“I was talking to a retired teacher today in Vancouver who owns a leaky condo. She says “You wait till spring arrives prices are going up”.

“I was talking to a retired female teacher today in Vancouver who owns a leaky condo. She says “you wait till spring arrives prices are going up”. She thinks Van will not see any further declines. I asked her where she gets her info from, she said, “experience”. It would seem she doesn’t realize we are in a different world than the one we experienced during the last boom and bust at least as far as I understand.”
AprilNewwest at greaterfool.ca 20 Jan 2013 6:25pm

29 responses to ““I was talking to a retired teacher today in Vancouver who owns a leaky condo. She says “You wait till spring arrives prices are going up”.

  1. I know the same person, couldn’t sell for the last 6 months. Decided to pull off the market and list in Spring. Oh yeah, big price increases here we come !

  2. Real Estate is highly seasonal. I would be unsurprised to see some month to month price increases during spring. Year On Year will likely paint a different picture, however. Which do you think the media will trumpet loudest?

  3. Some interesting statistics to consider in today’s Globe and Mail:

    -According to a Re/MAX survey, 71% of homebuyers in BC believe that real estate prices will stay flat or increase in 2013

    -According to the same survey, BC homebuyers are the “least bullish” in Canada while Ontario homebuyers are the most bullish

    -According to an Angus Reid survey of 1100 people who plan to buy real estate within the next two years, 80% believe prices will stay flat or increase

    Those are some stunning statistics. It shows that most people really do not see the bubble correcting/crashing in 2013. The bear argument is not the mainstream opinion in Canada. And people are even more deluded about real estate in Ontario than they are in BC!!! And what does this mean when people see prices falling in 2013? If they were planning on buying because they thought prices would increase/stay flat then maybe a lot of people will change their mind and decide not to buy once they see prices are falling. If most people who are planning on buying think real estate prices are increasing in the future, that suggests that the majority of people who plan to purchase are speculators.

    http://www.theglobeandmail.com/report-on-business/top-business-stories/many-in-bc-see-home-prices-rising-or-steady-in-next-year-really/article7617793/

    • Lifetime Renter

      Is there not a tautological element to this survey; i.e. that those who plan to buy are the least likely to be convinced of a downward trend in prices? Anyone convinced that prices will continue to fall are unlikely to be among those considering buying over the coming period.

    • I love surveys likes this where koolaid addicts are asked if they like drinking it and whether or not it is good for you.

  4. A retired teacher should be remembering more than the past 10 years. Looks like her “experience” has some convenient filters.

  5. …and the winner of the Renny award for best screenplay is…..”The World According to REMAX”. This is the second win for the cast and crew who were the recipients of the Renny for Best Musical and/or Comedy earlier this evening…

    http://www.newswire.ca/en/story/1102349/canadian-homebuyers-more-experienced-financially-prudent-moving-forward-says-re-max

  6. A retired Vancouver teacher still bullish on real estate is probably not really a big surprise. Lets imagine that she is 68 and bought her first home 40 years ago (around 1973) when she was late twenties and first married.

    Not a bad year to be a buyer. From her perspective, real estate has been a spectacular investment her entire life. Other than a few bumps along the way, most of which people seem to forget, house prices have never stopped rising.

    Had she bet against R/E any time in those years (other than the exception years) she would have been a net loser. This market is hardwired in the brains of people her age. A decline is preposterous to them despite the vast amount of evidence that this time it really is different.

    • Very good points. And by contrast, for someone in their 20s today, real estate is a (relatively) stupid investment. It’s like buying a stock near its 52-week high after a bad earnings report. Real estate has never been a sure thing in my life, apart from maybe 2002-2006.

      • Think bigger, it’s more like buying a stock at/near it’s “generational” high (with interest rates at levels never seen before in history).

      • And in 5 or 6 years out (maybe more) you will be in the same position that lady was in 1973. You will be buying the bottom and might have 20 years ahead of you to prosper as the next cycle runs its course.

    • Hey, this sounds familiar. You have been kindly sharing them in 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012.

      And the funny thing is so many people here agree with you for so long. Maybe a screw has been missing for too long, you get used to it.

      ah ah, very good point.

  7. hahahaa. very good point.

  8. Speaking of leaky condos, my friend says his co-worker’s is experiencing his FOURTH flood in the past 5 years. This is a concrete highrise about 20yrs old. Council has decided that all the piping has to be replaced. The assessment per unit is in the tens of thousands.

    • Real Estate Tsunami

      Yesterday is was a fire in a Whistler condo complex. Now a flood in a highrise downtown. Me is getting suspicious.

  9. Long-time Kitsie

    Speaking of leaky condos, apparently someone opened the standpipe (large ‘tap’ for the firemen to use) on the 35th floor of 928 Beatty Street yesterday and flooded the whole building all the way down. No elevator service as yet and many apartments are severely damaged, up to and including having their ceiling falling in. That would be the worst possible condo nightmare.

    • That is what insurance is for. Hope their policy is up to date.

      • At the best times, the insurance co’s are a pain in the a$$ to deal with. Hopefully, the a-hole responsible for this was caught on video. No one deserves this crap. Anyway, I’m not sure how this issue can be resolved in a timely fashion otherwise. Assuming the stairwells are concrete top to bottom, I am surprised so much water made it into people’s suites. I guess residents have to be ultra vigilant about who they let into the bldg. I suppose it is impossible to know who all your neighbors are when you live in a large tower. Residents of other highrises could be in jeopardy if this was a coordinated effort on the part of some fringe group looking to damage a number of properties as opposed to a simple case of random vandalism.

        http://www.globaltvbc.com/water+damages+downtown+highrise+after+pipe+opened/6442793302/story.html

    • Real Estate Tsunami

      Bull, this a common misconception about concrete buildings.
      Just like cockroaches, water finds a way through the piping and the smallest cracks.

    • Real Estate Tsunami

      That’s what can happen when you live in a soulless, drab highrise.
      I lived on the 48th floor in HongKong once. They routinely emptied the ashes from their fireplaces into a collection bin located on each floor.
      Needless to say, I did not renew my month to month lease.

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