thehousingbubble@gmail.com
Blog

We’ve Done Nothing But Drop It And Still, Nobody Even Offers

A report from CBC News in Canada. “Chris Drinkwalter’s newly-renovated condo in southeast Edmonton has been on the market for more than seven months without a single offer. The two-bedroom, two-bathroom property in the Silver Berry neighbourhood, constructed in 2007, is now listed at $164,900, far below Drinkwalter’s original asking price — and far less than the $197,000 he paid for it eight years ago.”

“‘It’s depressing,’ Drinkwalter said in an interview with CBC Radio’s Edmonton AM. ‘We’ve done nothing but drop it and still, nobody even offers.'”

“Drinkwalter has already lowered the asking price twice. He’s now asking $20,000 less than where he started. He’s moved with his wife and four kids to a new rental property and is struggling to cover his mortgage payments.”

“‘Paying for two homes and not using one, it’s quite the headache,’ he said. ‘Living paycheque to paycheque, it’s hard on me and my wife. Financially, it’s extremely stressful.'”

“Drinkwalter’s situation is becoming increasingly common in Edmonton. The city’s condo market is lagging. Demand is low. Supply is high. Todd Bradley, an Edmonton-based real estate agent with Royal LePage ArTeam, said unsold condos have been sitting on the market for up to 10 months.”

“‘The word saturated comes to mind,’ Bradley said. ‘Saturated and not much buyer confidence, if any buyer activity at all. ‘The only way that you see to get a condo sold now or even looked at, you have to be in a good complex and have the best price in the complex. You really don’t have a hope.'”

“‘If we don’t sell it [soon] we will have to rent it out but it’s still kind of sketchy because I’m going to have to rent it for practically nothing,’ Drinkwalter said. ‘I don’t know what else I can do.'”

From 660 City News. “An organization representing Alberta’s home building industry is bringing attention to a dismal downtrend in the province. A report from BILD Alberta says that thousands of new homes in the province are sitting empty and it’s becoming an alarming issue.”

“‘There are more than 5,300 new homes sitting empty right now,” says Carmen Wyton, CEO of BILD Alberta. ‘As long as homes are sitting empty, the investment in building more is declining rapidly and companies are saying ‘it’s not the right time to build’, and people are losing their jobs.'”

“In Calgary, the numbers for new, empty homes is just as concerning as 1,986 are vacant. Wyton says that if these homes continue to stay empty, it could have large consequences for the home building industry. ‘The environment in terms of the cost of housing, the mortgage rules, levies, fees, taxes all those kind of things that are driving up the price; something has to upset that or things are going to get worse.'”

Related Posts

Fear Mongering The Housing Crash

https://www.youtube.com/watch?v=YFGXXAVNYMU https://www.youtube.com/watch?v=7g-kF6OvAgI https://www.youtube.com/watch?v=FTtmyc6vV6c

This Post Has 30 Comments

  2. ‘Drinkwalter’s situation is becoming increasingly common in Edmonton. The city’s condo market is lagging. Demand is low. Supply is high. Todd Bradley, an Edmonton-based real estate agent with Royal LePage ArTeam, said unsold condos have been sitting on the market for up to 10 months’

    ‘The word saturated comes to mind,’ Bradley said. ‘Saturated and not much buyer confidence, if any buyer activity at all. The only way that you see to get a condo sold now or even looked at, you have to be in a good complex and have the best price in the complex. You really don’t have a hope’

    But Todd, Edmonton is the next Toronto! Chinese investors? Shortage!

  3. ‘There are more than 5,300 new homes sitting empty right now,” says Carmen Wyton, CEO of BILD Alberta. ‘As long as homes are sitting empty, the investment in building more is declining rapidly and companies are saying ‘it’s not the right time to build’, and people are losing their jobs’

    And of course, Carmen wants some guberment cheese.

    1. 1) ‘As long as homes are sitting empty, the investment in building more is declining rapidly and companies are saying ‘it’s not the right time to build’, and people are losing their jobs.’

      – These stupid a$$es don’t seem to mind the bubble on the way up, but don’t want to suffer the inevitable consequences on the way down of the bubble popping. “You can’t have your cake and eat it” as the saying goes…

      Housing “investment” until recently has been malinvestment, spurred on by gov’ts. and CBs, following the GFC, itself induced by said gov’ts. and CBs.

      2) ‘And of course, Carmen wants some guberment cheese.’

      – Gov’ts and CBs caused this housing mess due to too-easy credit, and excess liquidity. They (intentionally) created (maximum) moral hazard to attempt to reflate the global economy. However, this ended up only as can-kicking. At some point the bill becomes due. “There’s no free lunch.” The Gov’t and CBs need to GET OUT of (mismanaging) the economy.

      “Everything a governement touches, turns to crap.” – Ringo Star

      “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand” – Milton Friedman, Nobel Laureate Economist

      “Toute nation a le gouvernement qu’elle mérite.” (Every country has the government it deserves.) Lettres et Opuscules Inédits (1851) (letter of August 15, 1811). – Joseph de Maistre

      “Sooner or later everyone sits down to a banquet of consequences.” – Robert Louis Stevenson

      “It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.” – Sir Josiah Stamp

      “For #liberty to have a chance:
      People must question moral authority of the state
      People must envision life w/o the state
      The state must fail” – Kevin Duffy @kevinduffy1929 13 Nov 2016

  4. “‘It’s depressing,’ Drinkwalter said in an interview with CBC Radio’s Edmonton AM. ‘We’ve done nothing but drop it and still, nobody even offers.’”

    You’re looking at this all wrong, Chris. Put yourself in the shoes of the prudent and responsible who have been sitting out the madness waiting for the Everything Bubble to pop. For us, the fact that your overpriced shack has drawn zero interest is exhilerating, because it means fiscal sanity is finally starting to reimpose itself after ten years of central bank radical monetary experiments. Okay, so it sucks to be you, but hey, guys like you were the ones who made housing so unaffordable for everyone else. Ever notice how the universe has a way of putting itself right in its own due time?

    1. “We’ve Done Nothing But Drop It And Still, Nobody Even Offers.”

      And when I do end up offering, I’m going to lowball it.

      Sell now, or be priced in forever.

      1. Your buyer’s attitude is just terrible. Just sitting and waiting while the seller suffers. Have a heart!

    2. Don’t count your chickens. Never underestimate the ability of your government and central planners to throw good money after bad. With the right bail out and stimulatory polices Mr. Drinkwalter may yet come out a winner.

  5. “‘There are more than 5,300 new homes sitting empty right now,” says Carmen Wyton, CEO of BILD Alberta. ‘As long as homes are sitting empty, the investment in building more is declining rapidly and companies are saying ‘it’s not the right time to build’, and people are losing their jobs.’”

    Don’t worry, Canadians. Your Pajama Boy globalist president is bringing in hundreds of thousands of refugees and benefits-seekers to fill all that empty housing.

  6. The mystery deepens… Geez, how come no offers? Perhaps asking more will help, try raising the price…

        1. “Can Burying the St. Joseph Statue Sell Your House? We Investigate”

          https://www.homelight.com/blog/st-joseph-statue-to-sell-house/

          (snip)

          “Sources Say You Should:
          Bury him near your For Sale sign. (Makes sense.)
          Bury him 12 inches deep. (Or not.)
          Bury him close to the road, facing it, as a sign that you’re leaving the house soon.
          Place him upside-down so that he will be motivated to free himself by getting your house sold. (This strategy suggests your prayers tell him he’s stuck until the job is done.)
          Bury him right-side-up, facing your house/lying on his back, pointing towards your house/close to the back of the house, or near any backyard flowers.
          If you’re selling an apartment or condo, you can use a flowerpot, with or without plants, placed on a deck or windowsill.
          Or if you just don’t like the idea of burying a saint, you can place him in your home, in view of your For Sale sign. (To remind him to get your house sold.)”

          1. A spell for selling your house

            First thing is the preparation

            This is best done after the full moon while the moon is waning

            This is all about removing the obstacles to selling or letting go your house.

            I go through and scrub the house from top to bottom and then do a cleansing.

            Often we form cords or attachments to our home some of them can be positive and some negative when we cant sell a house it is often these attachments that stop us moving on with our lives.

            The other thing I have noticed is that often we are stopped selling our houses until its the right time.

            This is an example of divine timing often we have to wait until the home we are meant to have is being sold.

            I set my intent by asking the Angels for help for my greatest good. Ask whom you a line your spiritual beliefs with

            Light a black candle as you do ask that “all obstacles be removed from selling your house, and any attachments there are be severed”

            Light this candle over 3 days try and burn it for at least 2 hours a day

            Every time you see the candle reaffirm your intent to sell

            You might like to write this request on a piece of paper and burn it each day before you put the candle out.

            Thank you Angels for helping

            Now comes the the spell

            Best done with the new moon or before the moon comes full.

            Take an image of Saint Joseph he is the Saint of home and children

            Bury this image outside your front door facing the road, make sure the image is head down

            After you have done this light a green candle and say (you can make up your own wording )

            “Dearest St Joseph please bring me a sale that’s quick and fair”

            I also ask for Angels help as well ” please bring me/us the sale that is best for me/us”

            Repeat the lighting of the candle and prayer for 3 days

            You may wish to write the prayer down and burn it each day

            As you put the candle out thank St Joseph and the other spiritual beings you work with.

            https://www.thecrystalball.co.nz/HealIngCleansing/Spells+and+Affirmations/Spell+for+Selling+your+House.html

          2. “Sell Your House – Voodoo Mojo Hand – Real Estate Spell”

            “Powerful voodoo spell for selling a house, property or land…

            “This powerful voodoo working acts like a magnet, attracting potential buyers to look at your house, property or land. It will also ‘tip the balance’ in your favor leading interested people to part with their cash and sign the dotted line. It’s a heavy duty voodoo spell to bring a successful sale.

            “A Mojo Hand is a powerful voodoo amulet or charm – a special voodoo spell customized to your needs. It gets the job done. It’s the material manifestation of power and works on your behalf to bring your wishes and desires into reality.

            “A Mojo Hand and accompanying ritual costs £185 (265 USD approx). Payments are through Paypal (we also take Western Union and wire payments payments, and cheques – payable to MOJORAIN LTD – from UK residents).

            “I will perform the ritual on your behalf. Then will mail the Mojo Hand to you. Easy-to-follow instructions come with every Mojo Hand.”

            “ORDER YOUR HOUSE/PROPERTY SALE MOJO HAND NOW!
            Union Jack £185 GBP American Flag $265 USD (approx)
            (After you’ve paid, you will receive an email from Dr Snake inviting you to outline details of your case. He will also ask you for your date and place of birth).
            Add to Cart View Cart
            Bear in mind that, due to high demand, you may not hear back from Doktor Snake immediately (aside from autoresponder confirmations) – but you will certainly receive a date for your working within 7 days of your order. It is of great importance to Doc to give each spellworking the full and undivided attention that each client deserves. What’s more, you will NOT be forgotten once you’ve bought a spellworking from Doc. He will fully support you through any issue that may arise during the spellworking.
            »» Payments are made to Doktor Snake’s company MOJORAIN LTD (and this will show up on your credit card or bank statement).
            »» Also, if you prefer to discuss your spell working requirements first, send an email using the contact form. Everything you say is kept in strict confidence.,”

    2. Caravan Migrant from Viral Video Arrested on Assault Charges

      30 Mar 2019

      A caravan migrant from Honduras who complained about being given beans to eat during her journey through Mexico is now in a Texas jail facing one charge of aggravated assault with a deadly weapon. The woman became the topic of a viral video during her journey. The woman’s sister is also facing similar charges and both have an immigration detainer placed on them preventing them from bonding out.
      Jail records from Dallas County jail revealed that Mirian Zelaya and Mirna Zelaya are both being held in a detention center on a charge of aggravated assault with a deadly weapon. While jail records do not reveal the details that led to the charge, the news outlet Mundo Hispanico revealed that the two women allegedly beat another woman who was providing them with housing.

      https://www.breitbart.com/border/2019/03/30/caravan-migrant-from-viral-video-arrested-on-assault-charges/

  11. Wonder why drinkwater is renting while the house not sold. Article did not explain. That’s paying twice for housing. I’m sure it tough and not improving. On surface does not make sense.

    Welcome to the down spiral. All those things mentioned in article are right from USA circa 2007-11. Real question is if it will be USA 2019-? My bet is that Australia syndrome is on it’s way here. Human nature same in both places and everywhere else. Replay time.

    1. “Wonder why drinkwater is renting while the house not sold.”

      I’m assuming living quarters got too tight for himself, his wife and four kids in a 2/2 condo.

      “He’s moved with his wife and four kids to a new rental property and is struggling to cover his mortgage payments.”

  14. last resort to bail out existing house owners: : Canadian Govt can sell all the 5300 homes in one week , if govt puts an advt in wall street journal asia edition/south china morning post (HK) / Singapore papers. “Investor PR scheme”- would be PR aspirant must buy these houses at the asking price.with “full payment” & no mortage. (income tax returns+ bank statements for the last 5 years is a must to proove source of funds + Home country police verification) . PR aspirant can not sell house for 5 years -till then conditional PR. condition will be removed after 5 years leading to un conditional PR in the lala land uniciorn republic of canada !

Comments are closed.