Well Grounded Or Not? – Fears Of Earthquake Suddenly Affects Richmond Buyer Behaviour

LY at vancouvercondo.info 24 Mar 2011 at 6:48 am“One of my friend who rents in Richmond was so thankful that she lost in a multiple bid for a house a week before the Japan earthquake. She plans to look for a house elsewhere, [anywhere] except Richmond and Delta.”

SethM at RE Talks 23 Mar 2011 5:45pm“Anecdotal information from some Richmond realtor friends. The Mainland Chinese were spooked by the Japanese earthquake and Tsunami and have dropped Richmond like a hot potato. Their new stomping grounds are Burnaby.”

zrhdude at RE Talks 23 Mar 2011 10:00pm“I would agree that the Richmond Froth seemed to end as fast as it started as you are not seeing the crazy pricing of land values and fewer transactions. Because many people have seen the sales amounts, many have now listed (my parents are there and believe me – the numbers being received have prompted them to basically list now after 30 years). After the next two weeks of stats posting and the impact pushing a lot of sales into the beginning of the year to beat the mortgage rules, we are going to see some interesting market moves now through end of year.” and 24 Mar 2011 7:26pm“Definitely slower and you are seeing it in the daily stats. Listing are exploding and the sales are not keeping up like in February. Not seeing the same crazy bidding wars to push the prices up as well. So – The February month may mark the top in Richmond for a long time now.”

[Richmond was experiencing a market blow-off and would have reversed viciously at some point, earthquake in Japan or not. – vreaa]

13 responses to “Well Grounded Or Not? – Fears Of Earthquake Suddenly Affects Richmond Buyer Behaviour

  1. Ok, VREAA – be warned, sooner or later, a Realtor driven pre-dawn Gendarmerie Royale ‘knock on the door’ is gonna happen… 😉

    [CBC] – B.C. man pleads guilty to feeding bears

    http://tinyurl.com/45msp35

    • hahaha.. [damn! outed!]

      • Restaurant Unemployee

        historically speaking, this sort of behavior we are witnessing (hoarding/mania) is nothing new for all races of the world, but the chinese certainly have a way of taking it to a new level, and concentrating it amongst themselves.

        they’ll get theirs, just like we’ll all get ours.

    • “Their new stomping grounds are Burnaby”

      What are they ? A swarm of locusts!!!
      “The Chinese are coming, The Chinese are coming!”

      The exaggeration and hysteria is annoying

  2. That’s how it ends. Everything seems to be reaching fever pitch and then BAM there’s no floor under your feet.
    If this is really because HAM is afraid of earthquakes, it’s just a signal of how quickly things will change when they move on from Vancouver real estate to some other asset bubble.
    Sell now if you still can. Hold the money.

  3. Actually, other ‘seismic disturbances’ may have far more to do with recently quelled HAM appetites… 😉

    [ChinaDaily] – PM Wen urges officials to report assets

    …”Friday’s call was a renewed push for anti-graft efforts by the Premier, who pledged in an on-line chat with the public in late February that the investigation and prosecution into allegations of abuse of authority, dereliction of duty and involvement in corruption by principal officials would be a “primary task” in 2011.”…

    http://tinyurl.com/5rtnan7

    • Laureate Money Punters

      i will believe it when i see it

      i watched the sentencing of various party members involved with embezzling and also the melamine milk idiots – it reminded me of stalin’s show trials – but i think graft is an intrinsic part of any ‘vanguard’ – it’s why they went into the party in the first place. otherwise they’d all be zealots and the country wouldn’t have gotten this far.

  4. A friend of mine was looking to buy a condo but has changed her mind because she does not want to see her life savings get destroyed in an earthquake. so is now looking to rent. She is not Chinese.

    • All strata buildings in Metro Vancouver are covered by ‘earthquake’ insurance, including flooding caused by water pipe burst. However, there is no insurance coverage available in our market for ‘tsunami’ and ‘floods’.
      Your friend is misinformed, and she is entitled to own her condo and build up her equity/wealth if the financial number makes sense.

      • You are assuming of course that that the Insurer can meet its liabilities – which in the case of a massive large scale natural disaster is a dangerous assumption.

    • ams, do your friend a favor and advise her accordingly.

  5. “LY at vancouvercondo.info 24 Mar 2011 at 6:48 am – “One of my friend ..”

    He/she is pumping Vancouver real estate in this forum:
    http://www.csiclub.com/Forum/tabid/61/aff/2/aft/15158/afv/topic/Default.aspx

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