“My in-laws (who purchased a modest place in the Sunrise-Hastings area of East Vancouver just over a year ago, have now lost (based on average prices) just over $80K. They claim, however, that they could get about 100K more for their place today than when they bought it. Strange.”
- oneangryslav2 at VCI 12 Jun 2012 4:19pm
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Latest Anecdotes:
- “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- “Let’s remember how we got here” – Looser and Looser CMHC Limits
- Don’t Worry, I’m Sure Somebody Will Sort This All Out – “Policymakers now know better and will be a lot more proactive in preventing a collapse.”
- “Things have changed, we are not doing that type of mortgage. We are not interested at all.”
- “We are noticing our target type of housing in price decline, albeit slow, as our money increases in value, slowly as well but outpacing housing.”
- Renter Buys In West Van – “For a few hundred more per month, you could own the place. Which is what I will be doing as my offer for a place down the street has been accepted. There is some value in staying in one place.”
- A Bed in the Bathroom, Why Not? [Let Us Count The Reasons...]
- “My husband and kids are pretty happy in our rental house within cycling distance of work that we could never have afforded otherwise. We’re doin’ pretty dang well, thank you, for median income earners in this expensive city.”
- “I Wish Them Bad Luck.” – Jim Flaherty, on those who wish to profit from Canadian RE price drops
- “We asked why he doesn’t just rent the whole house. He said he can’t, it wouldn’t cover his mortgage – he’ll get more to rent it out as two suites. These new landlords are hilarious, thinking that rent will cover their mortgage!”
- “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- 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%.
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Is that including realtor fees?
Nothing lost nothing gained unless they sell.
The 12% average price decline is mostly due to Van west not moving. Their east side hone is likely the same price or a little bit higher.
And just because prices of SFH are down 12% on average it doesn’t mean every property is down 12%. That’s like saying that everyone you’ll meet today will be exactly average height, no more no less. Statistics 101.
They might be right that they’re 100k ahead.
Hopeful thinking.
Realistic thinking.
It’s not my fault most people have no clue how to interpret statistics correctly.
Regarding the post earlier this week showing Richmond listings from my iPhone app. This app was removed from the AppStore last year. It was working fine until I sent the photos to vreaa. Now when I search that same Richmond area with the attached properties, it shows under 10 listings in that area. Which is bs, because there were over 200 listings. Its obvious that someone saw that post here and quickly made the changes. See what they don’t want people to know?? Richmond is screwed anyways, but why hide this? Its likely the doing of the CREA bacause they were the reason the app was removed for downloading in the first place.
I noticed a lot of listings disappearing today too. System glitch maybe?
Squamish seems to have lost about 45% of it’s listings from about 435ish to 235. The MLS says that there are only 5 town houses for sale in all of Squamish. Last time I looked there were 9 in the complex I’m in alone.
It’s a strategy to boost sales. 6 months of inventory yesterday, today is 3 moi.
Even better, there are less than 90 condos for sale in the entire downtown Vancouver area. I think it was closer to one thousand last week.
Better buy now before they are all gone.
How can they possibly hide listings? The sellers would notice, for one. Also, wouldn’t you say it’s advantageous for buyers to be aware of the product when it comes to making sales?
Give your head a shake. There’s no conspiracy here.
i’m reading some disturbing news today, but to what extent it has on the mass disappearance of RE listings, i do not know. For starters, there is news that there may be a severe quake in Japan, within hours or days. Yellow water has been found in Osaka bay, which indicates a mass fish kill that is traced to escaped gas, an indicator of quakes to come. The second thing is that the market in North America acted very strange in the late afternoon session, on news of a coordinated G20 rescue package for Europe. This by itself is not so unusual, but the tone of the message is that they are coordinating for something entirely different. The third thing is the mobilization of Russia’s military, which would, of course, mobilize the military of other nations.
I know a thing or two about astrology, and I can tell you that we’re about to experience a New Moon (Sun and Moon conjunct) at a very sensitive spot, on June 19, at 28°Gemini, which is opposite the Galactic Center at 27°Sagittarius. It’s not a mystery between astrologers that these two positions invite gravity waves to ring earth’s bell. The Banda Aceh quake and Tsunami is the best example in recent history.
Further, there is now news that Trading will be suspended on Sunday (for the traders in North America who are betting on the action in East Asia Monday session).
all these are just stories i’ve read the last hour or two… very fluid time now…
My neighbour says the world is angry
your neighbour might want to read a number of posts I made, about Pluto’s mass subconscious destructive energy in Capricorn with House 3 qualities, over at http://www.voy.com/64855/ My handle at this forum is ‘faloffal’
I’ll pass it on to him, he’s mostly worried about magnetic fields and polar ice cap melting, nonetheless planet(oid) alignment patterns is another one of his interests.
scummy scummy real estate. No transparency, no honesty, just misinformation and manipulation. I feel sorry for those who can’t see this, or don’t want to see this.
conjecture … it’s so ridiculous-looking now … maybe already too late and eu numbskulls just can’t make nor enact any decisions in time to matter … everyone else with xerox ready will have to save their own banks when it goes down
1. The gravitational effects of the bodies you mention have close to zero gravitational influence on Earth compared to, say, the Sun.
2. There’s currently no scientific means to predict earthquakes.
3. What does any if this pseudo-science nonsense have to do with real estate?
Anonymouse, your mistaken on all counts. My problem here at this forum is that, generally, the rest of you need to catch up.
I am kind of enjoying your perspective, Paul. I had not heard anything about a trading ban either so the heads up was helpful. I will have to get out of my usual rut and look at some other sites tonight and see what’s going on. Mostly I ignore Greece because I do not honestly think it is going to have a serious impact on Europe or on us by it’s departure. But if you are worried by the alighments I have time to listen.
Paul, I’m not mistaken. If you were right then the ocean tides would be a result of some far away star rather than the moon, and Ja
and Japan might have known the biggest quake in centuries was imminent last March. You’re just delusional.
East side prices have remained steady so they aren’t necessarily wrong. Its the people who own houses on the west side that have to worry the most…
I think this is true. I live in Hastings-Sunrise and pay a lot of attention to what things are listed and sell for…. and things are listing and selling for about what they were last year. People trying to get over a million for their places? They are out of luck – but there is a limited amount of stuff in that neighbourhood, and it’s selling for between $700,000 and $900,000, generally close to list prices. Even tear-downs on tiny lots are selling for $650,000. I’m not saying that’s going to continue, but at the moment things seem to be moving and for prices that are similar to last summer.
Commercial Drive area is selling well and quite a few are still going above asking. the east side has been underpriced compared to the west side and now people are beginning to realize it’s a good buy. It’s closer to downtown and better transit.
Listings that are over 1 million in east side are not moving quickly.
Commercial Dr? What happen to all the HAM?
just saw this article about west van sales. shocking…not
http://www.nsnews.com/West+home+buying+frenzy+loses+steam/6783712/story.html
What’s going on with MLS? I was just on realtor.ca
Almost all the 2 bedroom condos in Hastings Sunrise have disappeared
Most of these listings have been sitting there for months, but one higher end condo is still showing up.
This stinks of Realtor Misinformation, just like their new “index” that showed Vancouver prices up 3%.
I once lived in a building where half the units didn’t sell and so the developer took them off and offered them as rental suites for a number of years. Could be that after sitting for a long time (those ones right on hastings for example) they have decided to go this route?
Wow, MLS has really removed a lot of listings. Those were NOT sold.
A glitch or a “glitch”?
OTOH, I can still see the “removed” properties on Realtylink.
Correction. I can see some of the “removed” properties on realtylink. Others were removed too. Interesting.
It looks like this is affecting attached properties. This is so shady.
Wow, there were some condo developments with 17 listings alone in the 400 – 500K earlier this week. Now only about 10 for the entire downtown, false creek area. More than a computer glitch?
This disappearing listing thing does sound pretty odd. Close Encounters of the Realtor Kind.
Perhaps I’ll fashion a mashed potato likeness of Cam Good on my kitchen table.
Then again, perhaps not. The mere sight of him makes my GF physically ill.
She does like mashed potatoes though.
Disappearing listings…the plot thickens! Awesome, real life intrigue!
Perhaps, I don’t think there’s any conspiracy. Cost of advertising, market strategy. Brings potentials to an area and let signage an personal selling do the rest.
What it does show, is that they are changing their marketing game as a product goes from introductory, growth and maturity. of product– branding, cost, location, features, perception. Somewhere the ad $ is spent, likewise I usually do a thumb count on craigslist Friday.
White Rock definately doesn’t have dissapearing listings (I hope!). Getting ugly there!
Look what I have found – an old vreaa favorite: http://www.realtor.ca/propertyDetails.aspx?propertyId=12023554&PidKey=376629569
This house was featured on this blog in the past:
Later:
However on 1st November 2011:
Now it’s back on the market again and the asking price is $2,998,000.
Yup. A failed flip.
10591 Caithcart rd Richmond
Sold May 11, $1.38 mil
Listed August 11, $1.6 mil
Reduced in Oct 11 $1.49 mil
Still available @ 1.49 mil
Many properties like this in Richmond. I’m too lazy to pull up more. But I know the family that originally sold this home. I always check to see if it sells.
Correction
That’s 10491 Caithcart rd
Holy Shit! I rent a (nonshitty and relatively affordable) basement suite near there. I know that house.
Let me put it this way- For the first time since I move to Vancouver four years ago, I’m seeing “For Sale” signs stay up more than a week in the Point Grey area and price reduced notifications added. Something is up. Every block has a house for sale and they’re not moving.
Comments on greaterfool had people saying they had GTA RE sources told to remove all listings over 30 days from MLS to ‘limit supply’ Not sure if true
If true, that could cause lawsuits by sellers.
Bubbly, that’s exactly the reason why it’s not true.
So GTA and GVREB? That is even more interesting. Is it all across the country too? This really miust be the last desperate acts of the industry……even though I thought the “index” topped it all.
Is blatant lying far behind? They stoop so low.
“Bank of Canada continues to warn that the high level of household debt and overvalued real estate in this country have left the economy vulnerable if a financial shock erupts in Europe.”
http://www.thestar.com/business/article/1211307–canada-vulnerable-to-eurozone-crisis-bank-of-canada-s-mark-carney-warns
MLS appears to be back to normal. Downtown core once again has over 1500 listings, too many to map. Things must have been down yesterday due to system maintenance perhaps.
Almost. The propertyId-s are different, invalidating all hyperlinks that existed.
Burt, you ruined the kids’ conspiracy theories. Now they’ll have to find another way to delude themselves.
Lost 80k? how do you know? have they sold already? or you just picked the number out of your jealousy narrow mind.