“My conversations with friends who are westside realtors over the past few months (I know a few – hey everyone wanted to be a RE agent for a while, it seems) [reveal that things] are not good (for them). Telling me they are cutting spending budgets and dipping into savings now to keep things going.”
– Girlbear at VCI 11 Feb 2013 2:51pm
Most Recent Comments:
- brian on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- white_angelos_enduring_echoes on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- brian on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- white_angelos_enduring_echoes on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- brian on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- white_angelos_enduring_echoes on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- brian on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- brian on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- white_angelos_enduring_echoes on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- white_angelos_enduring_echoes on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- Arnie Carnegie on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- Canis on “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
Type of Anecdote
- 01. He Said, She Said (248)
- 02. Profiting from the Boom (446)
- 03. Changed my Life (106)
- 04. Changed my Career (39)
- 05. Where do Buyers get the money? (1,071)
- 06. Held my Nose and Leapt (97)
- 07. Avoiding Vancouver (378)
- 08. Overextended Buyers (1,198)
- 09. Delaying Buying (316)
- 10. Demoralized Renters? (367)
- 11. Regrets about Investing in RE (417)
- 12. Effects of Development (279)
- 13. 2010 Olympics Related (74)
- 14. Social Effects of the Boom (1,266)
- 15. Misallocation of Resources (967)
- 16. Missed The Boat? (237)
- 17. The Froogle Scott Chronicles (27)
- 18. Spot The Speculator (174)
- 19. BlastRadiusPostCards (17)
- 20. The Limitless Demand Argument For Ongoing Market Strength (70)
- 21. Vancouver RE-Verse [Found Poems] (8)
- 22. RE References In Popular Culture (45)
- 23. Jumping The Shark (1)
- 24. Policies On Housing (11)
- 25. Epigrams For The Bubble (1)
- 26. Premature Calls Of "Bottom" (3)
- 27. Seller Panic (3)
- 28. Erroneous Causation Theories For Falling Prices (7)
- 29. Bubblespeak (1)
- Uncategorized (177)
Blogroll
- 01 Vancouver Condo Info
- 02 AmericaCanada [retired, no archive]
- 03 Housing Analysis
- 04 RealEstateTalks BC
- 05 Vancouver RE and then some
- 06 Whispers from the Village on the Edge of the Rainforest
- 07 Greater Fool
- 08 Canada Bubble
- 09 Rob Chipman's blog
- 10 YatterMatters
- 11 condohype [retired; archives available]
- 12 vancouver (un)real estate
- 13 Agent Will's Stats [retired]
- 14 Landlord Rescue
- 15 The Economic Analyst
- 16 Canadian Housing Price Charts
- 17 Hoodsurf [retired Jun 2011]
- 18 World Housing Bubble
- 19 Vancouver Price Drop
- 20 North American Economics
-
Latest Anecdotes:
- “Am I Buying This Home To Use It, Or For Anticipated Price Growth?”
- “I’d been brainwashed by this market into thinking that paying for a million-dollar home means getting a total dump” … “When housing is so unaffordable that you drive out people who hold up the fabric of society, what’s going to happen?”
- Stoking The Housing Boom – “B.C. should close the bare-trust loophole for owning properties. Former Liberal finance minister Mike de Jong promised to get rid of it, but he reneged.”
- Housing accounted for the bulk of Canada’s economic growth last year. Brace for the end of the boom.
- Miloon Kothari, Former UN Investigator, Reviewing Vancouver Housing Crisis – “Hyper-speculation. Casino Capitalism. Gentrification. Collusion. Corruption. Criminal Investigations. A Lottery Which Reduces A Social Resource Like Housing To A Commodity.”
- ‘Flip Vancouver’ Speculator Invite Flyer
- “Local Speculators Are Cashing In While We Blame Foreigners” and Other Truths – Geoff Dembicki, The Tyee
- “Nuthin’ That A Good Ol’ 75%+ Price Crash Won’t Fix…” – BOC Governor Stephen Poloz *
- Reconsidering High-Rises – “These people do not want a neighbourhood. They want a locked gate, a gated community in the sky.”
- Wake Up Canada! – Countries By Population Density
- Low Interest Rates, Foreign Capital, Local Speculation
- Unstoppable?
- Vulnerable
- Toronto Bursting? – “People need to ask themselves very carefully, “Why am I buying this house?”
- An Economic Boom “In All The Wrong Places”
- A Few Charts
- A Reader’s Perspective
- “B.C.’s economy relies on the selling off of real estate instead of actual jobs. It’s reached the point where we don’t have much to sell, other than the land itself.” – filmmaker Charles Wilkinson
- ‘Poor’ Parenting – B.C. Liberal Housing Minister Rich Coleman – “My advice to my teens, start saving for the down payment.”
- The Value Of The Dirt? – “In condo crazy Vancouver, downtown’s last gas station for sale”
- Spot The Speculator – “I can’t imagine a bubble bursting where over six months you see a decrease of 30 or 40 percent”
- Leverage Turns Bad – ‘Vancouver homebuyers lost almost 50 per cent on their down payments in 1 year’ – Global News
- ‘Game Changer’ BC Court Ruling Extends Capital Gains Tax Risk To Buyers And Realtors
- Crucial Question: Will People Be As Eager To Buy Homes If Prices Are Flat Or Dropping?
- A Real Estate Economy – “Real estate inflation in the Lower Mainland in 2016 is greater than the entire provincial GDP — the actual goods and services produced by all British Columbians”
- Eight of the Top Ten Donors to the BC Liberal Party are RE Industries
- CTV Headline: ‘All hell is going to break loose in Vancouver’: Ex-trader’s real estate forecast
- Vancouver Sun Headline: “Vancouver real estate prices face double-digit drop in 2017: LePage”
- CTV Vancouver Uses ‘Prices Plunging’ In News Headline
- Young Canadians And Homes – “What happens if we all decide we can’t afford this shit?”
- Vancouver Home Buyers Will Require About 27% More Income To Qualify For Mortgage On Average Priced Home
- Selling What’s Left of Our Soul – Vancouver Seeking More Corporate Labels
- “I went to Berlin because it was a place where you could afford to have space and time, which was a tricky thing in Vancouver. Time to work on my art because I wasn’t on this insane anxiety of the financial pressure of the city.”
- Where Life Is Absurd, We Need Art – “Why I pranked Torontonians with fake condo signs”
- We’re Number One! – Vancouver RE ‘Overvalued Since 2007’ – UBS 2016 Housing Bubbles Report
- Vancouver’s Housing Market Not Crashing, Just Frozen, Says Realtor
- “You Have No Idea How Angry I Am” – “A generation of people has been screwed. It’s so obvious. Everyone I work with is so angry. A select group of people have profited from this”; “I am very angry at the system.”
- Average Vancouver Detached Price Loses Last 12 Months’ Worth of Gains In One Month.
- Zerohedge: “Vancouver Housing Market Implodes”; “Devastated”; “Slammed Shut”; “About To Get Very Ugly”
- 15% Tax on Foreign Buyers – Enough to Change the Narrative?
Follow vreaa on twitter
- “Am I Buying This Home To Use It, Or For Anticipated Price Growth?” vreaa.wordpress.com/2017/09/16/am-… https://t.co/nYzqJxrhVx 1 week ago
VREAArchives
- September 2017
- August 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- December 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- December 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- October 2008
- September 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Tags
affordability Alberta Anecdotes Asia Audio anecdote Australia Bailout Banks Bears blogs British Columbia Bubble Bulls buyers Canada Capitulation Caveat Children China CMHC Construction Crime Debt Densification Developers Dreams Earthquake Economy Edmonton Employment Fear Foreclosure Foreign buyers FTBs Fundamentals Government Housing Incomes Interest Rates Ireland Landlords Life Market_Timing Media Mortgage brokers Okanagan Olympics ontario opinion Ottawa Ownership Prediction Rain Real Estate Realtors Relationships Renos Rent Retirement RE_ATM Seattle sellers Sentiment Speculators Stories Tax Technical Analysis Toronto UBC UK US Vancouver Victoria Visual Anecdote Whistler
Boo hoo…
This is just the tip of the iceberg. The lower mainland economy is so tied in with real estate activity. As the bubble begins to rapidly deflate, realtors, home constructors/renovators, mortgage specialists, and other indirect spin off industries (retail sales, restaurants, etc) will all be impacted. It will be very very interesting to see how fast this unwinds and how people adapt to this new world order.
A lot of realtors hold investment properties. I bet there’s a lot of fraught decisions being made about whether to ride it out or sell now. Wouldn’t it be super to see an index of % listings that are owned by an agent or related party?
I think the smart realtors cashed out about between a year and 6 months ago. I know of one property in Westwind in Richmond owned by a prominent local realtor. He bailed out about 6 months ago.
I mentioned that to “an observer” at that time. It sold for more than $800,000 over assessment. But we concluded, that the assessment value (for some reason) was far too low.
A friend of mine 3 years ago quit a well paying full-time job to dabble in RE. When the slowdown started about a year ago, she was lucky to get her old job back.
There are many realtors who have no experience outside of RE.
I hope they scraped and saved, because many will not live comfortably.
A close friend of our family has been a Westside realtor for nearly 20 years. A few weeks ago, while talking about a completely unrelated matter, he suddenly asked if we knew anyone who might be interested in his $2 million listing. Never before in 20 years has he tried to drum up business from us. We know a total of zero people with a spare $2 million, so this was completely ridiculous and seemed rather telling.
Your friend has made very very good money in the last 5-10 years. If s/he didn’t save for a rainy day then that is a shame. Good mortgage brokers and RE agents make 250k plus/yr
Loyal cadres don’t need post secondary!
Sheesh,
Yeah, the few good ones.
The rest are toiling at the open houses.
Every community has a dominant realtor, whom you can easily spot from by who has the most signs. Big sign with big picture.
You really only have to get caught holding that last bad house (or two, or three) to go from “wealthy” to broke pretty fast.
Like Ben Rabidoux said, if you are a Realtor who has put all your money in Real Estate, you are incredibly un-diversified.
If your source of income is real estate commissions, you should put your savings into ANYTHING IN THE WORLD other than real estate. Do not own even one property; rent. Do not buy bank stocks or developer stocks.
Property-owning realtors have bet both their savings *and* their careers that a single investment will suddenly break out of 100 years of historical performance and perform wildly differently…forever.
And given that such “savvy” real estate speculators are always highly-leveraged, realty is the one profession in which you could go from earning $250,000/year and having $1MM in equity to earning zero/year and having $2MM in DEBT…in 6 months.
What a rush that must be.
Not much different from the financial adviser, who advises you to invest into the hot risky stock that he just bought.
The all are so deep into their own crap……