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Fortress Canada Breached...Sales Down 30%+ in Vancouver!

By John Bailo   Follow   Sat, 6 Oct 2012, 11:58am   1,315 views   10 comments
In Kent WA 98030   Watch (0)   Share   Quote   Permalink   Like   Dislike (1)  

I thought Patrick.net would be all over this:

Vancouver housing market plunges further
"The residential real estate market in Metro Vancouver continues to plunge, with home and apartment sales in September down 32 per cent from the same month last year, according to the Real Estate Board of Greater Vancouver."

Read more: http://bc.ctvnews.ca/vancouver-housing-market-plunges-further-1.980542#ixzz28Xx9XPWE

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1. New Renter Follow Befriend (3) 13 threads 2,227 comments San Jose, CA Premium

   1   5:36pm Sat 6 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   And thus the domino's begin to fall...

2. Patrick Follow Befriend (54) 5,191 threads 6,158 comments 46 male Menlo Park, CA

   2   6:59pm Sat 6 Oct 2012   Share   Quote   Permalink   Like   Dislike   Thanks John! I always wondered what was taking Canada so long to catch up to reality.

3. curious2 Follow Befriend (5) 31 threads 2,267 comments Premium

   3   7:04pm Sat 6 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   The September sales volume statistic is misleading, almost meaningless, because it results largely from a previously announced policy change: “There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages..." Somebody else posted a similar Canadian statistic recently, with the same problem. Recent monthly statistics reflect primarily the fact that transactions were pulled forward to meet the deadline before the policy change. It will take a full year to see really meaningful numbers.

4. New Renter Follow Befriend (3) 13 threads 2,227 comments San Jose, CA Premium

   4   7:44pm Sat 6 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   Well its a beginning anyway. Killing the 30+ year mortgage - I like it!

5. Goran_K Follow Befriend (4) 25 threads 1,523 comments Laguna Beach, CA Premium

   5   7:57pm Sat 6 Oct 2012   Share   Quote   Permalink   Like (8)   Dislike   Protected   1) Get rid of 30 year fixed 2) Good bye MID 3) Eliminate FHA (the institution, not just the loan products) 4) Minimum 20% down, no exceptions Housing would crater 65%, and Realtors would still be liars.

6. Oxygen Follow Befriend 14 threads 161 comments Brooklyn, NY

   6   2:35am Sun 7 Oct 2012   Share   Quote   Permalink   Like   Dislike   now waiting for the NYC market.....

7. Zakrajshek Follow Befriend 67 comments Chico, CA

   7   7:56am Sun 7 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   I never understood how countries like Canada and Australia could have high house prices. They each have about the same land area as the USA, but only about 30 million people. Imagine what house prices here might be if there was only 1/10 of our cuuent population.

8. CashWillCrash Follow Befriend 3 threads 164 comments

   8   8:58am Sun 7 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   The problem is that everybody in Canada wants to live in either Vancouver or Toronto, and these Cities are full of people, they don't have any land left to build on, that's why they're building up (high rise) instead of building in the country.

9. John Bailo Follow Befriend 94 threads 446 comments Kent, WA John Bailo's website

   9   12:56pm Sun 7 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Zakrajshek says I never understood how countries like Canada and Australia could have high house prices. They each have about the same land area as the USA, but only about 30 million people. Imagine what house prices here might be if there was only 1/10 of our cuuent population. Just wait until Global Warming starts unleashing the tundra!

10. Buster Follow Befriend (7) 22 threads 325 comments

    10   3:40pm Sun 7 Oct 2012   Share   Quote   Permalink   Like   Dislike   I lived in Gorgeous Vancouver for six years but got out of there as it is the most expensive city in NA and makes SF & NYC look VERY cheap by comparison. Wages are also very low.