Baby, we got a bubble!?

[ome]

OME,
Your points are well taken. However, sometimes a cover with skins may look exactly like new. I realize this isn't a perfect solution and of course one should expect a new cabinet. that said, one must be practical. If Naveen can't get new from the builder, he should perhaps cut his losses by having the skins put on and seeing if the result is acceptable. It is very possible that only Naveen will know there ever was a problem, not because he can see it after the fix, but because it may be so good that one not knowing of the issues would not be able to tell there even is/was a problem.
The above said, I agree it is sad that he finds himself in this unfortunate predicament. the practical question, once one has vented, is how does one go forward from here

interested,

I am going to have to disagree with you. Why should he have to settle for skins to cover the damages? And yes only he will know about it but what about he sells? The new owner will not have a clue how bad the construction really is. Would you or I like to buy something of this nature? Probably not. I think the builder has the responsibility to replace the cabinet and not just cover the damages. Using the analogy of buying a new car, what if you purchased a new Lexus and before you picked it up the dealer got into an accident that caused severe damages. Should the dealer just fix the car and give it to you or should you be entitled to a new one?

 

[KA1]

interested,

I am going to have to disagree with you. Why should he have to settle for skins to cover the damages?

Go ahead, be my guest and bang your head against the builder's wall till such time no head is left. But, please, why torture us by using the foul language and making a post in the wrong thread.

 

[detroitbootybass]

KA1, what is the horrible language you keep harping on?

Ass? Really... that's it?

Unless of course something changed, I can't see why you making a big deal about it. We've all heard way worse on a daily basis since, well, elementary school!

 

[hbl33]

Whoa whoa whoa! naveen, ome and KA1! This thread is gonna be on a bubble soon...

 

[KA1]

Whoa whoa whoa! naveen, ome and KA1! This thread is gonna be on a bubble soon...

Not a fat chance. I have said all that I had to say.

 

[ome]

KA1, what is the horrible language you keep harping on?

Ass? Really... that's it?

Unless of course something changed, I can't see why you making a big deal about it. We've all heard way worse on a daily basis since, well, elementary school!

Can you imagine he used a 4 letter word? KA1 would have LOCO as George Lopez would say. BOOOOOHOOOOOO...... ASS. hahahaha

 

[KA1]

Whoa whoa whoa! naveen, ome and KA1! This thread is gonna be on a bubble soon...

Hot, Hot News.

I just noticed a post from Naveen dated May 28, in the thread ' Maintenance fee determination by developers' that he has recently sold a condo that he had purchased from Liberty Developments.

Looks like that we all have been had.

Anyway, it was a good, free spirited discussions with some fun towards the end.

Happy Lord's day to all.

 

[MAU]

It looks like someone needs to get this thread back on topic ...

The May 2010 numbers have been released. New listings are up dramatically. The real estate association has just released this image of new listings entering the market.

A real estate association spokesman has called for everyone to "stay calm and don't panic". "There is absolutely nothing to be worried about. We have have the situation under complete control and will 'cap the well' in days. There will be no harmful effects on the real estate ecosystem."

 

[detroitbootybass]

It looks like someone needs to get this thread back on topic ...

The May 2000 numbers have been released. New listings are up dramatically. The real estate association has just released an image of new listings entering the market.

A real estate association spokesman has called for everyone to "stay calm and don't panic". "There is absolutely nothing to be worried about. We have have the situation under complete control and will 'cap the well' in days. There will be no harmful effects on the real estate ecosystem."

HA!

 

[Eug]

April 2010 numbers are out.

April 2010
Unit sales: 10898 (+34.4%)
Average price: $437600 (+13.5%)
416 average: $479340 (+13.7%)
905 average: $410293 (+13.3%)
Median price: $373000 (+13.0%)

April 2009
Unit sales: 8107
Average price: $385641
416 average: $421470
905 average: $362009
Median price: $330000

By the way, the average price for a detached in the 416 is now about $685000. It's $485000 in the 905, a difference of over 40%.

May 2010 numbers are out.

May 2010
Unit sales: 9470 (-1.2%)
Average price: $446593 (+12.9%)
416 average: $493265 (+14.1%)
905 average: $414099 (+11.4%)
Median price: $376750 (+11.8%)

May 2009
Unit sales: 9589
Average price: $395609
416 average: $432478
905 average: $371649
Median price: $337000

May 2008
Unit sales: 9411
Average price: $398148
416 average: $434271
905 average: $374629
Median price: ?

By the way, the average price for a detached in the 416 is now $690464. It's $489830 in the 905, a difference of over 40%. The condo averages are $340556 and $252484 respectively, a difference of about 35%.

---

Shine comes off housing boom

In a number of markets, real estate agents said bids have virtually dried up as waves of new homes hit the market. The first quarter saw a record 233,402 properties listed as homeowners looked to cash in at what they perceived to be the top of the market.

The abrupt shift from a sellers’ market, where bidding wars were the norm, to a buyers’ market, where bidders can afford to demand lower prices, has led to price reductions in some cities.

CIBC World Markets economist Benjamin Tal said prices could decline by as much as 10 per cent in the next two years, but that a “violent” correction similar to the one seen in the United States remains unlikely because Canadians will keep paying their mortgages by cutting back on other discretionary expenses.

The recovery has overshot what is justified by the economy, Mr. Tal said, with 17 per cent of Canadian homes trading above their fair value, according to his analysis. Modifying a formula created by the International Monetary Fund, he said prices are higher than they should be in Canada “as justified by housing market fundamentals, such as income, rent or demographic changes.”

The slowdown is the beginning of real estate “stagnation” that will last until 2015, he said.

“The correction is starting. It’s not going to be a free fall, but we are going to see prices falling for some time.”

 

[interested]

May 2010 numbers are out.

May 2010
Unit sales: 9470 (-1.2%)
Average price: $446593 (+12.9%)
416 average: $493265 (+14.1%)
905 average: $414099 (+11.4%)
Median price: $376750 (+11.8%)

May 2009
Unit sales: 9589
Average price: $395609
416 average: $432478
905 average: $371649
Median price: $337000

May 2008
Unit sales: 9411
Average price: $398148
416 average: $434271
905 average: $374629
Median price: ?

By the way, the average price for a detached in the 416 is now $690464. It's $489830 in the 905, a difference of over 40%. The condo averages are $340556 and $252484 respectively, a difference of about 35%.

Thank you for the data. Objective raw data is what allows us to make informed conclusions.
I know most are quite knowledgeable on this forum but I think it important for those less in tune to realize a few facts going forward so that they are not suprised by what is in fact truly happening with the trends.

Prices will now or shortly start to show a relative % decrease from the + 11 to 14% numbers quoted since last year the bottom was in March April and then we had the spectacular rise. Within the next 6 months I believe you will see a +3 to 5% price increase and quite possibly approaching 0% when comparing Dec 2010 to Dec 2009, with perhaps a small positive increase for the overall year on year average compared to the year before.

Articles already in the paper today say the May market was very different. It dried up and they even talk of a buyers rather than sellers market as sellers rush to try and get their properties sold and even drop prices. I realize this is good headlines/readable press but it does underscore that reality on the ground is quite different than one's initial glance at the figures which seem to suggest that despite a slight decrease in sales that sales prices are very robust.

 

[KA1]

http://www.theglobeandmail.com/news...-pours-wealth-into-bc-housing/article1600114/

A link to an article in today's The Globe and Mail

 

[interested]

http://www.theglobeandmail.com/news...-pours-wealth-into-bc-housing/article1600114/

A link to an article in today's The Globe and Mail

That article refers to a very speciific market, the west coast and Vancouver in particular. This may somewhat apply to Toronto to a lesser degree but this just makes me more nervous.

If the Chinese government changes policy, if another location besides Vancouver or Toronto becomes attractive, who will buy these esp. the most expensive luxury properties as the locals can't afford them. I think this very high end market is a real risk since if the mainland Chinese stop coming, who do you see replacing them? I don't know but it seems to me this very high end could fall very significantly.

 

[myfive]

That article refers to a very speciific market, the west coast and Vancouver in particular. This may somewhat apply to Toronto to a lesser degree but this just makes me more nervous.

If the Chinese government changes policy, if another location besides Vancouver or Toronto becomes attractive, who will buy these esp. the most expensive luxury properties as the locals can't afford them. I think this very high end market is a real risk since if the mainland Chinese stop coming, who do you see replacing them? I don't know but it seems to me this very high end could fall very significantly.

Int...think about it a bit more. This trend is in the early stages. Imagine as more and more of the 1 billion plus chinese gain in prosperity, seek out overseas opportunities, and follow the estabiished trends in place. The prices are heading thru the roof out there as they claim Vancouver for their own!

 

[interested]

Int...think about it a bit more. This trend is in the early stages. Imagine as more and more of the 1 billion plus chinese gain in prosperity, seek out overseas opportunities, and follow the estabiished trends in place. The prices are heading thru the roof out there as they claim Vancouver for their own!

MyFive,
You bring up a very good point. However, don't you feel you are betting all your money on one horse which looks like a sure thing right now but what if China in fact in the next year or 2 pulls a Japan or a US, a burst in their real estate market, a big drop in their perceived wealth and sudden need for money at home.
What is plan B?
You may well be right but what you say that Vancouver will go through the roof: local people won't be able to afford to live there anymore. they already spend upwards of 50% of income to service debt/living expenses. If it climbs further, it will be a very different city.
I am not saying it can't happen. I just think it makes alot of presumptions and makes Vancouver by this logic dependent (virtually totally and more than even now) on Mainland China.
That would make me nervous, not being in control of our own destiny.