“But what if it really IS different here? I have given up on the idea of ever buying a place in Vancouver. Properties just keep going up and up with no sign of stopping. My friend says that Canada’s property has been way undervalued for so long and that all of these huge increases are just us ‘catching-up’ and being up in the world-class property realm where we belong. I hear those kinds of comments all the time in Vancouver. sigh.”
- Kimberley at greaterfool.ca 30 Sep 2011 1:59am
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- 01 Vancouver Condo Info
- 02 AmericaCanada [retired, no archive]
- 03 Housing Analysis
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- 07 Greater Fool
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Latest Anecdotes:
- Chat Thread
- Taking A Break
- “My best guess: this property is now an ‘investment hold’ and will be built ‘when prices recover’. Good luck on that!”
- Man Loses $745,000 Vancouver Condo Deposit
- Graphic – Degrees of Housing Overvaluation in Canada
- The Rare Individual With A Negative Ownership Premium
- Advice Regarding Renting In Vancouver, Please – “Unfortunately, the Vancouver rental stock is absolutely atrocious. It just seems like every landlord is looking for someone to pay 100% of their mortgage on a crappy place through rental income.”
- “I just visited Manhattan for a week, and happened to snap some real estate ads on both the Upper West and Upper East sides of the island. Compare to Vancouver. It simply doesn’t compute.”
- Ben Rabidoux In Vancouver Next Week
- “The mortgage company told me they were calling in my 40-year, 0-down mortgage. I have paid nearly sixty thousand dollars towards it, but, nearly five years in, I have yet to touch the principal.”
- ‘Vancouver City Hall: Housing Report Card 2012′; Plus Revised Version
- “My folks find themselves at 65 still owing half the value of their home and recreation property to the bank. After almost 30 years of ownership in the BPOE and a number of boom markets, they have very little to show for it.”
- “Rent for $2,200 a month or buy and have a mortgage of $4,310 per month. Why would anyone buy?”
- “They were talking about two couples they knew who had recently bought a lot and planned to each build a house on it and live as neighbours.”
- Greater Vancouver Home Builders’ Association Annual First-Time Buyer Seminar Attendance Plummets
- Mom and Pop Get It Wrong In All Markets, Time And Again
- The average British Columbian homeowner is not going to pay off their mortgage by the time they retire.
- “He’s sold all his properties except his current one, which is now for sale. He explained that the market’s currently in crash mode, worst that he’s ever seen.”
- “One of my old high school buddies finally got her mother to sell the family home in Kitsilano – sold for over $1M, monies realized after debt paid off $185K.”
- “I know someone who just declared bankruptcy because her condo was assessed at $150k and she bought it presale north of $250k in 2005 or 2006.”
- Sturdy, With Views – “Calling Froogle Scott!… Is Dr. Scott ‘In The House’?” [Not In This One, Certainly]
- “She said the market was dead in Victoria and that it would remain so for a very long time. I asked how she knew. Her answer was fascinating and should scare the pants off the real estate crowd.”
- Kits Notes – “I’m pretty sure that this is the first 3+ bedroom property of any type that I’ve seen in the 5 years I’ve lived here that is priced below $700K.”
- “A beautiful Belfast home, in the equivalent of 1st Shaughnessy, bought at their RE peak in 2007 for £3.5 million, has now sold for £800K, almost 80%-off. The market didn’t suffer any significant economic shocks. Rates & unemployment didn’t skyrocket. They didn’t build more land. Sentiment just changed and the prices fell and fell.”
- “Two family members of hers are trapped, underwater, in condos on the East Side.”
- “Interprovincial migration is not saying good things about BC’s economy.”
- Vancouver RE: Not As Expensive Provided You Don’t Think – “It’s clear that our perception of affordability has been coloured by living on a continent where housing is unusually inexpensive.”
- More Undisclosed RE Industry Insiders Publicized As Clients – “In 1995, Allan and Karin Hoegg were mortgage-free. But no more. Today their Vancouver home is a valuable source of income as they plan for full retirement.”
- Rumor that some OV units will be reduced by 20%.
- Downside Weights On The Vancouver RE Market – “One of the older guys (over 60) mention to the guy beside him that he and his wife were thinking about selling their family home, and renting, in order to get some of the money that was locked up in the house.”
- “My buddy was looking to upgrade to a house in the Coquitlam area. With 200k extra for a home, that’s half of lifetime saving between him and his wife.”
- “I was walking in the Fraser neighborhood yesterday, I noticed that the population, on average, seem to be composed of workers. I belong to the top 5 percent in terms of income. Nevertheless, I cannot afford any of the houses for sale in that neighbourhood.”
- “Vancouver is an urban resort whose value mostly resides in its real estate and not much else.”
- “Rogers Communications is expanding into RE; aiming to relaunch website; providing critical data that can help potential buyers assess the value of a property from the comfort of their home computer.”
- I’m only 50 and I can just about retire if I want to, all because of a single simple decision – “When prices rebounded to their former highs, then rocketed another 30% higher to what I considered to be totally unsustainable levels, I decided that only a fool would pass up a second opportunity to harvest such a massive non-taxable capital gain, and in 2011 I sold my place.”
- The Vacant Lot of Versailles, Richmond.
- “I don’t think that most people think things are going to crash, just that there is going to be a slight correction, but it was amazing to me how sentiment has changed, and the fact Vancouver RE is too high was just understood.”
- “The ‘investor’ who purchased our house put it up for sale two months later, in January 1981, but the bubble had burst.”
- For A City To Have That Kind Of Vacancy, It’s Like Cancer – “Downtown, the vacant unit rate is so high that it’s as though there were 35 towers at 20 storeys apiece – all empty.”
- “What’s the worst that can happen? You can’t pay your mortgage, so sell your house! No fear.”
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Chalk this one in the “new normal” and “permanently high plateau” categories.
It’s not and it’s not.
I honestly don’t know what to believe anymore. I just don’t see any sign of slowing down in the real estate market here… Yes, I wonder – could it really be different here?
Elegance. Sophistication. Transience.
http://www.realestatesrichmond.com/property_details-V914895.html
Is it April Fool’s already?!!
The house is occupied by transients?!?
…and “best friends”.
Haha, I didn’t even notice that part. What an odd thing to write in a real estate ad.
The more RE you buy, the more popular you become.
It’s how you explain away the basement tenants when the city inspector pays you a surprise visit…
Agree with jesse (and good ideas for a categories).
And note Daddy42′s exhaustion.
“New normal”; “permanently high plateau”; “could it really be different here?”
There are a lot more examples of this opinion being voiced lately (most high profile were anecdotes in Tyee Bridge’s article; will headline them all in time).
It’s a form of bear capitulation, which is contrarian evidence of a top.
‘Form of’ capitulation because, as we’ve discussed before, the most thorough form of bear capitulation is when a the last bear throws themselves into the fire and buys.
Isaac Newton, seeing it for what it was, got out of the South Sea Bubble early. But then it kept chugging up and up, and he plunged back in right at the top, just in time to completely destroy his fortune.
Heres what you do.
Whenever you start to question about if there will be a correction, go to youtube and search “no housing bubble”
Watch the vids ,read the comments.
Or go to google and use the timeline search between 2005-2008, again read the bullish comments.
Hilarity ensues.
Open your eyes man. The crash has already started.
How can there be a “last bear” when there will always be you, VREEA
Why, (aw shucks) thanks…
Actually, the correct way of stating the dictum is “when the very last bear who is destined to capitulate does so, the market has topped”.
Wolrd-Class!!!! YEAH!!! funny, I’ve been in Lodnon for several days and haven’t encountered that term once.