Saturday, October 1, 2011

A few things to ponder while we wait for the official numbers and the FVREB stats

Wandering around the internet I found some good reads.

We are now apparently more expensive than London and New York. Except in those cities the high end homes are Brownstone or Granite edifices that have stood solidly for over 100 years. Here we have particle-board Mansions that sell for Millions

Even local realtors are getting tired of the speculative bubble unless they are directly suckling at breast of the speculators.

Leading real estate professionals reacted today to yesterday's news that home prices in Vancouver now exceed New York and London's. One realtor said he believes that buyers from Mainland China have pushed the local buyers out of the market. Each cited homes bought and traded like stocks and bonds and investment properties sitting empty, but some see the Chinese home rush as a bonus to Vancouver, while another sees it as a liability.

"Many people who buy here aren't buying because they're moving here," said Hasman. "They're buying on speculation or to park money here ... There have been cases where people come and purchase five or six houses. No one needs five to six houses unless you're speculating.

And this blog illustrates an excellent example of the above.

How about we all send a link to the first article to our Political representatives. I like the line about 'No one needs five to six houses...etc'

Add your own commentary. Eg the the effect of this unfettered access to our RE market is having on you personally. How unfair it is that we are one of the few places that do not restrict speculators access to housing stock. How it puts pressure of those living here due to unaffordable prices AND empty houses -and will cause a crisis when the bubble finally pops.

It will take you 5 minutes:

Here is the list of MLAs and their e-mail addresses.

Here is the same for MPs.

Lets make this an issue! The real estate industry- developers, Realtors, mortgage industry and speculators are a very powerful lobby. Let's push back a little.


  1. Done.

    Actually it took me one and a half minutes. Thirty seconds to locate my MLA and one minute to past the article's link and explain how this sort of speculation was keeping out those who live here and would cause a calamity as it burst and WHAT WAS HE GOING TO DO ABOUT IT?

    I will send it to my MP, when I have another spare one and half minutes :)

    Allowing this to go on in our housing stock is like allowing those kids to keep speeding in their luxury cars.

  2. Do you really think it will make any difference Fish? Do you think our pols can say no to Chinese money, however hot and however much it distorts our own economy.

    No they cant. Like a heroin addict, they will get it from where-ever they can, futures consequences be damned.

  3. Wondering aloud. How many MLAs had not been on junket trips to Asia?

  4. The 2-bedroom rental market on the Westside has had a 180 degree turnaround from the last 2 years. There is nothing on the market. Every unit is up for sale and owners are waiting for their price. When you see a rental, you get the feeling it'll be back on the market 6 months after you move in. This is the downside of having no real rental stock built in the last 15 years. Rentals are now stocks that get bought and sold. You move in. You move out. Nasty business.

  5. .. not to mention the start of rent-to-own ads poping up in the apts for rent section of craigslist. These are mainly for the Valley, Fish, your favorite area for high MOI!