Most Recent Comments:
- UBCghettodweller on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- bubbly on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- Anon on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- Molasses on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- Vancouver flipper on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- Farmer on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- 4SlicesofCheese on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- YVR Housing Analyst (@YVRHousing) on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- vreaa on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- Farmer on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- bubbly on “Let’s remember how we got here” – Looser and Looser CMHC Limits
- Brian on “Let’s remember how we got here” – Looser and Looser CMHC Limits
Type of Anecdote
- 01. He Said, She Said (247)
- 02. Profiting from the Boom (442)
- 03. Changed my Life (103)
- 04. Changed my Career (38)
- 05. Where do Buyers get the money? (961)
- 06. Held my Nose and Leapt (96)
- 07. Avoiding Vancouver (375)
- 08. Overextended Buyers (1188)
- 09. Delaying Buying (316)
- 10. Demoralized Renters? (366)
- 11. Regrets about Investing in RE (417)
- 12. Effects of Development (274)
- 13. 2010 Olympics Related (74)
- 14. Social Effects of the Boom (1257)
- 15. Misallocation of Resources (959)
- 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
Follow vreaa on twitter
- "Let’s remember how we got here" - Looser and Looser CMHC Limits wp.me/pcq1o-5wm 3 days ago
VREAArchives
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- October 2008
- September 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Tags
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
Search Results for: speculator #
Spot The Speculator #96 – “In 2008, when I was 28 years old, I had saved $70,000, enough for a 20% down payment on a triplex in Toronto. I moved into one unit and the rent from the other two units paid for the mortgage and utilities.”
“I’ve always been very focused in my life. I was born a triplet and knew from an early age my parents wouldn’t be able to pay for many extras, or for postsecondary education for all of us. But I was … Continue reading
Spot The Speculator #91 – “I personally know of a young woman in her 20′s who just got her first job and refused to rent.”
“I personally know of a young woman in her 20′s who just got her first job and refused to rent. Her parents forked out the 25% down for a condo in South Surrey as she did not qualify for CMHC … Continue reading
Spot The Speculator #85 – “They’re trying to sell their downtown condo into a weakening market, but now they’ve doubled their exposure. A few months ago it would have taken more than a 50% decline to wipe out their entire net worth, but today it would take just a 20% drop.”
“My friend wanted to trade up from a $400k condo to a $900k house. I helped to convince her that the market was likely to go down. Disaster averted. Next thing you know, she’s borrowed $45k from her father and … Continue reading
Posted in 18. Spot The Speculator
Tagged Anecdotes, British Columbia, Bubble, Canada, Speculators, Vancouver
Spot The Speculator #84 – “I live in Vancouver and own a condo in the heart of downtown. Bought it for $515K and only seen a slight increase in value in two years. Quite depressing. Is it a stupid idea to buy another?”
“I live in Vancouver and own a condo in the heart of downtown. Bought it for $515K and only seen a slight increase in value in two years. Quite depressing… If what you say is true about a 30% reduction, … Continue reading
Spot The Speculator #83 – “Much to my surprise there is a for sale sign out front of 1923 Waterloo again. Asking price $2,288,000, a whopping $478,000 over last year’s sale price.”
“Last year we lived in the top floor unit at 1923 Waterloo St. Vancouver and was saddened when the owner decided to sell the house. The owner lived downstairs with his young growing family and we knew them since they … Continue reading
Spot The Speculator #77 – “She’s kept the Cambie property and hopes to turn it into rental income in future.”
“Phoenix Lam returned home in 2005 after years of basement suites and roommates. “I realized I wasn’t ever going to save enough for a down payment,” the 28-year-old said of spending more than half her monthly income on rent and … Continue reading
Spot The Speculator #76 – “The 29-year-old started saving aggressively in her mid-teens and by 20, was able to purchase her first piece of property. From then through 26, she bought a new property each year while still living at home.”
“My parents would much rather me stay at home and save than to not have anything to show for the rent I was paying,” said Angela Calla, host of CKNW’s The Mortgage Show. The 29-year-old started saving aggressively in her … Continue reading
Spot The Speculator #75 – “At the age of 72, she feels poor. Ironically, she has substantial capital, including a house in B.C. and a condo in Austria that together are worth $810K.”
“A retired musician who we’ll call Helga lives in British Columbia. At the age of 72, she feels poor. She has been able to cover her expenses with pension and investment income and by teaching music. Yet she feels trapped, … Continue reading
Spot The Speculator #72 – “My colleague has been bragging about the price of his house for the past 4 years. On Friday, I told him we are passed the peak, and that I know of two families who sold in June and are proud of their timing. He turned white.”
“My colleague B. has been bragging about the price of his house for the past 4 years. On Friday, I told him we are passed the peak, and that I know of two families who sold in June and are … Continue reading
Posted in 18. Spot The Speculator
Tagged Anecdotes, British Columbia, Bubble, Canada, Housing, Real Estate, sellers, Sentiment, Speculators, Vancouver
Spot The Speculator #70 – “A close relative of mine just bought a house near Commercial Drive. She can’t imagine prices dropping in the slightest– a flattening is the worst that she considers to be possible.”
“A close relative of mine just bought a house near Commercial Drive. She can’t imagine prices dropping in the slightest– a flattening is the worst that she considers to be possible.” – M—, at VREAA 31 Dec 2011 at 10:27am … Continue reading
Spot The Speculator #69 – Three properties, all with maxed out HELOCs – “A 12% or 15% correction does not sound like much, but given the dynamics of the Vancouver market it could be devastating.”
“A close acquaintance of mine lives in the Vancouver suburb of Surrey (an area that respected blogger Garth Turner recently predicted would see a 30% correction if the national market tanks 15%). A staunch housing bear himself, my close acquaintance … Continue reading
Spot The Speculator #67 – “It’s a home, it’s an investment — a bit of both.”
Melissa Yan, Yaletown condo purchaser, RE marketer. “Melissa Yan wondered why she had to wait until she got married to buy a home. She decided she didn’t. So the 28-year-old, who works in marketing for Magnum Projects, opted to jump … Continue reading
Spot The Speculator #63 – “I run the numbers in my head: This guy is paying $8K mortgage for this?! He paid $1.6 million for a house I would not buy for $400K !?”
“I decided last week to look for a rental home.. and it turns out to feel like a study of Vancouver real estate behaviours. This is actually great fun. So today I go visit a 4 bdrm home in Point … Continue reading
Spot The Speculator #62 – “You have to make a decision – bling or buy. We saved a 20% deposit, and now own our first place. Bling or buy baby.”
“We lived for 5 years in a 450 square feet bachelor, with a bathroom across the hall, paying $725 a month rent, and did not buy any new consumer items. We purchased only thrift store furniture and bought cheap cars … Continue reading
Spot The Speculator #61b – “A few weeks ago I overheard a young guy at my gym saying prices can’t stay this “low” forever, you better jump in, and how this place in Richmond he was looking at was “only” 1.5 million dollars.”
“A few weeks ago I overheard a couple young guys at my gym (maybe age 25) saying prices can’t stay this “low” forever, you better jump in, and how this place in Richmond he was looking at was “only” 1.5 … Continue reading
Spot The Speculator #61a – “We have friends who recently bought a place because “they didn’t want to waste money on rent”. They put 7% down, and a month later bought a car. Now on a tight budget.”
“We have friends who recently bought a place because “they didn’t want to waste money on rent” Even after we told them the pros and cons of renting. They put 7% down, and a month later bought a car. Dad … Continue reading
Posted in 08. Overextended Buyers
Tagged Anecdotes, British Columbia, Bubble, buyers, Canada, Debt, Employment, Housing, Real Estate, Speculators, Vancouver
Spot The Speculator #60 – “Our combined salary is at the average for the province, yet we were able to buy a condo in Vancouver. How?? It’s because we made SMART financial decisions.”
“As a married father of a 2.5 year old, my wife and I have worked hard to get to where we are. Our combined salary is at the average for the province, yet we were able to buy a condo … Continue reading
Spot The Speculator #59 – Fishy Anecdote or Common Plaice? – “Co-worker who makes $70k has just been approved for a $650k mortgage.”
“Co-worker who makes approx. $70k has just been approved for a $650k mortgage. Just another example of how our banks are so much more prudent and conservative than their American counterparts.” – ‘Manna from heaven’ at vancouvercondo.info 17 Oct 2011 … Continue reading
Spot The Speculator #58 – “One sushi cook who makes 50K a year somehow got 850K mortgage for 2 properties and is renting out both. Cash flow negative. Been trying to flip both for past 6 months with no offers.”
“One sushi cook who makes 50K a year somehow got 850K mortgage for 2 properties and is renting out both. First is house 700K with 500K mortgage upstairs rent $1500, downstairs $900. Second property is 500sq/ft apartment downtown 450K with … Continue reading
Spot The Speculator #57 – Medical professional chooses to rent – “On the contrary, MY SECRETARY, who I employ, has already bought two condos in the last year; is more than $800K in debt, and insists on giving me real estate advice.”
“I am a medical professional and do quite well financially and can afford a large mortgage in Vancouver. I RENT a house because it makes no sense whatsoever to spend a million dollars to buy an old dilapidated house. I … Continue reading
Spot The Speculator #55 – “At my workplace the lot-boy who washes customers cars for $10/hr. told me how how to invest in real estate. His 1st condo equity was extracted to buy his 2nd condo and that equity was extracted to buy the 3rd.
“At my workplace the lot-boy who washes customers cars for $10/hr. told me how how to invest in real estate. His 1st condo equity was extracted to buy his 2nd condo and that equity was extracted to buy the 3rd … Continue reading
Spot The Speculator #53 – Beth: 31; Single; Forestry Job; Condo in Alberta [bought at peak]; Home in BC [bought 2010]; “..thinking of expanding her home and maybe buying a cabin.”
“Beth is 31, single again and eager to chart a new financial course. Not long ago, she started a new job in the forest industry with higher pay, so her future’s looking bright. She has a condo in Alberta that … Continue reading
Spot The Speculator #50 – “I have owned on the West side of Vancouver since 1989. I intend to sell next year. I hope the market holds up.”
“I have owned on the West side of Vancouver since 1989. I intend to sell next year when my youngest graduates from high school. I hope the market holds up for one more year. This doesn’t mean I will rent, … Continue reading
Posted in 02. Profiting from the Boom, 18. Spot The Speculator
Tagged Anecdotes, British Columbia, Bubble, Canada, Housing, Real Estate, sellers, Speculators, Vancouver
Spot The Speculator #49 – “A 48 year old Vancouver tradesman and homeowner I recently met said to me that even though his little shack is now worth $1M, it would not be long before it goes to $3M, or higher.”
chris at greaterfool.ca 11 July 2011 2:25am – “A Vancouver homeowner I recently met, a nice 48 year old tradesman, said to me that even though his little shack is now worth 1 million or so, it would not be … Continue reading
Update On Spot The Speculator #36 – “She just did a budget and concluded she needs over 9k per month for her payments. Crazy she didn’t do this before buying a second property!”
Jayco [at VREAA 23 Jun 2011] updates us on the story posted here 19 May 2011 – “I have an update on the Surrey home/condo owner who is approx 900k in debt on two properties, a fake car loan, a … Continue reading
Spot The Speculator #46 – ‘Invested’ in five condos; Just lost two tenants; Exactly 42 bucks in the bank; Asks friend for loan; Starts to cry
Bill Gable at greaterfool.ca 21 Jun 2011 10:13pm [hat-tip 'Makaya' and 'Bailing in BC'] – “I spent the morning with a friend, who called me and asked me if I could come over and have a coffee. Thought it a … Continue reading
Spot The Speculator #44 – “The adage ‘better late than never’ always applies to home buying.”
“Looking back my biggest money mistake was waiting too long to buy a house. I also bought Nortel stock and lost money, but missing out on long-term housing price gains was far more costly. The irony is that at the … Continue reading
Spot The Speculator #38 – Moved here 5 years ago; Already owns 3 properties in Greater Vancouver; Buying more
Narrator:“Rose Li moved here from Mainland China five years ago, she already owns 3 properties in Greater Vancouver, and says new government investment restrictions in Beijing is driving Chinese money out of the country.” Li: “China government has published a … Continue reading
Spot The Speculator #37 – “A guy I know owns 6 “investment” condos. He claims that they are all cash flow positive, but when you ask him for details, it turns out that he is losing hundreds every month.”
bubbly at VREAA 17 May 2011 10:41am – “A guy I know owns 6 “investment” condos. He claims that they are all cash flow positive, but when you ask him for details, it turns out that he is losing hundreds … Continue reading
Spot The Speculator #36 – ‘Owns’ 380K Condo and 500K House; Income 50K; Debt 900K; “Looking for friends who might be interested in together buying a 3rd property”
Jayco49 at VREAA 17 May 2011 11:15am – “I know a girl first hand and I obviously don’t know precise numbers, but pretty darn close…She owns a 2 bedroom condo in Surrey (35 year mortgage and can’t sell for less … Continue reading
Spot The Speculator #34 – “I was talking to a guy I know who has about $700k in mortgage debt on rental properties at a variable rate of 2.85%. I told him that rates are going up. He has this attitude that whatever happens, he will be ok.”
pricedoutfornow at VREAA 18 Apr 2011 12:07pm – “People just do not believe (or don’t know) that interest rates ARE going up. They have not sat down and done the calculations. I think there are going to be a lot … Continue reading
Spot The Speculator #33 – House $650K; Rental $585K; Debt $995K; 450% Of Net Worth In RE
Anecdote extracted from ‘Two properties, one complex problem’, Financial Post, 1 Apr 2011 [hat-tip SM]- “In British Columbia, a couple we’ll call Harry, 36, and Felicia, 33, have a 15-month-old daughter and a complex problem. Their total combined monthly take-home … Continue reading
Spot The Speculator #32 – “I feel working for a living is a waste of time after reading this. 200k gain in a little less than a year, it’s insane.”
From a thread started by eyesthebye at RE Talks 28 Mar 2011 1:24pm – “An easy 200K flip. 45 east 48th Ave. Purchased in June/2010 for 665K; no recent work done. Now on the market again for 849K. Less than … Continue reading
Spot The Speculator #31 – “My neighbours (late 60s, early 70s) have decided the way to fund retirement is to go into the RE development business.”
vancouverite at vancouvercondo.info March 22nd, 2011 at 9:37 am- “My neighbours (late 60s, early 70s) have no retirement plan other than the government so have decided the way to fund the rest of their lives is to go into the … Continue reading
Posted in 05. Where do Buyers get the money?, 08. Overextended Buyers, 12. Effects of Development, 14. Social Effects of the Boom, 15. Misallocation of Resources, 18. Spot The Speculator
Tagged Anecdotes, British Columbia, Bubble, Canada, Housing, Real Estate, Retirement, RE_ATM, Speculators, Vancouver
Spot The Speculator #30 – “Friends of friends just bought a new place in North Van”; Old Home $500K; New Home $1.3M
Flip Flop at vancouvercondo.info March 25th, 2011 at 9:12 am- “Friends of friends just bought a new place in North Van. She’s a teacher who is about to get laid off, he just got a new sales job about 10 … Continue reading
Posted in 05. Where do Buyers get the money?, 08. Overextended Buyers, 14. Social Effects of the Boom, 15. Misallocation of Resources, 18. Spot The Speculator
Tagged Anecdotes, Banks, British Columbia, Bubble, buyers, Canada, Foreign buyers, Housing, Mortgage brokers, Real Estate, Speculators, Vancouver
Spot The Speculator #29 – “Alice Zhang, who moved from Hangzhou, China, to Vancouver two years ago, now lives in one of six properties that she and her husband have purchased in Vancouver since moving here.”
From ‘Vancouver’s luxury home sales surge, largely due to influx of offshore money‘, Vancouver Sun, 14 Mar 2011 – “Alice Zhang, who moved from Hangzhou, China, to Vancouver two years ago, now lives in one of six properties that she … Continue reading
Spot The Speculator #27 – “She is a lawyer and is quite set financially and probably did this flip for a bit of fun: well, she got ~150k clear.”
Anonimi at VREAA 8 Feb 2011 10:42pm – “My aunt bought a condo in UBC south campus three years ago (pre-sell) – she is a lawyer and is quite set financially and probably did this for a bit of fun: … Continue reading
Spot The Speculator #26 – Vancouver doctor and condo flipper convicted of tax evasion
From the Canada Revenue Agency website [hat-tip patriotz at vancouvercondo.info]- Vancouver, British Columbia, November 24, 2010… Vancouver psychiatrist, Dr. Raymond Ambrose Liang, was fined $85,464 yesterday in Robson Square Provincial Court, after being found guilty on two counts of income tax … Continue reading
Spot The Speculator #25 – “Tonight I found out at dinner that a middle class family bought FOUR pre-sale condos. Their first property “investment”.”
serferboy at VREAA 23 Jan 2011 10:19pm – “Tonight I found out at dinner that a middle class family (own their own home, have stable jobs, net worth likely less than $2M) bought FOUR pre-sale condos… These are not property … Continue reading
Spot The Speculator #24 – “They are just an ordinary couple, no spectacular income, who bought a home in an appreciating neighbourhood a couple of years back and were now “looking to flip a house”.”
TPFKAA at VREAA 11 Jan 2011 at 7:13pm – “Here’s an anecdote from last summer [2010]. I was at a birthday party and got talking to a couple I barely knew about living out in Abbotsford. They said they have … Continue reading
Spot The Speculator #23 – “A friend of a friend told me that the reason he bought two properties in the last 2 years is because, with a job like his, he has “very limited ways to get rich.”
pricedoutfornow at vancouvercondo.info January 5th, 2011 at 8:59 am – “I had a friend of a friend tell me that the reason he bought two properties in the last 2 years is because, with a job like his, he has … Continue reading
Spot The Speculator #21 – Toronto: Couple in 50′s; $500,000 home; $650,000 in three rental housing properties.
Extracted from the Family Finance section of the Financial Post, 15 Oct 2010 – Rose, 55; Edward, 59, a couple from Toronto, are powering down their careers, hers in the airline industry, his in real estate sales. Their assets: $650,000 … Continue reading
Spot The Speculator #20 – “My sister-in-law’s work colleague, in her mid 20s and still living with her parents, just bought a two bedroom condo downtown for over $600K, TO FLIP!”
Crash at vancouvercondo.info 12 Oct 2010 8.20am – “My sister in law related a brief story to me: a work colleague of hers who is in her mid 20s and still living at her parents home just bought a two … Continue reading
Spot The Speculator #18 – Westside Lot Flip Attempt; Seeking $705K Profit In 2 Months
4025 39th Ave West; built 1940; 1,680 sqft; 53×167 ft lot Listed 3 Jun 2010, $1,875,000 MLS V835246, RE/MAX Sold 29 Jul 2010, $1,775,000 Listed 1 Oct 2010, $2,480,000 MLS V853284, Royal Le Page Disclosure: “Seller never lived in property”[No … Continue reading
Spot The Speculator #16 – “Panic has set in and she has changed her tune dramatically. They are still carrying both homes and there seems to be zero interest in the one they are trying to sell.”
From ‘the commenter formerly known as…’ at greaterfool.ca 18 Sep 2010 11:41 am – “My wife started telling me about a women from her work in Surrey. This woman and her hubby (a Realtor) bought a new home recently for … Continue reading
Spot The Speculator #14 – “Third generation Alberta real estate investor” recommends a fail-safe retirement plan
This young RE bull not only suggests a ‘money-for-nothing’ ‘retirement plan’ that is downright dangerous at this stage of the market cycle, he also implies that those who foresee a RE crash are somehow mean spirited and somehow against “offering … Continue reading
Spot The Speculator #13 – “An old friend tearfully confessed that her husband, with her express objections, had a few years ago signed up to buy two of those Olympic condos with a buddy of his.”
Up until now, local speculators have been bailed out by the Vancouver RE market, and many have looked like geniuses within their families & social circles. With the bust the reverse will be true, and failing speculators will have to … Continue reading
Spot The Speculator #12 – Ontario Example: 46 years old; Single; $80K income; $242K mortgage
Okay, this one is subtle. So subtle, in fact, that most Vancouverites will mistaken Sandy’s RE speculation for prudence or even undue caution. I mean, $80K income and $242K mortgage? Doesn’t she know that up until very recently in Vancouver … Continue reading
