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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
If you find you can't live in a city anymore and want to move, that's fine but what's with the overly dramatic rage quit letter?
Here's why she's an idiot
She compared living in Vancouver to an abusive relationship
She quoted Justin Bieber
Has to mention she has 3 University Degrees (so what, you're better than us?) - That must have equaled a fuck ton of debt so you have to ask yourself if it was worth the fancy piece of paper...
Seems to have carved a fantastical version of where she's moving to. Not denying it's a different mentality over there but every city has its share of shitheads which she WILL encounter
Quotes Justin Bieber to wrap up her inane viewpoint
I don't have the highest opinion of Vancouver myself but I wouldn't demonstrate it in a fashion like this. Get a grip and just move. My view is that this city had a bad heart transplant and is being tended to by alleyway doctors and coat hanger surgeons.
Last month there were a total of 2,618 listings for detached homes on the MLS and only 1,555 sales; a sales-to-listings ratio of 59 per cent. It is the lowest percentage of homes sold during the month of June since June 2013, the beginning of Vancouver’s sharp spike in home prices.
The effect was experienced throughout Metro Vancouver with some communities seeing a sharper drop than others. East Vancouver went from an 86 per cent sales-to-listings ratio in June 2015 to only 49 per cent last month.
Vancouver West saw a similar drop from 82 per cent in 2015 to 46 per cent in 2016.
From looking at the Sales to listing ratio above, it looks like the last 3 months of 2016 (April/May/June) is not consistent with the prior 3 years in which the ratio rises in the summer months.
Unfortunately I have no idea if # of listings in 2016 are much higher than previous years or not
__________________ Never argue with a dumbass, they drag you down to their level and try to beat you with experience
the price of condo's has being going down and people selling off to move off elsewhere,who wants to pay a 2 grand a month maintenance fee?
plus tons of brand new ones are being build.
i have similar charts from a realtor i've been in contact with who provides monthly updates
while the amount of listings have never been higher, and sales may be plateauing, that graph does not show home prices, which are now the highest they've ever been, and June currently is even higher than May was..
it could simply be the inventory is being saturated by people who believe the end is near, or people who see their neighbors selling for absurd prices and want to cash out as well.
imo the true test will be when you start seeing very desirable properties sit on the market for extended periods of time. Right now, the nicest, best lots/homes are still into crazy bidding wars
watch the "burst" be prices level off and an east van home stays at 1.7 for the next 2-5 years lol
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Dank memes cant melt steel beams
watch the "burst" be prices level off and an east van home stays at 1.7 for the next 2-5 years lol
Yep.
I mean just look at all these people waiting around for prices to dip. As soon as prices go down even a little there will be a flood of people who have been waiting for a correction in the market starting to snap up property, and that will curb the drop to a minimum, or maybe even just level it off completely.
All these people waiting for a drop of 50% are insane, it's just not gonna happen.
Willing to sell a family member for a few minutes on RS
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If something DRASTIC happened like refusal of foreign ownership, or seizure of illegally acquired property like what Auz did, we could see some massive drops, but I don't think Canada wants to do that to their artificially inflated economy.
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Originally Posted by boostfever
Westopher is correct.
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Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
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Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
It's normal for price to slow, sometimes decrease a bit to find its new base before going up again or stay sideways until a resolution event that creates new high or cause it to go through the floorboard.
As an asset owner, you want price to find its new base, going up in a straight line is bad business.
If something DRASTIC happened like refusal of foreign ownership, or seizure of illegally acquired property like what Auz did, we could see some massive drops, but I don't think Canada wants to do that to their artificially inflated economy.
You gotta think of it this way. If you owned a detached house that fetched $3mil right now, if the market dropped say hypothetically 50%, would you just be like, ok I'll just take $1.5mil and walk away? Maybe, if you couldn't afford the payments anymore and need to take a hit, but I'm pretty sure there will be a huge lineup at your door wanting to buy it. You've seen how much your place is worth at its high, no way in hell you'd give up that much money to sell. I'd rather wait it out again
You gotta think of it this way. If you owned a detached house that fetched $3mil right now, if the market dropped say hypothetically 50%, would you just be like, ok I'll just take $1.5mil and walk away? Maybe, if you couldn't afford the payments anymore and need to take a hit, but I'm pretty sure there will be a huge lineup at your door wanting to buy it. You've seen how much your place is worth at its high, no way in hell you'd give up that much money to sell. I'd rather wait it out again
It doesn't work like that. The better hypothetical situation is. You bought a $3mil house. It dropped 15% in one year. Do you sell? No. OK it drops another 10% next year. Do you sell? No. It drops another 10% in 3 months. Do you sell? How many people could stomach this situation where they lost a few hundred thousand and wiped out all of their down payment and equity.
In addition, no one wants to buy in a down market. Would you buy a house that has been losing 15% year on year? That's what usually happens just like in a stock market crash. The people who can handle the swings ride it out, the majority gets slaughtered.
Question: What's the longterm effect of the Chinese buyers? Are they buying houses for their kids- and are those kids going to stay in Van to live, or are they eventually just going to flip it?
It doesn't work like that. The better hypothetical situation is. You bought a $3mil house. It dropped 15% in one year. Do you sell? No. OK it drops another 10% next year. Do you sell? No. It drops another 10% in 3 months. Do you sell? How many people could stomach this situation where they lost a few hundred thousand and wiped out all of their down payment and equity.
In addition, no one wants to buy in a down market. Would you buy a house that has been losing 15% year on year? That's what usually happens just like in a stock market crash. The people who can handle the swings ride it out, the majority gets slaughtered.
I would honestly buy in a down market (if Vancouver ever reaches that point and if I could afford it) because I believe IF the market ever crashed here that it will go up again in some point. I also believe Vancouver will always be a renters market so I'm sure I can get rental income no problem.
Another point for no one wanting to buy in a down market, when would you expect people who believe the prices are crazy right now get in? Using your situation, if housing dropped 15% next year, I'm sure lots and lots of people would try to get in but we'll hold out. Ok another year and it drops another 10%. Still no one wants in?? When will the people complaining about house prices ever get in??
It doesn't work like that. The better hypothetical situation is. You bought a $3mil house. It dropped 15% in one year. Do you sell? No. OK it drops another 10% next year. Do you sell? No. It drops another 10% in 3 months. Do you sell? How many people could stomach this situation where they lost a few hundred thousand and wiped out all of their down payment and equity.
In addition, no one wants to buy in a down market. Would you buy a house that has been losing 15% year on year? That's what usually happens just like in a stock market crash. The people who can handle the swings ride it out, the majority gets slaughtered.
If you have a job and can pay your mortgage what would be the point of selling. If your from China what would you do with that money after selling the house?
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