Vancouver BC Real Estate’s Lack of Faith
Posted March 3rd, 2009 in Real Estate, Real Estate Stuff | 
Power of the Force
He’s the President of the Vancouver Real Estate Board.
Unlike Vader, Dave Watt is a good guy who tries to keep a lid on a very busy place.
Without the power of the force, he is also the guy who takes the heat when his words create a crisis of fear!
Dark Side
Upon reading his latest missive in the REBGV’s February Stats report the stench of fear mongering remained as residue. Dave starts with “there are opportunities out there right now, ” – so far so good. Upsetting is that Dave crosses a line of credibility by adding “but with property listings continuing to decrease, those opportunities may be available only for a brief window of time“.
Really! Are there 14,543 buyers ready to buy every residential property in Vancouver today?
Chilling Words
Some may consider this declaration overtly sensitive – they are entitled. The contention is that the Vancouver real estate consumer is worn and tired of having these ignoble pontifications pronounced by industry leaders.
This and other prognostications espoused in the last months resemble deposits of overheated crap. Some approach levels of the ultimate tower of crap witnessed in the rants of failed politician Garth Turner, who claimed in one of his recent posts that soon we will be eating squirrels.
Admitted is that Dave’s statements mechanically are true. However, they are fat with the power of fear and it is that fat with which exception is taken!
The words “for a brief window of time” implies a do or die, buy or cry mandate. They are words that instill fear’s chill in many families who struggle to buy their first home. That cold draft flows through them with torment at the thought of not being able to afford a home if they don’t buy right now.
Lack of Faith
Geez Dave, give the Vancouver real estate consumer a break! The implication of your words is stink. The words exude a ‘sad devotion’ to the ol’ ‘better buy now or you are going to lose your ass mantra’. It is a chant that is out of tune in this market place. Today’s consumers will not tolerate being frightened by ‘sorcerer’s ways’! Instead they will choose other paths in their real estate acquisitions. They will find those with tempered wisdom, not those that obfuscate truth with worn incantations.
Reputation Management
Look around Dave – there are hundreds who did exactly that which you propose. Now, wishing they had never purchased real estate you have to ask, will those consumers ever believe in us again?
Alternatives
Please Dave, don’t misconstrue ‘my lack of faith’ in this, our industry. All I ask, is that you do this member a favor, consider the implication of your words. In lieu, grab a shovel and help Garth.
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I’m always happy to answer your Vancouver Real Estate question. Call or send me an email Twitter or Skype me at YatterMatters.
Larry
Thank you Larry.
Well said. They should just report the data and leave the make-believe to the media.
I agree with Matt, just report the stats and leave the speculating to the investors. I’m tired of trusting ‘experts’ like this that just makes things worse. What I dont understand is that why is admitting that prices are falling a problem, realtors still sell property and will probably at a faster pace!? It really makes you question who you can trust. Bank of Canada…. No. PM: No. Realtors: Depends Dave Watt : No Things need to change for us to have any faith in so called experts.
My new stance is watch the markets, they’re dropping like a rock, it’s going to take a while for the layoffs to get to BC, but it will happen. Layoffs and a change to our whole credit system will bring prices down drastically. Bide your time people… There are warning signs behind the ‘experts’.
You got it right Larry…..when will these “experts” wake and smell the coffee. Why would Vancouver escape the downturn that has hit every major city around the world? Why would the VREB think it would be good to encourage people to jump into a market that can only go in one direction for at least the next 6 – 12 months? Do they not read about the layoffs sweeping across Canada or about the sharp townturn in trade volumes and in tourism……hard to figure!
@ HHV,Matt, Waiting and FB
Thanks for your reasoned response.
Statistics tell a story and while not perfect, they can act as a guide to formulating decisions.
My take when dealing with buyers and sellers is that you all know the story. It’s not pretty and for some it’s not nice – in fact it’s brutal if other finances have suffered a loss.
Presumed is that everyone is an adult and can “at a time most suitable for them”, decide on their own if given the facts in combination with shared wisdom of the day.
Professional conjecture while valid, needs to be tempered. Sensed is that what is not needed, but continually seems to be delivered, is the slap upside the head.
It’s degrading.