First Signs Of Buyer’s Remorse Among West Side Homeowners?‏ – “I foolishly bought into the Westside Vancouver housing market just a few months before the peak of it all and regret it immensely.”

“Reading how some people keep saying “Toronto is hot because it’s central”, “there’s only so much land”, “everyone wants to live here”…. sounds a lot like Vancouver circa 2011.
One year later, we are in a housing slump. Houses are not selling in west side Vancouver (still selling on the east side but that will slow down too), when it was hot hot hot a year ago. I foolishly bought into the west side Vancouver housing market (for only 1.5M at the time which was considered a steal for the property) just a few months before the peak of it all and regret it immensely.
All the naysayers are right. The market will crash and it will crash soon. For sale signs dot the landscape in my westside Vancouver neighborhood. Houses are selling for 100-300K BELOW asking. List prices are often BELOW assessed value.
It will happen in Toronto too folks. There’s nothing special about Toronto.”

Cantor 12 at Globe and Mail, 26 Jun 2012 10:31pm [hat-tip Peter Pan, who asked: "First signs of buyer's remorse among West Side homeowners?‏"]

32 responses to “First Signs Of Buyer’s Remorse Among West Side Homeowners?‏ – “I foolishly bought into the Westside Vancouver housing market just a few months before the peak of it all and regret it immensely.”

  1. pricedoutfornow

    Yippee!!Here we go!

  2. Good to be out

    I wonder if this is the person who bought my house a year ago? Funny, I felt the the exact opposite then of how this guy feels now.

  3. Just in!… A practical and timely palliative for sufferers of (cue SFX: spooky echo/reverb)… WestSideBuyersRemorse.

    [G&M] – Thinking of renting that basement suite? Tips for first-time landlords

    “It is a great way to get on the property ladder and live in an area you want but can’t otherwise afford, but it comes with a cost. If you don’t do it right, it can drive you crazy, both financially and psychologically.” – Don Campbell, Vancouver-based president of the Real Estate ‘Investment’ Network

    http://tinyurl.com/c84rslq

  4. 4SlicesofCheese

    I love how the g&m always note the dollar amount if the sale price is over asking. but never highlight the dollar amount in the headline when it sells below asking price.

    Subtle mind tricks, the force is strong with Sydnia.

  5. posted on whispers from the edge…

    “A brand new house in good area of West Richmond, 8111 Dalemore Rd, was just sold for $1.58M, $170k lower than assessed price of $1.75M. It’s a shame that the (owner) went through so much to purchase this property and build a new house, hoping to earn some money while doing a service to the community, only to (then) recklessly slash (the) price. I call on the sellers to withhold giving in to under-asking offers. We should all pull our listings and wait until a better market to sell in a bidding war situation”

    Baaahahahaha! People are funny :-)

    • FB -> Yes, thanks we saw this and will be headlining it over the weekend.

      • Van east guy

        How about a story about moi and stale listings. Or a story about HAM trying to pull listings off the market to create a sellers market. Lol!! Richmond is toast!!! This is where the declines are going to be the nastiest.

      • I’m betting that South Surrey is going to take the biggest drubbing. It’s a suburban wasteland. Absolutely no redeeming factors (other than proximity to White Rock and Crescent Beach… but it is, itself, neither). And a zillion commuter hours away from anything resembling a workplace. Plus, overpriced… but that goes without saying.

        Horrid.

    • pricedoutfornow

      Reminds me of those people in Florida (I think) where some homeowners got upset with their neighbours for selling “below market value”. Sorry, sellers, it’s impossible to hold off selling forever, some people always just have to sell, no matter the price!

    • 4SlicesofCheese

      This has to be tongue in cheek, or you would think so :p

      • Yeah, one would think so, but actually not.
        It’s closely related to all the seriously intended “why would sellers sell for lower prices?” questions that we hear from some bulls.

      • “why would sellers sell for lower prices?”

        Harken the day when these owners were buyers, wanting nothing more, apparently, than to make a little bit of money. Now a handful of them are single-handedly bringing the market down and ruining fancy plans. If that isn’t leverage I don’t know what is.

  6. Boo f@cking hoo.

  7. http://t.co/yuBVoDtf

    StatsCan shows drop in Vancouver median income

  8. 4SlicesofCheese

    Spoke with a friend asked him how his new place was, he replied he was back at his old place, the buyer walked away the day he was going to close and now has the fun of going after him to try to get the deposit the buyer had put down.

    Apparently is not that easy to get the down payment from a buyer that walks away from a deal.

    • Relaxed & Happy Islander

      There is no requirement (at least in BC) for a buyer to forfeit their deposit when they renege on closing.

      • Ralph Cramdown

        Which isn’t to say that the seller can’t clearly write into the agreement that they buyer forfeits the deposit if they fail to close, and that this may not be the limit of his liability should the seller fail to find another buyer for as much money, or incur other expenses due to the seller’s failure to close.

  9. Relaxed & Happy Islander

    “Are Bankrupt Seniors a Harbinger of Things to Come”…
    http://www.cbc.ca/news/business/story/2012/06/22/f-bankrupt-seniors.html

  10. E.G. – white rock is a bargain compared to westside homes. Plus you get a much larger lot and more square footage. Yes the downside would be an awful commute downtown, but if you worked closer like in Surrey, New West it can be a nice alternative. They have brought in lots of shops and restaurants the last number of years.

    • I didnt say White Rock. South Surrey. You know, gated stratas and packed-in wee houses clustered around about 32nd Ave., give or take. Strip malls and… noting much else.

  11. article has interesting comments from TD’s Craig Alexander, chief economist – http://www.montrealgazette.com/business/Forecasters+home+prices+fall/6851705/story.html

    like this – “Vancouver prices just seem insane.”

    • Thai-born Chinese Canuck

      That is 10-15% nationally. Me wondering what it implies for Vancouver and Toronto.

    • And so logically, his bank the TD would never consider offering mortgages on such overvalued RE. Just wouldn’t make good business sense, right? Pot meet Kettle, Kettle, Pot.

      • If TD can pawn off the risk of default to CMHC, of course they would continue to offer mortgages on such overvalued RE… In this case, it’s TD which doesn’t have any skin in the game…

      • If TD is lending with very low LTV, it is inherently a low risk loan regardless of how it is securitized. In the true sense of the bizarre, if their foreclosure department is underused, it might even be a bonus to initiate foreclosure proceedings on such properties.

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