Victoria, BC real estate blog - "because we never know when interest rates will be increased to stimulate the economy" ~ VREB
Wow, if more people can actually see this type of report then how can they not hold back and force these gougers to drop their prices. Lets see now,do I want waterfront Vic West looking at the lovely view of Budget Steel for $350,000 ? or do I want ocean front Miami for $160,000 ?... now let me think there....hmmm,tough decision.
don't forget to discount that US dollar now too... more like $159,995 :)
Also, the rainy season is starting here. Oct. - end of June.
Dodge warns of inflated housing marketPoints to easy credit as culprit in 'facilitating a rise in the price of houses that is really not warranted' OTTAWA AND VANCOUVER — Bank of Canada Governor David Dodge is raising a red flag about housing prices in Canada, saying that increasingly loose lending rules may be helping overheat the country's real estate market.http://tinyurl.com/2x5g64
Intersting that he is more worried about places like Thunder Bay and Winnipeg than Vancouver. You can get a pretty nice house in those cities for under $225k.
Pick up a copy of the September 17 to October 1, 2007 Vancouver Island edition of the Business Examiner and turn to page 29.Title is 'Housing resale market loses some of its zip, home starts fall sharply'.Condo sales from July 2007 to August 2007 in the capital region fell in number from 240 to 217.Condo prices fell from $306,000 to $298,000.Townhouses from $402,000 to $395,000 in price and 102 to 98 in volume.Also, an interesting article about Property Transfer Tax on page 9.S2
Vancouver's big squeeze: Unreal estatehttp://www.canada.com/nationalpost/news/canada/story.html?id=2cbcb644-a3f2-4c10-bb5a-931cee50f361
Calgary showing it's cracks,we won't be far behind. Calgary housing prices fallingA substantial erosion in housing affordability over the past few years combined with a surge in new listings has started to bring the Calgary housing market back down to earth, according to a report by TD Bank Financial Group.And the latest numbers on the Calgary Real Estate Board Web site indicate that as of yesterday, the average sale price of a single-family home in Calgary metro over the last 30 days had dropped by $32,000 to $473,154 from the record high of $505, 920 set in July. The median sale price in the last 30 days has dropped by more than $17,000 to $421,250 from the high of $439,000 recorded in June.http://www.canada.com/nationalpost/news/story.html?id=074da247-c675-4f50-9bb4-a45f0873d039
VGA substantial erosion in housing affordability over the past few years combined with a surge in new listings has started to bring the Calgary housing market back down to earthInteresting post. Prices have certainly been falling off for the past few months. If Calgary real estate prices are falling does this mean that Calgary is no longer considered a world class city by the mainstream media? :>)
VGI read the article you posted and found this quote interesting:Gary MacLean, with Re/Max Real Estate Central, said sales remain comparable with last year but the market has changed dramatically in recent months. "It's not like the real estate market is evaporating but the problem is that there's so much for sale. So it's a supply-and-demand thing. Supply goes up, something goes the other way," said Mr. Mac-Lean. "We're seeing price reductions and corrections pretty well everywhere in every sector."I know Victoria is a special place but do you or any of the other posters think there might be some remote possibility that this could happen here?
I think we will have to see some drop in sales and price this month to spook the fence sitters and the greedy refusing to drop their prices. You don't need many of them to get the ball rolling. How many real estate agents are going to want to starve all winter cause their clients think their place is better than the one down the road that just sold 10% less ? You don't need a huge inventory to start it down the hill,in 1981 inventory was very low when the slide started.
And we can't forget the schizoid media who will jump on a decline in a hearbeat to beat the competition. No one wants to be late to the game in that bizz.
Condo development in New West goes up in flames. Shocking! Not. http://www.cbc.ca/canada/british-columbia/story/2007/09/26/bc-fire.html?ref=rssS2
Is Ozzie Jurrock getting out at the top ? sure sounds like it,last time he is teaching a course,get in now folks,the only way is UP right gang ? ahhh right ? ;)"IF YOU WANT TO SEE OZZIE TEACH - YOU HAVE TO JOIN THE REAL ESTATE ACTION WEEKEND THIS FRIDAY!This will be the LAST Real Estate Action Weekend Ozzie will teach PERSONALLY! Learn how to Flip for Fast Profit or create Passive Income for Life in any market!"
"Passive income"? There is nothing passive about being a landlord unless you are a slum landlord.S2
Anyone consider/done the Nickel Bros recycled house buying thing? While I'm sure there be more expenses involved. It looks like you could potentially get a house, moved onto a lot and setup for a fair bit under what buying an equivalent pre-existing house would be.
Credit Crisis Made in Canada:http://www.canada.com/nationalpost/news/story.html?id=3f92dc01-2dce-41a1-8035-358121a6725a&k=63868
I have to let off steam. My RE agents keeps saying that the Americans will still want to come here as Victoria is nicer than the UNITED STATES.The reason Americans bought RE was the fact that at one time it was CHEAP!!!!! It is no longer CHEAP. At the time many of them could not afford nice property in the U.S. ie. Napa, Florida etc. etc.
"the worst-case scenario, if global financial players lose confidence in the Canadian ABCP system altogether, the crisis could spread to Canada's big banks, leaving them on the hook for tens of billions of dollars"Of course it can't happen in Canada can it ? what a bunch of effing liars. No worries folks,no subprime even exisits in Canada,it's a US problem. Oh well,yeah I guess we have a small subprime afterall but it's only 5% (and growing) so nothing to worry about. Now it may be like $50 billion ? Who are these scumbags who suddenly loosened all the rules these last 5 years so they can keep their jobs all in the name of profits ? Oh right, we aren't like the US and their loose lending,we check credentials, yeah right. This is now getting so pathetic listening to these so called experts. For those who say a real estate crash can't happen,think again,they are lying to you on that one too and it will be the biggest loss of capital in history when all is said and done. Sorry for the rant but it needs to be said.
anon 1:39your agent is full of it,he is trying to save his ass. Any agent who says that should be fired on the spot.
Village asked:Anyone consider/done the Nickel Bros recycled house buying thing? A few months back I looked at Nickel Bros. offerings out by the airport, with the intention at the time of finding a cheap home for a friend of very modest means. A LOT of the houses showed severe damage from the uprooting and moving process (sheets of paint peeling off, cracked walls and ceilings, warped floors) and the chimneys and fireplaces were all removed in accordance with code. They are also largely open to the elements and are unheated, so many of them were ripe with mildew. I even found two dead hummingbirds in one of them - they got in but couldn't find their way out. Very sad for a bird-lover, and rather Twightlight Zone-ish. Most of the houses were crap to begin with, which is why they were slated for demolition (and hence why Nickel Bros. got them for the effort of hauling them away). I wouldn't take that route unless I had an extremely competent and honest building inspector or structural engineer guiding the process.
VG,Maybe several billion dollars is "nothing" to our big chartered banks????? Wasn't there a Telegraph article a couple weeks ago that also said that Canada was the country with the most exposure?
olives, I recall something but it didnt appear to be on this scale,this is massive and a black eye for Canada the so called frugal nation. Dodge just said the other day there were no more problems with liquidty and the next day he has to inject another billion or more into the system.
interesting sale this week. 160 Beach dr. A truly beautiful, fully restored character home. started at 1.2M, had two recent price drops, and sold this week for $915,000! That is what they had to do to get a sale.
For the last few days I have seen a lot of new listings for the Victoria area. http://scottpiercy.ca/hotsheet.htmlThere have also been a number of price reductions, even in the high end areas like Fairfield and Oak Bay, on my PCS account.Any of you folks with PCS accounts been noticing the same thing?
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