of my homeowner friends now convinced that a crash would be good even if they go underwater. The reality is that the marginal cost to upgrade goes down in a crash so as long as they are comfortable with their current debt load and can sword to take on more things are good. This said, most of these folks bought 4 or more years ago.
The pervasive idea that the whole world wants to move here is quite bizarre and probably most often heard from individuals who haven’t travelled outside of this small part of the world. I spent six weeks in India a couple of years ago and noone I spoke with wanted to leave – they all loved and were very proud of their country. The only exception to this rule were people from the Punjab, but that’s a whole different story rife with politics and religion. The people that most want to leave their home countries are the same demographic that have always chosen to leave home – the disenfranchised. B.C.ers, get over it – even the government has given up on the “best place on earth” logo.
I agree. I suspect that many people who believe that Best Place on Earth nonsense have never traveled anywhere outside of North America.
Vancouver is an OK place, but it is not worth the price.
Agree.
Even North America is a stretch. It is mostly the natives who have not travelled or the first timer neo-immigrants
Vancouver has a nice scenery but he economic fundamentals are poor, poor infrastructure and is very expensive. As a city, there is no comparison to places like NYC, Seattle or even Toronto
Have headlined the BPOE-RIP story.
funny, I’ve heard that the fact that most indians here are from Punjab has to do with the fact that back there they belong to the upper class, hence they actually can afford to come to Canada …
@all
Don’t get me wrong, I do believe that there is a huge RE bubble in YVR, and I’d move out of there asap given the right circumstances, but to compare it to Eastern Europe, India, even NY or LA is stupid, IMHO. I’ve lived in EE, visited India, NY and LA and I wouldn’t want to live in any of those places, I’m quite ok here for now. As a renter …
I wasn’t saying that EE is better. I wrote what my friend said. However, even EE is far from a terrible place. Slovenia for ex. is a first world country with a nice climate, good serices, etc. Plenty of places in Western Europe where you get better value for your money than here too.
I don’t think anyone with a brain is saying that other countries are necessarily better, they’re saying people, by and large, like where they are. Families, friends and the feeling of belonging are important reasons to say in a country that you, as an entitled B.C.er might think is sub-standard.