Bob Renie talked at the’developers and anyone else in real estate’ UDI Annual meeting Fest on Thursday this week and his conversation was factual, philosophical as well as a little whimsical.
An extremely nice demonstration. Of course, he was assisted by the introduction of the surprise guest Christie Clarke and Peter Wall… Clarke:”Who needs surveys when you have Bob Rennie.” She left and came to status ovations.In his own entertaining fashion Rennie stated that Vancouver doesn’t have the demographics to pay for the Opera House like Sydney, a Museum like New York. We are not a head office city like Calgary or even a financial center like Toronto. Additionally the’ elite’ can not win brownie points in giving large donations to the arts (in Vancouver you win brownie points only when you’ve got a box in the Canucks).We are constantly outside in BC; our lives additionally determine what we buy. Some interesting stats (all his stats are seen on his site second Wednesday ) In BC only 4.9% of earners make over $100,000 but pay 44 percent of their taxesIn BC only.6% earn over $250,000 Yet. . .65% make below $50,000! He even made a pitch to get GREATER Vancouver (as opposed to only Vancouver).
At 663,000 inhabitants (only ) Vancouver city is smaller compared to Winnipeg and represents just 1.6% of Canadian Voters (Toronto represents 7.8percent ). We need to think Greater Vancouver using its 2.3 million individuals and also get together viewing Vancouver since the’Franchise’ along with the whole Lower Mainland should consider itself which way.And we are aging! The baby boomers won’t ever spend again as we did pre-2008.The money is not really there. Therefore, we have to’reset our’ thinking’. “Once you are aware you can never be unconscious again”. You need to build where the bright lights really are. . .The young don’t need cars. Parking, operating costs – and to not push a Friday night.Pre-sale buyers like the 42 months end – they would like to perpetrate, but not all of the way
New Westminster has an identity crisis and needs to re-invent itself and eliminate the Royal City emblem – reminds him of an associate of peaches.He cited stats from surveys done in his revenue offices:50% of buyers are owners living in the development, 50 percent are under 40 decades of age, 48 percent are first time buyers – half obtained their Down Payment by their parents.Parents that give down payments are shrewd investors. They aren’t providing the money to’save the world’, they loathe crazy green initiatives.Because of money rises, the typical mortgage rate may increase by 2.5% at the 6th season (at renewal period ) without it impacting affordability.The single family housing market is disappearingWhen just one Chinese buyer goes here – seven other people are considering it.500, 000 individuals will move here in next 15 years (37,000 per year). They are for a better life, freedom of speech, not as pollution.
Baby boomers will own $88 billion of apparent title houses (will not be anybody to get them?) Finally he took a swipe at negative authors, along with the planet’s pundits around Vancouver real estate:The IMF states we’re 10% overvalued, Fitch Ratings states we shall fall by 20 percent by 2015,” Capital Economics – about costs to family incomes – predict a 25 percent and fall and also the ECONOMIST sees us as 78% Nominal – that most overvalued of 18 states – that he clearly thought was crap. A very nice presentation. She left and came to standing ovations.In his own fun style Rennie reported that Vancouver doesn’t have the demographics to afford the Opera House like Sydney, a Museum such as New York. We are not a head office city like Calgary or a financial centre like Toronto. Also the’ elite’ can not win brownie points into giving large donations to the arts (in Vancouver you win brownie points just when you have a box in the Canucks).We are always outside in BC; our bodies also decide that which we buy. Some interesting stats (all his stats are seen on his site second Wednesday)
Back in BC only 4.9 percent of earners earn over $100,000 but pay 44% of the taxesIn BC just.6% make over $250,000Yet. . .65% make under $50,000! He made a pitch to GREATER Vancouver (instead of just Vancouver).
At 663,000 inhabitants (just) Vancouver city is smaller compared to Winnipeg and represents just 1.6% of Canadian assistants (Toronto signifies 7.8percent ).We have to think Greater Vancouver with its 2.3 million people and get together viewing Vancouver as the’Franchise’ along with the entire Lower Mainland should consider itself that way.And we are aging! The baby boomers won’t ever spend as we did pre-2008. The cash is not really there. Thus, we have to’reset our’ believing’. “Once you’re conscious you can’t ever be unconscious “. You want to build where the bright lights really are…The young don’t need cars. Parking, operating costs – and not to push a Friday night.Pre-sale buyers like the 42 months completion – they would like to commit, but not all the way
Vancouver Olympics and the aftermath of vancouver real estate prices
New Westminster has an identity crisis and needs to re-invent itself and eliminate the Royal City emblem – reminds him with a can of peaches.
Vancouver real estate prices sky rocketed after the Vancouver olympics
It is true that Vancouver real estate prices really did go up substantially since the Vancouver Olympics, but he cited stats out of surveys done in his sales offices:50% of buyers are owners dwelling in the development, 50% are under 40 years of age, 48% are first time buyers – half obtained their Down Payment by their parents. Parents that give down payments are wise investors. They are not providing the cash to’save the planet’, they despise insane green initiatives.Because of wage rises, the average mortgage rate could increase by 2.5percent in the 6th year (at renewal period ) without it affecting affordability.The single family housing market is disappearingWhen one Chinese purchaser goes here – 7 others are considering it.500, 000 individuals will move here in next 15 years (37,000 annually ).
Baby boomers will have $88 billion of apparent title homes in Vancouver
(will there be anyone to buy them?) Finally he took a swipe negative authors, along with the world’s pundits about Vancouver real estate: [dcl=6032] ;The IMF says we’re 10% overvalued, Fitch Ratings says we will fall by 20% by 2015, Capital Economics – relating costs to household incomes – forecast a 25 percent and fall and also the ECONOMIST sees us as 78% Nominal – that most overvalued of 18 countries – that he clearly believed was nonsense. (In order to measure up we’d need $99,000 downtown condos.) It was a lengthy, but well crafted speech which touched on the arts, lifestyles, real estate numbers and the need to’reset our believing’ about what: We view ourselves, how we raise cash for the arts, how we age (nearly Harry Dent like – w/o Harry’s adverse predictions) how we construct and our lifestyles (more outdoors) may dictate the outcomes. Looking for exciting opportunities in real estate or want to pretend like you are a real estate mogul? Try these real estate games:[dcl=6033]