CTV ran a newsclip entitled ‘Experts predict B.C. real estate bubble will remain intact’ [link here]. mac at vancouvercondo.info [31 Jan 2013 12:17am] posted a commentary, excerpts below:
“That CTV clip is hilarious.
First off, I like the footer below the video predicting that the Vancouver bubble will remain intact. Doesn’t that mean they’re admitting we’re in one?
Then there’s the 1-bed condo in what looks like Kits (West Broadway ish near Alma). Used to be asking 465K and now down to 439K. Uh huh. A friend sold a far more central 1-bed condo at Arbutus Walk about 18 months ago for 419K. So we’re still 20 big ones above the market–last year. But never mind. The agent “feels” a sale is imminent. Hot tip for the realtor: maybe get someone to remove the graffiti off the back of the building just under the gorgeous south-facing balcony.
But why has the realtors spidey senses been piqued? Maybe it’s because “phones are ringing, there’s optimism, and it feels like we’re back into selling real estate again”. AKA: Spring. Listings. Calls.
Then comes the Onni guys. The first one, glassy-eyed, stands in his empty showroom talking about a lot of activity in the sales centres resulting in a lot of people entering into contracts signing, signing, signing. Well? Where are they? …
But don’t worry folks. Prices are expected to dip 1% province-wide (no mention of the already 40% decline in some areas of the province like the interior and Whistler) and only 2%-5% in metro Vancouver. Whew!
Don’t believe us? Let’s trot out a Chinese agent from, gosh golly, Onni again. And if you care to notice he’s standing in front of Central 1 –the home of Helmut Pastrick-, where there are absolutely no Onni projects currently going up. WTF is that guy doing being interviewed there anyway?
Any-who… this guy is the obvious expert on the foreign market because he can tell you the exact opposite of what Larry Yatowsky’s realtor survey showed us, that YVR is a destination for a lot of international buyers. That’s the only truthful but anachronistic statement in the whole piece.
Then the news guy, who never asked a question in the whole piece, summarizes that the experts agree that high prices in metro van are here to say. Thanks for the laugh News Guy!”
mac is correct to call CTV out on the internal contradiction of the title ‘Experts predict B.C. real estate bubble will remain intact’. To really say that a market is in a ‘bubble’ is to also predict that it will implode. Most market watchers don’t thoroughly understand the dynamics of a speculative mania.