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Rennie: Market coming back, but it’s not the same one

May 21st, 2009 · 6 Comments

Influential city shaper Bob Rennie, who masquerades as a condo marketer, will be giving his annual address to the Urban Development Institute today where he analyzes the market and sales based on statistical research that he gets done for this talk every year.

The speech will have lots of facts and figures, along with Bob’s characteristic digressions and observations, but one of the many messages that he’ll be delivering is that, although there are signs the real-estate market is rebounding, it’s coming back in a different way. My Globe story on this is here.

And, by the way, for those of you who, like me, used to have to hunt with limited success on the Globe’s website for B.C. stories, the paper has now created a snazzy new hub that is dedicated to coverage of our unique province.

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  • Not running for mayor

    I know I’ll probably get some flack for this, but oh well. Bob’s a pretty swell guy. A lot of people view him as a shrill but he’s always done what he feels is right and hasn’t every purposely mislead people to make a sale. He’s been guilty of over promoting the city but it’s because he truly beleives in it and not because he wants to make a few extra bucks. His biggest legacy to this city will become his immense art collection, and in 50yrs we’ll still be talking about that long after we’ve forgotten Bob the marketer.

  • Dave W

    Your kidding, right? This is news? No wonder the corporate media is bankrupt.

    This is advertising and you should say so.

  • A. G. Tsakumis

    Actually, Bob has given a pretty fair view of the real estate game at the moment.

    However, when another three million American homes go into foreclosure thx to St. Barry of Obama and his $852 billion barrel of pork (that will do nothiing to save the jobs of those who will be laid off), watch what happens to our export rates and see how that alone affects our housing prices and demand. Nevermind including declining revenues and soaring private sector unemployment, coupled with sharp declines in labour work and increased costs.

    Three countries on this continent have spent a combined $ 7 trillion to prop up their respective economies, which are inextricably intertwined.

    We’re in for a real fall around here folks nevermind the pretenders.

    And wait until the Premier of Monuments presents us with the real bill for the Olympics…

  • grounded
  • LP

    To add to AGT’s comment, with the CDN dollar’s rise of late, it will just do more damage to any manufacturing/export business we have left in the country. Ouch.

    Next, oil is heading back up (although not to $150/barrel for awhile) in a depressed economy where people can’t afford their car payments, or gas. Double ouch.

    Things will remain tight for sometime and although there has been disbelief in many circles, the chicken will be coming home to roost.

    Thats not pessimism folks, its realism.

  • Gassy Jack’s Ghost

    “Thats not pessimism folks, its realism.”

    I agree with AGT and LP. The modest uptick we’ve seen in the housing market (and stock market) is commonly referred to by day-traders as a “dead-cat bounce”: it’s a temporary reprieve within a larger bear market cycle. The worst thing anyone could do, Bob Rennie included, is to start telling people it’s sign that things are recovering.