“One agent is telling him to drop his price drastically to beat reduced prices in the Spring. The other agent is telling him that he has to keep his price above $1 mil to attract foreign buyers.”

“Just talked to a friend trying to decide which agent to use to sell his house in central Vancouver. One agent is telling him to drop his price drastically to beat reduced prices in the Spring. The other agent is telling him that he has to keep his price above $1 mil to attract foreign buyers. Still too many agents with the former pitch and too many people who want to believe it.”
pathcontrolmonk at greaterfool.ca 17 Jan 2013 at 10:11 pm

14 responses to ““One agent is telling him to drop his price drastically to beat reduced prices in the Spring. The other agent is telling him that he has to keep his price above $1 mil to attract foreign buyers.”

  1. You mean the latter pitch?

  2. The first agent is a gamer. ABC… always be closing… good for him. The other agent sounds like he’s under severe peer pressure. No matter, the bomb is lit.. the fuse grows shorter

  3. Remind him that there’s no CMHC insurance for properties priced at over a million and that implies that all of his prospective buyers must have a significant down payment

  4. News flash! Richmond is the fastest falling market.
    What foreign buyers does he refer to? The coffee smell hasn’t reached some yet I see

  5. but didnt you know the world is moving to Vancouver….
    every single human being on earth dreams of living in Vancouver

    • Nice find. So to paraphrase, “there’s a problem here, and yes it’s a big real problem, but don’t worry it’s not about us, it’s about the other guys”. The very fuel of bubble written into words.

  6. Sell now, or be priced in forever! 🙂

  7. No doubt – Vancouver RE has entered the HAM only market phase. Why drop your price if international immigration is picking up again? Internation immigration more than swamps the steady increase in interprovincial outmigration from BC. The trend from income toward equity driven RE market is accelerating.

    http://www.statcan.gc.ca/pub/91-002-x/2012003/t330-eng.htm

  8. It seems that international immigration is trending down. With the exception of October-December 2011, the year-on-year numbers are generally going down. I guess we’ll see when the 2012 figures for that quarter come in. I wonder whether the big cash will show up this spring.

    • Look again, immigration through Sept 2012 is higher than 2011. Q4-2012 data will likely result in Cal 12 above Cal 11. News of recent studies indicates that that rich Chinese are leaving China in continually increasing numbers. Canadian stats for 2013 will eventually bear this out. Also, expect BC net interprovincial migration to be increasingly negative in 2013. The trend and the new $1M CMHC restriction suggests Vancouver SFH sales will be cash only in the future thus reinforcing the departure of income dependent families and the magnitude of the HAM wave. Unintended consequences or not? I think not. Vancouver is being sold to help the federal government get back in the black while income dependent families are finding better income generation opportunties elsewhere. As I’ve said many times before, if you live in Vancouver and have to work for a living, you’re screwed.

      • You could always abandon your dreams and become a housekeeper, gardener or nanny for the rich. That way you could stay in Vancouver and maybe still enjoy the Starbucks on Robson Street once each week.

        This grand employment scheme comes with gratis meals and free rent but I hear they pay your salary in puka shells plus second hand clothing and shoes.

        Can it be that bad if it saves you from debt slavery?

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