vreaa // 28 February 2008 at 11:02 pm
This from mathematical at vancouver (un)real estate:
2/28/2008 3:56 PM
“I’m stuck paying high rent but yet don’t want to buy because I know everything is overvalued and will come down shortly. The writing is on the wall. The problem is people have been divided into owners and renters.
We all have friends who have bought and they keep hoping the market goes up while I keep hoping it will go down. I have a friend who bought a place in North Van a year and a half ago. His place went up $50,000. I said its paper money. It can just as easily go down in a year an a half. He got pissed off and said that’s impossible.
I show him graphs (rent\owner ratio), affordability issues, history like every city that hosted the Olympics has a boom then a bust. I pointed to the US at how their housing is crashing. Doesn’t believe me, won’t listen to me, his uncle is a real estate agent and has hypnotized him.
He said “How can you hope my place goes down in price?” I said “How can you expect me to come up with another $50,000 to buy a place?” Get a second job or get a job that pays over $100,000 neither will happen. I will wait for a market correction thank you.”
Vansanity // 29 February 2008 at 8:11 am
“A friend that is a long time realtor talked to me on Feb 28. First thing she said, are you looking? Because I have a great place coming up in Ladner, also her own place on 62nd ave in east van is up. I said, I can’t afford a million for a place, and no, thank you, we’re waiting for things to come down. She replied, honey, things are never coming down. Oh yes, I said, yes they will.
No, we didn’t argue about stats out there, conversation was brief and without substance. It just surprised me that she still feels that places are not coming down… ever. A woman who’s seen several bearish periods in local real estate obviously is enjoying the party and either does not see, or doesn’t want to see this come to an end.”
From emile at Vancouver Condo Info 2008-05-05 12:03:36 -
I was at a party where this realtor became very aggressive:
” Price won’t go down in Vancouver! NEVER! The lowest they can go is appreciate 4 to 5%. I GUARANTEE this. And you must believe me, because I am a professional.” I dared to mention that buying in Vancouver now seems a risky investment. She became even more aggressive: “Don’t you know that everbody wants to live in Vancouver? Investment is pouring from all over the world. Don’t you know Canada has lots of oil, and everybody wants to invest in it?” – “Why, then, did prices go down $60,000 in Edmonton?” That was the end of the conversation. ‘
