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tdma800
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Re: Monthly stats for May

Mon Jun 06, 2016 7:34 am

Name one place that it says doctors are entitled to live in the best areas as at below market price. Do you see doctors or even nurses required to be of good reputation before practicing?
 
Geyser
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Re: Monthly stats for May

Mon Jun 06, 2016 11:44 am

ETB2 wrote:
Locals won't benefit from anything but a 50% haircut...and there isnt a hope in hell of anything resembling that.
Oh really? Why not? It's happened here and in many other cities on numerous occasions. The worst price collapse we ever saw here happened early in the last century when some Vancouver properties lost 90% of their value. In 1982 Vancouver saw home prices drop between 40% & 50%. Other cities around the world have experienced similarly catastrophic collapses but you remain convinced in can't ever happen here again.

Never say never! :D
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
tdma800
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Re: Monthly stats for May

Mon Jun 06, 2016 11:47 am

Any price discount will be quickly swallowed up by asian buyers. Like when our cdn $ came down last autumn...it just meant more sales to asian buyers. Locals won't benefit from anything but a 50% haircut...and there isnt a hope in hell of anything resembling that.

At this point, most of the locals that could be coaxed to sell have been flushed out the past many years. Hence the continued low inventory for as long as can be imagined.



That's what I have been saying. Even the suburbs are not affordable.

Kids are expensive. Parents (even with above average paying jobs) with kids have the least amount of money after expenses left over that is available for housing and they need the largest (therefore most expensive) places. These kids are our future and these families can't afford to live here. People with kids need 3 bedroom places. Houses are too expensive now anywhere. Try to find 3 bedroom condos (they are virtually non-existent). All these developers build 1 and 2 bedroom units as they are more profitable. Townhouses are rare too as compared to condos.

I know lots of people are making tons of money of this. This is a short term thinking. Some high school dropout realtors are making more than doctors. And Canadians who buy now have record high debt levels. Every time a foreigner buys a place that is one less place for a Canadian to buy or live in. Remember this! Long term result is we are selling out our country. :evil:
Fellas... Relax, this is just temporary... Corrections are coming
Exactly. The Canadians themselves will get some good things if things go by half but other than that it didn't occur here before. Things are different here.
 
reallyreal2
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Re: Monthly stats for May

Mon Jun 06, 2016 2:01 pm

I was shocked when I saw the data - yet some members here keep trying to minimize the problem.

Enough is enough already. I was pleased to see my home appreciate to last years level of about 1.3M - this last year is a different ball game. Not pleased to see my increase to 2M that will effectively shut out all of my peers, friends, co-workers, etc.
No offense but the market doesn't care if you are pleased or not.

If you can't afford to live in Vancouver, move. If you don't want to live in Vancouver because neighborhoods are ghost towns, move.
 
reallyreal2
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Re: Monthly stats for May

Tue Jun 07, 2016 8:51 am

ETB2 wrote:
Locals won't benefit from anything but a 50% haircut...and there isnt a hope in hell of anything resembling that.
Oh really? Why not? It's happened here and in many other cities on numerous occasions. The worst price collapse we ever saw here happened early in the last century when some Vancouver properties lost 90% of their value. In 1982 Vancouver saw home prices drop between 40% & 50%. Other cities around the world have experienced similarly catastrophic collapses but you remain convinced in can't ever happen here again.

Never say never! :D
The Chinese are fickle - jump in and out of "investments" all the time. Look at their stock market - 2,200 points, then 5,000 points (I'm sure there were Chinese TDMA's stupidly saying "to the moon") and now back to 3,000.

I really don't care where the market goes. If it does go down 25%, I can't wait to hear all the over leveraged people begging for a bailout. "Who could have ever thought the market won't go straight up to infinity!"
 
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DAB
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Re: Monthly stats for May

Tue Jun 07, 2016 9:00 am


Anyone can sell a house especially in this market. What does it take? A 6 week course that high school dropouts can easily pass.
Yes, pretty much anyone can sell a house these days with the market so hot. With a shortage of listings, how are you going to get listings?

Only good realtors will get most of the listings. Otherwise everyone will quit their day jobs if it's that easy.
 
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DAB
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Re: Monthly stats for May

Tue Jun 07, 2016 9:03 am

My house assessed past 1.3 mil. I now have $20 grant. It's over $6,000 a year in property tax now. If you just pass the grant threshold it's like a kick in the nuts.
The threshold for the grant is increasing slower than the market appreciation. I expect majority of the homes in Greater Vancouver will no longer qualify for the grants. More taxes for the city.
 
reallyreal2
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Re: Monthly stats for May

Tue Jun 07, 2016 9:24 am


Anyone can sell a house especially in this market. What does it take? A 6 week course that high school dropouts can easily pass.
Yes, pretty much anyone can sell a house these days with the market so hot. With a shortage of listings, how are you going to get listings?

Only good realtors will get most of the listings. Otherwise everyone will quit their day jobs if it's that easy.
Charge less commission. Pretty simple actually - with listings selling themselves, why charge a full commission? If I am selling, why pay a full commission?

It's a freaking auction these days, just hire an auctioneer at the front door and tell prospective buyers to show up at a certain time and place. :roll:

People make it seem like realtors have a special skill set - I am sure some do. But that skill set is absolutely unnecessary in this market. Of course, they will tell you otherwise - their livelihood depends on it.
 
reallyreal2
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Re: Monthly stats for May

Tue Jun 07, 2016 9:25 am

My house assessed past 1.3 mil. I now have $20 grant. It's over $6,000 a year in property tax now. If you just pass the grant threshold it's like a kick in the nuts.
The threshold for the grant is increasing slower than the market appreciation. I expect majority of the homes in Greater Vancouver will no longer qualify for the grants. More taxes for the city.
It's hilarious that people actually complain about their taxes going up. LOL
 
tdma800
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Re: Monthly stats for May

Tue Jun 07, 2016 9:26 am

especially when the market is this high, skill is needed to sell homes. High school dropouts aren't eligible to take the licensing course.
 
reallyreal2
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Re: Monthly stats for May

Tue Jun 07, 2016 3:56 pm

Any price discount will be quickly swallowed up by asian buyers. Like when our cdn $ came down last autumn...it just meant more sales to asian buyers. Locals won't benefit from anything but a 50% haircut...and there isnt a hope in hell of anything resembling that.
I am not sure why any price discount will be swallowed up by Asian buyers. Most people like to pay less for something tomorrow than they do today - even the rich.
 
tdma800
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Re: Monthly stats for May

Wed Jun 08, 2016 7:30 am

Foreigners and locals will benefit from a price drop. It just means more sales for everyone
 
eyesthebye2
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Re: Monthly stats for May

Wed Jun 08, 2016 7:39 am

Any price discount will be quickly swallowed up by asian buyers. Like when our cdn $ came down last autumn...it just meant more sales to asian buyers. Locals won't benefit from anything but a 50% haircut...and there isnt a hope in hell of anything resembling that.
I am not sure why any price discount will be swallowed up by Asian buyers. Most people like to pay less for something tomorrow than they do today - even the rich.
10's of thousands of locals and foreigners watching prices closely here waiting for any small discount to pounce on.
 
reallyreal2
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Re: Monthly stats for May

Wed Jun 08, 2016 8:49 am


I am not sure why any price discount will be swallowed up by Asian buyers. Most people like to pay less for something tomorrow than they do today - even the rich.
10's of thousands of locals and foreigners watching prices closely here waiting for any small discount to pounce on.
I assume that is your opinion?
 
yzfr1
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Re: Monthly stats for May

Wed Jun 08, 2016 9:31 am


I am not sure why any price discount will be swallowed up by Asian buyers. Most people like to pay less for something tomorrow than they do today - even the rich.
10's of thousands of locals and foreigners watching prices closely here waiting for any small discount to pounce on.
I assume that is your opinion?

Even if there is a huge crash, people always buy in trying to catch a falling knife. So it's not his opinion, it's a fact. Look at any stock chart.

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