“His North Shore townhouse is listed at $549K and is not selling. He bought 6 years ago, and will be selling for a loss. He commented that he is the only person losing money in the Vancouver real estate market.”

“I was shocked to hear a friend of a friend state on Facebook that his North Shore townhouse in North Vancouver was not selling. It is listed at $549,000 and has 360 degree mountain and water views. He bought almost 6 years ago and will be selling for a loss if it sells. I doubt Global will run with that story. He commented that he is the only person losing money in the Vancouver real estate market. Shocking that even a guy losing money in Vancouver thinks everyone else is still making it.”
Justsayin at greaterfool.ca 4 Apr 2012 9:29pm

25 responses to ““His North Shore townhouse is listed at $549K and is not selling. He bought 6 years ago, and will be selling for a loss. He commented that he is the only person losing money in the Vancouver real estate market.”

  1. “…he is the only person losing money in the Vancouver real estate market”

    Tell him to think of himself as a trail breaker, a modern-day Lewis and Clark.

  2. Okay, how badly did he overpay when he bought it?

  3. Carney may intervene to stop Canadians from piling on debt
    “We have never been as indebted as we are today as individuals,” he said. “We’ve done analysis which shows that about 10 per cent of Canadians are vulnerable if interest rates returned to more normal levels, which will happen.”

    • My bad.
      “He made clear hiking rates solely to restraint the housing market would only be considered if debt threatened the country’s financial stability and as a complement to other measures.”

      • Then he should have done it two years ago. What a blockhead.

      • He still thinks that our debt level is in no way threatening the country’s financial stability until later in 2013, and then may be it will be further postponed to 2023. Hey, if they can’t figure out 15 billions from 25 billions, you can always trust them.

  4. reality check

    I heard that a friend of a friend of a friend made a huge amount on his recent sale. Come on. This is getting pathetic

  5. reality check

    There is a nice whiney letter in yesterday Courier, VREAA, stating how a poor family of 3 who deserves to live on the west side is looking at leaving the province. BOO HOO. I thought you’d enjoy reading it.

  6. V936534
    Leasehold

  7. My girlfriend and her husband, both high professionals, bought 5 years ago in Langford, close to Victoria and after months on the market, sold last year for no profits. I was stunned but she made nothing. I guess she was lucky not to lose any money as this will be the common story in the future. People in Calgary and Edmonton have already been through this story. Ozzie Jurrock and Don Campbell, “real estate gurus” were pumping up those two cities like it was a sure thing and both did not forecast the drop which was related to the drop in RE in the USA.

    • “bought 5 years ago in Langford, …………… sold last year for no profits.”
      That means that they lived rent-free for 5 years.
      I believe that our market is in a bubble,and will crash. However if one can live rent-free and/or contain his loss below 15%-20% of his equity or net asset, it is up to the individual to weigh in on his priorities.

      • Well, ‘rent’ was the transaction costs, interest payments, property tax, maintenance cost, opportunity cost of downpayment, etc.
        ..
        Agree re doing the math as in “up to the individual to weigh in on his priorities”; trouble is, ownership in most parts of the lower mainland, for most individuals, involves putting oneself at risk of a very significant drawdown in net-worth.

      • …and unlikely all costs will ever be properly accounted. Chin up, though!

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