Friday Numbers

There were 198 new listings Friday and 192 sales, for a sell/list of 96.97%. Of the sales 30, or 15.63%, went over list. 10 of those were on the Westside. 10 were in East Van, 1 was in Richmond, 3 were in Port Coquitlam,  1 in North Van, 2 in Coquitlam, 1 in Burnaby, and 2 in Surrey.

Average list price of the sales was $561,971: average sales price was $549,253, a difference of $12,717, meaning the average sale went for 1.41% under list price. 20 properties went for list price. One property went for 10%($980,000) under list while the highest over list was 15% ($130,000) over.  There were 8 million dollar plus properties sold, with 8 over $2 million and 2 of those over $7 million. Average days on market to sale was 40.

There were 82 price changes, of which 13, or 15.85%, were increases. The average original list price of price changes was $607,301; the average new price was $590,533, a difference of $16,768, meaning the average price change was -2.31%.

Inventory in my target area rose to 12,036, while over 90s also rose, reaching 2,089, a percentage of 17.36%.

0.57% of all active listings in my target area had their prices reduced today.  The 14 day rolling sell/list rose, reaching 72.32%.

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45 Comments

Filed under Daily Numbers

45 responses to “Friday Numbers

  1. ObserverX

    I think Deb’s summary from the other day is perfect once again: “oh pooh”.

  2. Domus

    Just a quick question about condo completion: Rob, do you know how many of them are coming through and how quickly they sell? Also, do you know of a step change in prices for new completions?

    I am really curious about supply, but I have notice there is not that much info about them….

    PS I like the picture….where is it?

  3. Domus

    I forgot the main question: how do agents see new buildings? Can they make money out of them? Have they got an interest in dissuading buyers?

    In other words: are new builds profitable for agents and is there a role at all for them in the transaction?

  4. Dyugle

    Domus
    Check out the statistics at CMHC. They show starts, completions and under construction for various regions.

  5. Contrarian

    Comment by;

    News Flash
    July 20th, 2007 at 6:56 pm

    “Miami has 22,920 unsold condos and another 20,000 about to be completed ”

    “My only question is – when do you expect us to reach those numbers????? ”

    Well if we go by history…never.

    If we calculate it on the inventory continuing to rise as it has over the past year then we should reach that level in 2084.

    ———————————————

    News Flash,

    I’d suggest you read CMHC’s June 2007 Housing Report for the Vancouver CMA.

    Page 2

    “In May, a total of 21, 565 homes were under construction in the Vancouver CMA……..despite homebuilders’ capacity being limited by construction labour shortages…….inventory of newly completed and UNOCCUPIED homes reached 1,157 units in May, 51 per cent higher than the same time in 2006.” (emphasis added)

    We have more than 20,000 units being currently constructed, who’s to say inventory won’t reach that level?

  6. Snick

    But, but, but…it’s different here!

  7. robchipman

    Contrarian:

    23,000 unsold condos in Miami, and another 20,000 to be completed, vs. 21,000 homes in the Vancouver CMA. My gut feeling is that the Vancouver number includes SFHs and townhouses as well as condos. (I could be wrong – I haven’t had time to read the report you reference).

    If newly completed and unoccupied units reached 1,157 in May (up from what, 780 last year?), we’re talking a huge degree of difference with Miami, especially if the Vancouver units included SFHs and townhouses. 23,000 unsold units vs. 1,157 completed but still empty (and possibly sold). In a year we’ve added 377 units. (23,000/377 = how many years at the current absorption rate? 61 years. We need a big change if we’re going to get to Miami levels.)

    Domus:

    Agents see new buildings a vareity of ways. You may get invited, you may just see the marketing, your client may tell you about it. Some turn up on MLS. Payment can vary from a referral to a full sales commission. Benerally speaking, the more desirable the building, the less the developer shares with a selling Realtor. I’m sure someone will argue that a Realtor will be motivated to sell a used condo at the full pull rather than a new project at a reduced commission, but I haven’t witnessed that, and we do both types of buildings (we write on what the buyer wants, not what we want).

    The real challenge is the role of agency in a pre-sale. Imagine if you’d sold one of the places at Riverbend to your client. Would you be concerned about how you explained agency to them, what you agreed your duties were, and how you discharged them?

    I don’t know what the numbers are for new condo completions and sell rates, partly because I don’t calculate them and partly because they aren’t all on MLS. On days when we have a lot of price increases its often because of new projects upping the price. Not so common the last two months. Pretty common prior to that.

    Malpais/Santa Teresa – go to Malpais.net to start. If you like it we can buy a place there and split it. You need shorts and sandals, but that’s it. Its a dirt road surf town.

  8. chip

    I was lining up at a Starbucks in Atlanta last week when two businessman were discussing the sale of their investment properties and how much they hope to limit their losses. Best case scenario was $20,000: the worst, six figures.

    Atlanta has a strong, dynamic economy. It’s the HQ for companies like Coca-Cola, Home Depot and Delta Airlines. But prices are coming off even though at the peak you could get a nice loft 2-bed in midtown for under $300,000.

    Every time I return to Vancouver I just shake my head. In-migration is average, disposable incomes are flat, head offices are leaving, rates are rising and forestry is turning south — but prices are still soaring.

    The only way I can begin to rationalize the situation here is the hazy idea that our underground economy is massive, and it’s pouring an ocean of money into real estate.

  9. mike

    Yeah, I’m beginning to suspect grow ups as well.

  10. WoW

    Oh pooh

    Thx for the #s Rob.
    Newsflash – thx for the reference to increase in unoccupied/built – regardless of sfh, etc., its telling…..

  11. Contrarian

    Rob,

    I didn’t think you would make the mistake of comparing unsold and unoccupied units with total inventory levels.

    The 22,924 referred to in the Bloomberg article is the total inventory level. Therefore, unfortunately you are comparing apples and oranges.

    The CMHC report says that 85% of units under construction are multi-family dwellings. Therefore, 85% of 21,565 units under construction is 18,330. Not far off Miami-Dade Countys’ 20,000.

    If the same is true for your covered area then 85% of 12,000 would be 10,200.

    Given the rise total inventory for your area over the last year I wouldn’t say it is outwith the realms of possibility for us to get up to 20,000.

    I’d agree that it can be futile comparing Vancouver with other parts of Canada, never mind expanding this comparison to parts of the US.

    However, I think the basic economic fundamentals can be discussed to offer insight into Vancouver’s situation.

    Does our economy justify the current level of construction? Obviously previous years’ sales levels says yes.

    But I believe the old saying that today’s investor doesn’t benefit from yesterday’s growth applies here. Could the 51% increase in unsold and unoccupied units be a leading indicator? Could the 21,565 units under construction be completed only to find out that demand is exhausted?

  12. Contrarian,

    To quote the article:

    “20,000 new units are being built in Miami’s 1,040-acre downtown”

    NOTE – Miami’s 1040-acre downtown

    You are comparing the hole GVRD and Fraser Vally to a 1040 acre downtown which is similar in size to that of Vancouver’s.

    Currently there are 850 units for sale in Vancouver’s Downtown Peninsula.

  13. Contrarian

    Newsflash,

    Can I please clarify something;

    I am not the one comparing Vancouver and Miami Dade County. I just wanted to point out that per CMHC’s June report that Vancouver CMA has 21,565 units under construction. You were the one that said we would never see construction levels like that.

    I believe your comment was;

    “Miami has 22,920 unsold condos and another 20,000 about to be completed ”

    “My only question is – when do you expect us to reach those numbers????? ”

    “Well if we go by history…never.”

    Now if you want to compare the GVRD with Miami-Dade County (since this is what the Bloomberg article refers to) then you’ll find that the 2006 U.S. Census for Miami-Dade COunty’s population is 2,402,208. The 2006 population for the GVRD is 2,180,737

    http://quickfacts.census.gov/qfd/states/12/12086.html
    http://www.gvrd.bc.ca/growth/keyfacts/popest.htm

    Now that’s just population. Don’t get me started on economic activity.

  14. Brief typo survey from recent posts:

    “tripe” A bonds (triple A),
    “candian” (canadian) (as in “candi -ass”, as pointed out in earlier post)
    “hole” GVRD (whole).

    These are pejorative typo’s and indicative of an unconcious, anti-bull bias. You bears make me snick.

    Cheers.

  15. Snick

    “tripe” A bonds
    – ceejay

    They ARE tripe.

  16. tqn

    This is just in from BogusExpress.com:
    Real estate price in Kabul has been kaboom due to the glut of new condos in Miami.

  17. AmPa

    What is it about online communication media like this forum that attracts naysayers in hordes? The blind leading the blind, and the ever mistaken giving comfort to each other. Its just fascinating. I’m sure some university prof somewhere could get a fat ass grant to study this spectacle.

    “the sell to list ratio is 80%. That could only mean speculation will crash the market. The sell to list ratio is 30%, that can only mean owners are desperate. The US prices climb, that only means canada will crash from out-migration. The US prices drop, that can only mean vancouver will follow suit. The price increases percent have been double digits for 5 years, that can only mean the bubble will burst. The prices have not been increasing for 5 years, that can only mean this is the great depression of 21th century. Housing construction is massive, that can only mean a future glut. Housing construction is dead, that can only mean no one ever wants to buy a house.”

  18. Snick

    So, AmPa, what is YOUR take on all of this?

  19. -A-

    AmPa: Does not apply to Vancouver(this time it’s different).

    The withdrawal symptoms may hit the rest of the world but not Vancouver.

  20. Strataman

    AmPa said “What is it about online communication media like this forum that attracts naysayers in hordes? The blind leading the blind, and the ever mistaken giving comfort to each other.” Try reading history it always repeats always, you? Of course it won’t for you! Your differant and spedcial! Been there done that and lost my shirt so to speak! 🙂

  21. sutluc

    I’m a little puzzled about how we can have 198 listings and 192 sold, but have inventory increase by 39 day over day. Honestly I have a hard time finding faith in the numbers.
    I know, some things are reported late, some are batch entered, etc., but it all makes it GIGO as far as I’m concerned.

  22. Snick

    “Try reading history it always repeats always, you?” – Strataman

    You chew gum, Joe?

  23. Anonymous

    Is it recommended to have a realtor represent you as the buyer in a potential deal? I found the place I am interested in on my own and am now beginning to deal with the realtor. Any words of wisdom out there (preferably from both a realtor and NON-realtor perspective).

    Many thanks!

  24. ceejay

    Snick: don’t be mean to Strataman. He probably works for the Dept. of Redundancy Dept, that’s all.

  25. robchipman

    Anonymous:

    I have a link to the “Working With a Realtor” brochure. Download it and read it.

    There are several potential advantages to having a Realtor represent you when buying real estate, but there are also times when its acceptable to use limited dual agency. In most cases I would not recommend “no agency”.

  26. vomitingdog

    $998,000 under list??!! Does anyone have a link to that property? I’d love to get a look at that one.

  27. vomitingdog

    Ooops. I mean $980,00 under list. I don’t mean to quibble over 18K.

  28. Whybuywhenucanrent

    Not using a Realtor

    I bought a house a while back with no Realtor. I’m not sure if I’d have gotten a better deal or not without, there’s no way of knowing.

    If you use “limited dual agency” you should read up on it first, and ask what an appropriate reduction in the commission should be–it’s less work overall for the Realtor representing both parties than it is for a Realtor for each party.

    If the property you’re interested in is very “standard”, it won’t be such a problem. If there’s lots of neighbouring properties that have sold recently and you can peg the value to 1 or 2 percent, then there’s not much wriggle room anyway.

    But if you’re buying anything unusual–an unusual house, a property in unusually good or poor condition, a condo that has a view of a dumpster, or a view of the harbour, then the dual-agent may not be such a good idea, as he/she has no incentive to keep the price down. (My place was a bit unusual, which is why I’ve always wondered).

    There are probably books on “how to buy a house without a Realtor”, they may be oriented towards the US market, but the general themes will be applicable.

    In a slow market, it’s not so hard. In a hot market where you have only days to act, it’s a lot easier to make errors, or to be wheedled into a bargaining position you don’t care for.

    You’ll need a Real Estate lawyer on your side.
    You’ll need a reference for an excellent home inspector.
    You’ll need some saavy and pluck.

    Whybuywhenucanrent?

  29. renting

    “Now if you want to compare the GVRD with Miami-Dade County (since this is what the Bloomberg article refers to) then you’ll find that the 2006 U.S. Census for Miami-Dade COunty’s population is 2,402,208. The 2006 population for the GVRD is 2,180,737

    http://quickfacts.census.gov/qfd/states/12/12086.html
    http://www.gvrd.bc.ca/growth/keyfacts/popest.htm

    Now that’s just population. Don’t get me started on economic activity.

    I just checked wikipedia and it says the population of Miami is more like double that.

    http://en.wikipedia.org/wiki/Miami

    My guess is that this number more roughly corresponds to the GVRD number and the Miami-Date County number would be more like the Vancouver proper number. That would mean that Miami is about 2x us so if we hit 10,000 we would be in similar territory.

    However I don’t know much about Miami and roughly what areas would be similar to our regional areas.

  30. Dyugle

    Hi Rob
    If the bears ever get their day in the sun do you expect buyer only real estate agencies to crop up? Check out Condo Vultures in Florida. They are following distresed properties and are offering a service only to buyers.
    Check out some of these price drops.
    http://pirate.condovultures.com/view/public.php

  31. Snick

    “If the bears ever get their day in the sun…”
    – Dyugle

    I’d say things are “brightening up” considerably.

  32. tqn

    “I’d say things are “brightening up” considerably.”

    I totally agree…if you are a seller.

  33. Coq_Mike

    Anonymous:

    I would say that the most important thing you can do is get yourself not just a realtor, but get yourself a really good realtor that you trust and who has the time to provide good service.

    The benefits to entering into a deal without a realtor are probably not that great when consider all the potential risks. Getting unbiased feedback can be worth a lot.

    The selling realtor is probably never going to tell you not to buy, but your own agent might.

  34. robchipman

    WBWYCR:

    I think you offer some god advice, but I repeat: read up on all agency, not just limited dual agency. The blue brochure is the best place to start.

    “If you use “limited dual agency” you should read up on it first, and ask what an appropriate reduction in the commission should be–it’s less work overall for the Realtor representing both parties than it is for a Realtor for each party.”

    Interesting comments. I’m not sure I agree that limited dual agency is less work for the Realtor; can you explain how you think it is? Also, more than one of my colleagues prefers to not use LDA unless they really like the buyer; they’ll tell you to go find a Realtor.

    In terms of asking what an appropriate commission reduction would be, proceed carefully. How much do you think you’ll save? Is there a better way to accomplish that dollar figure goal? Is a guy that you grind on commission capable, or even willing, to negotiate on your behalf? (You can guess that if you said to me “You’re double ending this, so you should kick back some to me”, my short answer would “No, but thanks for thinking of me”.)

    BTW, what kind of CMA did your listing Realtor provide you when you bought, and did he help you determine an offer price? Those are two concrete services that a buyer’s agent should provide.

  35. Garbage

    Maybe if this strike goes on long enough, we can have some foreclosures.. Is this even possible???

    Or maybe, lets clamp down on grow ops:

    17,000 grow ops in BC
    http://www.readersdigest.ca/mag/2005/05/pot.html

  36. -A-

    If the bears ever get their day in the sun do you expect buyer only real estate agencies to crop up? Check out Condo Vultures in Florida. They are following distresed properties and are offering a service only to buyers.
    Check out some of these price drops.

    http://pirate.condovultures.com/view/public.php

    Dyuble, now you are just rabble-rousing, and non sequitur. The Florida issue was brought up by us bears before, and I do believe the RE top guns, explained to us why it can’t happen in Vancouver.

  37. Strataman

    quoted from algorafinancial
    “For starters, new home sales do not take into
    consideration cancellations, and cancellations have been
    soaring. The current methodology is to count “new sales”
    as soon as a contract is signed, but sales are not subtracted
    by cancellations. Thus, not only are sales overstated, but
    inventories are massively understated. Builders are now
    scrambling to finish projects and unload as much
    inventory as possible before the next wave hits.” I suspect our new condo’s are also experiencing this. Rob; If there is a cancellation of a purchase how is it tracked here in BC? Although this would apply to mostly new homes, what is the criteria for a sale that is cancelled and the buyer forfiets their deposit? How does or does MLS track this?

  38. Geezer

    -A- said
    “Dyuble, now you are just rabble-rousing, and non sequitur. The Florida issue was brought up by us bears before, and I do believe the RE top guns, explained to us why it can’t happen in Vancouver.”

    I realize many bears hope the Florida situation could/should/will happen here but before you get too carried away with the ongoing predictions of doom it may be worth reading some of the actual comments from the Bloomberg article aand comparing the Florida reality with ours.

    Most of the observations are clearly bearish but in the context of the Florida market they make way more sense than similar predictions for Vancouver. I have added some of my own comments in brackets.

    “July 20 (Bloomberg) — In the middle of the biggest glut of condominiums in more than 30 years, Miami developers keep on building.

    The oversupply will force prices down as much as 30 percent, the worst decline since the 1970s, and help push Florida’s economy into recession as early as October
    (Anybody predicting a BC recession in October?)

    “Florida is the epicenter for all the problems that exist in the housing industry,”
    (Just like Vancouver??? Note: We also don’t have the sub-prime debacle helping things along)

    Thirty-seven new high-rise condos and 20,000 new units are being built in Miami’s 1,040-acre downtown, where sales fell almost 50 percent in May, according to the Florida Association of Realtors. The new units will join the 22,924 existing condos in Miami-Dade County that were for sale in April,
    (Vancouver’s similar sized downtown peninsula has less than 1,000 listed condos and our YOY sales have been increasing – but maybe Vancouver is different)

    Influx of Retirees
    A Florida recession could be averted and the state housing industry’s “serious problems” solved by an influx of American retirees and foreign buyers, said David Denslow, a University of Florida economist in Gainesville. The wave of baby boomer retirees is gathering momentum, and the weaker dollar makes Florida seem like a bargain to Europeans,” Denslow said. ”With any luck at all that will sustain us.”
    (This can’t happen in Vancouver – we are different)

    With prices falling, international investors, hedge funds, private equity firms and Wall Street banks are beginning to shop for deals, said Peter Zalewski of Condo Vultures Realty LLC,
    (This couldn’t happen here if prices start dropping)

    As much as half of those putting down deposits for Miami condos are speculators looking to flip units, or sell them quickly for a profit without living in them,
    With sale prices falling, McCabe said he expects up to 50 percent of them to walk away from their deposits in the next 18 months rather than complete the sales.
    (See – just like Vancouver! Ooops, sorry, I got it wrong, its the developers who are walking away from their contracts so they can sell at higher prices.)

  39. -A-

    Geezer you forgot to mention:

    We have very little supply of land.

    And the very little we had, was sold to Hong Kong investors before the Communist take over, and that is why we have been unable to build more condos in the last 20 years.

    So if anyone wants to buy the very last few condos we have left, they better get in now.

    Our developers are not like the Americans, we Canadians have very sophisticated demand forecasting tools, they don’t just guess at demand as the Americans do.

  40. Snick

    Geezer,

    I believe you are very misguided if you think we are capable of escaping a major correction. In the big scheme of things, Vancouver is a backwater.

    Do you honestly think that the kind of RE money that has flowed in and out of MAJOR cities throughout North America amounts to a drop in the bucket here?

    Give your head a shake.

  41. robchipman

    Strataman:

    MLS sales get counted once the sale is reported, and that happens when subjects are removed. At that point you have a binding contract. That’s an important threshold, because at that point if the buyer doesn’t complete he forfeits the deposit to the seller without prejudice to other remedies. In other words, the seller can either re-sell (if, say, the market has risen or stayed roughly the same) or he can sue the buyer for damages (if the market falls), a the seller’s option. The buyer had better disappear or have no money, and the Relators involved had better have dotted their i’s and crossed their t’s or the E&O lawyer will be conducting some interviews.

    I don’t know what is happening in the non-MLS market (except that we’ve recently sold assignments, so the market still seems to be rising).

    Because of when we count MLS sales (subject removals) there really aren’t cancellations to track. A cancelled contract, in a falling market, has a pretty good chance of ending up in civil court.

  42. Whybuywhenucanrent

    >> I think you offer some god advice<>“If you use “limited dual agency” you should read up on it first, and ask what an appropriate reduction in the commission should be–it’s less work overall for the Realtor representing both parties than it is for a Realtor for each party.”

    Interesting comments. I’m not sure I agree that limited dual agency is less work for the Realtor; can you explain how you think it is?<>Also, more than one of my colleagues prefers to not use LDA unless they really like the buyer; they’ll tell you to go find a Realtor.<>In terms of asking what an appropriate commission reduction would be, proceed carefully. How much do you think you’ll save? Is there a better way to accomplish that dollar figure goal? Is a guy that you grind on commission capable, or even willing, to negotiate on your behalf?<>BTW, what kind of CMA did your listing Realtor provide you when you bought, and did he help you determine an offer price? Those are two concrete services that a buyer’s agent should provide.<<

    Not sure what a CMA is. Agent didn’t help with an offer price initially, but strongly encouraged me to jack it up in the end (i.e. “raise your offer or they might sell it to The Other Party instead”)

    I’ve bought places all ways, by far the easiest was a For Sale By Owner. No agents, just me and the other guy sitting around in the kitchen haggling a bit and signing documents. Confirmed it all with a lawyer by phone before I signed, and the deal went though. We both got a great deal out of the matter, I got it priced a few percentage points cheaper than the comps, he walked off with more in his wallet than he’d have gotten with an agent. That 3 or 4 percent commission leaves a big middle ground for negotiation that can leave both parties with fatter wallets than having agents.

    Any other comments for Anonymous?

  43. Whybuywhenucanrent

    [repost of above comment, some text got lost]

    ::I think you offer some god advice::

    No, just that of a mere mortal ;^)

    ::“If you use “limited dual agency” you should read up on it first, and ask what an appropriate reduction in the commission should be–it’s less work overall for the Realtor representing both parties than it is for a Realtor for each party.”

    Interesting comments. I’m not sure I agree that limited dual agency is less work for the Realtor; can you explain how you think it is?::

    Fewer problems to dicker over, no need to wait around for phone calls or FAXes, seems the whole deal can get done more quickly, no need to worry about some incompetent agent on the other end. I think I used limited deal agency. It definitely made things go faster–sometimes deals wait around for a week or two for the long communication line to go back and forth.

    ::Also, more than one of my colleagues prefers to not use LDA unless they really like the buyer; they’ll tell you to go find a Realtor.::

    I’ve always gotten positive responses from agents when I say I don’t have a buyer’s agent. They get a big smile and say “oh, we’re more than capable of handling that kind of situation”

    ::In terms of asking what an appropriate commission reduction would be, proceed carefully. How much do you think you’ll save? Is there a better way to accomplish that dollar figure goal? Is a guy that you grind on commission capable, or even willing, to negotiate on your behalf?::

    Very good questions. I was buying a fairly straightforward property in a dead dead dead market. The only problem was that I figured I’d have to wait 3 months for them to get desperate enough to take my offer, but around the end of Month Two the market showed unexpected signs of life, and another buyer showed up on the scene. I got the house I wanted, and got a good deal, but I didn’t get the smokin deal I was hoping for.

    ::BTW, what kind of CMA did your listing Realtor provide you when you bought, and did he help you determine an offer price? Those are two concrete services that a buyer’s agent should provide.::

    Not sure what a CMA is. Agent didn’t help with an offer price initially, but strongly encouraged me to jack it up in the end (i.e. “raise your offer or they might sell it to The Other Party instead”)

    I’ve bought places all ways, by far the easiest was a For Sale By Owner. No agents, just me and the other guy sitting around in the kitchen haggling a bit and signing documents. Confirmed it all with a lawyer by phone before I signed, and the deal went though. We both got a great deal out of the matter, I got it priced a few percentage points cheaper than the comps, he walked off with more in his wallet than he’d have gotten with an agent. That 3 or 4 percent commission leaves a big middle ground for negotiation that can leave both parties with fatter wallets than having agents.

    Any other comments for Anonymous?

  44. Geezer

    -A- said:
    “We have very little supply of land.

    And the very little we had, was sold to Hong Kong investors before the Communist take over, and that is why we have been unable to build more condos in the last 20 years.”

    Your tounge in cheek comment was more accurate than you may have thought. In Florida, when they whant more land they simply drain another chunk of wetland. I realize that we can continue to build upwards but at what future price per square foot?

    -A- said:
    “So if anyone wants to buy the very last few condos we have left, they better get in now.”

    I would change that to – “So if anyone wants to buy the very last few condos we have left AT TODAY’S PRICES, they better get in now.”

    -A- said
    “Our developers are not like the Americans, we Canadians have very sophisticated demand forecasting tools, they don’t just guess at demand as the Americans do.”

    I have to agree they certainly have proven to be better forcasters than the bears over the last few years.

  45. Geezer

    Snick said:
    “I believe you are very misguided if you think we are capable of escaping a major correction. In the big scheme of things, Vancouver is a backwater.

    Do you honestly think that the kind of RE money that has flowed in and out of MAJOR cities throughout North America amounts to a drop in the bucket here?

    Give your head a shake.”

    You’re rambling – that’s a sign of stress you know.

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