Bob Rennie – ‘Real Estate is a Sport’; ‘No Parking’; ‘I Love My Prius’; ‘Buy-Downs’; ‘Emerging Communities’; ‘Ghost-Town’; ‘Front-Row-Seats’; ‘Condo-Watchers’; ‘69% Of Buyers Own Homes’; ‘Repatriating Money’; ‘Passive Investment?’; ‘Like Trading Baseball Cards’

Bob Rennie, Vancouver condo marketer, on the ‘Bill Good Show’, CKNW 980AM, Vancouver Radio, 9am Friday 16 Mar 2012 [hat-tip Keith] –

Bill Good:  ‘Marine Gateway’ is the first major development along the Vancouver portion of the Canada line. And 11,000 people have registered to buy one of the 414 condos that will be up for sale this weekend. It hasn’t been since ‘Woodwards’ in 2006 that a condo project has created this level of early interest. Bob Rennie, of Rennie Marketing Systems is with me in the studio. This seems.. hard to believe..

Bob Rennie:  Yeah, it’s hard to believe what we go through in Vancouver, compared to almost any other jurisdiction in North America, other than Toronto.

Good:  So, 11,000 people?

Rennie:  11,000.. but you have to look, at a certain level, that in Vancouver, real estate is a sport, everybody wants to know what’s new, so half those people are interested in what’s the latest and greatest steel refrigerator, and going to see new lay-outs, and then you’ve got a core group of real buyers that are lined up there right now,

Good:  And there’s a line-up as we speak?

Rennie:  There’s a line-up, of 60 to 100 people.. you know… everybody wants the best and the cheapest on any project, so that’s just sort of an expectation in today’s market… everybody wants the top with the views, and everybody wants the cheapest for their daughter.

Good: (laughs)

Rennie: … and that’s where you get that initial interest from.. We’ve been open now for a couple of months, and everybody has been coming down and previewing, and they understand what floor plan they want, they understand what view they want, they understand they’ll live with or without parking, because .. the whole thing that…

Good:  Where exactly is this?

Rennie: Right at the SE corner of Marine and Cambie, and it’s right on the Canada-Line… so you’re not going across the street, you’re just coming down and walking out… but it’s retail, and it’s office, and it’s residential, so it’s a new emerging community..

Good:  What’s the price range?

Rennie:  There’s two hundred homes under three ninety-nine… so, that’s the attraction, is that affordability

Good:  So, under 400 thousand, and you can get on a sky-train and be downtown in 15 to 20 minutes.

Rennie:  Yes, downtown.. and.. what is your producers name?, I’m sorry, I forget…

Good:  Jessica…

Rennie:  I was just telling Jessica, that if you look at the difference between Jessica, and Bob, 55, that at 55 we’re looking at do we let go of one car in the household… we understand the cost of insurance, and running a car, and depreciation, and payments… Whereas Jessica, and Jessica doesn’t have a car…

Good: No, she’s ahead of you… she gave up her car and walks to work..

Rennie: Jessica, and Jessica doesn’t need to drive to the local drive-in to find out what’s happening tonight, she has an iPhone, and that difference in communication, that difference in that generation, that they’re not addicted to the car the way the baby-boomer generation is.. So, as I’m telling developers, we can build without parking,.. they’re going ‘No, nobody’s going to buy without parking’.. but we’re here, so, juts over 100 units there without parking. We did the ‘Capital Residences’, downtown, the old ‘Capital Theatre’ site, with 102 units without parking… Peter Wall did the ‘Scotia Bank Centre’.. we did about 115 units there without parking. Jessica and her younger friends have no desire to own a car… not just because of the overhead but they don’t need it for lifestyle.

Good: They also know that they can get a car share program, or can rent a car for a weekend, and they seem to be satisfied with that..

Rennie: ..and the zipcars and the modo cars, they work in the city where there’s a concentration of cars to pick up… when you get into the suburbs and you say we’ll have one car for 300 condominiums, it doesn’t really work, because you don’t have a concentration… that’ll all change. But my thing is… the Mayor is looking at affordability.. you know, Telus has announced it’s building an office building… I think it’s phenomenal for the city.. but that’s going to be filled with employees that don’t want to drive an hour and a half home… so we start really having to look at these emerging neighbourhoods…

Good: So, you’re seeing a real transformation..

Rennie: Absolutely.. I think this year we’ll bring out 1800 to 2000 homes transportation oriented.. so Marine Gateway, and then we’re doing at Boundary we’re doing 3 towers later in the Fall, and then we’re just going to start previewing in Richmond, ‘The Mandarin’, which is the very first Canada-Line station. Not only that, you’ve got a million square feet of shopping and restaurants. Somebody told me, if you’re going to buy in New York, find an area that’s the least inconvenient to your lifestyle, not the most convenient, but the least inconvenient… so the fact that you’ve got restaurant shopping, dry-cleaners, not just a telephone store, but real usage downstairs.. and the transportation is the big win.

Good: Well, you talked about the cost of the car, the cost of insurance, the cost of gasoline,.. but another huge factor, downtown, is the cost of parking…

Rennie: The cost of parking but the inconvenience now of being in a car driving down Hornby, or driving down Granville, where do I turn right or where do I turn left?.. and if you hit the wrong time, you’re in your car for 20 minutes, as opposed to being on the Canada line, on your laptop, on your iPhone, and just walking 5 minutes. So, this under 35 and over 45, there’s sort of purgatory inbetween there… the different ways that we look at the vehicle..
… [commercial break] …

Good: You think you’ll come close to selling out the 400+ condos, in a weekend?

Rennie: I would think, with the level of activity, and people lining up, that we will sell 90% of it on Saturday…

Good: You just told me you gave up your big fancy car, for a Prius… Are you trying to move into a generation below you?

Rennie: I’m trying to understand.. when I turned 50, I wanted a fancy car, I’ve always promised myself I would, I still get up 4:30 and work seven days a week.. but, after 2008, I was self-conscious of a fancy car, and was only driving it once a month, I thought, let’s let it go… and, my son didn’t think I’d last with it, but they got me a Prius, and I love it

Good: And you actually drive yourself?..

Rennie: I drive myself, yes (laughs)

Good: Because the last time I saw you you were getting into a great big black Mercedes, with a driver…

Rennie: The company has a Mercedes hybrid, that my assistant, Sylvia, stays with me 7 to 7, ‘cos all my business is running from boardroom to boardroom, from developer to developer in the downtown, and, when you look at driving and you look at parking, it’s just.. I like my assistant with me… so she stays until 7 o’clock and then, after that, I’ve got my Prius, I love it..

Good: But I thought it was interesting, you’re talking about a generation, and Jessica is among that generation, she gave up her car, a year ago, she walks to work… and you’re talking about people buying on the Canada line and using the transit system and being reliant on that.. and they don’t really need a car except on occassion…

Rennie: We’re building all our new developments on affordability – Jessica -, and then, the baby boomer – Bill and Bob – and, you know, this baby-boomer generation, which is 47 to 66 years old, they don’t have as much money to play with as they thought they had, they’re not taking the risks that they used to take..

Good: Interesting..

Rennie: And, for Jessica, they have this 500sqft 1 BR with no parking on transportation, 3/4 of the building still has parking, because we can’t shift culture that fast…

Good: The baby-boomer, I suspect, is thinking of driving less.. perhaps having one car instead of two..

Rennie: They’re driving the Prius; they’re driving a hybrid, because it’s socially acceptable… you don’t have to say “I don’t want to spend $150,000 on a car, I only want to spend $32,000 on a car”, and it’s socially acceptable to be green.. and if you look at the shift with the baby-boomer, they’re protecting the money that’s left.. you know I can throw the Olympic Village into here, we’re just launching Canada House, the Arthur Erickson inspired.. on the water.. it’s 40 homes, they’re a million dollars plus, but, the homes that are selling for one point five to three point four million are ‘buy-downs’… it’s people who are selling their West-side home that foreign money happens to be buying, it’s not for the local market anymore, and then that money is being repatriated to a ‘buy-down’ in a place like the Olympic Village. Ten years ago, the West-side buyer thought “it goes Granville to Province of Alberta”, there was nothing in-between.. and now, that baby-boomer, everybody’s thought pattern has shifted.. the Olympic Village is an emerging neighbourhood, Canada Line is an emerging neighbourhood, Woodwards is an emerging very conscious mixed-use diversified community, but it’s emerging…

Good: Now, the whole Olympic Village, that was such a controversy a couple of years ago.. it has really emerged, I saw the story the other night… 65% sold now…

Rennie: We relaunched it with the receiver, February 17th of eleven, and we invented this name ‘ghost-town’.. we went out to the media and we said “it’s a ghost-town, let’s be really transparent”.. there was a perception about the Village that it was failing.. and so we thought that if we put the ‘ghost-town’ on it.. Now, I’ve always though that, that community being on the sea-wall would stabilize and it’d be okay.. and there was 472 of the 737 condominiums sold.. you go down there it’s hustling-bustling.. Terra Breads has opened, you can’t get a seat in it.. Urban Fare we expect to open before the summer.. London Drugs is coming… the community is being built out.. so now that the asset is stabilized we recommended to the receiver that we can now bring on the front building, which is two small buildings, one with 40 units, one with 20…

Good: This is the high end.

Rennie: This is the high end… front-row seats right on the sea-wall.. starting tomorrow, Saturday, for two weeks it’s open to the public, after that it’s by appointment… You know, this one million to seven million dollar inventory really isn’t an open-house inventory.. but there’s a lot of real estate sport condo watchers and Olympic Village condo watchers, and where did Sidney Crosby speak condo watchers.. sleep.. condo watchers that’s where our Olympic team stayed was in Canada (House)..

Good: So where is the market for that.. is that a local market.. off-shore market, or both..

Rennie: it… we can tongue-in-cheek say it’s not.. it’s not off-shore… it is a local market..

Good: People downsizing?

Rennie: People downsizing.. they’re selling their West-side homes and they’re repatriating that money.. which is breathtaking (laughs).. to other jurisdictions, such as the Olympic Village. And, the Olympic Village, I needed 2.5 to 3 years to sell it, stabilize it, and earn the brand back.. when we bring on a Marine gateway, you go down, you put 10% down, and within a year you’ll have a 25% deposit and 33 months from now you’ll pay for it. So Bill and Georgie can figure out do we need it to live in?, do we put the kids in it?, are we going to spend more and more time on the coast?, do we just keep it as a passive investment?

Good: He’s trying to sell me!

Rennie: ..but I can’t get you ahead of the line!.. But you’ve got that 33 months to figure it out… But if you buy at the Olympic Village, within 60 days I want all your money. So you have to have been selling your home or selling your home (sic). Stats, if you’d like them, Bill, is that 69% of all homes sold in Greater Vancouver, are to people that already own a home. The other 31% are to first time buyers.

Good: So there’s still a first time buyer market?

Rennie: There’s still a..

Good: There has to be.. doesn’t there?

Rennie: But I think the deception, after my recent address, putting the numbers together.. I think the part we have to understand, is that this first time buyer, when we say we’re the most expensive place to live, is based on incomes, but the 69% of buyers already own a home, it’s an equity play, they’re just trading baseball cards.. But the 31%, I’m trying to understand.. so, I’m putting the figures together.. of the over 55 year population that owns their homes clear title, and that 55 to 74 year old, when they’re selling their home, they’re helping the kids and the grand-children… they’ve… (my stats guys) and I were joking the other day that we’re gonna make t-shirts that say “My grandparents bought a home in 1978, and alls I got was a lousy one bedroom condominium”… because that money is being repatriated down to help the kids..

Good: OK, we’re almost out of time..

Transcribed here, for the record. -ed.

 

58 responses to “Bob Rennie – ‘Real Estate is a Sport’; ‘No Parking’; ‘I Love My Prius’; ‘Buy-Downs’; ‘Emerging Communities’; ‘Ghost-Town’; ‘Front-Row-Seats’; ‘Condo-Watchers’; ‘69% Of Buyers Own Homes’; ‘Repatriating Money’; ‘Passive Investment?’; ‘Like Trading Baseball Cards’

  1. love coming here to get some local color. today, i’m like totally blinded.
    “but the 69% of buyers already own a home, it’s an equity play, they’re just trading baseball cards …”
    that is it exactly. take all that local equity, mix in a bit of outside cash dumped in from olympics, ham, whatever, provide asset vehicle to lever up on low rates and presto.
    -> I didn’t put nothin’ up … Yes, you did. You’ve been putting it up your whole life you just didn’t know it.

  2. …”Like trading baseball cards”….

    “Hey let’s party
    Let’s get down
    Let’s turn the radio on
    This is the meltdown
    Get out the camera
    Take a picture
    The drag queens and the freaks
    Are all out on the town…

    She plays the guitar in the bathroom
    While the police dust her mother’s plastic flowers
    And Schoolboy John’s in jail
    Making a killing through the U.S. mail

    This is the movie of the screenplay
    Of the book about a girl who meets a junkie.
    The messenger gets shot down
    Just for carrying the message to a flunkie.

    We can’t be certain who the villans are ‘cuz everyone’s so pretty
    But the afterparty’s sure to be a wing-ding as it moves into your
    city”….

    • Aldus Huxtable

      Brilliant choice Nem! A few days ago I contemplated posting Ice T/Bodycount’s There Goes The Neighbourhood but beyond the first riff and opening vocal line, it didn’t ring true enough to our circumstance. Perhaps I best get out the pen and notation paper.

  3. I wonder if the new buyers took into consideration the likelihood in that in 3 years this province will have a business busting NDP government, Flaherty will have tightened mortgage lending to slow the market, and interest rates will be on the rise.
    Real Estate in Vancouver is starting to become russian roulette.

  4. http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/20120317/bc_condos_120317/20120317/?hub=BritishColumbiaHome

    keep typing vreaa. none for you to be had. hope the typing above gave you enough money for a trip to superstore.

    • Love the quote near the end:

      Reporter: “He only found out about it this morning.”

      Buyer: “It only took me 5 minutes to make the decision.”

      ….Prudent, wise, well thought out choice.

    • “You snooze, you lose.”
      “The race goes to the swift.”
      “Early bird….”
      “[Any other cliched quote about mindless action being better than thoughtful inaction.]”

    • wtf fred, superstore! is that where you took off to? you were supposed to hold our place in line! those condos were our last chance! think of tiny tim! well, unless they build some more next to a tim’s.

    • fred doesn’t shop at superstore

      it’s for plebs and immigrants

      fred shops at CHOICES

  5. It’s not like Russian roulette. When you play Russian roulette, you only put one round in the cylinder. Vancouver real estate is the equivalent of playing with a fully loaded cylinder. Typically, that’s called suicide.

  6. I really don’t understand his use of “repatriation”, is he trying to change it’s meaning so people don’t get worried when they hear of (foreign) investors repatriating money (aka dumping their Vancouver holdings).

    And do all 31% of first time buyers have house owning & downsizing parents and grandparents in Vancouver?

    • He’s almost using ‘repatriation’ like a kind of euphemism, trying to make a shifting around of funds sound like something positive: “Vancouver’s not losing out, the money is ‘repatriated’!”

    • I understand financial repatriation to be an act of sending money back home from a foreign location. I think bob has it confused with a loan from the ‘bank of mom and dad’.

    • Renters Revenge

      He obviously doesn’t know what the word means.

    • Yes, strictly speaking his use of the word is incorrect. Whether he is doing that knowingly or not is unclear.

    • He is a high-school dropout, and proud of it. He doesn’t know what the word means.

      • Bob Rennie = Nelson Skalbania. Just wait.

      • Bankruptcy and decline

        On December 16, 1982 Skalbania filed a proposal in Vancouver, British Columbia, under the Bankruptcy Act that called for his 125 unsecured creditors to allow him five years to repay $30.3 million in debts. High interest rates, a depressed real-estate market and millions lost on sports ventures such as the Montreal Alouettes of the Canadian Football League and the Calgary Boomers of the North American Soccer League brought about the bankruptcy.

  7. And is it really a “first time buyer” if it’s a person who was handed the cash from a parent or grandparent? It’s a “first time name on title” but the buyer is still the person who just sold. Again, leaving a giant gap between the money moving around the real estate business and the money real people earn by working real jobs. That’s the same gap that pops every bubble, if you can’t hook your business model into the “real” economy, you don’t have business model.

  8. I have a rare blood type. I would like Bob Rennie to act as my agent and negotiate the best rate per pint. Non-refundable deposits only. Biomat in Seattle pays well, but I hear other American institutions will pay much more. Shelter is shelter, blood is blood, and both are necessities. I need to maximize my plasma valuation. Sorry Canada, it’s about the money.

  9. Renters Revenge

    “My grandparents bought a home in 1978, and alls I got was a lousy one bedroom condominium”
    That pretty much says it all doesn’t it.

  10. Hey Bob!

    “When you look at the fundamentals…the Vancouver market is definitely flashing a bright red light,” Alexander says. “Think of it as a graph: you can plot home prices in Vancouver versus personal income, and the slide looks like a hockey stick; it’s shooting up toward the moon. When you look at it, you think ‘That can’t last.’

    “I can’t tell you whether something’s a bubble until after it bursts, but I can tell you when something makes no sense, and Vancouver home prices on the basis of domestic affordability make no sense.”

    http://ca.finance.yahoo.com/news/canada-s-real-estate-bubble–spot-the-signs-and-prep-for-the-pop.html

    • Get over it. Bob does not give a shit. He is an egomaniac and strives to better last years sales to give himself virility. He cares nothing for your charts or rationalizations. This is about power even more than money itself.

  11. Is this guy manic? Certainly reads that way.

    Also: “…find an area that’s the least inconvenient to your lifestyle…”

    Great advertising. Can’t wait to see that on a promotional poster.

  12. This guy (Rennie) is very connected – I remember seeing him come out of the B.C. budget release meeting when it was on the news. The developers are controlling the economy, not the BC Liberals. As far as the Marine Gateway goes..just a case of wait and see – how many will be empty, how many will leak, etc

  13. Congratulations to Mr. Rennie for an outstanding sales accomplishment. The demand for choice properties remains strong. The eager beaver buyers deserve every thing coming to them.

    I thoroughly enjoy watching this from afar… indeed it is a sport watching people gamble with their life/retirement savings! The real estate rocketship will either continue to take off or crash and burn.

    Thank goodness I don’t live in BPOE anymore.

    • Regardless of what you think of the market/bubble, you have to admire Rennie’s skills. The way, in this interview, that he plays up (1) car-free-living (to market Marine Gateway), and (2) ‘buying-down’ from Westside homes (to market high-end Olympic Village) is masterful. Playing buyers like they’re violins in his very own string orchestra.

      • Some of us will just laud the manipulation from a safe distance while we save our admiration for real feats of skill and talent. You know…like for guys who actually tried to put the brakes on this out of control market. It’s pathetic that Rennie shoves all your noses in his own arrogant success. Guess that is a mark of great salesman. You will all be on his side soon. Even buyers perhaps.

        Long live the King!

      • Farmer -> Agreed.
        Admiring ‘skills’ is, in this case, without moral valence.

      • Thanks Vreaa. Sorry if I sounded testy. Guys like Rennie and their attitude of casual indifference just burn me up. I want to give a credit to a guy for being a great success too but then I look at all the people getting hurt by his good fortune and change my mind. This guy is victimizing the whole city and lapping it all up. He gets the TV and radio interviews and media attention to our detriment. The sooner this crashes the better. My faint hope is that Rennie is leveraged to the hilt and he goes bust as he so richly deserves.

      • It’s a strange thing that I wouldadmire the skills of a market-maker, but I’ve had a change of heart. God’s work this is most certainly not.

        But hey let’s keep some perspective, it’s only money. Enjoy the spectacle in its horrible and pointless glory.

    • Make that a double for me ex-604. It is idiocy to perfection now.

    • they are also gambling with our tax dollars and the economic health of our nation when we end up bailing out the CMHC for all their shite mortgages.

      not that they care about the nation

  14. Rennies a smart guy ill give him that, but when the market crashes its surely going to affect him more than most as hes always bought 2-3 units in EVERY project hes ever marketed. Not sure if he holds on to them or flips but i know for sure he owns 2 units at shangri la and the penthouse at the fairmont pacific rim right now, and those ultra luxury condos will be the first to pop.

  15. speaks volumes that our tallest tower is a condo block and not an office building where people work in

  16. I dont understand all the pessimism. I have been in Vancouver since 1970 and prices have been on a steady uphill trajectory.
    Have gotten a few places over the years and am doing ok , but not great. At one point I waited for about 8 years to a decade to make a move as I really thought there was a bubble. I had the same attitude as this website during that whole time.
    Now, I can see things going down too much, and even if it does, who cares, the overall picture wont be very different ie we will still have demand, just at lower prices.
    So, someone please straighten me out and tell me what is wrong ?

      • Hey chubster, what do you mean, “lived through it”, lived through prices going down slightly ?
        Do you really think there will be a correction or drop here of more than 30% ?
        Even if things did drop 50%, I dont think that very much would change. Even people who would be underwater at that point would just be paying the same mortgage as they are now.
        I have a friend in Florida who loaded up and has 7 places, and now 6 are underwater. It is not good, but in another sense, they are all rented and life goes on.
        I really love reading this site, but in my life I have seen 42 years of upward pricing, that is amazing in itself.

      • 4SlicesofCheese

        “but in my life I have seen 42 years of upward pricing, that is amazing in itself.”

        Where the hell do you live cause that is not describing Vancouver at all, please show me where you got that information from.

        Plus, factor in inflation and that makes your statement more ludicrous.

      • I dont get it, why does it matter what percentage of buyers already own a house ?
        Why do you think there will be a crash ? Things are not that out of control except at the very top prices, and who cares what happens to those idiots.

      • Hey 4slicesofcheese
        You dont think the market has gone up constantly in the last 42 years ?
        Then what do you think has happened in the last 42 years ? Do you think homes were worth more at some point and then went down, and then up again ??
        What does inflation have to do with it ? If you factor in inflation then things are still rising.
        Here is a chart I found of prices since 1977.

        I say prices are constantly going up, maybe a little, maybe a lot. Yes , there could be a correction, but a crazy drop of more than 40%, that is very very hard to see.

      • 4SlicesofCheese

        @ renx10

        Thanks for posting that chart, it pretty much proves my point.
        I don’t even have to explain.

    • go talk to some people that have lived through it. or catch up reading on what’s happened to many folks elsewhere.

  17. Hey chubster, made a comment back to you. It ended up in from on your reply. Check it out.

    • 2 things. #1, it’s bs and it’s bad for ya -thank you gc. some people are happy to have a robe and a bowl and beg for their meals everyday. some light themselves up in protest. but that’s ok because they do no harm and are fully aware of what they’re getting into. #2, it matters who gets the money. if i’m fine giving the money away, it’s going to people i know and care about or people i don’t know and care about, not the —-heads who should be getting lit up (financially).

      • Hi chubster,
        Sorry, I have no idea what in the world you are talking about at all.
        I thought you were commenting on Vancouver real estate.

      • too many steps ahead. ok, back up. i saw it coming and sold my CA house in 2006. if you’ve surveyed everything and think it’s different or 6 underwater rentals is ok, great. personally, my fu fund is crossing into the work-optional range and keeping it there relies on my seeing what’s coming next. what matters is poeple understand what they’re getting into. sites like this are about them figuring that out. i’ve seen too many light themselves on fire without knowing it.

        if you’re really curious what i think, i think van is more absurd than CA ever was because:
        – people should know better by now
        – less income growth/diversity is supporting higher valuations
        compared to the californians, i think people here are doing it because they’re more desperate than greedy. They see a shot at big tax-sheltered gains vs the traditional long tough slog through limited opps, marginal pay and punishing tax rates. they’re taking that shot then rationalizing it as prudence and responsibility.

      • I know I’m going to regret this… but think of it as a parable.

        In 1984, Pepsi’s TagLine/Slogan:

        “Pepsi, the choice of a new generation. Are you ready to take the challenge?”

        Michael Jackson was. However…

      • Nem, when I click on your links I keep getting the message “this video is currently unavailable”. Any idea why?

      • No issues on my end, Farmer… does your access node reside behind a corporate firewall [it’s not unusual for those to exclude content deemed ‘distracting’ and/or originating from domains classified as ‘non-essential’/recreational]?… Alternatively, your web browser may not support AdobeFlash player [or, if installed, there may configuration issues/conflicts]… If anyone else either can’t see the embedded video or execute a click through to youTue… please post a note here, including your browser type…

  18. the sign of a healthy market is when 69% of buyers already own a property! I guess some of those move up buyers don’t bother selling their existing homes to keep the gearing to the crash at maximum levels. Keep buying suckers!

  19. Hello 4slicesofcheese. You didnt agree with me when I said that Vancouver had 42 of rising housing prices. Then when I posted a chart showing that is exactly that this happened. You came back and said “it pretty much proves my point”
    Are you associated with the republican party of the US or a relative of George Bush ? What the hell.

    • Your chart shows 42 years of prices, including many years and long stretches of years where prices stayed flat or declined. If that were a chart of inflation adjusted prices, there would many more years where prices were flat or declining. Your chart shows that, after 42 years, prices have risen. But there weren’t 42 years of rising prices.

      • Hey csg – the whole point of this website is that there is an imminent bubble in the Vancouver real estate market. Even if you factor inflation into the last 42 ( and I would go on to say perhaps for the last 70 years) years, there has not been a significant dip in prices.
        There was only a tiny blip in the market here during the 2008 financial crisis that almost took down the whole world and is still in play.
        And what do we get in Vancouver even today, either a rise in values or at worst a flattening. A flattening of the market at these prices means we still have a strong market.
        So, I dont see how your opinion or this entire websites opinion is supported in any way.

  20. Pingback: Peppy Ads – “Buying a Home Is Like A Sport. Meet Your Coach. Win The Real Estate Game.” | Vancouver Real Estate Anecdote Archive

  21. This guy is exploiting the poor and gentrifying (read: killing) my city piece by piece. People are on the streets because of this guy and he “loves his Prius”. Congrats. Wake up, Rennie. This city isn’t all expensive cars and fancy artwork.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s