Month: June 2019

Featured

Metro Vancouver home sales volume plummets nearly 80% from peak

In the 30 days leading up to  March 15, 2016, Metro Vancouver detached home sales  volume averaged a staggering $159 million dollars a day. In the 30 days leading up to June 11, 2019, the figure had dropped to just $33 million –– a 79% plunge, and a year-over-year drop of 41%. Condo sales are […]

Read More
Featured

Metro Vancouver condo prices fall 11% from peak

Metro Vancouver condo prices have dropped by 11% from the March 2018 peak, and some recently completed condos are selling up to 30% below assessment. The Open House House Price Index for condos – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – has fallen 9% year-over-year as of today. Vancouver Looking […]

Read More
Featured

Metro Vancouver detached homes prices plunge 32% from peak

Metro Vancouver detached home prices have dropped by 32% from the March 2018 peak, according to the latest sales numbers in the region. The Open House House Price Index – calculated using the widely-accepted and transparent repeat sales or Case-Shiller method – has fallen 26% year-over-year as of today. Vancouver Looking at home sales reported […]

Read More
Featured

Westbank pre-sold a big chunk of Vancouver House condos to offshore flippers

Controversial Vancouver property developer Westbank pre-sold at least 30% of all units of its Vancouver House project to flippers, with the vast majority going to offshore speculators, data sent to OpenHousing show. A real estate industry insider shared details of nearly 200 listings showing at least 118 units out of 388 have been put up […]

Read More
Featured

Abandoned Vancouver house gutted in fire linked to immigration consultant allegedly defrauding foreign workers

The abandoned Vancouver house gutted by a fire just after midnight on Sunday appears to be linked to an immigration consultant facing a class action suit for allegedly defrauding temporary foreign workers. The heritage house at 74 W 12th Avenue is currently on sale with the owner listed as 0928129 BC LTD. According to the […]

Read More
Featured

Realtor suggests evading taxes using bare trust loophole

A Vancouver realtor is suggesting buyers evade BC’s property transfer tax by exploiting the so-called bare trust loophole. “Save on the PTT by purchasing the shares of the numbered company that holds title as Bare Trustee,” reads the realtor comments section on the Multiple Listing Service (MLS) page for a triplex in Kitsilano. “Seller is […]

Read More
Featured

All Vancouver flippers flopped in May

All 11 detached house flips in and around Vancouver in May 2019 ended up with the flipper losing money, with all selling for double digit percentage losses. All flips in Vancouver, Richmond, Burnaby, West Vancouver, North Vancouver and New Westminster ended up with the seller getting less significantly less than what they paid for the […]

Read More
Featured

Chinese-only: Richmond Airbnb host only wants guests who speak her language

An Airbnb host from China who has 16 listings in Richmond, BC, is only receiving Chinese speaking guests. “Because my English is not good, can only receive guests who speak Chinese words,” says the host who goes by the name Aimi Aimi’s profile lists her as being from China and her profession as a “remote” […]

Read More
Featured

Metro Vancouver condo prices fall 9% from peak

Metro Vancouver condo prices have dropped by 9% from the March 2018 peak, and the “spring bump” promised by the industry is nowhere to be seen. The Open House House Price Index for condos – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – has fallen 6% year-over-year as of May 31, […]

Read More
Featured

Metro Vancouver realtor leaderboard: Luxury realtors no longer at the top

The rankings for Vancouver’s realtors by volume show that once high flying luxury realtors who were averaging up to five million dollars per sale are no longer at the top. The top position after the first five months of sales in 2019 is held by Maggi Thornhill who made more than $40 million selling 14 […]

Read More