“I like the footer below the CTV News clip predicting that the Vancouver bubble will remain intact. Doesn’t that mean they’re admitting we’re in one?”

CTV ran a newsclip entitled ‘Experts predict B.C. real estate bubble will remain intact’ [link here]. mac at vancouvercondo.info [31 Jan 2013 12:17am] posted a commentary, excerpts below:

“That CTV clip is hilarious.

First off, I like the footer below the video predicting that the Vancouver bubble will remain intact. Doesn’t that mean they’re admitting we’re in one?

Then there’s the 1-bed condo in what looks like Kits (West Broadway ish near Alma). Used to be asking 465K and now down to 439K. Uh huh. A friend sold a far more central 1-bed condo at Arbutus Walk about 18 months ago for 419K. So we’re still 20 big ones above the market–last year. But never mind. The agent “feels” a sale is imminent. Hot tip for the realtor: maybe get someone to remove the graffiti off the back of the building just under the gorgeous south-facing balcony.

But why has the realtors spidey senses been piqued? Maybe it’s because “phones are ringing, there’s optimism, and it feels like we’re back into selling real estate again”. AKA: Spring. Listings. Calls.

Then comes the Onni guys. The first one, glassy-eyed, stands in his empty showroom talking about a lot of activity in the sales centres resulting in a lot of people entering into contracts signing, signing, signing. Well? Where are they?

But don’t worry folks. Prices are expected to dip 1% province-wide (no mention of the already 40% decline in some areas of the province like the interior and Whistler) and only 2%-5% in metro Vancouver. Whew!

Don’t believe us? Let’s trot out a Chinese agent from, gosh golly, Onni again. And if you care to notice he’s standing in front of Central 1 –the home of Helmut Pastrick-, where there are absolutely no Onni projects currently going up. WTF is that guy doing being interviewed there anyway?

Any-who… this guy is the obvious expert on the foreign market because he can tell you the exact opposite of what Larry Yatowsky’s realtor survey showed us, that YVR is a destination for a lot of international buyers. That’s the only truthful but anachronistic statement in the whole piece.

Then the news guy, who never asked a question in the whole piece, summarizes that the experts agree that high prices in metro van are here to say. Thanks for the laugh News Guy!”

mac is correct to call CTV out on the internal contradiction of the title ‘Experts predict B.C. real estate bubble will remain intact’. To really say that a market is in a ‘bubble’ is to also predict that it will implode. Most market watchers don’t thoroughly understand the dynamics of a speculative mania.
– vreaa

18 responses to ““I like the footer below the CTV News clip predicting that the Vancouver bubble will remain intact. Doesn’t that mean they’re admitting we’re in one?”

  1. A history lesson…

    [NoteToEd: Hard to believe, eh? Scalpers… BillionaireHubris… Critical reviews summarizing the venue/experience as, “Unimaginative and mediocre.” CTV wouldn’t dare air a piece like that today. Would it. TeeHee!]

    • As it happens… This proved infinitely more prophetic…

      [NoteToEd: Yes.]

    • Ha ha! I wonder what Martin Nystad is up to these days?!

      • I don’t know about Martin, but contrary to expert opinion… I can personally assure you that there was, indeed, a ginormous amount of BC ‘wood’ being deployed in “poetic and original ways” throughout the entirety of the Fair, CT.

        [NoteToEd: You truly had to see the Mademoiselles from the Côte d’Ivoire’s pavilion to appreciate what I’m talking about…]

  2. Don T. B. Greedie

    Some thoughts on the “Best Place on Earth”
    A recent trip to Seattle put some things in perspective for me about our standing as “World Class” [as heard on Global ad nauseam] Seattle has Boeing and Microsoft. It is the headquarters for Costco, Holland America Lines, Amazon and Ebay. It is the city that gave birth to grunge music and Starbucks. And Vancouver? Don’t get me wrong. I grew up on the North Shore and used to love Vancouver before it became so over hyped. Seattle has grown up. They are not constantly congratulating themselves. This town needs a good comeuppance to bring it back down to earth. Oh yeah, we had the winter Olympics, the booby prize of the Olympics IMO, along with Lillehammer, Albertville and Sochi. That’s the league that we’re really in. Not New York, London and Paris.

    • UBCghettodweller

      >Seattle has grown up. They are not constantly congratulating themselves.

      This. Exactly this.

      Seattleites and Portlanders are just fine being Seattleites and Portlanders. Sure some might have city pride, but they don’t talk about every other city as being a shithole and ridicule people who live in those cities for not hating every moment of their lives because they don’t live in Seattle or Portland. They’re nice cities too, but I’ve never heard anyone talk about them as “The Best Place on Earth” or even the best in America. Everyone in Vancouver seems a little pissed off to be in Vancouver and takes it out on everyone else, especially those who don’t tow the BPOE party line.

      • Naked Official #9000

        Please, stop starting posts with “this. Blah blah this”

        It’s as annoying as BPOE mantras – just say you couldn’t agree more or some such thing – not to be a dick or anything about it, sorry.

    • Lillehammer!? Vancouver only wishes…

    • yeah but Vancouver has 1-800-GOT JUNK

    • Kill all baby boomers

      Maybe vancouverites are actually Podunk townies, not the sophisticated urbanites they think they are. Oh and they’re all assholes because they have no money.

  3. Drove by the new development in Oakridge called Prelude City Homes. This pathetic piece of a build that has been an eyesore in an otherwise nice community has been selling for a long time–the last time I checked, it said 64% sold, now the sign on it says 53% sold. Clearly some people have backed out, afraid of the big drop that is coming. Now how many of those remaining are actually insiders and holding companies for the developer? Pathetic.

  4. Perhaps the Mainland Chinese have finally smartened up and realized that Vancouver is a second tier city with “good weather” only by Canadian standards. And also that there are no foreign ownership restrictions in the USA, or New Zealand or the UK and that even regulations in Australia allow foreign ownership in many cases.

  5. A Nightmare on Bay Street
  6. No HAM coming this spring… bubbles are bursting everywhere. Funny how some people have been aware of this city and many others in China, however, over a year later it becomes mainstream on Global…. Does this mean that these stories are now 100% true? and all the people who were talking about this years back are now not doomers??

    http://www.globalnews.ca/video/chinas+housing+bubble/video.html?v=2331806683&p=1&s=dd&searchQuery=china#english/video/search/china

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 )

Twitter picture

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

Facebook photo

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

Google+ photo

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

Connecting to %s