“To sell real estate now, we have to look at fundamentals. And one of those fundamentals is how much product is really out there…. We’re at a time when everybody is looking for fundamentals and nobody has better fundamentals than downtown, for the investor or the homeowner.” –Bob Rennie, October 3 2008
When the history of Vancouver real estate is written, it’s quotes like this that will make for the best reading. It even makes for good reading now but in a few years, once all the havoc plays it out, it will read even better. Because in a few years, all we’ll have to go on are the numbers. We have the numbers today but many of us still look at them with emotion. “Sales are slow, but the Olympics are coming so things should turn around, right?”
Wrong. The numbers are indisputable. Inventory is at record highs. Sales are almost non-existent. Rents need to double or even triple to be in line with the cost of ownership. Buy today and you get the pleasure of a condo that costs you $3,600 a month that you can rent out for $1,600. It’s a heck of a deal, if by deal you mean endlessly losing money.
Bob Rennie is the best. Nobody’s better. And the quote he gave the Globe about being a “very, very, very high paid consultant” — it’s beyond beautiful. He should share it with everyone who walks through the Richards sales centre.