5833 replies to this topic

[Mike K.]

I'm with ya, for sure. I think it's a great way to grow up.

[Szeven]

In the last week 2 uber speculatively priced properties have popped up around me. It will be interesting if they sell because that might be the only place inventory comes from in the next few months -- people who are willing to move for x but hadn't considered it previously.

[LeoVictoria]

Interested in how much house prices have changed in a certain time period?  

 

I built a tool to explore that using various measures of detached prices.

 

For example, since this thread started here is what happened to house prices:

 

 

In Victoria we mostly see increases..  Here is what happened in the latest downturn (2010 to 2013)

 

 

 

 

Edited by LeoVictoria, 11 May 2016 - 10:08 PM.

[dasmo]

Excellent Leo!

[Mike K.]

A local REALTOR has been sending flyers to affluent areas marketing his organization's abilities to target Chinese buyers and the investor market. Have we seen something like this before?

[LeoVictoria]

Yeah various reports of that happening in the last year or so.   Has always been going on to a certain extent but it has ramped up.

[VicHockeyFan]

A local REALTOR has been sending flyers to affluent areas marketing his organization's abilities to target Chinese buyers and the investor market. Have we seen something like this before?

 

Why not, I'd do that if I was a Realtor.

[MarkoJ]

It is essentially a marketing scam because the consumer is too dumb to figure out how the simple system works.......out of town buyers aren't stupid.  95% of the time they hire a local REALTOR®to help them with the purchase and they look at ALL the inventory that is available that interests them.

 

No one comes into to town and only looks at listings listed by a specific REALTOR® or specific brokerage.

 

I've seen the mailouts too and they are so horribly misleading it isn't even funny, "I have a network of out of town buyers willing to pay more than market value for your property...." give me a break.

 

All the time I have people at listing presentations ask, "are you going to advertise in Calgary?" for example.  Yes, someone in Calgary will see the specific ad for your home, they will fly out and buy it. But the three other houses on your street that are better value they will simply skip.  And people in Calgary also don't know how to use realtor.ca.

 

People have zero common sense that is why these non-sense mailouts actually work.

Edited by MarkoJ, 13 May 2016 - 06:38 AM.

[LeoVictoria]

The only time I see legitimate value to these claims is if the agency has a presence in China and is actively marketing there to locals. Otherwise it's nonsense.

[MarkoJ]

The only time I see legitimate value to these claims is if the agency has a presence in China and is actively marketing there to locals. Otherwise it's nonsense.

 

Still doesn't make sense tough...most foreign buyers would hire a local Chinese realtor and have him or her show them all the available properties -> check this out http://www.victoriabbs.com/

 

If any of this marketing BS were true than how do you explain 95% of transactions have buyer realtor representation? And the other 5% just emailed the listing agent randomly. (aka listing realtor didn't really sell the house).

[LeoVictoria]

Still doesn't make sense tough...most foreign buyers would hire a local Chinese realtor and have him or her show them all the available properties -> check this out http://www.victoriabbs.com/

If any of this marketing BS were true than how do you explain 95% of transactions have buyer realtor representation? And the other 5% just emailed the listing agent randomly. (aka listing realtor didn't really sell the house).

I think you're right assuming an informed buyer and an honest realtor. With stories of the number of retail investors (aka small time) in China looking to buy remotely, there is a good chance they aren't the most informed of the local market.
I'm sure it's not a significant percentage of the market though as you say.

By the way, if a realtor is actually advertising that they can sell your house above market value, they should be reported to the Real estate council. They are being misleading in their advertisements a if they managed to pull it off it would be highly unethical towards the buyer

[MarkoJ]

I think you're right assuming an informed buyer and an honest realtor. With stories of the number of retail investors (aka small time) in China looking to buy remotely, there is a good chance they aren't the most informed of the local market.
I'm sure it's not a significant percentage of the market though as you say.

By the way, if a realtor is actually advertising that they can sell your house above market value, they should be reported to the Real estate council. They are being misleading in their advertisements a if they managed to pull it off it would be highly unethical towards the buyer

 

If the consumer has 2 licks of common sense to figure out that properties sell at market value they wouldn't be dishing out the equivalent value of an entry level luxury car to sell their core home.

 

The consumer actually thinks realtor A can get more for their home than realtor B (making an assumption here the both realtors meet a minimum level of competency).  It is sad how dumb people are.....line up at Costco for 20 minutes to save $1 on gas but blow 30k to sell a house just like that.

Edited by MarkoJ, 14 May 2016 - 09:17 AM.

[insanelydeadlydisease]

Isn't it possible that the same dummies that fall for the mailouts are the same dummies that buy houses in a different city based on an ad placed in their local paper? 

[MarkoJ]

Isn't it possible that the same dummies that fall for the mailouts are the same dummies that buy houses in a different city based on an ad placed in their local paper? 

 

You would think even a dummy would want to see all the houses on the block when buying?

[LeoVictoria]

You would think even a dummy would want to see all the houses on the block when buying?

Never underestimate the dummies

[Daveyboy]

"Let us be thankful for the fools. But for them the rest of us could not succeed. ”  Mark Twain

[Mike K.]

Did you know there are some 3,100 homes currently under construction throughout the south Island?

 

Victoria's near-term new home construction to peak in 2016: CMHC

http://victoria.citi...k-in-2016-cmhc/

 

Housing starts throughout British Columbia are expected to increase in 2016 and moderate in 2017, according to Canada Mortgage and Housing Corporation's (CMHC) Spring 2016 Housing Market Outlook.

 

New home construction is forecast to yield as many as 36,700 units this year and taper off to a maximum of 33,600 next year. Throughout 2015 a total of 31,446 new homes were constructed across the province.

 

The resale market is expected to remain favourable to sellers throughout 2016 and yield as many as 113,000 sales, although an easing of demand together with an increase in resale supply is expected next year with a potential drop to 90,000 transactions. [Full article]

[Szeven]

3100 under construction... so Im guessing 50 southeast of Helmcken/Wilkinson and 3050 in Westhills/Costco?

[MarkoJ]

3100 under construction... so Im guessing 50 southeast of Helmcken/Wilkinson and 3050 in Westhills/Costco?

 

3100 would include condos, no?

[aastra]

The fine print says it's mostly rental apartments, then condos.

 

Edit: sorry, same number of condos and SFDs, and although rental apartments do comprise the biggest chunk they're actually a bit less than half of the total, so "mostly" was not the right word. I apologized for my mistake, let's not turn this into another argument. I'd hate to see this forum have two big feuds on the same day.

Edited by aastra, 18 May 2016 - 04:51 PM.