Home prices in Vancouver hit million-dollar mark

[Spartacus]

(sorry about the information-free title- the system won't let me change how it shows up on the board)

heard this on the radio, googled it soon as I got home,

AVERAGE !!!! PRICE !!!!!!!!!!

AVERAGE !!!! PRICE !!!!!!!!!!

When this pops, it will be ...

"Release the Kraken !!!!!!!!!!!!" time

Home prices in Vancouver hit million-dollar landmark

http://news.sympatico.ctv.ca/Home/Co...=abc&date=True


http://www.google.ca/search?hl=en&so...=Google+Search

[GRG55]

Re: hoooo leeeee Home prices in Vancouver hit million-dollar landmark

heard this on the radio, googled it soon as I got home,

AVERAGE !!!! PRICE !!!!!!!!!!

AVERAGE !!!! PRICE !!!!!!!!!!

When this pops, it will be ...

"Release the Kraken !!!!!!!!!!!!" time

Home prices in Vancouver hit million-dollar landmark

http://news.sympatico.ctv.ca/Home/Co...=abc&date=True


http://www.google.ca/search?hl=en&so...=Google+Search

Top ten reasons why Vancouver housing is undervalued:

1. The realtors and press still haven't finished hyping the "Olympics effect";
2. The rain is about to stop and the sun will come out for summer -the Vancouver Real Estate Board sez so;
3. Land is scarce because Vancouver is hemmed in by the ocean, the mountains and the Fraser River...and besides, they aren't making any more of it;
4. When the yuan is revalued higher it will make Vancouver real estate even cheaper for those hordes of Chinese buyers - buy now before the rush;
5. People like paying the carbon taxes in B.C. and can't wait to move there for the privilege;
6. The trees are greener in B.C.;
7. Living in a 400 sq ft condo in Yaletown gives you "carbon-footprint" bragging rights with your suburban Surrey friends;
8. Living in the city where Greenpeace was founded gives you general "eco-awareness" bragging rights with your cousin who works in Sarnia;
9. It's an uplifting experience to deal with B.C. Ferries, and nobody should miss it;
10. Starving Steve lives nearby...what else can I say...

[snakela]

Re: hoooo leeeee the mind reels

No wonder all the HGTV shows about RE are based in Canada now. The wife turns that stuff on sometimes and its like a viewing a time capsule from 2006.

I heard that RE in canada will keep going up forever!

[LargoWinch]

Re: hoooo leeeee Home prices in Vancouver hit million-dollar landmark

Top ten reasons why Vancouver housing is undervalued:

1. The realtors and press still haven't finished hyping the "Olympics effect";
2. The rain is about to stop and the sun will come out for summer -the Vancouver Real Estate Board sez so;
3. Land is scarce because Vancouver is hemmed in by the ocean, the mountains and the Fraser River...and besides, they aren't making any more of it;
4. When the yuan is revalued higher it will make Vancouver real estate even cheaper for those hordes of Chinese buyers - buy now before the rush;
5. People like paying the carbon taxes in B.C. and can't wait to move there for the privilege;
6. The trees are greener in B.C.;
7. Living in a 400 sq ft condo in Yaletown gives you "carbon-footprint" bragging rights with your suburban Surrey friends;
8. Living in the city where Greenpeace was founded gives you general "eco-awareness" bragging rights with your cousin who works in Sarnia;
9. It's an uplifting experience to deal with B.C. Ferries, and nobody should miss it;
10. Starving Steve lives nearby...what else can I say...

That was good, but sir I believe you are wrong (;)), because this time it is different.*


* as in new Gosvernor General different...

[radon]

Re: Home prices in Vancouver hit million-dollar mark

(sorry about the information-free title- the system won't let me change how it shows up on the board)

heard this on the radio, googled it soon as I got home,

AVERAGE !!!! PRICE !!!!!!!!!!

AVERAGE !!!! PRICE !!!!!!!!!!

When this pops, it will be ...

"Release the Kraken !!!!!!!!!!!!" time

Home prices in Vancouver hit million-dollar landmark

http://news.sympatico.ctv.ca/Home/Co...=abc&date=True


http://www.google.ca/search?hl=en&so...=Google+Search

When China's property bubble pops there is going to be an enormous sucking sound as all that money flies west over the pacific.

[LargoWinch]

Re: Home prices in Vancouver hit million-dollar mark

When China's property bubble pops there is going to be an enormous sucking sound as all that money flies west over the pacific.

There is no bubble (double-top) in Toronto as well...:rolleyes:



Sydnia Yu
From Friday's Globe and Mail Published on Thursday, Apr. 01, 2010

350 Broadway Ave., Toronto

Asking price: $599,000
Selling price: $687,000

Taxes: $3,765 (2009)
Lot size: 34 by 100 feet
Days on the market: six
Listing agent: Bill Joyce, Bill Joyce Real Estate Ltd.

[don]

Re: Home prices in Vancouver hit million-dollar mark

The Canucks are nuts:

Are you're going to tell me that:

• The average Canadian household income is $121,000?
• The average income in Vancouver is $329,000?
• The average income in Toronto is $187,000?
• The average income in Montreal is $118,000?

In a word, bullshit.
The latest median household income I can find for Canada is closer to $53,000 - or about half of what it should be. That is, homes in Canada - on the whole - are selling for double reasonable "fair values."
I'm willing to bet that in Vancouver they're overvalued by a factor of five - or more.
I can't tell you when it will blow up, but I can tell you with absolute certainty that it will.
If you have a nice big fat profit in your house up there in Canuckistan, you better sell now while you still have it.
Ignore this warning at your own peril.


http://market-ticker.denninger.net/

[thriftyandboringinohio]

Re: Home prices in Vancouver hit million-dollar mark

Wow.
In my neighborhood in Ohio this one sold 2 days ago for $290,000



and this one for $216,000



And the weather is better here than Toronto

[touchring]

Re: Home prices in Vancouver hit million-dollar mark

The Canucks are nuts:

Are you're going to tell me that:

• The average Canadian household income is $121,000?
• The average income in Vancouver is $329,000?
• The average income in Toronto is $187,000?
• The average income in Montreal is $118,000?

In a word, bullshit.
The latest median household income I can find for Canada is closer to $53,000 - or about half of what it should be.
http://market-ticker.denninger.net/

The prices in Vancouver is very cheap in comparison to what you'll need to pay in Shanghai and Beijing.

The average price of a Shanghai apartment within 5-10 miles of the city center is around 30,000RMB per square meter or $400 per square feet. A 2000 square feet apartment will cost $800,000.

And the average individual income in Shanghai city? $6000.

Forbes says there is no bubble in China.
http://www.forbes.com/2010/01/11/chi...ging-rein.html

Jim Chanos Is Wrong: There Is No China Bubble
Shaun Rein, 01.11.10, 03:53 PM EST
He misunderstands basic facts about income, real estate and the currency there.

[zoog]

Re: Home prices in Vancouver hit million-dollar mark

Shouldn't this thread be in the Housing Bubble section instead of News? But anyway...


I'm a little skeptical as to how they arrived at that number. In that first article it says:

The $1-million average includes high-end homes. But the average price for a single, standard detached home in the city reached $800,341, the Real Estate Board of Greater Vancouver said Tuesday.

Umm...:confused: So normally "high-end" homes are not included in the average sales figures? One of the problems I've always had with tracking housing performance is that the data comes from realtors. Not exactly a dis-interested party. You hope they are honest and complete in their reporting, but who knows for sure. And there is no disclosure of how exactly they calculate "average" or "median" prices.

March 2010 REGBV Report

[Spartacus]

Re: Home prices in Vancouver hit million-dollar mark

read a clarification on another blog (so it's probably wrong)

Average home is $660K. Average detached single family house $1M

Shouldn't this thread be in the Housing Bubble section instead of News? But anyway...


I'm a little skeptical as to how they arrived at that number. In that first article it says:

Umm...:confused: So normally "high-end" homes are not included in the average sales figures? One of the problems I've always had with tracking housing performance is that the data comes from realtors. Not exactly a dis-interested party. You hope they are honest and complete in their reporting, but who knows for sure. And there is no disclosure of how exactly they calculate "average" or "median" prices.

[cjppjc]

Re: Home prices in Vancouver hit million-dollar mark

Shouldn't this thread be in the Housing Bubble section instead of News? But anyway...


I'm a little skeptical as to how they arrived at that number. In that first article it says:

Umm...:confused: So normally "high-end" homes are not included in the average sales figures? One of the problems I've always had with tracking housing performance is that the data comes from realtors. Not exactly a dis-interested party. You hope they are honest and complete in their reporting, but who knows for sure. And there is no disclosure of how exactly they calculate "average" or "median" prices.

Realtors (A designation, not a job title) in this case do in fact have a different way of calculating average and median. It is a special formula that is arrived at by .......

[don]

Re: Home prices in Vancouver hit million-dollar mark

Realtors (A designation, not a job title) in this case do in fact have a different way of calculating average and median. It is a special formula that is arrived at by .......

Go get 'em, Jersey ;)

[GRG55]

Re: Home prices in Vancouver hit million-dollar mark

read a clarification on another blog (so it's probably wrong)

Average home is $660K. Average detached single family house $1M

So what's the definition of a "home"? Does it include all those Cracker-jack box Condo-minimums in the West End?

[LargoWinch]

Re: Home prices in Vancouver hit million-dollar mark

So what's the definition of a "home"? Does it include all those Cracker-jack box Condo-minimums in the West End?

nope...nowadays it means cargo container :p:

Cargo container converted into home