The Decline of Vancouver.

^So you mean ScotiaBank's "You're richer than you think" campaign is a sham?

Everyone remortgaging their houses for the Guap is a real shitty long term strategy.

Banks!

They have the money, will, and power to keep this cycle from stopping. They are making astounding amounts of money off of our huge mortgages, if the gates ever close to foreign buyers, expect the mortgage rates to rise dramatically. They gotta make the money!

Every news article says it's all cash sales…so huh are the banks really holding that many mortgages?

Inerest rates are also the lowest ever, I'd wager they would be making more with higher interest rates and no foriegn housing buyers.

i figure that before the end of the year there will be nothing left in the city of van, bby or the north shore for under $1 million. to find something for under a million you'll have to be at least 45 minutes out of downtown and most likely south or east of the fraser river.

House on my street are being listed at 800k now. I live in Northside Poco.

Every news article says it's all cash sales…so huh are the banks really holding that many mortgages?

Interest rates are also the lowest ever, I'd wager they would be making more with higher interest rates and no foreign housing buyers.

I see it this way, the cash sales drive the market higher, us poor SOB's actually need to borrow money to get in the game. That's the majority of customers banks deal with. Sure interest rates are low, but they are making it up with volume, and larger mortgages.

If you stop the foreign Cash sales and market slows down, bank lend less, people spend less, rational thought returns to the market place. Profits go down.

follow me?

25 cents of every dollar spent in BC is spent on real estate or construction. Neither are sustainable in the long term.

Look at you looking past your nose.

You get your stuff and get the fuck out. We don't do that here.

25 cents of every dollar spent in BC is spent on real estate or construction. Neither are sustainable in the long term.

Unless you build with wood that you let sit in the rain first, resulting in 30 year old teardowns. Rinse [HTML_REMOVED] repeat.

Unless you build with wood that you let sit in the rain first, resulting in 30 year old teardowns. Rinse [HTML_REMOVED] repeat.

Not all teardowns are old. This is a $6 million, 20-year old home in Kerrisdale scheduled to be demolished to make way for a still more ostentatious mansion. Hey man, gotta keep the economy going.

http://www.theglobeandmail.com/news/british-columbia/protesters-call-vancouver-house-demolition-a-travesty/article28641650/

I feel a big sell off coming…

I feel a big sell off coming…

Definitely does feel like a Nortel moment, but lets get real, this is Vancouver. The bear case has been compelling, and downright undeniable for over a decade - yet look where we are.

That being said, the last 12 months has been abnormal by even Vancouver standards, and that says something - just not sure what.

I know 4 people that have cashed out in the last 6 months

One bought a condo in van and waterfront land on the SSC
One downsized to a condo and put a mil in the bank
One moving to Penticton with bank full of cash cut thier salary in half went on contract and will work from home 20 hrs/week
One moved to Parksville with a bank full of cash early retirement

market feels so frothy right now and overvalued its crazy.

I know 4 people that have cashed out in the last 6 months

One bought a condo in van and waterfront land on the SSC
One downsized to a condo and put a mil in the bank
One moving to Penticton with bank full of cash cut thier salary in half went on contract and will work from home 20 hrs/week
One moved to Parksville with a bank full of cash early retirement

market feels so frothy right now and overvalued its crazy.

This.

First time in the 10+ years that I been following the market where the prices are so high its enticing people who had no intention to sell, to list their properties at ridiculous ask prices (that they seem to be getting.)

I don't know if this is a classic "blow off top" or just another year in the never ending Vancouver bull market.

Either way - interesting repercussions for the whole province.

I feel a big sell off coming…

sweet jesus i sure hope..:banana:

maybe just maybe a working guy might be able to you know actually afford to buy/afford to live in a city were he works instead of just treading water going no were….

weird idea…

This.

First time in the 10+ years that I been following the market where the prices are so high its enticing people who had no intention to sell, to list their properties at ridiculous ask prices (that they seem to be getting.)

I don't know if this is a classic "blow off top" or just another year in the never ending Vancouver bull market.

Either way - interesting repercussions for the whole province.

if you mid 50s and all of a sudden you got an extra million bux it would be pretty tempting to pull the plug on it.