This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

 
User avatar
WhipMaster
Real Estate Talker
Topic Author
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Vancouver’s house prices still climbing

Thu Dec 19, 2013 8:18 am

:mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
rofina
Real Estate Talker
Posts: 1552
Joined: Fri Feb 06, 2009 6:39 pm
Contact:

Re: Vancouver’s house prices still climbing

Thu Dec 19, 2013 11:20 am

Darn it, where's my old pal Taipan when we need him? He's a real estate expert who dines with Federal Ministers, advises Mark Carney and "walks with kings". He'd know exactly what to do, and he still be here to help us if certain sarcastic ingrates hadn't shattered his frail ego.

:mrgreen:
Taipan has long gone....he is teaching Martians to buy low & sell high, and don't love Earth anymore.
Image
Poor Taipan, literally.

Gold is at $1195 right now. That hurts if you plunked down a million bucks at $1600.
 
Geyser
Real Estate Talker
Posts: 3569
Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river
Contact:

Re: Vancouver’s house prices still climbing

Thu Dec 19, 2013 1:15 pm

Darn it, where's my old pal Taipan when we need him? He's a real estate expert who dines with Federal Ministers, advises Mark Carney and "walks with kings". He'd know exactly what to do, and he still be here to help us if certain sarcastic ingrates hadn't shattered his frail ego.

:mrgreen:
Taipan has long gone....he is teaching Martians to buy low & sell high, and don't love Earth anymore.
Image
Rofina wrote

Poor Taipan, literally.

Gold is at $1195 right now. That hurts if you plunked down a million bucks at $1600.
Based on his posts I think he probably paid somewhere between US$1630 and US$1660 but even the remains of that investment might go a long way on Mars.

I think Thompson might be onto something, I made reference to Taipan's mail-order Associate Diploma (or degree as he prefered to call it) and his claims about private dining with Federal Ministers, his advising Mark Carney, and his "walking with Kings", but I completely forgot about his claimed multiple encounters with extra-terrestrials. Perhaps there's one of his multimillion dollar developments happening up there right now.

What a loss to planet Earth, if only we had been kinder and less judgmental. :cry:
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
tedeastside
Real Estate Talker
Posts: 507
Joined: Wed Jul 31, 2013 2:10 am
Contact:

Re: Vancouver’s house prices still climbing

Thu Dec 19, 2013 8:53 pm

i know proud vancouverites hate David Duchovny as he slagged your paradise on the sea, no celebrity has ever lived in vancouver since
 
tedeastside
Real Estate Talker
Posts: 507
Joined: Wed Jul 31, 2013 2:10 am
Contact:

Re: Vancouver’s house prices still climbing

Thu Dec 19, 2013 8:58 pm

if somebody told me i had to live in Vancouver i'd cry like Steve Francis too
 
User avatar
jesse1
Real Estate Talker
Posts: 5097
Joined: Mon Feb 18, 2008 12:51 pm
Contact:

Re: Vancouver’s house prices still climbing

Thu Dec 19, 2013 9:38 pm

Steve Francis
Image
There is no shame in overpaying
 
User avatar
WhipMaster
Real Estate Talker
Topic Author
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 11:02 am

Prices, they are still going up! :shock:
Please Rofina, lead the charge and try to bring back affordable land prices.
What can you do to make land and houses cheaper? You start doing something, and we shall follow your shining example. :D

Image
Hoo~Cudda~Not~Nod~ed????? :-)
 
Geyser
Real Estate Talker
Posts: 3569
Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 12:37 pm

Just look at the latest MLS Benchmark SFH price of $1,002,200 and compare it to their original April 2012 Benchmark SFH price which was $1,064,800. The indication that overall Greater Vancouver Benchmark SFH prices are lower today than they were in April 2012 should be encouraging, even if some neighbourhoods have seen increases since then.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 12:56 pm

Just look at the latest MLS Benchmark SFH price of $1,002,200 and compare it to their original April 2012 Benchmark SFH price which was $1,064,800. The indication that overall Greater Vancouver Benchmark SFH prices are lower today than they were in April 2012 should be encouraging, even if some neighbourhoods have seen increases since then.

sure, buyers should be encouraged by the stat...until they go out there are puts their boots to the ground
 
Geyser
Real Estate Talker
Posts: 3569
Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 1:07 pm

I know a lot of folks don't want to hear it, but here is the actual report on home prices which the GVREB posted way back in 2012 when their "Benchmark Detached Price hit $1,064,800". (Ive highlighted the important line.)
April 2012
In This Section
Greater Vancouver housing market maintains a steady spring pace

Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.
       
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.

April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April.

At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year.

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.”

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 per cent increase compared to April 2011 and a 2.6 per cent increase compared to three months ago.

Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per cent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.

http://www.rebgv.org/monthly-reports/april-2012
The latest posted numbers from the GVREB are as follows:
The benchmark price for detached properties increased 8.1 per cent from December 2013 to $1,002,200. 

http://www.rebgv.org/news-statistics/ho ... norms-2014
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
User avatar
WhipMaster
Real Estate Talker
Topic Author
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 3:04 pm

Yup, there is definitely something wrong. Either somebody is changing the numbers or there is something wrong with their model. :D
Hoo~Cudda~Not~Nod~ed????? :-)
 
Geyser
Real Estate Talker
Posts: 3569
Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 4:37 pm

Yup, there is definitely something wrong. Either somebody is changing the numbers or there is something wrong with their model. :D
We can see the numbers have been changed because the original one is still on one of their sites but the new one shows up on their updated interactive site. Go figure! :)

Besides, some of the media have been all over them for number fudging.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
User avatar
WhipMaster
Real Estate Talker
Topic Author
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 4:58 pm

Terrible. Just terrible. I guess they just aren't a credible source of information. :D
Hoo~Cudda~Not~Nod~ed????? :-)
 
Geyser
Real Estate Talker
Posts: 3569
Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 5:33 pm

Terrible. Just terrible. I guess they just aren't a credible source of information. :D
Yup, that's how I see it.

Check out this latest bit of genius in their latest news release:
Editor’s Notes:
1. Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
2. The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model in January.  This led to the following changes:
  • Neighbourhoods where home sales over the past three years totaled 12 or less have been removed from the model. Neighbourhoods where sales have increased to 20 or more over the past three years have been added. Historical MLS® HPI data has been recalculated to reflect these changes.
  • The benchmark property descriptions have been updated to reflect current buying trends.

Background: MLS® HPI benchmark prices represent the value of a ‘typical’ property within a market. When the HPI was developed in 2011, a composite description was created for every neighbourhood and property type based on MLS® sales data for that specific area. What people typically purchase can change over time due to changes in affordability and buyer preferences. Therefore, it’s necessary for these descriptions to be occasionally updated.

- See more at: http://www.rebgv.org/news-statistics/ho ... CRiHJ.dpuf
Can you believe that? They "review" (and presumably massage) the model every year! So when they compare earlier year's numbers they are effectively meaningless because they are comparing apples and oranges.

It's a bit like a car dealer saying cars are going up in value because the 3 year old cars we sold last year went for $15K but this year the 3 year old cars are averaging $50K. (We just won't mention that last year we were selling Hyundais and this year we're selling Mercedes because the consumer preference has changed.) but the average selling price is up! Yahooo!

Did you also see that if they remove a neighbourhood with cheap houses from the formula and add a neighbourhood with more expensive houses, bingo! that areas avarage price just went up. Cool eh?

Also, if they decide that last year granite counters and SS appliances weren't part of the consumer preference, they can change their minds this year and say an identical house to last year's benchmark has risen in value, we just won't bother to mention that this year we are only looking at houses with the granite and SS whereas last year we only looked at houses without those items.

Bottom line, yes I believe that prices have gone up in many areas this last year or so (after the 2012 correction) but making meaningful comparisons by using their numbers appears almost impossible. Why would they do that unless they wanted to hide something? And the three year average smoothing gimmick just serves to hide sudden price moves, like the one month 11% drop reported by the Huffington Post. If that had been widely broadcast a lot of sales could have collapsed causing the start of the inevitable correction.

No wonder some folks don't like looking at the actual monthly figures on this chart: http://www.chpc.biz/vancouver-housing.html

Scary times!
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
User avatar
WhipMaster
Real Estate Talker
Topic Author
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Vancouver’s house prices still climbing

Sat Feb 14, 2015 6:06 pm

Geyser:
Can you believe that? They "review" (and presumably massage) the model every year! So when they compare earlier year's numbers they are effectively meaningless because they are comparing apples and oranges.
...this is exactly what I am claiming about the governments official "inflation rate". Totally meaningless to try and compare earlier numbers to todays number. :shock:
This is why I think statistics are bs. They get manipulated by the reporter to skew the information to shape peoples perceptions to suit their agenda. I would assume that MLS would want to promote the market as being buoyant. But why in the world would they want to misrepresent the market. It's totally unnecessary as the unmanipulated market prices have remained strong and have never been higher than they are today. :D
Hoo~Cudda~Not~Nod~ed????? :-)

Who is online

Users browsing this forum: No registered users and 22 guests