“I rent a house in a very good area, and was told that it was worth 5 million a couple of months ago when I rented the property.
I was told prices in this area NEVER go down.
I met the landlord’s rep yesterday (he is elderly Chinese, landlord is a Chinese university student!), and he said prices were going to be weak but Feb 2014 would be a great buying opportunity.
I like how he has a very specific date; could be some Chinese astrology call.”
- from ‘T’, via e-mail, 27 Jun 2012
Most Recent Comments:
- Thai Canuck on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- YVR Housing Analyst (@YVRHousing) on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- Alexcanuck on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- Alexcanuck on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- Real Estate Tsunami on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- YVR Housing Analyst (@YVRHousing) on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- YVR Housing Analyst (@YVRHousing) on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- bubbly on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- ling on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- Toby on “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- Nemesis on ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- Raspberry ketone on Commit Crime To Buy A House
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Latest Anecdotes:
- ‘Doomed’? – “Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real home prices tend to be flat.”
- “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.”
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- 'Doomed'? - "Home prices in Canada are now double what they were in the 1970s in real terms. Historically, over the very long term, real… 19 hours ago
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Feb. 2014 sounds like about the right time for a nice bear trap on the slow steady grind back to the mean. It’s all relative … hopefully he’ll buy three more at that point.
Yeah.
Perhaps a good time for that bear market rally/bounce we’re expecting off the 2009 lows? (which will later cease to hold)
Yep. 2014 should see interest rates rise, then we will all get to put our hands in the air and go weeeeeeeee all the way down.
It must be Chinese new year on feb 2014. Buy a home at that time and hold for 25 years, and maybe you’ll make something.
tsk, astrology. We could look at the New Moon for January 30, 2014, 1.38 pm and see what it says for the Chinese new year 2014, but the forum administrator is explicit in his desire not to let (me, anyway) shine the stars on the great unwashed.
The stars shine equally on the washed and on the unwashed.
disagree
Met family today who bought in May. They found the “perfect” (larger) house for them and bought without subject to sale of existing home. Now home is on market for 3 weeks, no bites, and closing is in mid-August.
Were they crazy to buy now? Given they already own they have some shielding from lower prices. But what might hit hard is the inability to sell in an illiquid market.
Bad move. They will have to sell their 1st home for a reduced price. And fast. July 9th is the deadline and sales will tank further. What kind of a friend are you? Obviously, not a good one. I’ve stopped several friends already by introducing then to vreaa and greaterfool. Friends don’t let friends get screwed. U did just that. Or wait, maybe your friend was Asian. Ya, I get it now.
Never said they were friends. To clarify they were “a family” not family. They said, all they have to do now is sell. I wasn’t sure what to say to that; I just nodded and listened but they seemed a bit concerned.
And I just met them. What are you getting at…?
Not really Jesse’s responsibility to stop the lemmings from plunging over the cliff is it?
Speaking of which, is there any evidence that lemmings ever do such a thing? I’ve heard that this is just a myth. They don’t jump off cliffs or drown themselves. If so, then human bubble behaviour really has no other biological precedent. We’ve transcended nature! We’re so advanced that way.
Besides which, I find that none of my Vancouver-based friends and family listen anyhow.
Lemmings = myth… at least biologically.
Group selection = poor theory.
Van east guy -> The implications of racism are (a) unwelcome and (b) incorrect. Go back and read a good sample of jesse’s posts and his position is clear. Otherwise, no hard feelings; your contributions here are appreciated.
—
Happy Canada Day, everybody.
2014 dead cat bounce?
http://vancouverpeak.com/groups/data-hounds/forum/topic/having-fun-with-the-june-avg-price-graph/