tag:blogger.com,1999:blog-7123542260692860177.post4688096978276765542..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: A tale of 3 citiesHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger57125tag:blogger.com,1999:blog-7123542260692860177.post-12077853714594320452009-05-24T12:37:36.953-07:002009-05-24T12:37:36.953-07:00@ the poster who lamented the 1940s houses:
The E...@ the poster who lamented the 1940s houses:<br /><br />The Edmonton and Regina houses are both squarely in the mid-60s. <br /><br />Both probably are tongue & groove cedar siding; cedar framing, sub-floors and joists; full basements (typically 1100-1200 square feet to match exactly the part you see above ground; modern plumbing, no worse than 60s-era wiring (panel might need upgrading but cables will be fine if undisturbed); and guaranteed no mould issues. <br /><br />And in the case of the Edmonton house - no rats. <br /><br />They compare to the Victoria house like the sun compares to the moon. <br /><br />On the other hand, they're in Edmonton and Regina. Both are sh!tholes where residents suffer 9 months of winter (anybody catch the Victoria Day snowstorm on TV; that's pretty much an annual event). <br /><br />We sold on the Prairies and have rented in Victoria for 7 years. We live in a modest house in a modest neighbourhood with an ocean/mtn view, and (let's face it) no actual winter by any Canadian's reasonable definition of "winter." For exactly the same monthly rent as we paid for our mortgage. <br /><br />We chose to live in Victoria rather than die in Alberta. Whether we could afford to own the property we lived in was never on the agenda. Ever. <br /><br />I honestly feel bad for anyone who would move away from here to the Prairies in order to "afford" a house. That, more than anything I've ever read or heard from "bulls" defines our society's addiction to real estate. <br /><br />Perhaps the ultimate irony of this blog. <br /><br />Best of luck.Art Vandelayhttps://www.blogger.com/profile/06564450756839952495noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-82674109250413548432009-05-21T10:28:02.741-07:002009-05-21T10:28:02.741-07:00Here is a Canadian site with a mortgage search eng...Here is a Canadian site with a mortgage search engine. Compare rates and conditions.<br /><br /><A HREF="http://www.ratebot.ca/index.php" REL="nofollow">RateBot Search Engine</A>..<br /><br />Why don't some of the bulls post useful links like this?Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-36574538200840539882009-05-21T09:30:41.683-07:002009-05-21T09:30:41.683-07:00Forecasters divided on future of BC real estate ma...Forecasters divided on future of BC real estate market.. <br /><br /><A HREF="http://www.vancouversun.com/Business/Real+estate+expectations+fall/1611560/story.html" REL="nofollow">Real estate expectations fall</A> in Vancouver SunRogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-13207655447703046202009-05-21T09:00:04.190-07:002009-05-21T09:00:04.190-07:00What do Banks do when house prices continue to fal...What do Banks do when house prices continue to fall and they need to pump the market? In the UK they put pressure on Mom and Dad or friends to help the FTB buy that dream home.<br /><br /><A HREF="http://www.mailonsunday.co.uk/money/article-1184612/Home-help-mum-dad-thanks-new-account.html" REL="nofollow">Savings held hostage</A>..Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-5416766339308569902009-05-20T22:52:48.218-07:002009-05-20T22:52:48.218-07:00Re: "You can't predict the future"
Here's Bob Ho...Re: "You can't predict the future"<br /><br />Here's Bob Hoye's crystal ball:<br /><br />http://www.safehaven.com/article-13365.htmOliveshttps://www.blogger.com/profile/04163996405544770241noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-22481856598397235332009-05-20T21:50:53.181-07:002009-05-20T21:50:53.181-07:00Roger - Thanks - there are two things that I'm int...Roger - Thanks - there are two things that I'm interested in:<br />(1) when to buy (a combination of rational thinking and best personal time to buy)<br />(2) what the market will actually doAnimal Spirithttps://www.blogger.com/profile/14290032551579947421noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-90136376069843219512009-05-20T20:52:55.595-07:002009-05-20T20:52:55.595-07:00BearDespair, Maniac, YouCantPredict theFuture,Joe ...BearDespair, Maniac, YouCantPredict theFuture,Joe Dirt etc are all manic78 = trailer park trash. <br /><br />Don't waste the energy to respond to his garbage,he owns jackshit anyhow.Unknownhttps://www.blogger.com/profile/15441084043712102653noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-33630120546429258132009-05-20T20:20:15.970-07:002009-05-20T20:20:15.970-07:00Most people who are/will be underwater on their mo...<I>Most people who are/will be underwater on their mortgages will have cmhc insurance that protects the lender for 20% of the loan, so that I believe is deducted from what you owe.</I>...<br /><br /><br />Man, are YOU ever wrong. CMHC insurance protects the lender, and the lender only, from default. The borrower is responsible for the whole amount of the loan.<br /><br />You belief is surprisingly widespread BTW.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-91265138602770483232009-05-20T19:21:30.001-07:002009-05-20T19:21:30.001-07:00My understanding of foreclosure in BC is that yes ...My understanding of foreclosure in BC is that yes you are liable for all that. However, if you are bankrupt they can't get blood out of a stone and tend to leave you alone. Most people who are/will be underwater on their mortgages will have cmhc insurance that protects the lender for 20% of the loan, so that I believe is deducted from what you owe.<br /><br />It is the speculators who signed the precompletion deals on the condos who have the most to lose.omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-86772872234839570002009-05-20T18:38:39.849-07:002009-05-20T18:38:39.849-07:00I read from a foreclosure website that in BC, if y...I read from a foreclosure website that in BC, if your home gets foreclosed and the house sells for less than its price + interest + foreclosure expenses, then you are liable for the difference.<br /><br />Can anyone confirm that this is true?<br /><br />If it's true,then it's another thing to consider when buying a house during these times, when job security is uncertain.JAS2https://www.blogger.com/profile/16367766582828925032noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-69739271089729578532009-05-20T17:23:56.882-07:002009-05-20T17:23:56.882-07:00That's pretty funny stuff about maniac claiming to...That's pretty funny stuff about maniac claiming to be different people.<br /><br /><I>So far you have lost out on one of the largest real estate appreciations in history.</I><A HREF="http://en.wikipedia.org/wiki/File:Lereah_BookCover_2005.jpg" REL="nofollow">David Lereah</A>, is that you!?!?!mlnhttps://www.blogger.com/profile/17812603610666862194noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-29680546386636616562009-05-20T16:52:22.049-07:002009-05-20T16:52:22.049-07:00BearDespair, you're out of your mind.
I bought in...BearDespair, you're out of your mind.<br /><br />I bought in '88; I'm STILL way ahead of the game.<br /><br />And a bloody genius for not buying the last three years, thanks to this blog and a handful of others.<br /><br />And even MORE of a genius for not buying now, when we're only halfway to the bottom, if we're LUCKY.<br /><br />If we're unlucky (and I think the economy will bear this out) we're only a third of the way to the bottom.<br /><br />THAT'S why they call it a Depression.PainInThehttps://www.blogger.com/profile/09632899342107018371noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-30630346442592292982009-05-20T16:29:38.594-07:002009-05-20T16:29:38.594-07:00You can't predict the future:
You are correct is ...You can't predict the future:<br /><br />You are correct is that you cannot predict exactly what will happen becuase there are many variables that will drive the price of real estate.<br /><br />Real estate prices are tracked very closely with the mortgage debt made available (see earlier posts). The recent uptick in demand in Victoria aligns perfectly with the lower interest rates we got. What we got wrong was how much unemployment would hit Victoria and how low the interest rates would go. The consequences of what has taken place over the past 2-3 months are 100% in line with bear expectations. <br /><br />I cannot predict exactly what the five year mortgage rate will be in 3-5 yrs, but I am fairly sure it will be higher than it is today. This will limit the number of buyers as many buyers today should have been buyers for the future but these low interest rates have brought them onto the scene earlier. Add to this a lot more sellers who simply will not be able to handle their mortgage resets and price will drop.<br /><br />If after interest rates rise as the CMHC report suggests to 6% +/-and if Victoria real estate prices are still continuing to climb over today's levels, then I will admit I was wrong. But everything that has happened recently has been in line with my expectations as interest rates dropped.<br /><br />Bears will have to wait longer that most would like to see this think unfold, but I think the crash will be harder than what we would have seen in 2009 if interest rates did not drop to these levels.Reidhttps://www.blogger.com/profile/07973559884255280736noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-44947320659068287572009-05-20T16:18:54.781-07:002009-05-20T16:18:54.781-07:00BearDespair, Maniac, YouCantPredict theFuture are ...BearDespair, Maniac, YouCantPredict theFuture are all manic78. Just place your mouse over the ID or click and see the same ID. This guy never has much worth saying so he tries to use multiple ID's to reinforce his drivel.<br /><br />Sigh....Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-20587196270361215192009-05-20T16:04:48.966-07:002009-05-20T16:04:48.966-07:00No different posters. I'm just saying that some of...No different posters. I'm just saying that some of you bears are a little too confident here. You are making PREDICTIONS which could be WRONG. You won't know if you're wrong until it's too late either. So far it looks like you've been wrong too. So maybe it's time to re-evaluate? That's all I'm saying. I'm a bear too but I think it's foolish to be 100% confident about what's in store for the future. Recent developments have proven that you can't predict what's going to happen.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-55344613531582512782009-05-20T15:52:32.475-07:002009-05-20T15:52:32.475-07:00Um, not really. This is one report, did you menti...Um, not really. This is one report, did you mention the cmhc report put out yesterday or the scotia or TD reports put out very recently? Guess not. This is the only report that is positive, yes even including your own projections from the crea are for a down trend in this area. Every one is calling for further reductions, except this one. We aren't like you realtors and do read and discuss all reports. None of the #s from any other reports line up with this one.<br /><br /><br />You say market timing hasn't worked, yet the houses I am looking at are about $200k down in the last year and I saved over 30k in the difference between owning and renting in the same time. What part am I missing?<br /><br />hhv- could you check ip addresses here, I suspect we are dealing with the same poster.omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-14944008009678288292009-05-20T15:44:53.649-07:002009-05-20T15:44:53.649-07:00^ Hey Maniac, I've been watching the market and wa...^ Hey Maniac, I've been watching the market and waiting to buy for about 26 months now. I haven't lost a dime. In fact, I've saved a considerable amount of money. Meanwhile, those that bought in the last two years are either paying penalties to get out of mortgages for reduced payments, paying excess interest costs while watching their equity erode or? <br /><br />Bears expected to see a spring bounce. We also expect to see a fall decline. <br /><br />It's amazing how quick everyone is to call bottom around BC. 2 months does not a trend make. We'll see where we are at come October. I'll bet Landcor and others who've gone public with the word "bottom" will be backtracking their way out of it with phrases like "no one saw this coming."HouseHuntVictoriahttps://www.blogger.com/profile/07456914359088891317noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-47139384674606280832009-05-20T15:43:59.595-07:002009-05-20T15:43:59.595-07:00I think the bears have been smart to wait. Compari...I think the bears have been smart to wait. Comparing renting to owning they've done well the last few years.<br />Fundamentals are on their side going forward.Love Your RVhttps://www.blogger.com/profile/12977694318975282470noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-4574301421534846722009-05-20T15:35:48.020-07:002009-05-20T15:35:48.020-07:00You bears talk about facts well... There they are ...You bears talk about facts well... There they are staring you in the face. You have to look yourselves in the mirror now and think long and hard about your decision here. You've based your entire financial future on market timing and it hasn't worked at all. So far you have lost out on one of the largest real estate appreciations in history. Worse yet it appears as though this trend will continue. So what is a bear to do? I think the only answer is to buy or leave.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-32127934234878007542009-05-20T15:29:32.091-07:002009-05-20T15:29:32.091-07:00With that, and the 0.8% (yes, that's less than 1%)...<I>With that, and the 0.8% (yes, that's less than 1%) drop in median detached house price on Vancouver Island from 1Q 2008 to 1Q 2009, I'd say the jig is up for the bears. No Oak Bay waterfront mansions for you at 25 cents on the dollar!</I>that's realtor talk for "I have an entire week of training, I am a profesnal". Look stupid, if they are such a good deal go buy one yourself.omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-13802104530982870262009-05-20T14:54:18.823-07:002009-05-20T14:54:18.823-07:00From the Landcor report:
For Q1 2009, property sal...From the Landcor report:<br /><BR><BR><I>For Q1 2009, property sales indicators confirm the market may be nearing bottom given the clear upswing in residential sales. Lower prices and lower mortgage rates are moving more potential property buyers off the fence and into the market. This sales rebound is forecast to continue into the summer months, as property buyers increasingly recognize that the economic recession is likely in its later stages and property sales have turned the corner and are gaining moderate strength.</I><BR><BR>With that, and the 0.8% (yes, that's less than 1%) drop in median detached house price on Vancouver Island from 1Q 2008 to 1Q 2009, I'd say the jig is up for the bears. No Oak Bay waterfront mansions for you at 25 cents on the dollar!Bubble 'n Fizz(le)https://www.blogger.com/profile/15071478437153577622noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81167974197003151602009-05-20T14:52:49.203-07:002009-05-20T14:52:49.203-07:00what we knew was coming<A HREF="http://www.timescolonist.com/Business/Four+week+just+small+start/1612022/story.html" REL="nofollow"><br />what we knew was coming</A>omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-87401318220049920922009-05-20T12:36:12.718-07:002009-05-20T12:36:12.718-07:00Landcor released their British Columbia 2009 Resid...Landcor released their British Columbia 2009 Residential Sales Report this morning. You can read the summary and download the report <A HREF="https://www.landcor.com/market/Landcor_2009_Q1_Sales_Summary.htm" REL="nofollow">by clicking here</A>..Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-1143794604655669232009-05-20T09:02:17.541-07:002009-05-20T09:02:17.541-07:00Roger, I agree.Roger, I agree.Reidhttps://www.blogger.com/profile/07973559884255280736noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-16906533952088422822009-05-20T08:47:01.167-07:002009-05-20T08:47:01.167-07:00Reid,
I think that you are wasting your time resp...Reid,<br /><br />I think that you are wasting your time responding to many of the trolls and bulls that drop by this blog. Every time the market plateaus or has a slight rise in a given month we get the same taunts. Several of us have tried to converse with these folks using facts, stats or reasoned arguments and we just get more taunting back.<br /><br />Why do they show up here? Realtors continually need to reassure themselves that the market will go up. Otherwise they have to accept that they are selling their clients a declining asset and that commission cheques will be getting smaller. Homeowners are nervous when they read about a falling market and will latch onto a spring bounce or monthly upturn in the stats. When you are paying thousands per month in payments it is disconcerting to read about falling prices especially if you paid 5% down and are underwater on the mortgage.<br /><br />And then there are just those that troll the Internet, with nothing better to do than start flame wars. Not worth responding to these losers.Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.com