tag:blogger.com,1999:blog-5936637281134795592.post781320156582962237..comments2024-03-08T08:55:52.985-08:00Comments on Whispers from the Edge of the Rainforest: Touching a nerve: Was a Richmond real estate agent forced to remove a graph plotting a potential 70% decline in housing prices?Unknownnoreply@blogger.comBlogger21125tag:blogger.com,1999:blog-5936637281134795592.post-69823010498489749482012-10-17T09:32:51.071-07:002012-10-17T09:32:51.071-07:00Move to Drayton Valley, Alberta. Lots of jobs, and...Move to Drayton Valley, Alberta. Lots of jobs, and of course $$$ here! Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-41802252014092431662012-10-16T15:54:36.838-07:002012-10-16T15:54:36.838-07:00If there is a 70% drop in prices, there will be no...If there is a 70% drop in prices, there will be no one left working in Real Estate related jobs. No construction workers, almost no RE agents. Banks will lay off mortgage brokers. Home Depot & Rona will close a few stores. Furniture stores will close. Etc...<br /><br />With all of these jobs gone combined with the remaining homeowners who feel so poor, who will eat in the restaurants?<br /><br />That's all Vancouver has - Real Estate and restaurants. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-82586455656840782972012-10-16T15:31:09.584-07:002012-10-16T15:31:09.584-07:00There are some current rediculous listings that ar...There are some current rediculous listings that are asking 3 times the assessed value. If they end up selling 25% below assessed value, that would be a drop of 75% of the original asking price. I can see that. <br /><br />In this crazy inflationary period, I read that on average, homes were selling at about 25% above assessed value.<br /><br />Taking 50% off of the assessed value off every home in greater Vancouver is extremely unlikely.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-61716934562676615992012-10-16T15:17:32.729-07:002012-10-16T15:17:32.729-07:00Impossible no...
... but more than a 40% over all...Impossible no...<br /><br />... but more than a 40% over all correction is highly unlikely.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-82488794393510794852012-10-16T14:12:36.081-07:002012-10-16T14:12:36.081-07:00For those who think a 70% correction of the Vancou...For those who think a 70% correction of the Vancouver real estate market is impossible, consider some of the US cities that corrected 50% to 85%. This list includes such cities as Miami, Phoenix, Las Vegas and parts of California. Note that these cities were in a smaller bubble back then compared to what Vancouver is in right now (price/income ratio).<br /><br />I challenge anyone to come up with some factual information that refutes this. <br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-27267842867226681832012-10-16T12:25:14.206-07:002012-10-16T12:25:14.206-07:00So, why are you here if it's old news?So, why are you here if it's old news?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-16839942925665072922012-10-16T12:14:29.569-07:002012-10-16T12:14:29.569-07:00Torn between the posters who tell the truth and th...Torn between the posters who tell the truth and the posters who stand to lose a lot in the coming "correction".<br /><br />You can spot them even here. 700k to 210k - "Lions and tigers and losses, oh my!"<br /><br />If you're reading it here or any other blog for that matter, it has already happened. Get ahead of your loss.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-63568479006147805742012-10-16T12:09:29.495-07:002012-10-16T12:09:29.495-07:00If the right conditions come together at the same ...If the right conditions come together at the same time - yes.<br /><br />And it's not a stretch to appreciate why. I'll expand on it in a post again soon.Whispererhttps://www.blogger.com/profile/03524022285962626228noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-90209097729690453472012-10-16T12:08:21.675-07:002012-10-16T12:08:21.675-07:00Obvious to every outside observer, anyways.Obvious to every outside observer, anyways.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-4453226119345925482012-10-16T10:39:53.578-07:002012-10-16T10:39:53.578-07:00I read this blog because I think it provides a muc...I read this blog because I think it provides a much more honest reflection of the RE market in Vancouver than you can get from the Media, Bank Economists and RE Boards. But when you start to extrapolate and state extreme views, I think it only marginalizes readers with more moderate opinions. I believe it could make this blog seem as unreliable as as the MSM.<br /><br />For the record, I also believe that Vancouver (justifiably so) has entered into a long overdue correction that will be both substantial and protracted.<br /><br />But get real! Depending on who you believe, if a average home (in greater Van) was around $700,000 at the peak - do you really believe that one day it will be worth $210,000?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-64051114099398952602012-10-16T10:02:31.258-07:002012-10-16T10:02:31.258-07:00In his post Wong stated, We are now witnessing the...In his post Wong stated, <i>We are now witnessing the unwinding of the housing market... At current price point, getting financing for a family earning $65,000 a year with 5% down payment will allow the buyer to afford a home valued at $294,000. It will take many years before owning a home makes sense again. Home prices are not going up now or holding. Instead, the housing market is coming down in values. The rush to exit the market will take its toll on sellers who bought their homes recently.</i><br /><br />I don't think it was coincidence that Mr. Wong's graph charted a decline in average price values to bring that average price in line with value he used in his example above.<br /><br />I think a 70% drop is exactly what Mr. Wong was predicting (more significantly, I agree with his assessment).Whispererhttps://www.blogger.com/profile/03524022285962626228noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-45886129621667940592012-10-16T09:34:03.200-07:002012-10-16T09:34:03.200-07:00Agreed. It's just as unscientific. But to try ...Agreed. It's just as unscientific. But to try and infer that a 70% drop is what Mr. Wong is predicting, doesn't accurately portray the meaning of his report.<br /><br />I don't think it helps readers when ever anyone either overestimates or underestimates reality.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-24506298067368724122012-10-16T09:29:43.221-07:002012-10-16T09:29:43.221-07:00Wong just stated what is obvious to everyone but t...Wong just stated what is obvious to everyone but the industry. The Greater Vancouver real estate market is in the midst of a crash because incomes and demand do not support current prices.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-45929473203501521542012-10-16T09:18:07.346-07:002012-10-16T09:18:07.346-07:00Probably not any less scientific than a bank/econo...Probably not any less scientific than a bank/economist forecast saying 1.1% drop for this year but 2.3% gain in 2013.Bob Arctorhttps://www.blogger.com/profile/01778550301687540082noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-87031071704716600272012-10-16T08:52:50.363-07:002012-10-16T08:52:50.363-07:00Exactly my thoughts on the matter.Exactly my thoughts on the matter.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-58728598247800584222012-10-16T08:32:36.034-07:002012-10-16T08:32:36.034-07:00In all fairness... I don't think Mr. Wong was ...In all fairness... I don't think Mr. Wong was predicting a 70% fall in prices. If he was, showing a mirror image graph of the inflating prices is pretty much useless.<br /><br />Also included in the graph was average growth lines for various housing types. If prices fall and meet those, you're looking at closer to a 40% drop. Probably more realistic.<br /><br />He probably realized it himself, or someone else pointed out just how unscientific it was.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-2191302628202122022012-10-16T08:25:27.471-07:002012-10-16T08:25:27.471-07:00The worst are the one who are buying from todays p...The worst are the one who are buying from todays prices. 100% Sure to go underwater soon.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-34231575956189718252012-10-16T08:05:43.673-07:002012-10-16T08:05:43.673-07:00Poor Mr. Wong. But let me tell you, by sticking hi...Poor Mr. Wong. But let me tell you, by sticking his neck out like that he will convince more than a few people he has their best long-term interests at heart, and from what I've heard many investors errr homeowners are in it for the long term!jessehttps://www.blogger.com/profile/02155122147972263497noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-86874303091059727482012-10-16T07:26:27.205-07:002012-10-16T07:26:27.205-07:00I guess the REBGV made Mr Wong make it........jees...I guess the REBGV made Mr Wong make it........jeese, I can't say it. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-42306446240774664432012-10-16T07:10:42.295-07:002012-10-16T07:10:42.295-07:00It's "1984" for the Real Estate &quo...It's "1984" for the Real Estate "industry"...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-65152513744217322232012-10-16T01:50:30.247-07:002012-10-16T01:50:30.247-07:00It's hard :) Society just can't admit wha...It's hard :) Society just can't admit what is staring it in the face.rp1noreply@blogger.com