Topic used to be BNN TV coverage of Cdn. Real Estate Market

[RogerVI]

The Canadian cable network channel Business News Network (BNN) is focusing on real estate this week. Readers might be interested in watching a 10 minute clip featuring Brian Ripley who runs the Plunge-O-Meter Website. BULL WARNING - The predictions do not paint a bright future for Canadian real estate.

BNN clip is here: http://tinyurl.com/b2b96l

Brian's site: http://www.canadian-housing-price-charts.235.ca/charts.htm

Plunge-O-Meter: http://www.canadian-housing-price-charts.235.ca/images/Jan09-Plunge.jpg

[eyesthebye]

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[silverman]

I just bought a place - a character 1 and half story at over 600K

You would have paid $650K last year... you should have waited another year. Once it drops 70% you would be able to buy the same home for just $195,000

[centrinoblue]

When did you just buy?

[WhoAmI]

$493,000 is optimistic.... it'll likely be closer to the high $300,000's - low $400,000's

[meeeeeep]

he's saying the price of a single detached in Vancouver should be 493,000? I just bought a place - a character 1 and half story at over 600K and I had to line up for it - in fact, every decent home I looked at was sold in the first week for high 500's to 700K. I've even see substandard locations sell for 500K in the first day offered. If you're in the market for a single detached expect to pay 600K for a decent place. The 493K will not happen in my lifetime.

This doesn't prove that prices aren't going down. It only proves that there are other people almost as foolish as yourself. Don't kill the messenger.

[Van Housing Blogger]

The 493K will not happen in my lifetime.

An interpretation of this statement is that you don't expect to live much past 2011 . . .

[metalhead]

Good one.

I'm also curious eyesthebye, did you buy this month?
Do you think prices have bottomed out or did you buy for other reasons?

I don't think $493,000 is out of the question. In fact very likely to go below that.

[metalhead]

we are currently around 40% off in number of sales....employment is in trouble...the DOW....well I do not even need to tell you where we are there...and if you look at the US numbers people were buying all the way down the line on the race to the bottom which in some areas are 40% off of peak prices.....hmmm....while I know we are the best place on earth, why is it that people think that this correction is going to be a blip on the charts? Even if the sell to list was 70% we would still be under performing as compared to past years....

Hmmm, you made this post in another thread but you just bought a place?

[Neptune]

he's saying the price of a single detached in Vancouver should be 493,000? I just bought a place - a character 1 and half story at over 600K and I had to line up for it - in fact, every decent home I looked at was sold in the first week for high 500's to 700K. I've even see substandard locations sell for 500K in the first day offered. If you're in the market for a single detached expect to pay 600K for a decent place. The 493K will not happen in my lifetime.

What was your reasoning for buying at this point? You weren't pressured by an obnoxious realtor by chance?

[isittime]

we are currently around 40% off in number of sales....employment is in trouble...the DOW....well I do not even need to tell you where we are there...and if you look at the US numbers people were buying all the way down the line on the race to the bottom which in some areas are 40% off of peak prices.....hmmm....while I know we are the best place on earth, why is it that people think that this correction is going to be a blip on the charts? Even if the sell to list was 70% we would still be under performing as compared to past years....

Hmmm, you made this post in another thread but you just bought a place?

actually metalhead, that was my post and I have not bought a place. I am unhappily renting (and saving lots of $$$) until I am feeling that we have gotten closer to bottom. I will guess either Oct of this year (from someone who missed selling this spring and fall season and is in trouble and needs to sell at a huge loss) or 2011 when everyone is in trouble and needs to sell at a huge loss I stand by my post. I think we have another 17 to 20 to drop, or I will eat my g-string.

[Neptune]

we are currently around 40% off in number of sales....employment is in trouble...the DOW....well I do not even need to tell you where we are there...and if you look at the US numbers people were buying all the way down the line on the race to the bottom which in some areas are 40% off of peak prices.....hmmm....while I know we are the best place on earth, why is it that people think that this correction is going to be a blip on the charts? Even if the sell to list was 70% we would still be under performing as compared to past years....

Hmmm, you made this post in another thread but you just bought a place?

actually metalhead, that was my post and I have not bought a place. I am unhappily renting (and saving lots of $$$) until I am feeling that we have gotten closer to bottom. I will guess either Oct of this year (from someone who missed selling this spring and fall season and is in trouble and needs to sell at a huge loss) or 2011 when everyone is in trouble and needs to sell at a huge loss I stand by my post. I think we have another 17 to 20 to drop, or I will eat my g-string.

Have you tried Crystal Meth isitime?

[isittime]

Have you tried Crystal Meth isitime?[/quote]

No, not really my thing, but if you are pushing you may want to try a different posting board. and BTW what does your side job have to do with Van RE?

[eyesthebye]

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[eyesthebye]

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