taxi Posted April 4, 2018 Share Posted April 4, 2018 Detached home sales at 27 year low: http://vancitycondoguide.com/vancouver-home-sales-27-year-low-march/ I was talking to a real estate lawyer friend of mine and my investment advisor. Both think that its about to get really bad. Most people had approval under the old mortgage rules, which masked a lot of the die off in demand. If sales are already at a 27 year low, they'll likely only dip further. Link to comment Share on other sites More sharing options...
kingofsurrey Posted April 4, 2018 Share Posted April 4, 2018 1 hour ago, taxi said: Detached home sales at 27 year low: http://vancitycondoguide.com/vancouver-home-sales-27-year-low-march/ I was talking to a real estate lawyer friend of mine and my investment advisor. Both think that its about to get really bad. Most people had approval under the old mortgage rules, which masked a lot of the die off in demand. If sales are already at a 27 year low, they'll likely only dip further. BC real estate is about to crash. Definately not the time to be a buyer. Wait a year and get 30 % off. 1 Link to comment Share on other sites More sharing options...
Violator Posted April 4, 2018 Share Posted April 4, 2018 On 2018-03-15 at 3:45 PM, kingofsurrey said: Time to SELL, SELL , and SELL Get out of the real estate market immediately..... BC housing prices are about to TANK faster than the canuck team after 2011 http://theprovince.com/business/home-sales-plummet-16-9-as-average-price-drops-5-led-by-vancouver-toronto/wcm/a565539c-d3b1-4da0-830d-add6411e2c69 Real estate tanks the economy of BC will be right behind it. Link to comment Share on other sites More sharing options...
kingofsurrey Posted April 4, 2018 Share Posted April 4, 2018 13 minutes ago, Violator said: Real estate tanks the economy of BC will be right behind it. I hope so. Young kids in BC have no future the way it is right now. Cheaper housing is the only way forward. Let it crash. 1 Link to comment Share on other sites More sharing options...
taxi Posted April 4, 2018 Share Posted April 4, 2018 (edited) 20 minutes ago, Violator said: Real estate tanks the economy of BC will be right behind it. Things are already bad. Businesses can't stay open. The ones that are surviving can't find competent staff, as no one on a low wage can afford to live in Vancouver. People are having to forgo families. Children being raised by "middle class" families in studio apartments. Do you really think things can go forward like this? And who exactly is benefiting from this "boom"? Edited April 4, 2018 by taxi 1 Link to comment Share on other sites More sharing options...
Violator Posted April 4, 2018 Share Posted April 4, 2018 28 minutes ago, taxi said: Things are already bad. Businesses can't stay open. The ones that are surviving can't find competent staff, as no one on a low wage can afford to live in Vancouver. People are having to forgo families. Children being raised by "middle class" families in studio apartments. Do you really think things can go forward like this? And who exactly is benefiting from this "boom"? Just as i move back in five months.The staff problem is from narrowminded businesses that dont realize you gotta pay more and treat people better than usual. 1 Link to comment Share on other sites More sharing options...
taxi Posted April 4, 2018 Share Posted April 4, 2018 15 minutes ago, Violator said: Just as i move back in five months.The staff problem is from narrowminded businesses that dont realize you gotta pay more and treat people better than usual. A lot of businesses just can't afford to pay more. When rents and property prices double in five years, it puts a strain on everybody. I don't know where you get this idea that all business owners are fat cuts sitting in piles of cash they refuse to share. Most businesses in Vancouver are barely getting by. Look at how many restaurants are closing. Even the ones that are open are understaffed as it is. Link to comment Share on other sites More sharing options...
kingofsurrey Posted April 4, 2018 Share Posted April 4, 2018 (edited) 53 minutes ago, taxi said: Things are already bad. Businesses can't stay open. The ones that are surviving can't find competent staff, as no one on a low wage can afford to live in Vancouver. People are having to forgo families. Children being raised by "middle class" families in studio apartments. Do you really think things can go forward like this? And who exactly is benefiting from this "boom"? Young couples are having to choose rent/food over having kids. Can't afford to start a family when you are struggling to pay rent / utilities. Cost of daycare are sick in Vancouver averages 1500.00 per month... Quebec daycare costs 150 per month. BC is screwed. Young people are fleeing the province. Edited April 4, 2018 by kingofsurrey Link to comment Share on other sites More sharing options...
Violator Posted April 4, 2018 Share Posted April 4, 2018 2 hours ago, taxi said: A lot of businesses just can't afford to pay more. When rents and property prices double in five years, it puts a strain on everybody. I don't know where you get this idea that all business owners are fat cuts sitting in piles of cash they refuse to share. Most businesses in Vancouver are barely getting by. Look at how many restaurants are closing. Even the ones that are open are understaffed as it is. No ive lived and worked in bc for most of my life this is they way employers have been for a long time.its bitting them in the ass now and its good to hear. Link to comment Share on other sites More sharing options...
Warhippy Posted April 4, 2018 Share Posted April 4, 2018 12 hours ago, taxi said: Things are already bad. Businesses can't stay open. The ones that are surviving can't find competent staff, as no one on a low wage can afford to live in Vancouver. People are having to forgo families. Children being raised by "middle class" families in studio apartments. Do you really think things can go forward like this? And who exactly is benefiting from this "boom"? Well I can assure you. It's no the Clark Liberals anymore Link to comment Share on other sites More sharing options...
kingofsurrey Posted April 4, 2018 Share Posted April 4, 2018 (edited) Time to SELL SELL SELL. Market in lower mainland is about to tank.... Toronto home prices see biggest drop in almost 30 years March sales down 40% from a year ago, the lowest since 2009 The high-end of Toronto’s housing market is bearing the brunt of declines from last year’s dizzying growth, with prices falling and unit sales slumping by almost half. Sales of detached homes in and around Canada’s biggest city fell 46 per cent in March from the same month a year ago, while the average price fell 17 per cent to $1.01 million, according to data released Wednesday by the Toronto Real Estate Board. That dragged down the average selling prices for all housing types by 14 per cent from a year earlier to $784,558, the biggest drop since 1991. Metro Vancouver home sales down nearly 30 per cent in March Metro Vancouver home sales down nearly 30 per cent in March Home sales were down nearly 30 per cent in March in Metro Vancouver, as the region marked its lowest first-quarter sales in five years. The Real Estate Board of Greater Vancouver says home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in the same month last year. The board says last month’s sales were 23 per cent below the 10-year March sales average. Edited April 4, 2018 by kingofsurrey Link to comment Share on other sites More sharing options...
Warhippy Posted April 4, 2018 Share Posted April 4, 2018 Just read this article and have serious questions about how people view their home equity or at least how economists view home wealth http://www.cbc.ca/news/canada/british-columbia/van-realestate-april-2018-figures-1.4603948 People hoping for Vancouver's housing bubble to burst could find reasons to be optimistic today. Monthly real estate figures for the Lower Mainland will be released for every municipality, with predictions of significant drops in total sales compared to a year ago. "When we look across most markets in B.C. over the first quarter of this year, sales are down," said Cameron Muir, chief economist at the British Columbia Real Estate Association. New mortgage stress test rules have borrowers flocking to alternative lenders Real estate agent and industry blogger Steve Saretsky says the drop is largely due to new mortgage stress test rules, but the cumulative effect of interest rate hikes and new housing taxesby the government are also playing a role. "Prices can't rise by 30 per cent on an annual basis forever. The greatest price gains are behind us, and you're starting to witness the slowdown," he said. "All those new policies coming into effect, I don't think, are bullish for real estate in the short term." 'Ignored for too long:' B.C. NDP government takes aim at housing costs with tax measures Muir and Saretsky say industry data shows median prices for detached homes in Vancouver and surrounding municipalities are dropping slightly — but that relief won't extend to the condo market, where the benchmark price of an average unit has increased by 31.1 per cent over the last year, to $641,800. "I still expect prices to rise in most product types, and that's largely a result of a lack of supply. We're still sitting at 10-year lows," said Muir. Effect of a slowdown? An extremely robust housing market has greatly contributed to B.C.'s economy in recent years, with the real estate, rental and leasing sectors accounting for 18.4 per cent of the province's GDP in 2016, according to Statistics Canada. "There's no question that a slowing housing market could result in a slower economy. Does that lead to a recession eventually?" asked Saretsky. Hoping to buy a home in B.C.? Sorry, it's not likely to get much cheaper Last week, Muir published an analysis attempting to predict that possibility. The report estimated that a 35 per cent decline in average home prices would result in a recession, with GDP growth falling to negative 0.5 per cent within a year. Unemployment, meanwhile, would rise from 4.9 to 7.5 per cent. "Nearly 70 per cent of British Columbia households own their home. A relatively minor 10 per cent negative shock to home prices would extinguish $90 billion of their wealth, or $70,000 of the average home owner's equity," according to Muir's report. Chinese real estate portal says investment in Vancouver 'flat as a pancake' "While some may see this as a paper loss, it will have a significant impact on the economy, as declining household wealth reins in consumer spending." ================================================================================================================= See here's the confusing part. If people are living in their homes...they're not really losing anything. If they've lived in their homes for a decade, then they've seen the value of their home in some cases almost triple or even quadruple in the last 15 years. So a loss of 70,000 when weighed against a 4 fold increase is really not hard to stomach. A person who purchased a home/condo in the lower mainland for the $330,000 average over a decade ago now seeing their assessed value at over $700,000 per condo and $900,000 per home is not going to worry much about a measly $70,000 The more worrisome part is how the hell the previous government allowed home sales to become almost 20% of the entire GDP of the province and claimed the economy was "healthy" 1 Link to comment Share on other sites More sharing options...
bishopshodan Posted April 4, 2018 Share Posted April 4, 2018 Vancouver housing market expected to continue boom into 2018 https://www.bnn.ca/real-estate/video/vancouver-housing-market-expected-to-continue-boom-into-2018~852539 I don't think it is quite time to sell if you own a condo in Vancouver. 1 Link to comment Share on other sites More sharing options...
kingofsurrey Posted April 4, 2018 Share Posted April 4, 2018 1 hour ago, bishopshodan said: Vancouver housing market expected to continue boom into 2018 https://www.bnn.ca/real-estate/video/vancouver-housing-market-expected-to-continue-boom-into-2018~852539 I don't think it is quite time to sell if you own a condo in Vancouver. Smart money is now selling in Vancouver. Ahead of the collapse. Link to comment Share on other sites More sharing options...
Standing_Tall#37 Posted April 4, 2018 Share Posted April 4, 2018 17 hours ago, kingofsurrey said: Young couples are having to choose rent/food over having kids. Can't afford to start a family when you are struggling to pay rent / utilities. Cost of daycare are sick in Vancouver averages 1500.00 per month... Quebec daycare costs 150 per month. BC is screwed. Young people are fleeing the province. BC is not screwed. It’s the what teeny-tiny area in the southwest that is. The area that’s less than .5 of a % of area. The mining and forestry and oil patch and farming areas of this wonderful province are okay. I bought my house last year for less than 250,000 and it’s a 5 bedroom, 3400sq ft home on an acre . And this is kind of the average across this wonderful and vast province, but it’s only available to those who are brave enough to venture outside of the lower mainland. Link to comment Share on other sites More sharing options...
Warhippy Posted April 4, 2018 Share Posted April 4, 2018 2 hours ago, bishopshodan said: Vancouver housing market expected to continue boom into 2018 https://www.bnn.ca/real-estate/video/vancouver-housing-market-expected-to-continue-boom-into-2018~852539 I don't think it is quite time to sell if you own a condo in Vancouver. We'll have a serious warning sign. You'll see "empty homes" being sold en masse due to warnings from agents and developers who are trying to cash in on their investments before we'll see the average owner trying to sell. Happened in the US in 2008 where major banks were doing everything they could to divest themselves of those toxic portfolios before the inevitable happened. They'll always know before the average person Link to comment Share on other sites More sharing options...
Wilbur Posted April 4, 2018 Share Posted April 4, 2018 5 hours ago, Warhippy said: Just read this article and have serious questions about how people view their home equity or at least how economists view home wealth How do I view my home equity? Short answer, as long as I owe less than what my townhouse is worth....I don't. My wife and I bought a townhouse in Langley in 2011 for $400K. We could probably sell it for around 700K. I don't see myself as rich because if we were to sell, we'd be buying into the same insane market. So, that 300K rise in value is worthless because to cash in on it would mean my family is homeless. If anything I'd like prices to go back to that 2011 level because then there would be hope to buy a house in our neighbourhood. Houses now cost over a million here so unless we want to add on another 300K to our mortage, it ain't happening. Link to comment Share on other sites More sharing options...
kingofsurrey Posted April 4, 2018 Share Posted April 4, 2018 3 minutes ago, Warhippy said: We'll have a serious warning sign. You'll see "empty homes" being sold en masse due to warnings from agents and developers who are trying to cash in on their investments before we'll see the average owner trying to sell. Happened in the US in 2008 where major banks were doing everything they could to divest themselves of those toxic portfolios before the inevitable happened. They'll always know before the average person Smart investors are liquidating vancouver / lower mainland housing assets now. The bubble has burst. Link to comment Share on other sites More sharing options...
bishopshodan Posted April 4, 2018 Share Posted April 4, 2018 I will sell next year. For more than I could this year. I'm just not afraid. Van condos still have a serious inventory issue. They need to lift the wait time on development apps and even if the do...it will take years to catch up. Link to comment Share on other sites More sharing options...
DADDYROCK Posted April 4, 2018 Share Posted April 4, 2018 We have no idea where this money has been made apparently drugs and human trafficing pay well but Canadians frown on that type of thing, so being able to launder their money here is giving the wrong message to corrupt people.Just because they are wealthy doesn't mean they are morally sound. We have a president in the country right next to us that seems pretty shady as well.Morals and ethics of some of the worlds riches people leaves real people wondering why these people are not the ones in prisons.For instance.the Big Banks or Big Pharma types that have given North America a crisis in drug dependency and I have never heard any of them willing to help with the mess they started. IT'S ALL ABOUT THE MONEY AND NOT WHAT WILL HELP THE PEOPLE. TIME TO HELP THE PEOPLE,NO MORE EXCUSES Link to comment Share on other sites More sharing options...
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