- posted by REMAX, on youtube, 25 Jan 2012. A few stills below.
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ADDENDUM. Even more stills:
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Type of Anecdote
- 01. He Said, She Said (247)
- 02. Profiting from the Boom (441)
- 03. Changed my Life (103)
- 04. Changed my Career (38)
- 05. Where do Buyers get the money? (958)
- 06. Held my Nose and Leapt (96)
- 07. Avoiding Vancouver (375)
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- 10. Demoralized Renters? (362)
- 11. Regrets about Investing in RE (417)
- 12. Effects of Development (274)
- 13. 2010 Olympics Related (74)
- 14. Social Effects of the Boom (1255)
- 15. Misallocation of Resources (958)
- 16. Missed The Boat? (236)
- 17. The Froogle Scott Chronicles (27)
- 18. Spot The Speculator (171)
- 19. BlastRadiusPostCards (17)
- 20. The Limitless Demand Argument For Ongoing Market Strength (70)
- 21. Vancouver RE-Verse [Found Poems] (8)
- 22. RE References In Popular Culture (41)
- 23. Jumping The Shark (1)
- 24. Policies On Housing (10)
- 25. Epigrams For The Bubble (1)
- 26. Premature Calls Of "Bottom" (3)
- 27. Seller Panic (3)
- 28. Erroneous Causation Theories For Falling Prices (7)
- 29. Bubblespeak (1)
- Uncategorized (176)
Blogroll
- 01 Vancouver Condo Info
- 02 AmericaCanada [retired, no archive]
- 03 Housing Analysis
- 04 RealEstateTalks BC
- 05 Vancouver RE and then some
- 06 Whispers from the Village on the Edge of the Rainforest
- 07 Greater Fool
- 08 Canada Bubble
- 09 Rob Chipman's blog
- 10 YatterMatters
- 11 condohype [retired; archives available]
- 12 vancouver (un)real estate
- 13 Agent Will's Stats [retired]
- 14 Landlord Rescue
- 15 The Economic Analyst
- 16 Canadian Housing Price Charts
- 17 Hoodsurf [retired Jun 2011]
- 18 World Housing Bubble
- 19 Vancouver Price Drop
- 20 North American Economics
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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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Anecdotes Banks Bears blogs British Columbia Bubble Bulls buyers Canada Capitulation China CMHC Construction Debt Economy Employment Fear Foreign buyers Fundamentals Government Housing Interest Rates Landlords Life Media Mortgage brokers Okanagan Olympics Ownership Prediction Real Estate Realtors Relationships Rent Retirement RE_ATM sellers Sentiment Speculators Toronto US Vancouver Victoria Visual Anecdote Whistler
May have nothing to do with reality.
You can’t spell reality without “RE”.
Rich Toscano “jumps the shark”
http://piggington.com/piggingtoncom_jumps_the_shark
This guy called SD crashing — hard — and is now picking up a house at a low price with what he believes is rock-bottom financing. Toscano thinks that rates are going to rise but is unsure of the timing. One has to admit that it may be a few years yet…
‘nother one bites the dust, but it was comparatively cheap dust by most of his measures. Also note how Toscano says that SD is “undervalued” relative to its long-run average. Bizarro Vancouver?
I love how this requires no VREAA comment.
I love that you noticed.
Real Estate sales is such a messed up business model. Top to bottom. And the ones who would benefit the most from reform, the 5% of high quality agents, could not possibly break such a heavy system in order to remake it. Look at that conference center. Those agents *are* the product in that scene. The 95% who will hobble along until giving up and more will be drawn in to replace them, are the profit center. On top of that, when a homeowner sells he/she gets to pay to cover the costs of all the transactions that went awry. I mean, really, what other complex transaction do you know of where other fees dwarf that of the lawyers’?
Boggles the mind why anti-trust has never properly kicked in on this industry.
Anything that involves investment bankers? I doubt many lawyers make $5M to $20M+ a year.
In Ontario, about half of registered Realtors are involved in no more than one deal per quarter (i.e. they are part-timers).
some threads are better left unposted. Come on vreaa.
Actually, satisfaction is all perception, not necessarily reality is fairly true. You can be the absolute best agent that gets a higher price and better deal than anybody else for a house and you can still be viewed as a total loser and incompetent if you didn’t meet the seller’s expect sell price.
Or an analogy to regular work. You can be the absolute best work for a firm that if you leave, the firm would suffer an immediate 10% loss on its sales, profit, productivity, etc. However if you don’t toe the corporate culture line with respect to things like showing up before your boss, dress to the approved attire/brands, looking to work hard while your boss is there, etc, you can still be viewed as a bad employee/slacker. While some other people who gives the perfect employee image, sucks up with the boss but do no high quality work can very well be promoted to your manager, get higher pay raise, bonus, etc, etc. All because they give a perception of a great employee without actually being one.
A Toronto Star Moneyville editorial (advertorial?) from one of the presenters at Kickstart 2012:
http://www.moneyville.ca/article/1121135–why-it-s-a-good-time-to-buy-a-home
Not surprisingly, there’s never been a better time to buy. He lists eight “It’s different here” arguments. The very fact that clowns like this guy are getting print is evidence that we’re in a bubble.
Hey! You got a great shot of Leo Bruneau! There’s a local boy (Coquitlam). And he is the absolute personification of trying to stand out in a crowded field. Wearing pink to get noticed amongst all the other suits is a great tactic. I see Gary V got pulled in to talk about filling up our social media boxes with spam. And the hopping guys mixed in with clowns? Just be glad they didn’t show the real warm-ups with cheers and claps and “YES!” fist pumps. At least, that’s what most conventions of this sort resort to. I wonder how much “law of attraction” was pushed on these folk.
I’ve always picked up from Vaynerchuck’s message that all middle men are dead without adding value, traditional ways of business are screwed, and social media is for listening to customers and not pushing spam at people. I wonder how he tailored his message to the RE conference?
Suddenly, it occurred to me… Dante is, like, way overdue for a ‘re-write’… and clearly, we will have to add a 10th circle of suffering to the ‘Inferno’.
On the other hand, even although I know in my heart of hearts that it would be an excruciatingly unproductive exercise in futility… does anyone have the number of that blonde in the fourth production still?
Ewwwww.
+1000
Wouldn’t be a RE convention without a BMW giveaway.