Ferrari Mailing List: Re: Really

[Peter Rychel (dino308gt4]

And they went up after that until the Olympics. Prices flat-lined until 2011 then ran up significantly to the point we’re at now.

 

Peter

 

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From: Alan M. Tebby, D.C.
Sent: April 4, 2018 12:16 PM
To: Peter Rychel
Cc: The FerrariList
Subject: Re: [Ferrari] Really

 

Peter, having been born and raised in Burnaby, I have seen the increase in prices first hand. The home that I grew up in was recently sold for a little over 1.2M and was 1400 square feet and originally built on a tennis court. The buyer knocked it down in order to put up some huge abode. In 1995 I purchased a condo on Hornby at False Creek and the agent said this was going to be a great investment. It was for several years as all the money from Hong Kong poured in over fears with it reverting to China. As soon as those in the know figured out that life in Hong Kong wasn’t going to be changing anytime soon, prices in the Vancouver market began to drop as the money flowed back to Asia. By the time I sold the place in 2005, prices had stabilized but that period was the first time I had seen real estate prices drop to any degree in the Vancouver market.

 

But you are right, there isn’t a lot left to build on in the area because of natural boundaries.

 

Alan

 

From: Peter Rychel

Sent: Wednesday, April 04, 2018 2:44 PM

To: Alan M. Tebby, D.C.

Cc: The FerrariList

Subject: Re: [Ferrari] Really

 

These posts literally describe what is happening up here too.

 

Although as Fellippe mentioned, there’s no real drop, only plateaus and we’re in one right now. One of the guys in the car club is a realtor, and is Asian, so has a great grasp of what’s going on. Basically, we’re in a buyer’s market with the very high end at it’s peak and in some cases, past it. Most of the off-shore buyers don’t care that much to make money, their primary goal is to ship it out of China altogether. There is some clamping down right now over there, so whatever property they have in Vancouver, they’ll either just sit on it, or cash out and downgrade (further out in the Fraser Valley, east of Vancouver). There’s lots of growth in the mid-range market and out here in the Valley.

 

Thing is, historically, prices have NEVER dropped, or even plummeted in this region and it literally can’t because of geology. We have the Pacific Ocean to the West, insurmountable mountains to the North, the U.S. border to the South and the Fraser Canyon to the East. The only place to add more homes is remove the “Agricultural Land Reserve” (a 1970’s creation of the socialist NDP government and is their holy grail), or build up through condos (and that’s what they’re doing now).

 

Every measure government takes only causes more problems, or even makes prices jump up! Happened last year when they introduced an increase on tax after every increase of $500K of home price. Just before it was implemented, there was a run on purchases and bidding wars! Stupid people were probably spending as much on a pumped up home price than if they waited and paid the increase on tax anyways! This year they introduced a “speculation tax” as a measure to curb overseas buyers from pumping up prices, but it only affects certain regions... As it doesn’t specifically single out overseas buyers, domestic residents who have vacation homes, or second homes for work or renting out are getting nailed too!

 

Oh yeah, on Sunday they increased our Carbon tax too, to encourage less automobile use. Happy April Fool’s!

 

Peter

 

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