Real Estate

Vancouver housing bubble?

  • Last Updated:
  • Nov 14th, 2019 1:42 pm
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Deal Guru
Jan 27, 2006
11492 posts
4740 upvotes
Vancouver, BC
JayLove06 wrote:
Jun 20th, 2019 7:12 pm
People are going to be ruined.
Many of them drank the RE industry's Kool-aid about RE has nowhere to go but UP, UP, and further UP... Unfortunately, that Kool-aid has a bitter aftertaste now that Up, Up, and Up has turned into levelled off, and down, and further down.
Deal Fanatic
Feb 29, 2008
8707 posts
3788 upvotes
craftsman wrote:
Jun 20th, 2019 8:32 pm
Many of them drank the RE industry's Kool-aid about RE has nowhere to go but UP, UP, and further UP... Unfortunately, that Kool-aid has a bitter aftertaste now that Up, Up, and Up has turned into levelled off, and down, and further down.
And many just simply wanted to buy a home. You guys are robots. Not everyone is trying to make millions off the market. Some are trying to find a place to live. You guys are too fixated on a group of people and willing to toss everyone else in the fire. Doesn't affect me but I wouldn't want to see honest people lose their homes.
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Dec 14, 2007
3067 posts
1486 upvotes
choclover wrote:
Jun 19th, 2019 3:22 pm
Excellent analysis.

I strongly agree with getting rid of the corruption before it increases and sending a loud message to potential tax evaders. Zero tolerance would be ideal. Break the law and pay the penalty.

However, I think we also always have to bear in mind who is sending the messages we hear. Is it the politicians? Is it the media? Is it the real estate industry? Behind every message, there is the possibility of spin so we need to use as close to RAW data is available to vet what we are hearing to know whether it is true or not.
Couldn’t agree more about spin and the media. This is why I strongly advocate that real estate data be daylighted. No more MLS index stats released by MLS. It should be as transparent as the stock market where you can’t get away with half the crap Pile Of Poo real estate gets away with.
I'd love to write history... in advance.
AMEX Biz Plat 75K AGAIN! | Plat 60K | Biz Gold 40K | Gold 25K | SPG 20K
Deal Addict
Mar 7, 2011
3463 posts
1608 upvotes
Vancouver
JayLove06 wrote:
Jun 20th, 2019 7:12 pm
People are going to be ruined.
Oh, nooooo, the tragedy... On a serious note, why do you care so much? Did you care the same when Sears pensioners lost their pensions? I didn't see you commenting about that too much around here...
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Last edited by MrDisco on Jun 22nd, 2019 12:43 pm, edited 1 time in total.
Reason: Unnecessary
Deal Guru
Jan 27, 2006
11492 posts
4740 upvotes
Vancouver, BC
JayLove06 wrote:
Jun 20th, 2019 9:30 pm
And many just simply wanted to buy a home. You guys are robots. Not everyone is trying to make millions off the market. Some are trying to find a place to live. You guys are too fixated on a group of people and willing to toss everyone else in the fire. Doesn't affect me but I wouldn't want to see honest people lose their homes.
I'm not saying that they didn't just want to buy a home or a place to live. But if you buy a pre-sale condo, the agent should have explained everything to you honestly so that you would understand that it will take time to complete, and that financing should be in place earlier in case the market corrects. Those people who didn't do their homework or was too trusting of what the RE industry was saying are the ones getting burned now.
Sr. Member
Dec 30, 2012
900 posts
973 upvotes
Toronto
They took a risk and lost. If they couldn’t handle the risk of the property losing value pre-financing they should have bought a resale. Lots to choose from and easier for buyers to negotiate in this market.
Deal Fanatic
Feb 29, 2008
8707 posts
3788 upvotes
craftsman wrote:
Jun 21st, 2019 2:09 am
I'm not saying that they didn't just want to buy a home or a place to live. But if you buy a pre-sale condo, the agent should have explained everything to you honestly so that you would understand that it will take time to complete, and that financing should be in place earlier in case the market corrects. Those people who didn't do their homework or was too trusting of what the RE industry was saying are the ones getting burned now.
Agent should have told you the government would try to tank prices? What agent would tell someone that?

Lol at homework. 4-5 years ago people should have known this would happen? Is this the same as telling the priced out bears they should have known home values were going to accelerate and they should have bought 10 years ago? Shoulda done the research. Priced out! Tough luck!

Look from one perspective and that’s all you will see.
Sr. Member
Dec 30, 2012
900 posts
973 upvotes
Toronto
JayLove06 wrote:
Jun 21st, 2019 6:30 am
Agent should have told you the government would try to tank prices? What agent would tell someone that?

Lol at homework. 4-5 years ago people should have known this would happen? Is this the same as telling the priced out bears they should have known home values were going to accelerate and they should have bought 10 years ago? Shoulda done the research. Priced out! Tough luck!

Look from one perspective and that’s all you will see.
So if I read you correctly, there should be no mercy for “prices out bears” when government intervention spikes the market, but we’re supposed to be sad for speculators who lost a bit when government intervention allegedly tanks the market.
Deal Fanatic
Oct 7, 2007
5260 posts
1865 upvotes
JayLove06 wrote:
Jun 20th, 2019 9:30 pm
And many just simply wanted to buy a home. You guys are robots. Not everyone is trying to make millions off the market. Some are trying to find a place to live. You guys are too fixated on a group of people and willing to toss everyone else in the fire. Doesn't affect me but I wouldn't want to see honest people lose their homes.
In theory, honest people who were looking to buy a home to live in shouldn't be affected by any downturn because if they qualified for their mortgage honestly, they should be able to make the payments and live in peace. It is only those who view their property as an INVESTMENT that will be feeling that they are riding the market ups and downs. Ask someone who has lived in their home for 20 or 30 years how they feel about their home. I bet the answer would be a lot different than someone who doesn't even live in the place that they own.
Deal Fanatic
Feb 29, 2008
8707 posts
3788 upvotes
choclover wrote:
Jun 21st, 2019 10:50 am
In theory, honest people who were looking to buy a home to live in shouldn't be affected by any downturn because if they qualified for their mortgage honestly, they should be able to make the payments and live in peace. It is only those who view their property as an INVESTMENT that will be feeling that they are riding the market ups and downs. Ask someone who has lived in their home for 20 or 30 years how they feel about their home. I bet the answer would be a lot different than someone who doesn't even live in the place that they own.
That’s complete and utter nonsense. You guys need to stop with this nonsense about everyone having dirty money and not qualifying “honestly”.

A 20% drop would affect anyone from signing to closing. Yes, even those who can easily qualify. Or should we all make sure we have 20% down and another 20% to close?

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