House Prices Up 25% YOY (But Skewed By 3 Areas); Buying From China By “Remote Control” Via Internet


From Global TV 17 Jun 2011  [ care of video archivist Greenhorn] –

Excerpt:

Announcer: “In Richmond, West Vancouver and on Vancouver’s Westside, 25% of the sales come with bidding wars.”

Mahmood Ladhani, BMO Area Manager: “There are some bidding wars happening within our markets, where people are getting passionate about buying a home.”
Announcer: “Some of the off-shore buyers aren’t even coming to view the homes, they’re doing it by remote control.. viewing the images on the internet and making bids.”

Ladhani: “In certain parts of Vancouver you start to see helicopters flying around and … you know people are taking pictures, and.. you start to see people just buying stuff through the internet.. realtors are very active with the overseas market.. it’s driving up prices because people aren’t taking a look at the properties, they’re actually just making bids on it.”


Thoughts:
1. More info regarding market losing breadth towards top.
2. ‘Passionate’ about buying houses? ‘Panicked’ and ‘Desperate’ also apply. All signs of a mania. Remember, locals are doing more than 80% of this buying. They are all buying expecting future price gains.
3. Sky-Cams and “Remote” buying by internet? We particularly like the sinister shot of the surveillance device under the chopper. A higher order of hyper-efficient buyer has taken over!.. We’re becoming game-pieces in some kind of intercontinental computer game!.. (are the implications). All smack of top o’ the bubble stuff but, as we’ve said before, we’ve made so many prior incorrect calls on the matter we’re not making them any more. We’re just patiently waiting for the inevitable to play itself out.
– vreaa

6 responses to “House Prices Up 25% YOY (But Skewed By 3 Areas); Buying From China By “Remote Control” Via Internet

  1. lol love it

    average price YOY is only up 6%

    only.. only..

  2. the reports of corrupt officials moving $123B overseas deserve a post – likely to cause some political fallout

    http://blogs.wsj.com/chinarealtime/2011/06/16/report-corrupt-chinese-officials-take-123-billion-overseas/

  3. Did you all wait for the last part. BC has the highest poverty rate in Canada. 12% of all children live in poverty.

    If the absentee Chinese are so desperate to own here, there must be some way we can monetize that and bring fairness to our society.

    The most expensive RE in Canada and the highest child poverty rate in Canada – something to be proud of!

  4. LOL with the advent of the Internet, now all’s you need is Superdave Osborne with a camera on his head making bids.

    Yup, no problem here…

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