Comments on: The worlds 6th most overpriced market!

By: freako

freako — Wed, 29 Aug 2007 22:54:00 +0000

I should mention that I have no beef with what side of the market people stand on, as long as it is based on sincere opinion, and debating in good faith.

I truly abhor spin and intentionally deceptive arguments.

Remember the joker on RETalks who argued like crazy for rising prices, and then suddenly posted that he had sold his last property and expected prices to come down. That is truly whacked.

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By: freako

freako — Wed, 29 Aug 2007 22:43:00 +0000

I think he's made it clear that he understands the likelyhood of a correction and has decided to buy regardless. Why does that offend so much?

Because at the exact same time he started coming up with shifty arguments why housing won't go down. When called on them he threw insults. Am I big enough to let that slide? Clearly not. A troll couldn't have written a snarkier reply to this relevant post than Jim.

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By: the pope

the pope — Wed, 29 Aug 2007 20:05:00 +0000

Wow. seems to be a lot of anger right now, can we debate the topic without resorting to personal insults?

Thanks Drachen for your sensible words of calm.

I’m not sure why some of you are so testy with Jim, I think he’s made it clear that he understands the likelyhood of a correction and has decided to buy regardless. Why does that offend so much?

Of course if the market drops and he starts complaining then the gloves are off.

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By: satv

satv — Wed, 29 Aug 2007 16:35:00 +0000

To do what exactly?

2c fireworks......

Why does anyone live in Alberta at all?

2 sleep nicely after 6pm.

Because that's where the jobs are.

thats why poor people move there to get rich quickly.

A CUP OF COFFEE:that cost the company $1500.00 is yours for $1.17.

profits those companies make in any other city are being dumped like garbage in alberta.

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By: patriotz

patriotz — Wed, 29 Aug 2007 06:37:00 +0000

I beleive rich albertans are coming to Vancouver

To do what exactly?

Why does anyone live in Alberta at all? Because that's where the jobs are.

Edmonton joins the endless list of cities to see an RE downturn without a general economic downturn (yet). Why? It's the fundamentals, stupid.

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By: satv

satv — Wed, 29 Aug 2007 06:04:00 +0000

Edmonton:

what they have in their city is west edmonton mall,where pirates of the caribbean ship is parked in side the mall otherwise this city has a dull future.

Calgary:a small peace of downtown that can be crossed in less then 3 min.of drive otherwise this city is split in highway rather than blocks.

after six p.m right turn become so scary because snow piled up on corners melt down on right turns lots of accidents from slipery surface can be seen often.

more over the top this city is not! not! not!,strictly not for the pedstrians,and for the bike riders.people must have 4*4 pick up trucks even cars doesn't work there properly.

I beleive rich albertans are coming to Vancouver,and poor are moving to saskatoon.poor from vancouver are moving to alberta to get trap in snow ice melt down.

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By: Kaydee

Kaydee — Tue, 28 Aug 2007 23:53:00 +0000

jim said “I also bought a lovely home in Pt Grey and it is not cash flow positive either. Gasp!! “

Hope it was an older home friend of mine who does a lot of bank appraisals mentioned Point Grey, said he couldn’t believe the junk being built. Had to appraise high for the bank though; orders from headquarters!

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By: HADENOUGH

HADENOUGH — Tue, 28 Aug 2007 23:29:00 +0000

Please take a look at this article on the House Hunt Victoria Blog. Thanks HHV.

Closer to home, BC tops in RE prices, but income gains, not so much, despite record unemployment. BC’s average income = $39,500 annually. Income growth gains are LOWEST IN ALL CANADIAN PROVINCES.

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By: freako

freako — Tue, 28 Aug 2007 22:37:00 +0000

Fear? Looks like the nervous nellie worrying about his PG money pit is the fearful one. You second guess your decision and are trying to convince yourself by convincing others that you won’t lose money. As evidenced by your snooty restaurant and cars comment. Totally flawed logic. We are comparing price to rent, not frowning on luxury items.

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By: squidly77

squidly77 — Tue, 28 Aug 2007 22:32:00 +0000

calgarys next

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By: squidly77

squidly77 — Tue, 28 Aug 2007 22:31:00 +0000

edmontons busted
tinyurl.com/36pjm3

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By: Tony Danza

Tony Danza — Tue, 28 Aug 2007 20:07:00 +0000

Actually drachen if you are renting right now you are effectively selling high in the hopes of buying low. You can make money both ways.

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By: Patiently Waiting

Patiently Waiting — Tue, 28 Aug 2007 19:35:00 +0000

What I’m afraid of:

1) Inflation eating my savings
2) Bail-out of FBs
3) Worldwide economic depression

What I’m not afraid of is my housing situation. I found a decent place with acceptable rent. That’s a lot better than risking my future on this insane real estate market. I’m positioned so that even if we have that worldwide economic depression, I’ll do relatively well.

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By: Drachen

Drachen — Tue, 28 Aug 2007 17:51:00 +0000

Hey hey everybody, let's be nice.

I don't think the bears have any reason to get angry here because we are not the ones risking obscene amounts of money on a game that's rigged against us.

If there is one immutable law of successful commerce it is this.

"Buy low, sell high."

That is how to make money PERIOD. Fools who buy high don't deserve vitriol they deserve, at best, pity.

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By: Tony Danza

Tony Danza — Tue, 28 Aug 2007 17:04:00 +0000

Yes Jim you do sense fear, fear that morons like you will plunge our economy into the abyss just as we see happening in the US today.

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By: Tony Danza

Tony Danza — Tue, 28 Aug 2007 17:03:00 +0000

satv I know you are not a realtor, you are not intelligent enough to be a member of that “profession”, what I said is you are a realtwhore. Do you know what a whore is satv, I bet you do…

PS I never called you a tax “scamer” either but I bet you are one of those as well.

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By: grant

grant — Tue, 28 Aug 2007 16:55:00 +0000

Jim since you’re so smug about buying a non-cashflow-positive property, I can sell you a few more money-losers that ought to tickle you pink with pleasure.

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By: satv

satv — Tue, 28 Aug 2007 16:51:00 +0000

tony,

when some one got positive review of the market and our city since 11 year you call them realtor, x realtor,and tax scamers.

we are not here to benefit the market,but yeah to follow the right direction, so we should not become fool based on false information,and I will countinue to cheeeeeer up as we are living in the city that make us cheer leaders not us alone but this whole modern world.

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By: beta

beta — Tue, 28 Aug 2007 16:36:00 +0000

Sounds like some people are fearful on this blog.

LOL, yah, that's it.

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By: Jim

Jim — Tue, 28 Aug 2007 16:29:00 +0000

Whoah! The root of all anger is fear. Sounds like some people are fearful on this blog.
“We are very aware that you bought, because ever since you’ve been a whiny b*tch.”
Youser!-shouldn’t a sold in “03, hey Freako?

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By: Streel

Streel — Tue, 28 Aug 2007 16:18:00 +0000

“you’ve been a whiny b*tch. “

Ha!
looks like little jimmy thin skin will soon be running out of blogs to whine on……….

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By: Tony Danza

Tony Danza — Tue, 28 Aug 2007 16:01:00 +0000

Something tells me that RealtWhores like Jim and satv will be first in line begging the government for a bailout when this rocket returns to earth.

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By: freako

freako — Tue, 28 Aug 2007 15:34:00 +0000

Oh and Jim, in this case they aren’t talking about the most expensive homes in absolute terms. They are talking about most expensive in terms of P/E. Totally different than your contrived examples.

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By: freako

freako — Tue, 28 Aug 2007 15:27:00 +0000

I also bought a lovely home in Pt Grey and it is not cash flow positive either. Gasp!!

We are very aware that you bought, because ever since you've been a whiny b*tch.

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By: freako

freako — Tue, 28 Aug 2007 15:23:00 +0000

The free market (i.e. individual landlord) rents suggest higher rent than officially reported, but still don't justify current Vancouver prices.

Well, what is the study based on? Any study worth its salt would look at apples the apples - rent versus price of specific building. Using aggregates, median rents divided by median prices for example, can yield very wonky results. Reading the first paragraphs it looks like it is apples to apples, though I don't quite understand what "adjusted for appreciation and inflation" entails.

Another flaw is that cost of managing a rental is different in different areas, which means the net rental yield also differs in different cities.

If you read the first paragraph, they seem to have taken than into account. "The rankings were compiled by calculating an effective annualized rate of return on a property based on annual cash flows derived from renting and adjusted for capital gains tax, transaction fees, operating costs and maintenance, appreciation and inflation."

Sounds complicated to do though.

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