Spot The Speculators #97 – “We are moving to Burnaby in March, so we decided to keep our house in North Vancouver and put it up for rent.”

craigslist

“We are moving to Burnaby on March, so we decided to keep our place and give it [for] rent, it has never been rented before, very well cared and Very nice designed two levels, 3_Bed, 2_Bath, 1 seperate entry Den, located in one of the nice and quite neighborhood.
You have the option to choose(Furnished: $2700 or unfurnished: $2500).”
craigslist ad, 21 Jan 2013 [hat-tip Guy Smiley on VCI]

The ‘speculator’ classification is based largely on the assumption that they have purchased in Burnaby.
– vreaa

33 responses to “Spot The Speculators #97 – “We are moving to Burnaby in March, so we decided to keep our house in North Vancouver and put it up for rent.”

  1. Amateur landlord is amateur

  2. I lose faith in society when I read postings such as this with the punctuation, spelling, and grammar errors.
    The revolution will not be televised. However, it will need to be stated in 140 characters or less.
    Half a gouda mourning everywon.

    • Since 2000 China’s economy exploded and grew at a rate which no other country has even seen. Therefor creating wealth faster than ever. This money poured into hard assets and caused a huge boom in Real estate. In 2011, china changed rules for owning RE. That left lots of money on the table and then the money eventually left china illegally and some poured into Canada.

    • With the MSM and RE industry players in high gear, the BOC holding the line and global financial markets ripping higher and higher by the day, such a scenario is certainly possible. A while ago, I flip flopped (from crash ON to crash OFF) for these very reasons. Many (incl the HAM described in the article) will step in a buy this dip hoping for a replay of what occurred in previous years and will effectively be kicking the can down the road (by 12-24 mos) in the process. The spring 2013 meltdown many are expecting (and possibly hoping for) seems unlikely to me at this point. By no means am I suggesting this strategy will work over the medium to long term as I still firmly believe it will not. This frustratingly slow and painful unwind is going to catch many bears (and bulls) off guard. Patience everyone.

    • Real Estate Tsunami

      Look closely,
      The author of the article is a developer most likely catering to HAM.
      In any case, we will see in a few months who’s right.
      Chinese New Year is about 2 weeks away.
      Just witness what’s happening to Apple right now.
      Who would have seen this just 2 months ago?

      • Of course he is catering to HAM. What I believe is about to unfold is the last hurrah. These guys aren’t going down without a fight. While I am not sure how many rounds this lasts, I doubt we see a quick knockout punch by the bears in round 1.

        BTW, I guess the rocket scientist stock analysts were wrong. The markets continue to chug higher despite the 35% drop in AAPL shares. IMHO, the writing was on the wall for this co the moment they announced the iPhone 5 complete with it’s silly new lightning connector. The Nov launch of the iPad mini and the newer “new iPad” sealed the deal. Samsung is eating their lunch now. Overall, high end retail (ex iThingys and crap from Coach outlets) is still doing fine.

      • My parents were predicting Apple would hit 800 bucks when it was around 600. Not anymore. They sold. Incidentally they’re also RE bulls but my dad says he would never invest in condos.

      • “Just witness what’s happening to Apple right now.
        Who would have seen this just 2 months ago?”

        Not to be irritating or anything but I saw it clear as a bell as far back as October and I was 100% certain the top was in and a slide was coming.

      • ““Just witness what’s happening to Apple right now.
        Who would have seen this just 2 months ago?”

        Pretty sure it was over when they announced they’re slashing their pricing for Walmart….Although there were other signs before that, that was the trigger for me. I think it was early December they announced that.

        The lawsuit against Samsung, was also a bit far-fetched (even though they won in California), was a bit ironic to find out after that Sumsung manufacturers some parts used in Iproducts and they put in a 20% price increase a couple months after the lawsuit.

      • To me the clearest sign was when they found a guy named Sam Sung working at the Apple store:

        http://www.huffingtonpost.ca/2012/11/19/sam-sung-apple-specialist-vancouver-pacific-centre_n_2161668.html

        🙂

      • Real Estate Tsunami

        Farmer, forgot the /sarc

      • Real Estate Tsunami

        I think it started with the fake Apple store in Beijing, where even the employees thought it was real.

      • My apologies are extended, RET. I should know you better by now!

    • The line below bugs me.
      The government won’t let this important industry stall? so they will relax rules in CN and money will come pouring into Vancouver RE ?
      Pass the pipe !

      “Here’s why I think Chinese investors will return. In China, the real-estate industry accounts for 11 per cent of the country’s overall GDP. Including related industries like appliances and furniture, you’re looking at a hefty 22 to 25 per cent of the country’s GDP. The People’s Republic of China simply cannot afford to have this important industry stall, which is why I believe that the Chinese government will relax the restrictive lending policies, investors will start getting back into the market and, as their assets become more liquid, we’ll see them return to Vancouver.”

      • What CN’s leadership realises is quite the opposite: they cannot let housing continue to account for such a high level of GDP indefinitely. They pay a lot now or a lot more later

    • Nothing to dissect.
      Written by a property developer. Enough said.

  3. The current listing shows 1600 square feet… The house grew by 100 square feet in one day!

  4. Real Estate Tsunami

    As I’m walking through my hood here in Ditchmond, I noticed that some of the listings that were taken off the market a few months ago are on the market again.
    Looks like panic to me. You’d think they’d wait for spring.
    I can imagine some heated conversations between the anxious seller and the realtor who told them to delist and wait for spring.

    • Interesting, sounds like they are trying to get into the spring market early and beat the rush. It’s anecdotal but is consistent with a shift in market sentiment. “Sell now or Sell Never!”

    • Perhaps you can confirm something for me. I was told Blair Miller sold a place on Francis Rd by the dyke quite some time ago (yet the sign is still there) and a “TOO LATE” sticker (instead of a “SOLD”) was slapped on the for sale sign. How cute is that, huh?

  5. Dr. Morgantaller

    congratulations # 97 on your growing family. Call me at my office if you need my services in the future.

  6. I saw that one a few days ago and had to laugh. How can somebody be so naive to write an add like that? It’s pathetic. Who in their right mind would rent that place?

    • 64% of buyers have incomes <=100k/year. Wow. How is that even possible?

    • “The Canadian Homebuying Trends Survey was conducted online from December 5th to December 10th, 2012, among a sample of 1,109 prospective purchasers from coast-to-coast intending to buy a residence in the next 24 months, who are Angus Reid Forum panel members.”

      Umm… biased sample sample, perhaps? Considering the sample is comprised only if those intending to buy in the next two years, I find it amazing that such a high percentage of them believe prices are going to fall.

  7. And people say our banks are conservative. Our banks aren’t conservative when you’re lending to high risk people buying properties 5 times plus of what they make.

  8. So pro.

  9. They forgot to mention in the ad that the reason they were moving to Burnaby is to move back in with mom & dad…

  10. Or to go camping by Burnaby Lake…..

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