Friday Numbers

There were 283 new listings today and 189 sales, for a sell/list of  66.78%.  Of the sales 37,  or 19.58%, went over list.  9 of those were on the Westside. 11 were in East Van, (go East Van!) 2 in Richmond, 2 in Pitt Meadows, 3  in North Van, 3 in Maple Ridge, 4 in Coquitlam, and 3 in Burnaby. 

Average list price of the sales was $478,422; average sales price was $475,020, a difference of $3,401, meaning the average sale went for 1.06% under list price. 23 properties went for list price. One property went for 14%($54,000) under list while the highest over list was 25% ($266,000) over.

There were 7 million dollar plus properties sold, with  none over $2 million. Average days on market to sale was 33.

 9 apartments, 3 duplexes, 21 houses and  3 townhouses sold over list,

There were 78 price changes, of which 15, or 19.23%, were increases. The average original list price of price changes was $551,794; the average new price was $538,687, a difference of $13,107, meaning the average price change was -2.15%.  Average days on market to price change was 60 days.

Inventory in my target area rose  to 11,543, while over 90s dropped to 1,805, a percentage drop to of 15.64%.

0.55% of all active listings in my target area had their prices reduced today.  The 14 day rolling sell/list was 59.35%.

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87 Comments

Filed under Daily Numbers

87 responses to “Friday Numbers

  1. Domus

    Rob,

    you had a good Friday night….Canucks win and sale/list ratio over 60%…. is it going to last?

  2. e

    we haven’t seen a % sales above list that high since July 2006!

  3. John

    That’s quite a lot of over lists. 37 over list and 23 for list price. 60 out of 189 sales went for list or more, roughly 1/3 of all sales.

  4. deb

    is that over list price of nearly 25% very common? Why, in that case, do you think it went that high?

  5. Mightymouse

    Glad to see the 14 day rolling sell/list is back. That and the invintory number are my favorite to watch.

  6. Strataman

    The smart investors are leaving..I expect the people with a gut feeling will sell now. I also suspect that the “new” buyers are not so experienced, impossible to prove at this point, except the people I see buying are first timers and the people I see selling are not. This is totally from a Condo viewpoint, SFH are outside my knowledge. I expect to see sales on Condo’s increase for a few months, (resales that is) and the owners will be primarily first timers as opposed to the investors I have seen in the past few years. Looking at some properties I am involved in this is the case. In fact several have told me they need a quick profit to get on the stage. They are planning to sell within 3 months!

  7. Snick

    If I “owned” a condo assignment, I would be very, very nervous if my intention was to dump it soon.

  8. jim

    The boom’s back on. I knew buyer’s markets were brief ,but 4 days?
    Seriously though,people coming late to the party, and buying in the face of rising inventory,and declining YOY sell/list ratios, are the bulls in the china shop.

  9. ceejay

    Snick, a few days ago you suggested that the US subprime unravel would spark a (or “the”) decline in local housing prices. Unless you are suggesting that it will have a psychological impact on potential buyers and/or lenders, I’m not sure that its going to be the determinant of a crash here. The debt structure in Canada is more conservative hence fundamentally unsound buyers are less likely to get in over their heads.
    What puzzles me is that there are hundred of vacant condos in Yaletown/False creek – bought on spec, not rented to offset costs…many people (offshore/ US?) seem to be able to weather the opportunity costs very well indeed. Its kind of like an empty housing hoard that, if ever released, would bring the “true” level of inventory on the market and that would depress prices for sure.
    In the mean time, Rob, if you know some people with an empty False creek/yaletown 2bd with Den I can help provide a reasonable (but negotiable) rental cash flow to, let me know 🙂

  10. vanreal

    Maybe people are finally realizing how undervalued East Vancouver is.

  11. Johnnyrent

    All those empty condos do pose some questions.

    Someone who owns outright and does not rent is looking at something like 1.5 to 2% annual cost for taxes, fees and maintainence. If the place keeps appreciating in double digits its a good, if not stellar, return considering opportunity cost. If the same place appreciates in single digits, its a toss up between it and something like a GIC. If prices stay flat, the owner is significantly offside. If prices go down even moderately, well, you get the picture.

    Someone who has financed any part of an empty condo stands the risk of getting crushed in the not too distant future.

    Someone who has financed a part of a condo and has rental income to offset financing, taxes, fees and maintainence will have to be very wary of prevailing trends, particularly if appreciation moves to low single digits or is flat, and escpecially if it goes the other way.

    Never mind speculators with pre-sale deposits and very limited financial resources. My point is that it won’t take a decline to spook a great number of financially fit condo owners into listing their places. Low single digit appreciation or flat prices will be enough to tip the scales. This is what happened and is still happening to condo-heavy, up and down markets in the US.

  12. Skeptic

    Hey Johnnyrent, I don’t follow your logic, you say: “Someone who has financed any part of an empty condo stands the risk of getting crushed in the not too distant future.”

    The only things that I can see that will affect the equation for this type of buyer are interest rates or losing their source of income. I say source of income because anyone who is financial enough to pull off this sort of this sort of stunt is probably not a regular employee.

  13. Jaymo

    It may be that Vancouver is different. However, the more you read about the Global nature of unprecedented RE appreciation it is clear that Vancouver is no different. The justifications for the rapid appreciation may be very local, but the truth may be that it is simply part of a larger asset bubble.

    Time will tell….

  14. Johnnyrent

    Skeptic

    The logic is that this person, in the event of very low appreciation or flat prices, would be paying significant money to own an asset which provides no return and from which the person derives no personal benefit. If prices decline, it becomes a triple whammy; ergo, the crush.

  15. Skeptic

    Yeah but if they can afford to leave the place empty, how worried do you think they are about ‘no return’ ?

    If prices decline, they only take a loss if they sell. These people are probably looking longer term.

  16. Jaymo

    Are there really that many empty units? Enough to bring about a crash if the owners decided to sell? Anybody that can buy a condo and leave it empty (no return other than price appreciation), could weather a downturn. They may or may not sell if faced with asset depreciation, but I think this type of ownership represents a very small part of the market and, therefore, has a marginal effect on the overall health of Vancouver RE.

    Any hard data on the number of units that are vacant?

  17. Priced Out

    Hey City Hall, these empty condos should be harshly taxed.

  18. Domus

    I am with Johnnyrent on this.
    I think he is spot on.

  19. Johnnyrent

    Skeptic

    The reason many of them could justify leaving the place empty is because in recent years it has appreciated well beyond carrying costs, giving them a paper return. I would think that some of them would worry if the returns evaporated or became negative. Remember, this particular example you are citing is someone who is not so flush that they own the place outright.

  20. Noname

    Skeptic,

    You might want to ask the guys in Phoenix why they would be dumping their properties on the market if they can afford to have it sit empty long term.

    Noname

  21. Noname

    I am sorry the graph that I posted may NOT correspond to Phoenix but the phoenix graph looks similar.

    Noname

  22. Noname

    Here is Phoenix,

    Noname

  23. Skeptic

    Noname, how about price, where are the price change graphs and numbers ?

    Johnnyrent, I was merely commenting on a scenario that you posed. In my opinion, any empty condos downtown are probably either recently completed and awaiting sale or move in, or fully owned by people rich enough to leave them vacant so they can use them exclusively when they visit Vancouver for 3 months in the summer.

    If someone is buying a condo for an investment, I don’t understand why they wouldn’t try and get some income from it by renting it.

  24. Noname

    Skeptic,

    Prices are sticky on the way down.

    It’s just a question of time.

    Noname

  25. Johnnyrent

    Skeptic

    Fair enough, although again that particular example concerned someone who had financed some of the purchase price.

    I have no doubt that there are a many condos owned by out-of-towners for periodic or seasonal use, others who have bought for future residence and don’t want anyone else living in their units and still others who are weathy enough and with very long term investment horizons for whom price ups and downs or rental income are of no concern.

    I still maintain that there are an equal or greater number of empty condo owners and condo owners generating rent, who stand a good chance of becoming spooked and are in a position to start a stampede.

  26. Domus

    Skeptic,

    please look at average incomes of people living in GVRD. We are not Montecarlo, most people still have to work for a living. These prices are not substainable in the long-run, you know that deep down…..it’s just hard for you to concede…..

  27. robchipman

    Noname:

    Thanks for that Phoenix graph. That’s what 9+ MOI looks like.

  28. Noname

    Skeptic,

    Regarding the price drops not yet happenning, here is something to ponder.

    Let’s say there is 10000 people each selling a 300K condo. For the sake of simplicity, let’s assume all of these 300K condos are pretty much the same size, location, etc.

    Now, if all 10000 of them are up for sale at the same time for the price of 300K and there is not a single buyer buying them, how much do you think each of them are worth? 300K? Not likely, if noone is buying them.

    This is what’s playing out in the US. Of course, prices haven’t dropped yet, but their inherent value based on demand (indicated by sales) is already indicative of an upcoming price drop. Just like with my above example, if properties are not moving at 300K, they are not worth 300K and it doesn’t matter how much they are listed at…

    Noname

  29. Domus

    Noname you analysis is very Freako-like……well done.

  30. Domus

    Question for a Saturday afternoon:

    if you had to take a wild guess on what 600K will buy you in, say, an average area in Kitsilano (imagine 12th and Trutch), on April 28 2009, what would you pick?

    A) a one-bed apartment;
    B) a two bed apartment;
    C) a three-bed apartment;
    D) a 2-bed townhouse;
    E) a 3-bed townhouse;
    F) a 2-bed house;
    G) a 3-bed house;

    Pick your choice! Just curious…..

  31. Skeptic

    Hey Noname, I get the math, I just disagree with where we are on the timeline.

  32. Domus

    Forgot to mention my wild guess: I’d pick answer (E).

  33. Skeptic

    Domus, I hear you: “please look at average incomes of people living in GVRD. We are not Montecarlo, most people still have to work for a living. These prices are not substainable in the long-run, you know that deep down…..it’s just hard for you to concede…..”

    There’s lots of people with lots of equity from property purchased long ago, using it to fund their current purchases. The way you are making your case, its like everyone is a ftb without a deposit.

  34. Domus

    Skeptic:

    these equity-rich guys are exchanging properties with each other? Or do they need to sell also to equity poor workers? I think the second is true….

    Take Vancouver. About 54% of the resident population owns, and 46% rents. Fair to assume that the 54% tends to be older and richer. The 46% tends to be younger and get income from work.

    In order for your argument to hold we should have a market in which most of new supply is bought by equity rich guys (who already own their homes), I presume for speculative/investment reasons.

    The remaining 46%, who hold very little assets, will not be able to step in. They will rent.

    Now, you can see where that this situation won’t last long: oversupply of rental units => rental prices insufficient to justify property investment => house price crash. It has happened in the past…..

    To make things more interesting, the scenario I describe above is completely different from reality: we have witnessed many of the renters taking up huge amounts of debt to become owners. These are often equity-poor guys who take up huge mortgages. Not your kind of guys……

    I know, I know: affordability does not matter….it can’t even be defined properly can it? Debt is unimportant when prices can only go up…..

  35. Jim

    Check out Langley Financial Planning for some excellent inventory graphs. What I am seeing is we are about two months early in the usual seasonal inventory ramp up. Buyers do not do any market analysis other than feature,location,price and monthly payment aka mortgage interest rate. Few would quote inventory stats, affordabilty ratios, sell/list ratios, etc. So if they are stepping back its likely due to their personal circumstances. Buyer burnout is typically what kills booms. While I agree that Skeptic may be right about not knowing where we are in this cycle, the direction is obvious. Further it will happen quicker in Vancouver than it has in US bubble cities because all the “negative legwork” has been done by the US MSM and even the Globe,Sun and Proivince will jump on the bandwagon soon.
    If Rob remembers the early 80’s decline he remembers it happening really really fast. In 2 weeks it went from packed open houses to cricket sounds.

  36. Domus

    Jim:

    buyers’ burn-out=affordability wall..

  37. Domus

    By the way, no takers on my little multiple choice above? Come on, just a letter to pick, I am curious…..

  38. Snick

    “The debt structure in Canada is more conservative hence fundamentally unsound buyers are less likely to get in over their heads.”

    -Creejay.

    Not true, IMO. There is a lot of leveraging out there in the GVRD.

    The subprime implosion in the US will “intensify” the depth of a recession which SHOULD have happened 5 years ago. I believe it will be seen, in retropect, as the catalyst for the housing collapse.

    The contagion from the US recession will create “discomfort” here.

  39. Skeptic

    Domus, I think you have oversimplified the whole thing. I agree with you that ftb’s that are priced out is an issue. What I’m seeing is that ftb’s are buying smaller , i.e. a condo instead of a sfh. And further from the city where prices are lower.

    I know several boomers who have sold their sfh’s to move into condos downtown recently too, how does this fit your model. People up and downsize according to their needs and this creates a complex web of different demand for different styles of home in different locations.

    Its probably not fair to clump groups of people together, like you are saying that 46% of the population rents and has very little assets. I know lots of people who for whatever reason decide to rent, i.e. thinking of moving, etc. Quite a few of these people have the money to buy if they choose to do so.

  40. Skeptic

    Jim, you may be rushing to conclusions regarding seasonal inventory run up.

    We’ve had a really long winter and spring has arguably only just arrived. We had about 5 great days last week and this weekend looks good. Perhaps this is the catalyst for the increased sales, as subjects come off.

    Lets give it a couple of weeks and see if the figures trend up (sales), there’s no denying that the market is seasonal.

  41. Snick

    “…there’s no denying that the market is seasonal.”

    -Septic

    And the RE market is also “cyclical”.

  42. ängstlich

    apropos of the debate between domus and skeptic–two thoughts:
    1: people are learning to live with more debt. it’s a big cultural shift in many ways and it’s maybe happening here despite the supposedly more conservative lending climate. think of that article someone posted yesterday about england and debt; it just happened that i spoke to a good friend in london yesterday who was telling us about how it’s now just “normal” or “expected” to live with crushing debt and hideous mortgage payments. they do. that said, they’re moving back to the states and will unload their house and make a fortune.

    i think that’s why “affordability” is a hard term to argue over–think of what people consider “affordable” in new york city and san francisco.

    2; how many buyers here are international? the house that someone spoke of the other day in kits (it was at 5th and balaclava or so, can’t remember). it sold over asking by a few hundred grand to people from england–coming with equity out the wazoo and not scared at all by these prices.

  43. accountant88

    ängstlich wrote:

    how many buyers here are international? the house that someone spoke of the other day in kits (it was at 5th and balaclava or so, can’t remember). it sold over asking by a few hundred grand to people from england–coming with equity out the wazoo and not scared at all by these prices.

    ———————————-
    Out of towners paying a few hundred grand over asking price? Somehow I think these folks from England are going to find out that the demand for Vancouver is not the same as in England.

    ängstlich, let’s suppose you cash out of Vancouver with the wazoo amount of equity, would you buy into any other city and pay a few hundred grand over asking price?

  44. Reknab

    “let’s suppose you cash out of Vancouver with the wazoo amount of equity, would you buy into any other city and pay a few hundred grand over asking price?”

    I know I wouldn’t. It is just not wise to throw money way….no matter how matter how much you have.

  45. Deedub

    let’s suppose you cash out of Vancouver with the wazoo amount of equity, would you buy into any other city and pay a few hundred grand over asking price?

    To put relative prices in perspective, the equivalent to the London situation for Vancouver would be cashing-out with Wazoo Equity and paying a few ten K over asking for a place in Saskatoon.

  46. Spud

    anxious said:

    “i think that’s why “affordability” is a hard term to argue over–think of what people consider “affordable” in new york city and san francisco.”

    -Affordability is worse in Vancouver than SF.
    -Affordability does have hard limits. Interest only only increases affordability by 20-25%.

  47. ängstlich

    i wasn’t saying people’s behaviour is reasonable, but if there are people with lots of money coming from elsewhere willing to bid things up because they don’t have the same psychological restraints on spending (wasting?) their money, then you get big overbids perhaps. I’m just trying to figure out why people are willing to spend so much.

    We moved here recently from the states–we are just selling our house to people from california. They of course made a mint on their home. They don’t give a damn about spending an extra 30 grand to beat out the competition. According to all the comps and other valuations, they are paying too much for our house. But since they cleared hundreds of grand on their home, they are willing to part with 30 grand too muuch.

    The thing I don’t understand is this: I can’t believe rich people are willing to live in what they get for 1.5 million. I always imagined that with that kind of money you’d have one heck of a house…

    Spud–you speak German?

  48. siri

    Where is VHB these days…before he was making some comment..?

    Is he gone with Bulls or what?

  49. Alpha_Bear

    If you had to take a wild guess on what 600K will buy you in, say, an average area in Kitsilano (imagine 12th and Trutch), on April 28 2009, what would you pick?

    A) a one-bed apartment;
    B) a two bed apartment;
    C) a three-bed apartment;
    D) a 2-bed townhouse;
    E) a 3-bed townhouse;
    F) a 2-bed house;
    G) a 3-bed house;

    In two years, I think the market will be in only the early stages of free-fall, so $600,000 might buy F) a 2-bed house;

    By the time the crash has bottomed (in say 2012 to 2020), $600,000 (In today’s dollars, adjusted for inflation, and the real rate of inflation, not some ridiculous manipulated “core rate”) should be able to buy H) all of the above.

  50. sick

    Wonder why so many of you folks in here talking about how bad the market will be. Ever wondered as you are calling for the worst, the market is getting higher? Go get a life and make some downpayment before you open that loser gap of yours.

  51. Skeptic

    I don’t see a market crash however I believe their willbe a correction.

    Their has to be as prices can’t double in 5 years without it. That would make for a very unhealthy market.

    People are in such a panic to buy right now and fear missing the boat.

  52. Jim

    For me these argument threads quickly run out of steam as we move further off topic which is daily stats. Most of the “won’t crash,will crash” arguments have been beaten to death.
    The market is seasonal and cyclical, we may be entering the flippers “winter of discontent”.
    The April stats will likely show higher prices and slower sales and higher inventory. We’re on the downslope now.

  53. Jaymo

    The bull argument falls down when they start giving anecdotal evidence of rich Brits (with equity out the wazoo) propping up RE prices. That is a game that will end very badly.

    However, If you said that there was a British company that was setting up its head ofice in Vancouver and they were hiring 200+ employees paying 100k+, then I would say that’s a step in the right direction.

  54. blueskies

    For me these argument threads quickly run out of steam as we move further off topic which is daily stats.

    i noticed that also, but i still read these out of morbid fascination. there is a reason the same subjects get chewed over and over ad nauseum they are critical to the decision making process:
    to get in or to get out each choice being a real gamble lifestyle wise…. back to reading

  55. vanreal

    there are a lot of people in the city of vancouver who make $100,000. the $55,000 median mean just as many families make over that amount as under. The spread between rich and poor gets greater every year and will only get worse. Don’t rely on the median income to mean anything.

  56. Snick

    Check out the inventory stats at Mohican’s site. Very informative!

  57. Deedub

    If you said that there was a British company that was setting up its head ofice in Vancouver and they were hiring 200+ employees paying 100k+, then I would say that’s a step in the right direction.

    Over the past 12 weeks, three local startups have been purchased by multi-billion dollar foreign companies who have stated plans to up headcount and have invested beaucoup dollars increasing salaries and retention.

    Does that count?

  58. accountant88

    “Over the past 12 weeks, three local startups have been purchased by multi-billion dollar foreign companies who have stated plans to up headcount and have invested beaucoup dollars increasing salaries and retention.”

    That’s great if these foreign companies follow through.

    However, often takeovers result in staff reductions without increasing salaries and consolidation of operations to SAVE costs.

  59. Deedub

    That’s great if these foreign companies follow through.

    The SEC filings on one of the transactions show that existing employees have been given incentive bonuses ranging between 1x and 2x annual salary to stay 2 years. They are also hiring more people like mad.

    I dunno, it’s all YMMV stuff, but it sure sounds like “follow through”…

  60. Skeptic

    Skeptic 8.22am is a new Skeptic, they say imitation is the sincerest form of flattery. I’m sure Rob could confirm from IP details.

    Jim, your post says we are going off topic by talking about the ‘will crash’ vs ‘won’t crash’ instead of the daily stats.

    You then go on to restate the ‘will crash’ argument. sheesh….

  61. Jim

    Skeptic: Nice catch-I will chill.

  62. slugora

    Rob,

    To answer your question from a couple of days ago, if panic alone drove the market down in 82, rather than 20%+ int rates:

    For starters, the market crashed in 81, and int rates never quite made it to 20%. The market bottomed in late 82, when int rates had already dropped to 12.5%.

    Anyway, my point was that any sudden trend change, regardless of the reason will be accelerated by a degree of fear and panic that can pull out the rug beneath greedy investors holding out for that last ounce of profit. Luckily, I sold too soon in 81, but held out too long on a couple of properties in 90, when the market hit a short freefall. Needless to say, I have sold most of my current RE holdings and the relief is awesome.

    Getting back to 81, int rates were obviously a big factor, but they were generated by the enormous appetite for instant credit by young boomers, in other words, DEMOGRAPHICS. Many of those same boomers are now ready for downsizing and selling their RE to fund their retirement….just one more duck in the row that could set off the biggest RE crash ever.

  63. sherri

    Question on interest rates.

    From what i understand a major factor on how inflation is measured is rent? If this is so it is my opinion that over the last 12 months or so rents in the DT core have gone up 10-12%. Would you guys agree?

    With so much growth here in Canada wouldnt you guys agree that inflation is going to be a problem here in Canada?

    The US is having thier own head aches right now with RE crashing, the subprime market implosion, thier account deficit and manufacturing going nowhere. These factors are all playing into slowing down inflation and interest rates.

    Here in Canada it seems to me that we just keep heating up, employment is good, economy is good, I see inflation as being a problem for the great white North, how much do you think the interest rates will go up here to help curb inflation? and how much does this resemble the 80’s market? I was too young to care back then….

    Comments please.

  64. Priced Out

    I think sherri just pointed out the elephant in the room.

  65. sherri

    elehant to you and me but there seems to be alot of posters on this blog that seem to think otherwise.

    That said smart ass why dont you take a stab at answering the questions asked.

  66. Jim

    I have this observation of previous boom/bust cycles. Most buyers establish a purchase price based on their budget(define that however). They then purchase a home within their defined budget paramters, and say plus or minus 10%. So one of the reasons prices are sticky on the way down is: you tend to hold firm on your budget and ask for more house. So the average price might still be $500k but people are getting what *were* $550k houses. This situation can prevail for months. It also explains why average price graphs in the bubbliest markets move in fits and spurts.
    sherri: Your question requires a crystal ball which not even the saviest hedge fund mangers posses wrt interest rates.

  67. Snick

    Sherri,

    I remember the early 80’s VERY well. People who already owned had a certain air of, shall we say, “superiority” about them. They looked at others with a semblance of “pity” for not having what they had.

    At the time, no one really knew what was happening. No internet then…

    After awhile, chatter became epidemic about how so and so was having a difficult time selling this or that house.

    The interest rates WERE high, but the prices nowadays more than make up for that. It’s all relative.

    There will be tears, just as there was with a woman whom I saw crying because she was not offered a foreign exchange student through Douglas College like she’d hoped. (He or she was supposed to help her pay the mortgage)

    This will be very interesting.

  68. Moneyfromasia

    Wow many sour grapes here. Any correction in this kind of market will feel like a crash to many.

  69. Snick

    “Any” correction? It’s a given.

  70. sherri

    Snick,

    Thanks for your comments. Further to your comments, we sold recently and are holding and renting right now. This “air” you speak of is out there today. Our neighbors and some of our freinds and aquaintences talk like they are millionares.

    Jim,

    Alot of this is crystal ball kind of stuff. I think that is why we are here discussing with different view points. If we knew the answers… Geeesh.

  71. Jim

    sherri:

    Actually I am here to look at daily numbers. Sometimes I go down the pathway of crystal balling-a correction, a decline-that’s self evident. I will go so far as to say I am expecting a BIG one. But I would stop short of hard numbers and percentages. Even a flatlining of price appreciation will destroy alot to flippers. A 1 percent blip in long term mortgae rates will knock this RE market on its heels. How’s that?

  72. millionpitfall

    The Canadian government expects inflation to peak at 2.8% and then start dropping towards the end of the year. So, if inflation rises higher and sooner than expected interest rates will follow. A 1% rise, I doubt it probably less, but you can never say never.

  73. Domus

    Next 2 days should be quite uneventful in terms of listings: end of the month expiries and all.

    I think that May can lead us well above 12k, possibly close to 13k.

    These listing figures will certainly set thought in motion for a fair amount of previous bulls. There will still be a large share of bulls in denial, as it always happens. They will be too eager to keep milking the cow, which will lead them to lose both the daily milk and the cow itself.

    Patience, patience……

  74. Your such a lamer!

    You know more often then not, most the people I talk to say that YVR RE will drop after 2010!

    So what do you think folks? Rentals good because home short sellers are now getting into the act before they get caught with their pants down with the rest of the greedy pigs. This is what brings on a correction!?!

    Should we bring up the psycology of the pig?
    How about the average 9-5 Joe?
    Where do we bloggers fit in?
    I think we are Bull/Bear’s when the times right.

    Inventory is commin along quit nicely.

    Remember we are a the home shortseller stages and everybodies expected to sell after 2010. Ha!

    RE Tarded!

  75. Snick

    2010 is a non-issue. A piddly two week event DURING THE WINTER won’t do squat.

    When was the last time anyone you know went to…Sarajevo? Salt Lake City? Lake Placid? Lillehammer? Turin?

    Thought so.

  76. Annon

    Long term investment in a house that you live in is a very good idea. For investment properties, it’s a little different. When the price drops to the point that your net equity is negative. Ie. you owe more on the house than the house is worth. Wouldn’t it save you from more losses if you just walk away from feeding a mortgage on a house that is -50k? I mean, you may as well quickly buy another house and mortgage again without that -50k? The first couple of years, most people just pay for the interests part of their mortgages anyway so walking away indeed limit losses on a fast declining market. This is not to say that it won’t hurt your credit. It’s risk that you take when speculating.

  77. $fromasia

    Annon your perception is from the 80’s when you would be earning $20 per hour and your hous is $130k. I’ll take those days anyday over $30 per hour today and half a million in debt.

    Give your head a shake.

  78. thomas

    sarajevo has actually become a very hip destination vacation spot.

  79. Jaymo

    Twenty three years since the ’84 Winter Olympics, Sarajevo has emerged as a cool place to vacation?

    You should tell VANOC that little gem. I’m sure it would make good reading in the ‘why Vancouver is lucky to have the Olympics’ pamphlets.

  80. Jim

    snick:
    “2010 is a non-issue. A piddly two week event DURING THE WINTER won’t do squat.”
    I respectfully disagree. A two week global exposure of our downtown Eastside,the homeless, and crack dealers, to the world and even to some living in Eastern Canada, will be an eye opener, and will have an impact on YVR property values, and foreign RE investors assesment of the same.

  81. Skeptic

    The government will clean up the downtown east side before the olympics, a benefit to those who buy there now.

    There’s also lots of construction around, some related to the olympics, such as the sea to sky upgrade, the train to the airport and the olympic venues, all of these are bringing people and money to Vancouver during the construction. What happens after, well who knows…

  82. ObserverX

    … “during the construction. What happens after, well who knows…”.

    The construction workers will instantly turn into computer engineers and Wall St analysts who will be hired by all of those condo development companies who instantly turn into high-tech firms and major financial institutions that pay $300K a head. How could it be more obvious?

  83. Annon

    $fromasia:
    “Annon your perception is from the 80’s when you would be earning $20 per hour and your hous is $130k. I’ll take those days anyday over $30 per hour today and half a million in debt.

    Give your head a shake.”

    $fromasia, you need to fly in the face of real “Real Estates”. Your comments resemble those who think they know just because they happened to be there when things happened. You will find out that the one that has the last laugh isn’t you a surprising fact. Note, surprising to you and only you.

  84. $froma$ia

    Leb..ANNON, come again? Give it another try, perhaps not being there make more sense to you?

  85. Annon

    To $froma$ia:
    Ha, what makes you think you are the only one that’s been there??? Besides what do you have to show for? You know what the cashiers do? They scan the item and charge you the price as it’s read. Same as those who say “the market is hot” because everyone can all see it. So tell us what we are not seeing. Otherwise you are no better than just a cashier. And don’t feel to ashame as it’s still a honest job (really?). haha.

  86. $froma$ia

    Ha, I like you. Funny dude! So what do you see? Do you see bears priced out forever?
    Do bears become bulls when they purchase?
    Who are the bears>?
    Who are the bulls>?
    I appreciate your comments, keep em rolling!

  87. Annon

    Let’s just say if Canada’s current excellent market condition is heavily dependent on high commodity prices and domestic demands, it’s really not that healthy. It’s healthy if there’s been no/low inflation but that’s not the case and we all know that. Then again, most leaders need to be optimistic as it helps keep the spirit high and thus the society stable. Besides, who wants to know if their heavily mortgaged house could turn their net equity negative should things go really bad in the housing or economy.

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