Property bubble
Jan 4th 2012 | 11:46 am
#16
Thread Starter
BE Enthusiast
Joined: May 2011
Posts: 410
Re: Property bubble
Hi
If i had a dollar for everytime someone says the property market here in vancouver is going to crash I would be very happy.
The market is at a very stable position, interest rates they think will stay the same until this time next year, and there is a continual stream of new immigrants to help keep the demand up, there are the baby boomers downsizing as well, and the chinese are buying up property like mad, something to do with new chinese export money restrictions in about a years time, so I have been told.
I suppose the proof will be at easter this year when the market picks up again, it seems here as soon as the market starts to slow, sellers pull of the market and there is little choice of properties around.
a useful link for vancouver to research is.
http://www.rebgv.org/housing-price-index
might be something similar for where you want to be.
I hear the best place to buy property now is Greece,Italy or Spain.
cheers
Jerry
If i had a dollar for everytime someone says the property market here in vancouver is going to crash I would be very happy.
The market is at a very stable position, interest rates they think will stay the same until this time next year, and there is a continual stream of new immigrants to help keep the demand up, there are the baby boomers downsizing as well, and the chinese are buying up property like mad, something to do with new chinese export money restrictions in about a years time, so I have been told.
I suppose the proof will be at easter this year when the market picks up again, it seems here as soon as the market starts to slow, sellers pull of the market and there is little choice of properties around.
a useful link for vancouver to research is.
http://www.rebgv.org/housing-price-index
might be something similar for where you want to be.
I hear the best place to buy property now is Greece,Italy or Spain.
cheers
Jerry
Jan 4th 2012 | 1:03 pm
#17
Assimilated Pauper
Joined: Mar 2005
Posts: 40,070
From: Ontario
Re: Property bubble
Hi Helen, I have an appt tomorrow at 3 with Royal Lepage (think that's what they're called) but will also use Remax to avoid conflict of interest problems as I believe 'double enders' are to be avoided. Trying not to 
it was explained to me that it's when the same agent is representing both parties (buyer/seller) I've been advised by my bank not to allow realtors to show me properties on their own books but to get for example Remax to show me listings from all the other brokers in the area and then get Royal Lepage to show me Remax properties. The reason behind this is because as a buyer I would be regarded as the 'money' and the seller as the 'client' and realtors always favour the client.
it was explained to me that it's when the same agent is representing both parties (buyer/seller) I've been advised by my bank not to allow realtors to show me properties on their own books but to get for example Remax to show me listings from all the other brokers in the area and then get Royal Lepage to show me Remax properties. The reason behind this is because as a buyer I would be regarded as the 'money' and the seller as the 'client' and realtors always favour the client.
Jan 4th 2012 | 1:42 pm
#18
Forum Regular
Joined: Jan 2007
Posts: 165
Re: Property bubble
Hello, I know it's not BC but here in Labrador city, rent on a 3 bed row house is 6600 CAD$ pcm, the area is great for work, but accommodation is at a premium, 13 families got eviction notices just before christmas as the apartment block they live in was sold to an engineering company who need it for their flyin/flyout contractors, the reason is the mines are expanding so a lot of work going on, the town has been described as a mini Fort Mcmurry, so locals can't afford to get on the housing ladder, as companies are buying up any spare property to put the contractors in,
apologies if gone off thread
apologies if gone off thread
Jan 4th 2012 | 1:49 pm
#19
Born again atheist
Joined: Jul 2005
Posts: 30,259
From: Europe (to be specified).
Re: Property bubble
Hello, I know it's not BC but here in Labrador city, rent on a 3 bed row house is 6600 CAD$ pcm, the area is great for work, but accommodation is at a premium, 13 families got eviction notices just before christmas as the apartment block they live in was sold to an engineering company who need it for their flyin/flyout contractors, the reason is the mines are expanding so a lot of work going on, the town has been described as a mini Fort Mcmurry, so locals can't afford to get on the housing ladder, as companies are buying up any spare property to put the contractors in,
apologies if gone off thread
apologies if gone off thread
Off thread? Rather off your head.
Jan 4th 2012 | 1:54 pm
#20
Forum Regular
Joined: Jan 2007
Posts: 165
Re: Property bubble
Off my head? why?
Jan 4th 2012 | 2:04 pm
#21
Born again atheist
Joined: Jul 2005
Posts: 30,259
From: Europe (to be specified).
Re: Property bubble
Partly (OK mostly) because you appear to be living a very remote, utterly uninteresting corner of the Arctic, where you accept rentals of $6600 a month for crap.
Partly (for the rest) because you appear to think that a comparison to Fort McMurray is a positive thing.
Enjoy purgatory. Hell will be a relief.
Partly (for the rest) because you appear to think that a comparison to Fort McMurray is a positive thing.
Enjoy purgatory. Hell will be a relief.
Jan 4th 2012 | 2:11 pm
#22
Thread Starter
BE Enthusiast
Joined: May 2011
Posts: 410
Re: Property bubble
I realise she was going the extra mile to be helpful as she want's me to commit to a hsbc mortgage but she made perfect sense. As I understand it a Remax agent selling me a Remax listed property collects both commissions. 1 from the seller and 1 from mls (finders fee) therefore has no interest in getting me the best deal/price however if I get the Remax agent to show me Royal Lepage listings then they are representing me, helping me negotiate the best deal/submit an offer while still picking up the mls finders fee. Think that's how I heard it?
Jan 4th 2012 | 2:45 pm
#23
Born again atheist
Joined: Jul 2005
Posts: 30,259
From: Europe (to be specified).
Re: Property bubble
As I understand it a Remax agent selling me a Remax listed property collects both commissions. 1 from the seller and 1 from mls (finders fee) therefore has no interest in getting me the best deal/price however if I get the Remax agent to show me Royal Lepage listings then they are representing me,
Having said that, when I bought a house (that I still live in) in 1993, I bought from the listing agent without a buyers agent. She cut a deal to get the sale made which involved cutting her commission to close the deal.
I got the place at at 73% of it's original asking price.
I've no regrets.
Jan 4th 2012 | 9:59 pm
#25
Forum Regular
Joined: Jan 2007
Posts: 165
Re: Property bubble
Hello Novocastrian, I did'nt say say I accepted high rental prices or that a comparison to Ft Mcmurray is a good thing , I was just putting my experience/information onto a discussion thread, Lab city is a bit remote, it is'nt in the arctic, as for being uninteresting I have found that anyplace is a interesting or as boring as the person/people living there, but maybe I should have checked with you as to were to move to.
Jan 4th 2012 | 11:34 pm
#26
BE Forum Addict
Joined: Aug 2007
Posts: 1,782
Re: Property bubble
yeah yeah very funny but if you asked me the same question about the UK I would say yes now is a good time to buy as prices have been falling since 2007 and less homes are coming to the market as people are sitting it out hoping that the market will recover rather than sell with negative equity. So what is available to buy is at a good price compared to 2007 prices. I'm not asking for market predictions just if anybody has noticed prices rising, falling or stagnating over the past few years, cheers.
Jan 5th 2012 | 8:34 am
#27
Born again atheist
Joined: Jul 2005
Posts: 30,259
From: Europe (to be specified).
Re: Property bubble
Hello Novocastrian, I did'nt say say I accepted high rental prices or that a comparison to Ft Mcmurray is a good thing , I was just putting my experience/information onto a discussion thread, Lab city is a bit remote, it is'nt in the arctic, as for being uninteresting I have found that anyplace is a interesting or as boring as the person/people living there, but maybe I should have checked with you as to were to move to.
Jan 5th 2012 | 9:06 am
#28
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Property bubble
The market here (Quinte) is pretty slow. Most of what is moving is newer places and prices for established older properties tend to drop before the sell. I think its mostly good value for money, and when JTF2 moved to the Trenton base there will be 650 service men plus associated support staff moving into the area which will push prices up.
Thats not going to be for a little while, but there are probably worse times to buy than now. Seems like half my street is on the market to be honest. Must be something to do with the crap English neighbours. The house next to mine is available for $180k or so. Forces couple have been posted to Vancouver Island.
Thats not going to be for a little while, but there are probably worse times to buy than now. Seems like half my street is on the market to be honest. Must be something to do with the crap English neighbours. The house next to mine is available for $180k or so. Forces couple have been posted to Vancouver Island.
Last edited by iaink; Jan 5th 2012 at 9:10 am.
Jan 5th 2012 | 10:00 am
#29
Forum Regular
Joined: Sep 2009
Posts: 140
Re: Property bubble
But in the UK, the average first time buyer is now in his/her 40s because lenders are asking for a higher deposit. The mortgage given on the average priced home is 7 to 8 times the average salary where it used to be 3 to 4. Hardly a backdrop for rising prices, especially when the job market is uncertain. Of course, in the long term, I am sure it will be a sound investment.
The average UK mortgage is stated a £109K( which to us is a high mortgage) and average income is £26.2K and household income are £33K. Therefore ratio are 4.2 and 3.3 respectively. When I first brought a home in 1989 I was offered 2.5 time my salary and when I returned to the UK from Canada I was offered a max of 3 times my salary. I took out a mortgage at 1.5 times my income.
Most respectable lenders today will not give you more that 3 time salary as a mortgage. In 1989 I had to put down a large deposit which then was a a years earning for us. It was several years before of are hard savings, working as much OT that was available, no holidays or social life and selling our cars to get the deposit. So it seems that over 20 odd years later there no difference for first time buyers.
Hudd
Jan 5th 2012 | 10:28 am
#30
Lost in BE Cyberspace
Joined: Aug 2005
Posts: 13,402
From: South of Calgary
Re: Property bubble
The market here (Quinte) is pretty slow. Most of what is moving is newer places and prices for established older properties tend to drop before the sell. I think its mostly good value for money, and when JTF2 moved to the Trenton base there will be 650 service men plus associated support staff moving into the area which will push prices up.
Thats not going to be for a little while, but there are probably worse times to buy than now. Seems like half my street is on the market to be honest. Must be something to do with the crap English neighbours. The house next to mine is available for $180k or so. Forces couple have been posted to Vancouver Island.
Thats not going to be for a little while, but there are probably worse times to buy than now. Seems like half my street is on the market to be honest. Must be something to do with the crap English neighbours. The house next to mine is available for $180k or so. Forces couple have been posted to Vancouver Island.
