“Where Being Conservative Means You'll Need To Keep It Secret.”
Is it a Crack Shack Or a Mansion:
A sorry statement on the reality of Vancouver housing prices…
You are playing Part 2 of the Crack Shack or Mansion game.
The game features real Vancouver real estate listings, as of April 21st, 2010.
Can you tell the difference between a crack shack and a Vancouver, BC mansion, listed for one or two million dollars?
George Bush is coming to Canada on March 17, to give a speech in Calgary as a guest of the city’s chamber of commerce.
Nice to know Calgary is still the most friendly Canadian city to our US friends.
But not to let a quick visit by go to waste, a nutty group of supposed lawyers call for…
Ban Bush from Canada for war crimes: lawyers:
In a letter to the RCMP war crimes section and copied to Prime Minister Stephen Harper, Liberal Leader Michael Ignatieff and other federal ministers and opposition MPs, the Lawyers Against the War group claims that Bush is “inadmissible to Canada . . . because of overwhelming evidence that he has committed, outside Canada, torture and other offences” as detailed in Canada’s War Crimes Act.
Not sure who the Lawyers Against War guys are, but they are a crazy bunch.
Their site hasn’t been updated since 2004. Me thinks they are after some free publicity. Here you go.
This is one of the best photographic essays of the events of 2008 – and I’d like to share it with you.
It even has a shot from Vancouver.
2008 was actually a fascinating year, as the pictures will show… be prepared to set aside a few minutes or so, and to be amazed.
There’s a lot to look forward to in 09. Happy New Year.
The year 2008 in photographs – From Boston.com “2008 has been an eventful year to say the least – it is difficult to sum up the thousands of stories in just a handful of photographs. That said, I will try to do what I’ve done with other photo narratives here, and tell a story of 2008 in photographs. It’s not the story of 2008, it’s certainly not all stories, but as a collection it does show a good portion of what life has been like over the past 12 months.”
Lightning bolts appear above and around the Chaiten volcano as seen from Chana, some 30 kms (19 miles) north of the volcano, as it began its first eruption in thousands of years, in southern Chile May 2, 2008. Cases of electrical storms breaking out directly above erupting volcanoes are well documented, although scientists differ on what causes them. Picture taken May 2, 2008. (REUTERS/Carlos Gutierrez)
Kartoula, 14, a refugee from Sudan’s western Darfur region, enters a distribution centre to receive monthly food rations at Djabal camp near Gos Beida in eastern Chad, June 5, 2008. (REUTERS/Finbarr O’Reilly) #
The Space Shuttle Discovery lifts off from launch pad 39-A at Kennedy Space Center on May 31, 2008 in Cape Canaveral, Florida, en route to the International Space Station on a construction mission. (Eliot J. Schechter /Getty Images) #
An aerial view of floods caused by Tropical Storm Hanna is seen in Gonaives, Haiti on September 3, 2008. Haiti’s civil protection office said 37 of the 90 Hanna-related deaths had occurred in the port city of Gonaives. (REUTERS/Marco Dormino/Minustah) #
Home prices have fallen 10% on a sales decline of 42% in November. Add in the stock market losses and overall Canadians have lost $191 Billion in net worth.
In Vancouver, sales slide by 62%. The benchmark has dropped by $104,000 so far this year, most of it in the past three months. If the real estate graph over the last three months was a ski run, it wouldn’t be a black diamond, it would be a “Keep Out” sign.
“The situation is unraveling fast in British Columbia….further price correction should be expected in the near term.” -RBC Economics Research, “Housing Trends and Affordability,” December 2008
And the bottom won’t be reached until late in 2009, or sometime in 2010.
Not to stop our ever optimistic realtors though.. “The sales numbers are on track to surpass that of November. Mortgage rates are dropping and affordability is improving every day. Perhaps some buyers are beginning to look for bargains?” (December 11, 2008)
This sums up the situation as far as buyers are concerned: “Anyone selling their property for half the price of the current appraised value please let me know.”
My advice to anyone thinking of buying in Vancouver is to rent for at least the next year. Hopefully prices will go down to a level that reflects reality – and you’ll be ahead by tens of thousands.
Or is it just what happens in a hyper-inflated housing market?.
Vancouver’s apartment renters are complaining of being booted out of their building so the owners can make renovations then jack up the rent.
Councilor Tim Stevenson says it’s not fair, and it’s time for the provincial government to step in. “We’re asking that the province amend the residential tenancy act to require landlords to allow tenants who are evicted for renovations, come back into their suites once they’re completed, at the same rent that they were paying prior to the renovations. He also says eviction notices should be extended from 60 to 90 days and landlords’ records should be turned over annually to the residential tenancy branch.
The problem with this idea is that it will encourage landlords to let apartments run down, and in the long term we are encouraging slums.
Stevenson is also forgetting that rents are really out of sync with real estate prices – rent is approx 3% house/apartment prices – the norm is 10%. This puts landlords at a real disadvantage and the return on investment is no longer based on rising property values.
This speaks volumes of how the real estate bubble is in Vancouver (also Calgary and Toronto) is going to create pain as it deflates.
More signs that a meltdown will hit BC real estate this spring:
- In the comments section people are discussing making lowball offers on multiple properties – to payback the sellers for the multi-offer days.
- From a comment on pre-construction sales:
Many of them will be left holding the bag so to speak when they can’t assign their contracts,. They will have to complete at a loss. For some that may be easier said than done.
Due to financial constraints I cannot complete this purchase
http://vancouver.en.craigslist/81511.html
I have to give me deposit away for free because i can’t complete.
http://vancouver.en.craigslist…..65992.html
I’ve placed a deposit but cannot complete. Need someone to take this assignment from me.
http://vancouver.en.craigslist…..53522.html
Owner cannot complete on this property.
http://vancouver.en.craigslist…..14206.html
http://vancouver.en.craigslist…..66059.html
Our life-style has changed in the last 2 years and we will not be able to close http://vancouver.en.craigslist…..93833.html
the completion is in 2 weeks and my bank did not approve my financing. Therefore I can’t complete on this sale. http://vancouver.en.craigslist/40776.html
For those that like the stats:
Latest REBGV projections:
Listings: 3067 (-13% yoy)
Sales: 923 (-69% yoy)
Sell/List: 30% (-54 pts yoy)
MOI: 21.1 (462% yoy)
Actives: 19507 (76% yoy)
Avg Price SFH $753,967 (-7% yoy) (-9% mom) (-18% from peak)
Pre-construction investors killed real estate in Florida – now I’m witnessing the exact same scenario playing out here in Vancouver. I’m very happy I chose to rent – good times ahead for buyers.
The realtors will respond…
photo credit: ecstaticist
