friday free for all!
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!
RSS 2.0 comments feed. Both comments and pings are currently closed.
October 10th, 2007 at 8:27 am
GET READY TO PAY UP SUCKER!
October 9th, 2007 at 9:13 pm
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.
October 9th, 2007 at 8:47 pm
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 gently
Further 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 States
I 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?
October 9th, 2007 at 6:47 pm
Brilliant look at Vancouver’s affordability problem.
http://www.discovervancouver.c....._ID=197087
October 9th, 2007 at 5:23 pm
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)
October 9th, 2007 at 10:00 am
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/#/vid.....ideosearch
god help resteven and tulip even 285 is not a good deal….
October 8th, 2007 at 9:13 pm
this is a link to the new Rob’s numbers blog
October 8th, 2007 at 9:05 pm
‘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
October 8th, 2007 at 8:40 pm
asalvary,
thats robsnumber not rosbnumbers
http://robsnumbers.blogspot.com/
October 8th, 2007 at 8:31 pm
I can not access the http://www.rosbsnumbers.blogspot.com
Is this correct link, or I need to do something to get to it?
October 8th, 2007 at 8:04 pm
It doesn’t show up in the rents either. Compare Vancouver rents to NYC or London.
October 8th, 2007 at 10:12 am
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.
http://www.rosbsnumbers.blogspot.com
Satv please come and visit.
October 8th, 2007 at 8:59 am
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/yourvie.....veabl.html
http://www.cnn.com/2005/WORLD/.....ui.survey/
http://news.bbc.co.uk/2/hi/business/2299119.stm
The 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 50% places severe restrictions on lifestyle.
Liveability
Where the grass is greener
Aug 22nd 2007
From Economist.com
Cities in Australia and Canada are rated the most liveable in the world
With low crime, little threat from instability or terrorism and a highly developed transport and communications infrastructure, Canada and Australia are home to the most liveable destinations in the world. Four of the ten most liveable cities surveyed by the Economist Intelligence Unit are in Australia, and two of the top five are Canadian. Vancouver is the most attractive destination, with a liveability index of just 1.3% (see table).
While liveability considers factors of recreational and cultural activity, the “big city buzz” can hamper the scores of some cities, although not to the extent that a city will present significant challenges. Global centres such as New York, Tokyo, London, Hong Kong and Paris may find themselves let down precisely because of their size and attractiveness. Traffic congestion and higher crime rates associated with large urban centres have, to some extent, offset the obvious cultural gains of living in such locations. This has also been compounded by fears that large centres like London and New York will remain targets for high-profile terror attacks. Despite this, most major centres do not present any significant challenges to liveability.
Of the 132 cities surveyed, only nine cities present the worst-case scenario in which most aspects of living quality are severely restricted, reflecting general improvements on a global scale in areas such as education, health care and infrastructure. Four of these are in Asia, mainly South Asia. The other five are in Africa (accounting for three) and the Middle East (accounting for two).
The threat of terrorism and civil unrest is a major contributing factor to the cities that suffer from the worst liveability scores, as are poor development indicators. Algiers is the least liveable destination in the survey, with a score of 64.7%.
http://www.economist.com/image.....bility.jpg
October 8th, 2007 at 8:06 am
The Seattle story is worthy of its own thread.
October 7th, 2007 at 9:33 pm
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?
October 7th, 2007 at 9:10 pm
OK the lowdown on gold….objectively
October 7th, 2007 at 7:50 pm
http://seattlepi.nwsource.com/....._housing06
.html
October 7th, 2007 at 7:49 pm
prices down 10% in 1 month…
http://seattlepi.nwsource.com/.....ing06.html
October 7th, 2007 at 3:50 pm
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. Vancouver is old news and in decay …just my opinion.
October 7th, 2007 at 3:43 pm
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 to cash in and buy something.
Americans who bought gold 3 or more years ago are laughing all the way to the bank while those who bought homes are crying in their beer.
If its in a bubble then it can only burst with a soaring USD and that is never never never ever ever going to happen again. Never say never? I say NEVER notwithstanding countertrend rallies
mr
October 7th, 2007 at 3:36 pm
THE NEW CALCULUS
October 7th, 2007 at 12:57 pm
“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.
October 7th, 2007 at 12:08 pm
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…
October 7th, 2007 at 10:22 am
Tulip,
this is what satv think why we are diffrent from others.
Most Dangerous “bubble”formation and avoiding tools
1. 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 every year or so.
3.TERRORISM:state of terrorism scare, unlikely hold people back’ from buying anything because nature of attack and place can not be predicted where,when,why,what.
CANADA:we have very less threat or not at all because of our governing attitudes and foreign policy.
4.DEMAND:that is easy to figure out from inventory if units are selling or piling up(some time inventory pile up if reward is higher to sell).
CANADA:we have firm future projection and there is no reason seen so far why not there won’t be demand in future.
5.OVER SUPPLY:when lots of projects are on tracks but none of them have a gap in completion dates,that congest the out flow,if their is gap in completion dates,unless the next project complete temp investors or flipers can bail them self out on timely manners.
CANADA:there are lots of projects and lots of them has been completed successfuly for example freesia almost resold with in 1 year after.completion dates are vary from each other and so far there is no heavy listing of assignments after sold status.
6.RATES OF UNEMPLOYMENT/RATES OF PAY:increase and decrease in both of them change the level of mental strength.
CANADA:unemployement rates are down to 33 year low and rates of pay are picking up.
7.ECONOMY:When both fedral and provincial governments have budget surplus that can convince investor from world-wide and their is always hope for future tax cut which benifit the public directly.those are a great sign of strong economy.
CANADA:our economy is hot
8.BEST LIVEABLE CITY STATUS:Crime rates,weather condition,security,safety,transportation,transit system,and street levels play vital roles in ranking city in numbers or make them best liveable city.
CANADA:we have 2 best liveable cities and other are also nice and beautiful just these 2cities are metro so they have edge over others
9.POPULATION:stable status or merging ahead stats if those are in down turn trend thats not good for the city or country.
CANADA:population is firm and increasing projection is at higher rate
10.SERVICES:thats the most important part type of services and timing to travel,dine out delivery pick up,etc,etc,help decide the future of places..
CANADA:we have 24hrs conceirges,resturants and bars till late night and home delivery services we have electrics buses and sky-trains,etc,etc.
11.LAND:structure of area where the boom,if the land structure is avialable that increase the hope for more houses can be built and lots of land is avialable in the city or the country in similar situation.
CANADA:we have boom only in 10 to 12 cities in Vancouver all projects are being built in parking lots.
12.SUBPRIME:Our governments,economists,and financial institues are aware of all this the are very confidents sp does most of people about it ,there are more than 25% subprime case in USA compare to population thats lots and lots.
CANADA:we have less then 5% and compare to population and booming cities those are very less,less,and less.
Canada is newly built country then the rest of world our street levels highways and airports have stuning future,transit system is absolutely faboulous.services are remarkable,living standard is best.Health care and whistler squamish is a plus point for Vancouver and Canada as well.
Australia also have a similar situation like canada so their pop did not hurt big time as usa or japan hit.
Happy Thanks Giving Weekend Every One.
Drachan,
Happy “Thanks”I mean thanks giving day……….
October 6th, 2007 at 4:06 pm
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/
October 5th, 2007 at 8:08 pm
Drachan,Tulip,
(I have deliver your message to original owner)
Tulip,
He likes that graph but that media thingi does not help, as we can count that in media too.that graph shows prices are kept on going up and at later stage that forms a bubble,but one reason it self does not form a bubble.there are lists of reasons to form a bubble.thats what he said,
then he goes vhb actually presented some of those reasons which form a bubble,but satv also found those reasons which makes foul to the requirements,and dismiss them,he means to say dismiss the formation.thats why vhb silently walked away.
as far as media concerned price goes up or down,but media release news from or by some one thats not actually their own opinions,so they put one article up,other one down to keep the sales and reputation equall among the readers ,but they are not responsible for any thing,tell that to your source tulip.thats what he said….
October 5th, 2007 at 3:41 pm
david dodge, western house prices, interest rates
October 5th, 2007 at 2:23 pm
Time for our blogging realtor, AKA, SATV, to review some basics
Bubble: A market condition created through excessive home buying, and an unfounded run-up in prices occurs. Homes become too overpriced for new buyers and eventually the bubble pops and housing prices fall.
And a good place for realtors to start learning is right here, but of course some of the realtors lack ethics, and therefore should start here
October 5th, 2007 at 12:25 pm
Why did Satv change his name to thanks?
You’re not fooling anyone satv, your grammar, spelling, complete lack of sense and rampant boosterism make you stand out like a sore thumb here.
October 5th, 2007 at 12:24 pm
This is Funny. Read the first response. The second one isn’t worth reading.
October 5th, 2007 at 9:49 am
Hey gave up and moved just like all the other bloggers. They can only withstand the pressure for so long before they crack.
(Think he’s out of town – at least he was last week.)
October 5th, 2007 at 8:48 am
pope? emminence? where for art thou?
October 5th, 2007 at 8:34 am
Europeaniaonio or Americansanininons some of them disrespect the statue in blogs, and one of them packed up the bubble in suite case and gone forever.
http://vannumbers.wordpress.co.....vancouver/
when all of those cities have stuning future and value,then all of those!those!I mean those are welcome to make best move forever.
Vancouverites talking about Vancouver is ligitmate and preety much in respectful manners.
rate of pay in b.c. over take alberta.
October 5th, 2007 at 7:58 am
Virtually none of the rise (in gold) represents fundamentals
Gold doesn’t have fundamentals. Yes there are industrial uses for gold which would result in a price based on utility (like iron, zinc, etc) if people didn’t want to hold it for any other reason. But the reason people hold gold is as a store of value, with no yield.
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.
October 5th, 2007 at 7:57 am
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.
it is dirty and built on 2000 years worth of garbage
2000 years? I thought the city was founded in the 8th century, what kind of redneck math are you using owg?
Yes Vancouver is world class the city of lights and culture, and the crack addled homeless…
October 5th, 2007 at 7:00 am
BEST LIVEABLE CITY. year over,year over,year .month over, month over, month so does september 2007.
Detached $737,927 Attached $452,944 Appartments $371,718
Detached:
Maple Ridge/Pitt Meadows up 11.8% (133 units sold, up from 119)
Richmond up 29% (147 units sold, up from 114)
Vancouver East up 22.9% (172 units sold, up from 140)
New Westminster up 38.1% (29 units sold, up from 21)
Attached:
Burnaby up 38% (69 units sold, up from 50)
Port Moody/Belcarra up 142.9% (34 units sold, up from 14)
Richmond up 38.6% (115 units sold, up from 83)
Vancouver West up 70.7% (70 units sold, up from 41)
Apartments:
New Westminster up 17.4% (81 units sold, up from 69)
Port Moody/Belcarra up 39.1%. (32 units sold, up from 23)
Whistler/Pemberton up 188.9% (26 units sold, up from 9)
October 4th, 2007 at 9:59 pm
The 300% increase largely (though not entirely) reflects a drop in the value of the U.S. dollar.
Largely? The U.S. dollar has depreciated maybe, what, 40%. That would mean a 70% increase or so. Where does the rest come from?