Here’s your open topic for Friday September 28th.
-The Canadian credit crisis
-$26 Million up in flames in New West
-US new home sales hit 7 year low
-Fewer flock to Alberta
-‘Unwavering Demand‘ supports rising prices
What are you seeing out there this week? Post your news, links and anecdotes here!
The Vancouver Sun is basically the voice of the Vancouver business establishment. They know what's coming our way, and they don't have any reason to deny it. In fact, they might as well encourage it.As far they are concerned our local housing bubble has played out beyond usefulness. Just about all the money they could make in the bubble is now made, and it would be a lot easier to make more money if prices came down again. Meanwhile, all the economic distortions are making it difficult to do any other kind of business. All that is left is downside, so let the bust happen and get it over with.
I must admit, I was surprised by this editorial in the Vancouver Sun Vancouver's housing prices continue to defy the laws of gravity, but they won't be able to indefinitely thwart the laws of economics.All markets — from tulips to tech stocks — are subject to supply and demand and the housing market is no exception. The question then is not if prices will eventually be subdued but whether that re-alignment will come abruptly, and painfully — or gradually and gentlyFurther along…Vancouver's real estate market may be influenced by unique circumstances, but it cannot remain immune from the credit crisis spilling over from the United StatesI can't believe this, maybe the market has tanked already, and the general public hasn't noticed yet. Does the editorial board know something the bloggers don't?
Brilliant look at Vancouver's affordability problem.http://www.discovervancouver.com/forum/topic.asp?TOPIC_ID=197087
Portland appears to be in some trouble as well. (sorry about the registration portion for the whole article. The first page is enough to get the idea however)
Contrasted with the heightened risk to the economy arising from the landslide taking place south of the border, the Canadian economy can still count on housing to help sustain growth in the short term.tulip-Mania2 said… The bids are starting a 285k for homes that sold for 630k.Tulip,I have curse "Resteven"in his blogs when he said good bye Vancouver.He has claim to have bought a house in california. I hope thats not here.Sinkhole swallows homes what about homeowner whose home was damaged by a giant sinkhole in California.http://www.cnn.com/video/#/video/us/2007/10/04/clark.ca.landslide.witness.cnn?iref=videosearchgod help resteven and tulip even 285 is not a good deal….
'Betrayed by our builder'"This is not one of the auctions of distressed homes in foreclosure that are becoming commonplace across the country. This is an auction of brand new homes in a subdivision (an inventory closeout! 40 percent off asking prices!) – a kind that's hardly been seen in Northern California since the last real estate bust in the early 1990s"Here is a nice story for the bulls.Is Northern California a good comparison to Vancouver?The bids are starting a 285k for homes that sold for 630k Tick Tock, Tick Tock
asalvary,thats robsnumber not rosbnumbershttp://robsnumbers.blogspot.com/
I can not access the <a href="http://www.rosbsnumbers.blogspot.comwww.rosbsnumbers.blogspot.com<br />Is this correct link, or I need to do something to get to it?
It doesn't show up in the rents either. Compare Vancouver rents to NYC or London.
I guess what satv is trying to say is that because Vancouver is a unique world class city, countless numbers of prosperous people more to live here; however, for some strange reason it doesn't show up in the official stats. <a href="http://www.rosbsnumbers.blogspot.comwww.rosbsnumbers.blogspot.com<br />Satv please come and visit.
Micheal randalbard,that comment actually not meant for best livable city,comment is design to configure dangerous element which help form a "bubble" still to answer your question.I did not mention #1 rank, I goes liviablity future help reduce the formation.as far as Vancouver concern Vancouver is in a list always.I know that from last 20 years, and world knows that from decades.http://www.cbc.ca/news/yourview/britishcolumbia/2007/08/what_makes_vancouver_a_liveabl.htmlhttp://www.cnn.com/2005/WORLD/europe/10/04/eui.survey/http://news.bbc.co.uk/2/hi/business/2299119.stmThe Economist Intelligence Unit's LIVEABILITY RANKING, part of the Worldwide Cost of Living Survey, assesses living conditions in more than 125 cities around the world by looking at nearly 40 individual indicators grouped into five categories: stability; healthcare; culture and environment; education; and infrastructure. The survey gives a rating of 0%-100% and judges a city with a lower score to be the more attractive destination. A rating of 20% is where real problems are seen to begin – anything over… Read more »
The Seattle story is worthy of its own thread.
I grew up in Winnipeg, lived in Paris, Toronto and Victoria. Now Winnipeg is not my idea of bliss but I know many people who just love it. They love it for the cost of houses, culture, lakes and some people (I don't get this one) love the winters. I prefer Paris. I love the culture, fashion, food and just the beauty of the city and I know people that don't like Paris.It is so much a matter of opinion and what one's idea of a liveable city is. Housing, Fashion, Ocean Whatever?
prices down 10% in 1 month…http://seattlepi.nwsource.com/local/334420_housing06.html
Oh Mr Thanks…..you say that Vancouver is the most livable city? According to who might I ask? Some magazine? Some Poll? I find this a very subjective concept as there is no real proof of what is the so called "most livable city" except ones own opinion and since opinions are like assholes, everyone having one, it is a waste of breath to debate this foolishness.If you are getting this strange stuff from the rah rah Vancouver media then you are bottom feeding the little bits of manipulated news that finally filters down to the lazy thinkers that watch TV news and are missing the real food that the fat fish who swim at the top of the knowledge pyramid get first. In other words….the knowledgeable have long ago left for a better quality of life than Vancouver can offer.… Read more »
patriotz"Gold's price is purely speculative, so you could say it's always in a bubble, or it's never in a bubble. Take your pick."Can't understand this comment. When I first started posting here (other board) off and on three years ago I had loaded up on silver for 5.20 to 5.80 per oz. It is now 13.50 an ounce and had been higher both in terms of USD and exchange rates. The part I don't understand is how is it speculative any more than holding Canadian dollars at this point? Seems to me that as the USD starts its decline to its intrinsic calue (zero) the Loonie and gold should rise so take your pick…HOWEVER….there must come a time that gold will decisively detach from all fiat currencies and rise giving its holders nice protection and good profits should they decide… Read more »
"Born in Europe and lived there for 20 years, so if I can do one thing well that is to compare the two. And there is a good reason why people from N America are not moving to Europe…"OWG: How many Europeans are moving to Canada per year? The Europeans who moved here in the 50’s and 60's did so because Europe was much like what Canada has now become, and they saw an opportunity to better their lives, and those of their children.Most immigrants to Canada now are from Third World Countries. I hardly think most Europeans would find working at Tim Horton’s or as security guards, as a step up from their standard of living they would leave in Germany, France or Italy.
owg said, Madrid and Munich??? Give me a break…And meanwhile rats are climbing out of toilets in Kerrisdale and the city is full of rednecks from Alberta like owg. Born in Europe and lived there for 20 years, so if I can do one thing well that is to compare the two. And there is a good reason why people from N America are not moving to Europe…
Tulip,this is what satv think why we are diffrent from others.Most Dangerous "bubble"formation and avoiding tools1. INTRESTS RATEs:people buy property by keeping in mind intrests rate,but when governments or banks hikes intrests rate to control inflation thats type of cheating with previous emotion,that scare all the buyers and investors,prices of property is not big deal because intrests rates help people to decide the size of monthly payments.CANADA : its good for canada that we have already seen the bubble blast its easy to protect our country by monitoring our condition now and we will be able to keep strong hold. 2.HURRICANES:When people see their homes are being drowned into water,flooding or in natural disaster that spoil the intrests to keep stability in confidence,and does not make futuristic approch.CANADA:we are not experiencing firm or predicted natural disaster as seen in USA… Read more »
It is too bad Restevens has left us, Until somebody can provide the numbers, please check this out for the numbers without the insulting spin.http://robsnumbers.blogspot.com/