Vancouver's Real Estate Market

[stewie]

^^ on the spot!

I don't live near a pipeline so either way I really don't care. But as I deal with KM/Chevron/Shell/Imperial often on a regular basis and deal with the homeowners who have the pipelines on their block, there's nothing but complaints. It's like buying a dream house and then finding out you that you have rules against what you can and can't do on your own property. What your neighbor on the next block over can do whatever they want, you're limited.

Your on a car forum, oil should run through your veins. Quit complaining about pipelines.

Last I checked this is called Off-Topic...and this is a real estate thread...something that has nothing to do with cars...

[twdm]

Bay Street calls for Ottawa to target foreign money in the housing market - BNN News

Cole's notes, Scotiabank CEO and National Bank CEO says Vancouver and parts of Toronto are overvalued and publicly urged for further cooling measures.

"Actions taken thus far, according to BMO chief economist Doug Porter, have largely ignored the most important factor driving Vancouver and Toronto home prices higher: foreign buyers."

However most money managers are mixed on whether it should be implemented due to the potential consequence of crashing the Canadian economy.

It's kind of like damned if you do, damned if you don't. It's quite concerning when CEO's of major banks in Canada are afraid of a collapse.

[Great68]

Originally Posted by stewie

^^ on the spot!

I don't live near a pipeline so either way I really don't care. But as I deal with KM/Chevron/Shell/Imperial often on a regular basis and deal with the homeowners who have the pipelines on their block, there's nothing but complaints. It's like buying a dream house and then finding out you that you have rules against what you can and can't do on your own property. What your neighbor on the next block over can do whatever they want, you're limited.

Easements and rights-of-way should be shown on the property title plan...
It shouldn't have been a surprise to any of these homeowners when they bought. They should have done their homework.

[GLOW]

i've had selling realtors tell me about them as well...usually after i ask a few probing questions about the property and surrounding areas

[stewie]

Originally Posted by Great68

Easements and rights-of-way should be shown on the property title plan...
It shouldn't have been a surprise to any of these homeowners when they bought. They should have done their homework.

I wont argue with you there as you're correct. Everyone should do their own due diligence prior, but with new pipelines proposed, your house could be perfect one day, then S.O.L the next.

proposed pipe lines

I'm done with rambling now

[Tapioca]

Here's the thing about restrictions, whether it's freehold or strata - people need to know the bylaws (whether municipal, or strata) and need to understand the title, the survey, the existing easements, rights-of-way, and other restrictive covenants that are on the title.

I know strata properties get a bad rap here, but stratas vary in their restrictions. Some townhouses complexes have no such restrictions on car repairs or storage of tools in the garage because the garage forms part of the strata lot as per the unit's survey. This typically means there are no bylaws or rules either which prevent storing a leaking carcass of a project car (for example) either. Liability for such things is on the owner and not on the strata.

Some complexes have garages which form part of the limited common property meaning the strata's bylaws and rules apply to those areas. If being a wrench matters to you, don't buy such properties. That's why you need to get your hands on the Form B to read the rules, bylaws, and the survey.

It's similar with freehold. If you have an oil pipeline right-of-way that is on the title and you want to build a deck or another structure, walk away.

[Armind]

Infographic: Vancouver Real Estate Mania

[originalhypa]

Armind, I would thank you for that infographic if I could, but I can't.

So thanks for posting it.

[Alpine]

Is anyone attending the presale appointments for navio by concert? I wonder how this will do...

[GS8]

Interesting. I wonder if RE is controlled by Shadaloo?

Realtor who spoke up about industry's failings tossed from Real Estate Board of Greater Vancouver

The day after a top realtor said he was voted off the professional standards committee of the Real Estate Board of Greater Vancouver for drawing attention to its failings, the board tossed out a short, promotional video about why homebuyers and sellers should use its agents.

“Let the public know” that agents “stand for professionalism,” urged an email to the private board’s nearly 13,000 members. It asked agents to step up as candidates for videos that can be shared on social media. The mini-campaign came with a nudge for agents to “share your own stories on Twitter,” using the hashtag #goodapples.

This attempt by the board to better position its agents comes as the public is seething with real estate frustration. Off-the-chart prices, bidding wars and the fear of buying for too much or selling for too little has everyone — from consumers to agents and the province’s highest real estate regulator — scrutinizing the board, even as a major investigation into the industry is underway.

On May 11, Re/Max agent Keith Roy, who had served on the board’s professional standards committee since 2014, wrote board president Dan Morrison with a list of concerns: “We don’t control housing prices, but it is our job to ensure that the public feels they have a fair playing field when buying and selling a home. Unfortunately, we have failed the public by not responding quickly enough with comprehensive reforms to address their concerns.”

He called for the following ways to improve the landscape: mandatory English-language interviews to ensure agents understand the rules and ethical codes in a market where some are handling transactions mainly in Mandarin; an online registry so multiple offers are visible; and a public listing of professional conduct decisions.

About two weeks later, the board decided not to renew Roy’s position on the committee, citing a need for diversity of members from different firms.

“I’ll let you decide if it’s a coincidence,” Roy said. His ousting inspired another board member to resign and, said Roy, an overwhelming number of supportive phone calls, text messages and posts from colleagues and the public.

“It’s not like I revealed anything that (the public) doesn’t know. The public feels they aren’t getting a fair shake. The public would like to see changes,” Roy said.

Morrison reiterated the board’s position that the committee was shuffled to adjust the number of Re/Max agents on it. He said he thought Roy’s suggestions “were great” and had taken them to the board’s internal task force. “He doesn’t have a monopoly on wanting to do the right thing.”

More generally, Morrison spoke of the “stress-cracks” caused by a frenzied market, the kind he hasn’t seen “in 25 years in terms of activity, price increases and volume of sales … There is lots of money changing hands and some people are doing things they shouldn’t be doing. We are making changes as quickly as we can.”

Carolyn Rogers, superintendent of real estate at the province’s Financial Institutions Commission and chair of the independent advisory group examining the regulation of real estate services, said in an email she didn’t want to pre-empt the upcoming report, expected at the end of June.

However, she said real estate boards “are given their mandate and powers by their own members, (agents). Their accountability is to (agents.) So when they intervene in the handling of consumer complaints and disciplining of licensees, they create confusion and duplication. And over time, this has undermined the regulatory regime. That needs to change.”

Another major complaint about private real estate boards is their control over the MLS system, which they run for their fee-paying members. The system, however, also contains some pricing and historical information that could lead to the uncovering of questionable practices by agents, as well as a list of disciplinary decisions. After feeling their complaints were rebuffed or dismissed by the board, some whistle-blowing agents and consumers recently leaked information from the MLS to media, including The Vancouver Sun, hoping to draw attention to unsavoury practices. The board responded by temporarily shutting down the system and requiring all 12,800 agents to change their passwords.

“It’s all about secrecy,” Roy said. “They are not moving as fast as the market in dealing with the issues.”

“They are far more concerned with managing their message and protecting their image rather than doing tangible things to change the industry,” Roy said. “They are saying, ‘Realtors are good people. There are some bad apples.'”

jlee-young@postmedia.com

REAL ESTATE COUNCIL OF B.C.: Regulatory agency established by the provincial government to oversee the conduct and discipline of B.C.’s 22,000-plus licensed real estate agents, in accordance with the Real Estate Services Act. The self-regulating body has overseen the industry since 2005. It licenses agents and hands out fines and suspensions.

B.C. REAL ESTATE ASSOCIATION: A professional association representing the interests of more than 20,000 agents in B.C. and the 11 member boards to which some 90 per cent of them belong.

These boards, including the REAL ESTATE BOARD OF GREATER VANCOUVER, represent different regions. They are private and follow mandates set out by their members. They are accountable to the agents themselves. They discipline their own members with fines up to $30,000 for violating a professional code of conduct, but the cases are not made public. They cannot cancel an agent’s licence, but they do control access to the MLS system.

The more I read, the more I want to refuse buying property within the GVRD.

[Jmac]

It's not just the GVRD.

[nah]

What other job can you get with a few months of education and earn over 6 figures in a year?

I wish someone cut out the middleman in these transactions, it's really not needed with all the information and access to lawyers these days. Just need a better way to advertise your homes other than Craigslist.

[superdennis]

Originally Posted by nah

What other job can you get with a few months of education and earn over 6 figures in a year?

To be fair, Most realtors makes nothing close to 6 figs.
It's a lot harder than it looks to have actual buyers with money to buy or sellers who have homes to sell
Most don't survive 2 years.

BC actually have low real estate fees compared to say the USA.
WA state realtors earn a flat 3% or more.

But mainland Chinese realtors definitely are raking it in cause they have the clients with money.

[nah]

20-80 rule is in effect for realtors. It just means there are a lot of dumbasses out there that are realtors. Anyone that is half competent or honest is making good money.

There's an independent realtor out in New West that sold 45 properties in 2015 and his commission was the same for a house or condo (higher % for condo sale). If you average $20k per property, that's $900k. Let's just say expenses and cost of doing business is $450k, he's still making $450k with a license that took him a few months to gain.

[superdennis]

He must be charging high % for commission if 45 sales nets him half a mill.

Ex: 900k sale in new west @ standard commission 3.25/1.16 is $12,530k
Unless he's double ending them all..

I do agree with Keith Roy of Remax
There's got to be higher standards for licensing
Doesn't makes sense when agents can't speak or read English dealing with contracts

[yray]

^is it easier to get a VSA license or a RE license?

I got a feeling RE is easier.

[Carl Johnson]

Seeing a bunch of my friends are becoming real estate agent to make a quick buck. I just hope they realize when Van real estate bubble ends (and it will with a bang) they will be on the unemployment line with not a lot of transferable skills.

[Mr.C]

Originally Posted by Carl Johnson

Seeing a bunch of my friends are becoming real estate agent to make a quick buck. I just hope they realize when Van real estate bubble ends (and it will with a bang) they will be on the unemployment line with not a lot of transferable skills.

That's usually the late stages of a mania; when everyone wants in.

[GLOW]

Originally Posted by Carl Johnson

they will be on the unemployment line with not a lot of transferable skills.

Only job that sticks out that'll transfer nicely is a kingsway/hastings/surrey used car salesman

[Carl Johnson]

Originally Posted by GLOW

Only job that sticks out that'll transfer nicely is a kingsway/hastings/surrey used car salesman

except given the amount of foreclosures that will hit once this RE bubble ends, they are going to have a lot of competitions with people dumping their cars to make the mortgage payments.

[Hondaracer]

Go back to Page 1, 2012.. first post is about "the bubble"

Prices wont ever be back to that point, but yea "dat bubble doe"

[Carl Johnson]

i'm a homeowner and i certainly don't want to see my home's value get cut in half, but what i think or believe does not matter. fundamentals are fundamentals. prices will come down and when it does it is going to cause a lot of pain. like any market, it is taking stairs on the way up, but elevator on the way down.

[MarkyMark]

It's a guessing game really, but it's funny how the people who own generally say it'll never crash, and the people who don't say it's only a matter of time.

[UFO]

Originally Posted by Carl Johnson

i'm a homeowner and i certainly don't want to see my home's value get cut in half, but what i think or believe does not matter. fundamentals are fundamentals. prices will come down and when it does it is going to cause a lot of pain. like any market, it is taking stairs on the way up, but elevator on the way down.

What the hell happened to you over the past several weeks??? Did 4444 hack your account?

[westopher]

HAHAHA I read the post and literally asked myself what the fuck just happened.