“Last year, my friend was asking me what to do with her house in Van West, I said sell it, she said the market will keep going up. I gave her all the reasons behind it, and now I was at a BBQ on the weekend, and my friend said to me, “You were right, the market is going down.” Finally, someone believes me!!!”
- Finally at yattermatters.com 1 Aug 2012 1:42pm
Most Recent Comments:
- 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
- Nemesis on “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- You're sore, not hurt. 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.”
- Ralph Cramdown on “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- Farmer on “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- kabloona on “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- Brian 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 “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- Burnabonian on “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- dumpster diver on “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- Joe at Kits on “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
Type of Anecdote
- 01. He Said, She Said (247)
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- 05. Where do Buyers get the money? (962)
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- 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)
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- 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
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- 14 Landlord Rescue
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- 17 Hoodsurf [retired Jun 2011]
- 18 World Housing Bubble
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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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But did she sell it?
But does it blend ? I want to see blendtec doing a video on blending a west side mansion.
Why would the friend be asking what to do with her house if she believed the value would only rise? Makes no sense.
People are like that.
They make no sense all the time.
sunday OT quickie …
http://tinyurl.com/8ky44xc
http://tinyurl.com/bu53hc3
http://tinyurl.com/bv85z35
http://tinyurl.com/8g8smal
ciao doods!
Ah! Good ‘Ol Dr. Salzhauer! It’s such a pity he had to settle for Medecins Sans Brassieres with all that MaxilloFacial and reconstructive work going begging in the MENA… Still… Who are we to judge? I’ll bet you didn’t know those SiliconThingamajigs have unique SerialNumbers, ‘OlChub!
As for Jerry… Bet he finishes, NetNet, better than the Daters… Sort of.
As for Sgt. Perret’s CaseFile… I’m betting the Complainant’s RealBeef… was the absence of a BiddingWar. Come on now! Fort St. John! I wonder whatever to happened to NorthernLightsPizza. GreekStyle.
@v sir/ma’am, my thoughts are being wordpress policed … and fwiw, i have prizes for accordion playing
“A gentleman is a man who can play the accordion but doesn’t.” – Author Unknown
Less frequently quoted but nevertheless a perennial crowd pleaser @ VodkaFuelled KremlinParTay’s in the PostStalin era … “How many Cossacks does it take to play an Accordion?” – Marshal of the Soviet Union Georgy Konstantinovich Zhukov (the accordionist appears in the finale)…
HolidayWeekEnd Accordian + RedArmyChorus + LeninGrad CowBoyz BonusPerformance!!!!
[NoteToEd: OldSchool was infinitely more fun. Infinitely...]
Anecdote suggestion from the comments over at Garth’s place: (I especially like the ball peen hammer smack at the end of it)
Philosophy (Theology?) of Denial:
#156 John on 08.05.12 at 9:31 am
Daystar wrote:
#86 John on 08.04.12 at 9:32 am
“As I read your comments, over and over I keep coming up with this. Nihilism: A philosophical doctrine or belief suggesting the negation of one or more putative meanings in life.
http://en.wikipedia.org/wiki/Nihilism”
———-
What I see in this “argument” is the entire pathology of the economy ( with real estate being the undeniable dilemma): Denial.
I can see you are struggling as the facts emerge, and instead of looking at them, you return to authority
( especially), and a sense of comfort that “reasonableness”, “civility” and “human dignity” will save the day. With denial, these basic values are impossible. The real root is just narcissism ( as you have brought up). If you are an adult Canadian, you have drank the koolaid. It is unavoidable.
If all you can see is nihilism, it’s because you’re stuck at denial, unable to look at an “impossible dilemma” and find real civility, real human dignity, and all the reality that comes with looking at the facts and taking in a dose of true human uncertainty.
Nobody wants to really do this ..and that is human. Yoi sound like you’re in the “negotiation” phase…I’d say I’m there too, but moving along. The idea is keep moving. It’s a process. Plus, the entire country ( even world) is involved.
If you do decide to consider facts, solutions are possibile. Something beyond the denial ( and beyond nihilism as an obligatory alternative).
What would it be? Dealing with narcissism and moving into community, with everything that entails. Of course this would have to be some kind of process.
Your point of view on real estate, economy, government and the world is steeped in denial. You seem to see many dots, but turn to authority to connect them for you.
They may connect your dots, but they will leave you out of the picture. This feeds narcissism ( rejection of self). Because in narcissism, you are a “non-self”, and want to build an image of self instead. Hoping to be accepted for that. A lot of pain there.
Thus all the denial.
There is life beyond denial and nihilism, as our all-to-human process reveals over and over. Like it or not. Th real power is likely in faith, because that’s where connection is. Visibility. Self. Grieiving. Humanity. Values. Identity.
Connection. But you’d have to admit the problems as they are first. Start with how you’re neighbour’s house went from 300,000 in 1999 to 850,000 in 2012.
That stuff is in our face now…and all it implies. Right to the core.
meow
If a lion could speak, we could not understand him.
If things look tense, people might apply a little determinism, in the hope for a little quietism, when they should have been more existential pre purchase.
It was all ok (although very patronizing) before he gives a solution – “The real power is likely in faith” – I will have to return him his own quote:
“You seem to see many dots, but turn to authority to connect them for you.”
Are you a doctor or nurse working in a rural community and still have student loan debt? Do you own a home too? Lucky you.
Government of Canada Announces Support to New Family Doctors and Nurses
“Family doctors and residents in family medicine will be eligible to receive up to $8,000 per year in Canada Student Loan forgiveness to a maximum of $40,000 over five years”
Your socialist government hard at work.
Don’t sweat it, won’t be many takers. They dangle this carrot out every so often, been going on for years with very limited success.
supply & demand?
If professionals like doctors are willing to pay a hefty premium (we’re talking multiples of $40k) so they can live in a place like the BPOE, does the government think $21.9 per day can lure these guys to rural areas? Money aside, ask doctors who grew up in rural areas how come they’re now practising and living in the city.
Your comment gave me an idea. Pay the rare really quality hospital administrators to move to the rural areas and the docs will flock and follow. Much cheaper.