Friday free-for-all
Friday free for all time! Here’s your open topic post for Friday November 16th 2007:
-Become a realtor.
-Vancouver condo sales slump.
-Divorce stokes the condo boom.
-Vancouver must heed warning signs.
-US slump worst since depression.
-US boom markets hit hard by foreclosures.
So what are you seeing out there? Post your news, links and anecdotes here!
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November 16th, 2007 at 6:42 am
Another good article – http://tinyurl.com/37t8jn
November 16th, 2007 at 7:55 am
“British Columbia is booming, if you consider broad statistics, but there are two economies in this province. One is the construction-fuelled domestic boom, with condo sales and housing starts displaying continued strength, according to figures released this week. The other is a disastrous export picture, with the forestry and energy sectors – mainstays of B.C.’s resource-fuelled economy – both facing major downturns.”
The building sector is the last thing propping up the BC “boom” economy… what happens when that tumbles?
http://tinyurl.com/2s2f82
November 16th, 2007 at 10:03 am
I’m patiently awaitig SatV’s spin on this one…. C’mon Sat, make my Friday!
November 16th, 2007 at 10:36 am
Hey scullboy,
that is with in province driving tools.our economy is strong and will remain strong for rest of life may be that won’t make your friday ok let me put next post right after this.
November 16th, 2007 at 10:42 am
Unsold inventory in Burnaby/New Westminster grew from 315 units in early July to 825 units at the end of September, while sales in the Downtown/West End area kept pace with new product coming on the market.
Over 2.5x as much unsold new inventory in only 3 months? Maybe people actually DO have common sense after all.
November 16th, 2007 at 10:42 am
LEG SPIN,OFF SPIN,GOOGLEE,JORKER LENGHTH,BRAIN SPIN.
Canada’s real estate scene is showing no sign of the weakness sweeping through the U.S. market, as sales and prices continue to rise.Scullboy’s friday is up
The country’s priciest real estate continued to be found in Vancouver, where the average resale price jumped $8,000 from September to reach $590,577 in October.
CREA forecasts that average prices in 2008 will set new records in every province, despite a slowdown in sales activity.
the trend is
November 16th, 2007 at 10:55 am
Yes satv, real estate will continue to boom in BC…until it doesn’t. Just like being stupid rather than smart works great until it doesn’t. Slow and steady wins the race, it’s held for centuries and will continue to hold for the rest or your time on earth. Too bad you’re not wise enough to see the forest for the trees.
November 16th, 2007 at 10:56 am
Oh Satv, you never fail to disappoint. I got your currentc Vancouver bull trends right here
November 16th, 2007 at 11:11 am
Satv err I mean Thumbsup:
“CREA forecasts that average prices in 2008 will set new records in every province, despite a slowdown in sales activity.”
Yeah… And they have no interest in lying about that. Does anyone remember David Lereah in the US? Sounds exactly like the things he was saying a year or so ago.
And about those UPWARDS trends, that’s all YOY, the MOM figures in many of those places are showing strong negatives (especially Edmonton and Calgary) the fact that this goes unmentioned in the article kind of tells you that it’s a pumper editorial rather than a real world news story.
(from the article)
“…recently, it’s been Saskatchewan that’s been doing the booming.”
Running out of land no doubt.
Olympic spirit?
Great weather?
Massive influx of immigrants?
Face it, ALL significant appreciation in Real Estate prices that is not matched % for % in economic gains is purely speculative and it will pop.
November 16th, 2007 at 12:50 pm
http://www.whenthingsgetdark.c.....-home.html
Great post on Vancouver real estate. I feel pretty much the same way.
November 16th, 2007 at 4:28 pm
The trend right now shows lot of new developments trying to burn off units right now. Lots of places in Burnaby are down 5% already. Look at the places at the horrible development Sandlewood. Prices on 1 bedrooms (700 sq ft) look to have plummeted at least 10% in the last 3 months. Hold on a sec I think I hear some air rushing out somewhere …
November 16th, 2007 at 4:52 pm
For thumsup, please read.
From the link “http://www.stumbleupon.com/
url/en.wikipedia.org/wiki/Thumbs_Up”:
“‘Thumbs up’ traditionally translates as the foulest of Middle-Eastern gesticular insults — the most straightforward interpretation is ‘Up yours, pal!’ The sign has a similarly pejorative meaning in parts of West Africa, South America, Russia, Iran, Greece, and Sardinia, according to Roger E. Axtell’s book Gestures: The Do’s and Taboos of Body Language Around the World.”
So thumsup, “Never hitch-hike in any of the above countries.”
November 16th, 2007 at 5:23 pm
Thumbs up…re: “our economy is strong and will remain strong for rest of (my) life” – I’m sorry to hear that you don’t have long to live.
R.E. is cyclical in nature, always has been, always will be. This current cycle has been extended by historically low interest rates, and Olympic and associated “Best Place on Earth†bullsh*t hype – although that just took a hit thanks to 4 RCMP thugs at YVR. However, as with all cycles this will turn, and when it does, I trust you are capable of rotating your wrists.
November 16th, 2007 at 6:08 pm
As the British Economy Slows and Banks tighten credit the RE industry will grind to a halt. (and by-the-way that is one country where they are not making any more land. ) 60 million people and the size of Manitoba.
http://www.dailymail.co.uk/pag.....ge_id=1770
November 16th, 2007 at 6:10 pm
Also I might add London is THE largest banking sector in the world with salarie to blow your socks off. It rains all the time but has the strongest tourist industry in Europe.
November 16th, 2007 at 7:25 pm
Well, for the 2nd time in 6 years i’ve fallen foul of the booming condo market. Yesterday i got my 2 month eviction notice – my 3 story by Birch and 14th has been sold and the new owner is renovating floor by floor. Apparently, once all the 750 sq ft one bedrooms have been gutted, split into 2 bedrooms and renovated we will have first refusal. Any guesses as to the new rent?
I knew as soon as the it was sold that the writing was on the wall. It was obvious that the rental income didn’t even come close to paying a mortgage. The large one bedrooms were renting for $900.
It will be interesting to see if the new owner has bought at the top of the market – it’s a group of Doctors apparently. I sure hope they have and i can buy something in the next 3 years.
Anyhow, i now have two months to find somewhere to live. What’s that i hear? Ah yes, best place on earth to live. Sure is!
November 16th, 2007 at 7:48 pm
Ulsterman,
Must be the top….doctors are notoriouly bad investors.
November 16th, 2007 at 8:48 pm
So thumsup, “Never hitch-hike in any of the above countries.”
Robsnumber,
This metacafe speaks different language for me,Please don’t mind about “B”that is magic word
Specially 4 Robsnumber
November 16th, 2007 at 11:08 pm
Re-diculous said…
R.E. is cyclical in nature, always has been, always will be.
Oh Really?than what about AGE?is that cyclical in nature?
Our Ultersman and his wife are working for Credit Union and making affordable income,He almost bought a place 04/05 but missed the chance.Then he was waiting for crash but he has received eviction notice.
Ulters Man I am sorry about that but Just for cycle I have to.
I mean we have tonz of things to do which we can do on certain amount of time and age.If some one at the age of 35 believe in the cycles lets say crash will happen after 10 year,his age will be 45 he can’t buy anyway because capacity to handel debt will be eroded, and if crash does not happen BEARISH DREAM IS OVER.
There are tonz of things to talk about on cycle ,but I will stop this comment right here.
November 17th, 2007 at 12:21 am
thumbsup, you really are even more odd that i always thought. You said:
“Our Ultersman and his wife are working for Credit Union and making affordable income,He almost bought a place 04/05 but missed the chance.Then he was waiting for crash but he has received eviction notice.
Ulters Man I am sorry about that but Just for cycle I have to.
I mean we have tonz of things to do which we can do on certain amount of time and age.If some one at the age of 35 believe in the cycles lets say crash will happen after 10 year,his age will be 45 he can’t buy anyway because capacity to handel debt will be eroded, and if crash does not happen BEARISH DREAM IS OVER.”
I don’t work for a credit union and i’m not married, but have been years ago. More by luck, you got my age right at 35. No i didn’t miss my chance in 04/05, i missed my chance in 01/02.
If the market completes a cycle as you suggest and in 10 years is cheap enough for me to buy, then i will probably be able to pay off my mortgage in 15-20 years and own around the same time as many who will take 25-40 years to pay off their top-of-the-market mortgages bought today.
Don’t feel sorry for me – i’m moving 2 blocks to move in with my super-cute girlfriend and will be cutting my rent payment in half. More “fun” and an extra $500 per month to spend. Life ain’t too bad. Did i mention my solid gold public pension and 3 months off per year? I can suffer the indignity of being a dumb renter. Life’s about more than being mortgage free in my 60′s. Cheers Thumbsup
November 17th, 2007 at 2:01 am
“Don’t feel sorry for me – i’m moving 2 blocks to move in with my super-cute girlfriend and will be cutting my rent payment in half.”
I believe you can move with 10 days’ notice if you have received an eviction notice. Check the RTA.
November 17th, 2007 at 9:38 am
Ultersman said….
I don’t work for a credit union and i’m not married, but have been years ago.
Ultersman,
thanks for the update,So she bought for herself read the link posted by “the pope”.
Divorce stokes the condo boom
“It’s tremendous for real estate brokers and developers.”
Miranda Pearson remembers that when she decided to leave her common-law partner, with whom she was renting an apartment, she began secretly searching for a property to buy. Once the relationship fell apart, she saw real estate as her ticket to freedom.
“I expect it’s quite common, that people secretly scour the real estate,” says the soft-spoken Briton who is a well-known Vancouver poet and educator. “I felt very guilty about it. I knew I wanted to buy somewhere, but not with him. I was having a secret affair with my realtor.
“But not a real one,” she adds, laughing
Long time ago I have made similar comment that”Spouses conflict is a run away success for real estate”
November 17th, 2007 at 11:11 am
“Every day brings more strange tales of the Bloor Street frenzy, the latest involving alleged ethnic conflicts among competing agents. The whole business is so crazy it seems fated to end badly – just as so many panicky property grabs did in 1989, when the market last collapsed.â€
Tick Tock , Tick Tock
Tulipmania is nothing compared to this.
November 17th, 2007 at 11:39 am
You know the whole Yong and Bloor thing just… seems odd.
There are far more exclusive neighborhoods…. just a couple of blocks away is Rosedale which is WAY more exclusive the Y&B, and a hell of a lot quieter.
There’s never been that kind of activity to get into any building in TO. Never… ever.
SOmething’s weird about that whole story. Y&B isn’t a great place to live. It’s REALLY loud, 7/24. It’s not that clean, there are no real amenities around.
November 17th, 2007 at 11:40 am
From the Tulipmania article:
“In downtown San Diego recently, developers converted a just-completed “luxury condo” into affordable housing after wealthy buyers failed to appear. No wonder: They all joined the rush to Toronto.”
This will happen to many projects in suburban Vancouver.
November 17th, 2007 at 12:15 pm
Looks like these fools are due for their comeuppance.
But it’s a rainy day in Vancouver, so let’s have some fun with the possible rationalizations why Toronto won’t implode like the States:
•We are running out of land
•Rich foreigners are buying up everything
•Rich Albertans are buying up everything
•Rich retirees are buying up everything
•It’s different this time, there would have to be some extraordinary shock to the economy for the market to turn
•The weather/no hurricanes
•It’s in the same country as Vancouver, and the 2010 Olympics
November 17th, 2007 at 12:51 pm
Another interesting commentary in the Globe about the condo bubble:
Lining up to invest? I’m inclined to look the other way.
November 17th, 2007 at 1:31 pm
thumbsup, for you:
http://www.lawtonka.com/thumbsup.gif
http://www.solidsender.com/dstrbo/
news/thumbsup.gif
http://www.kpl.gov/teen/images/
BuzzworthyBooks/thumbsup_lg.gif
you’re welcome!
November 17th, 2007 at 2:52 pm
New homes in some US states are half the price they were in 2005 Jagger
Now let’s review the reasons the NAR and Lereah gave during the boom as to why there was no reason to fear a bubble bursting.
Sounds like what the usual suspects in Vancouver are saying now.
Tick Tock, Tick Tock
November 17th, 2007 at 3:47 pm
Digi:
Brilliant article. YOu have to wonder… does NOBODY smell a rat? The firm building the place is from the same country Sacha Baron Cohen mercilessly ridiculed. Apparently the only people more stupid then Borat are Canadian condo investors.
This all smells like the final lunatic peak to me.
November 17th, 2007 at 5:14 pm
Thumbs up…re: “our economy is strong and will remain strong for rest of (my) life” – I’m sorry to hear that you don’t have long to live.
November 17th, 2007 at 7:56 pm
The firm building the place is from the same country Sacha Baron Cohen mercilessly ridiculed.
You mean the USA? Not one person appearing in “Borat” was from Kazakhstan, spoke Kazakh, or even looked like a Kazakh.
Guess you missed the point.
November 17th, 2007 at 10:12 pm
“This all smells like the final lunatic peak to me.”
Holey Schmoley Batman! If that was the peak, it was a $25 million peak.
November 18th, 2007 at 12:21 am
So…. uh… the bit where Borat introduces his sister as the third-best prostitute in Kazakhstan, then made out with her…. *that* was a joke on Americans…. and the bit about his super ugly Kazakh wife …. and the “running of the Jew” was *ALSO* a joke on Americans. He certainly wasn’t poking fun at Kazakhstan.
Yeah I guess I missed the point, all right. Well better get out an buy myself a 500 sq. ft. shoe box in Yaletown then hang out with Sat……
November 18th, 2007 at 4:57 am
Yes of course the film was a joke on the Americans. Cohen is a Jew, looks like a Jew, and even speaks Hebrew in the movie. And not surprisingly, the American audiences didn’t notice any of this.
If you made a movie that was trying to make fun of say, Africans, wouldn’t you have black people portraying them, or at least people made up to look a wee bit like Africans? I mean, would you have white people speaking Swedish who were afraid of Lutherans?
Get it?
November 18th, 2007 at 7:55 am
Dude. I think you missed the point.
He was making fun of *both*.
I’m a little surprised I have to point that out.
November 18th, 2007 at 11:44 am
OK, which one of you bears is Seminar Guy? ;^)
http://tinyurl.com/yoebyz
November 18th, 2007 at 11:58 am
“which one of you bears is Seminar Guy?”
Wasn’t me. I saw that dude all three years though. I always sit in the back row.
November 18th, 2007 at 12:02 pm
Patiently Waiting,
Thanks for the link that gives us more sense what we put in our arguments.here is clickable link
Patiently Waiting
November 18th, 2007 at 12:30 pm
Oh gee, I don’t want to miss out on that six or seven percent appreciation. Even the CEO for local homebuilders assn. can’t come up with a more optimistic number than that. Next year? Can you say DEPRECIATION?
I’m better off keeping my money in GICs and living in a place with reasonable rent.
“Now, if we could only figure out Seminar Guy.”
Some people are smart enough not to get caught up in a speculative frenzy. Go figure…
November 18th, 2007 at 1:09 pm
AGE IS NOT CYCLICAL
look at this percentage for first time buyers.
49 per cent were 25 to 34; 22 per cent were 35 to 44; eight per cent were 45 to 54; six per cent were 55 and older.
First Time buyer who are financialy okey dokey can’t take the burden after 35.Now you guys can see percent is going down for first time buyer as age is going up.
Like ulters man said he is financialy well stand till next 10 to 15 year all people are not in similar situation.
He miss his chance in 2001 he can still manage maybe another 10-15 year that’s mean if he should have bought possibly will be paid off till he is going to buy for first time.
Cycle can not run without chain between 2 wheels(I mean reason to bring market up or down).”FIRST TIME BUYERS HAVE ONLY ONE CHANCE TO BUY”for average people only one take in normal circumastances that’s it.
November 18th, 2007 at 1:29 pm
Thumbs up,
Humour me….lets fast forward, say, 5 years from now, and tell me what you see….
Let me guess: average MLS listing at > $1Million – yes? and where does that leave the bulk of first time buyers (i.e the 49% 25-34 year olds)?
Unless they ALL have incomes of $150K++ or have just acquired massive inheritances, that market- the foundation of any real estate market- will be non-existant.
…. oh and interest rates will have remained at their historic lows throughout this period of course.
November 18th, 2007 at 1:40 pm
A lot of interesting articles in this thread, particularly the ones about the BC economy and Vancouver’s tax base.
I found the seminar enlightenting in that only around 21% of prospective buyers surveyed had down payments of 25% or more.
Yep. Well, the economy is really stable, and there is definitely no subprime thing up here, and with all the wealthy out of towners, and and and…….
Incidentally, I have been using P/E ratios in my complex based on recent sales prices on neighbouring units. For any purchase to make economic sense, prices will have to drop by over 50%…..
November 18th, 2007 at 1:41 pm
Thumbsup said the bike can’t run without chain between two wheels.
I guess it’s true that even a stopped close is correct twice a day. You’re right hon,… but that’s the point many on here have been trying to make. Eventually if the cycle does not/did not end, the pool of first time buyers would run out. If that were to keep going, NOBODY could afford to live in Vancouver.
Eventually the math begins to fail. And when that happens, the wheels come off.
Of course the percentage of first time buyers decreases with age, the older you get, the more likely you’re a second or third time buyer. Hell, I’m 35 and I have already owned a home. I know what’s sane and what’s irrational and what I’m seeing is not rational. Therefore I will not participate. And the more half-wits try and goad me with fear “you’ll be prices out forever! After 35 you can’t afford the financial burden!” the more I’m inclined to trust my own common sense.
November 18th, 2007 at 2:15 pm
He was making fun of *both*.
A little detour from the bull/bear talk. I think only Cohen knows for sure who he is mocking. Here is what I think:
The stereotypes are so grotesque as to be satire. The humour really is about people’s reactions to them. In that sense, he is not mocking Kazak’s, Jews, feminists or any group. The people he makes fun of are those that take his stereotypes for real and go along with it. His humour is not victimless. The Czech village that stood in for Kazakhstan was offended because they didn’t realize he was using them to create his stereotype. There are many other “innocents” in the movie.
November 18th, 2007 at 2:18 pm
Thumbsup/satv
I have two issues with your posts.
1. Whatever point is in there is very difficult to grasp because of the butchered language. Not your fault of course.
2. Language aside, I don’t think there is much substance other than vague notions of ever increasing prices and unconditional cheerleading.
November 18th, 2007 at 2:23 pm
Sculboy, totally agree, made my decision not to participate long ago, although being an analytical person it does make me wonder just how far the pendulum must swing on the far side of fair value before it corrects….then again, I feel the same way as I did seven years ago about technology……then, the pendulum did not “swing back” it “snapped back” ….real hard.
November 18th, 2007 at 2:53 pm
“Eventually the math begins to fail. And when that happens, the wheels come off.”
This mania is identical to the tech boom, which was not that distant a memory, but the behaviour and even the language around it is the same. The difference this time is that the effects will be a lot more long lasting and far reaching. This has lastest a lot longer than I thought possible, because the math has been failing for the last couple of years…..
November 18th, 2007 at 3:24 pm
Rose Marie Reyes packs her belongings at the Natomas house that she is losing after getting a no-documentation refinance loan with ruinous payments
Naturally this can’t happen in Vancouver;everyone has a 25yr closed mortgage @ 2.78%
Former UCLA Economist Says National Economy Slipping Into Recession; Citing the housing crash
Of course it can’t happen in Vancouber, we have a stronger and larger economy.
“The real estate bubble took about three years to swell and will take about the same time to deflate, he saidâ€
November 18th, 2007 at 3:37 pm
Clarke and re-diculous:
I used to manage the the support dept for tucows.com, and i joined in the late 90s.
I remember it so well…. “Things are different this time”. “We’ll be able to retire on our stock options” “This boom will never end”. The behaviour and the language are indeed identical.
I remember when I knew things had gone too far. It was Xmas 1998 and I saw an article in the paper about how Tiffany was making tree ornaments in the shape of hands grasping dollar bills.
The crash was a lot faster then, because it’s very easy to liquidate stocks. This one’s like a slow rolling wave. And people have tied up hundreds of thousands of dollars in these “investments” so they can’t walk away quite as easily at the dot.com “investors” did.
TO me it boils down to this: On one side we have SATV We’ve all heard his arguments so it’s hardly conductive to go over them again.
On the other hand we have my banker friend, who has held titles like “senior vice president” at one of the big banks, who says “if you’re smart, you’ll rent one of these lovely West End places until people come to their senses”. We also have my Olympian/IOC friend who says “The Olympics aren’t going to have that much of an effect on long term real estate prices. They never do.” And this is a guy who HELPS PICK THE LOCATIONS FOR OLYMPICS!
SatV is actually useful because he’s the voice of every inexperienced “investor” out there. When ol’ Sat packs it in and says it’s not worth buying in Vancouver, *THAT* is the time to get in the market. He and everyone like him are going to get a nasty haircut and once they’ve all learned their lesson, We can get back to normal.
Nothing, but NOTHING will convince Sat and people like them of what’s coming. Not stories of what’s happening in the States. Not the economic slowdown going on in Ontario. Not the reports now coming out saying things like “there are 2 economies in BC and one of them is already in the crapper”. Not the rapidly appreciating Canadian dollar.
No, the only thing that’s going to convince these people is good old fashioned painful experience. It’d going to be a lot of fun to watch…. especially the bit when people cry “who could have known?”
November 18th, 2007 at 3:37 pm
Freako,
you yell too loud may be it make you think of a sales man spin.we are not here to collide because I feel like we are here to assist each other weather I am wrong or you are right.
Anyway
Rediculas,Scullboy,
Good work,through your arguments we can proceed to cycle-2.
I think bubble have a more strength than the attempt to make it flat.
1.When price goes up affordability eroded for first time buyer.
2.When or when not prices are stable or going down then Age to purchase wipes off.
So people who think of bubble then wait for crash they get hosed twice.
People who are “in” despite high prices they are lucky both way either high or low they can get rid off debt in timely manners.
I am so far up to here unless you put further argument to keep it going. till then I can deal with this issues.
Humour me….lets fast forward, say, 5 years from now, and tell me what you see….
I see nothing wrong time is witness and reports are with in the planet plus moderatley market is going in the best parking lot.
Some people are smart enough not to get caught up in a speculative frenzy. Go figure…
Yeah even some attending year after to make sure what they doing and some thought they are sorry and late.good Idea to take your time to make life time decision,some time turn bad the way some of those miss the 16% and 21% bounce isn’t it big stone in front of you.So its always good not to repeat mistake going both side.
November 18th, 2007 at 3:39 pm
Another thing that makes me wonder….(re: current Vancouver condo market driven by speculation)…if I were a RE speculator, I would be taking my $$ out of this over priced market and waiting for opportunities in the US….or does “buy low, sell high” not apply in RE.
November 18th, 2007 at 3:59 pm
Is there any thing in life without
speculation?
November 18th, 2007 at 4:05 pm
1. Whatever point is in there is very difficult to grasp because of the butchered language. Not your fault of course.
Freako do you honestly think our Realtor friend is a New Canadian?
November 18th, 2007 at 5:30 pm
Scullboy;”Nothing, but NOTHING will convince Sat and people like them of what’s coming. Not stories of what’s happening in the States. Not the economic slowdown going on in Ontario.” Finally somebody said it! I agree we’ve all met people like that. In fact when it crashes there are going to be people who deny it has crashed even if they personally have lost. There is a type of personality that cannot see reason, fact or otherwise. No doubt from our primate recent path! (Must have been usefull could send them off huntingagainst all odds just stand there and stop the stampede you can do it!)
November 18th, 2007 at 5:44 pm
Another point…
1: As I stated in the last thread, I recall 2-3 years ago the media stating “it is different this time because of the lack of speculation in our market”…the truth about the 50% rate of speculation downtown was released last week
2: Now I constantly hear about we are unaffected by the current RE meltdown in the US
Our market WILL indeed be affected by what’s happening in the US as the US market gets cheaper and the GOOD speculators (here) take advantage….just as a good investor sells overvalued stocks to buy undervalued ones
November 18th, 2007 at 5:57 pm
A little OT but germaine to what I’ve been wondering about with RE lately. David Baines in the Sun has a good story about the RCMP’s E division. They’re responsible for commercial crime like fraud, counterfeiting and those other juicy habits or organized crime. Check out these numbers:
Staff: 76
Budget: $7.8 million
People jailed in last 5 years: 17!
That’s right, 17 people have been jailed in five years as a result of investigations by this division. Unbelievable, but perhaps not that unbelievable if The Economist and others are correct in calling Canada a haven for organized crime.
Along with our growops, this kind of thing really makes me wonder how much of our local economy and especially real estate is buttressed by the proceeds of crime. It would explain a lot.
November 18th, 2007 at 6:10 pm
Home sales fall 41 percent in October; values decline
November 18th, 2007 at 6:12 pm
My sister in law in Red Deer AB says home prices are tumbling
November 18th, 2007 at 6:16 pm
“Staff: 76
Budget: $7.8 million
People jailed in last 5 years: 17!”
How many innocent people have been abused or killed by Canada’s Finest?
New BC slogan….BC, The Best Place on Earth to Stay Away From, if You Value Your Life.
November 18th, 2007 at 6:25 pm
There is a type of personality that cannot see reason, fact or otherwise.
the same category of people who still believe the earth is flat…
there are none so blind as those that will not see.
November 18th, 2007 at 6:32 pm
Florida homes are now selling for less than building costs but look at this from over one year ago:
“South Florida Sun-Sentinel reported on June 4, 2006 that though 400 people a day are moving out of Florida to other states, 1000 a day are still moving here.
Florida’s steady growth is expected to continue, making the state the third largest in the country soon, passing New York.”
Re BC
2005 population
4,260,246
2006 population
4,320,255
est 2007 population
4,380,256
Gee 60,000 over last year…WOW compared to Floridas 600 a day times 365 days….someone do the calcs please, I can’t count that high.
November 18th, 2007 at 6:48 pm
Craig,Micheal,
this stats for crime are not agree with you since misanthtropic join the police force cops are up and crimes are down right heremisanthropic curmudgeon has a power to beat BALL OF BRASS
November 18th, 2007 at 6:58 pm
http://tinyurl.com/2pf6un
China trying curb speculation?
interesting read….
November 18th, 2007 at 7:10 pm
Miss,
Now you are going into right direction,they are copy cat to canadians don’t you know low interest rate,gst cuts,tax cut what is all that happening in Canada on the top of that we have winner take it all economy.
CANADAIN ECONOMY- is a “winner take all” Economy
“The “Winner take All” Economy is a Economy in which the winners in any field today can really cash in because they can sell into this massive global marketplace, while those you are just a little less talented, or not skilled at all, are limited to selling in just their local market and therefore tend to make a lot, lot less.”
“The more that different markets get globalized and become winner-take-all markets, the more inequality expands within countries and, for that matter, between countries.”
Capitalist Economy(large and global)Include Global Financial System-Ownership-Global Corporation-Culture &Choice-Rules-People are great participants in this.
Inequality Expands:We have more than 70% Bulls in Canada,23% Bearish Bull.We don’t have a official poverty line,but almost 7% people are close to that lime light why don’t we count them in because of welfare system and health care.”means” they can eat and can be treat well than the rest of world.
Culture And Choice:People of cultural and ethnic can enjoy more freedom from their culture than they can in their own countries,So always expect more line up infront of Immigration Canada.
Owner Ship:More than 68% owners constantly 68/100, prices are up or down those many people are willing to buy at all time.
People:We have a great economy because of optimistic spirit from all the people most of Canadians are hard worker and self employed, in rest of world families are just one mans army,that’s mean head of family is responsible to arrange education,health care,and food for their children most of them even make housing arrangements for their childrens and in-laws.
Most of people in other countries start working at the age of 30 year,while in Canada people start working at the age 16 in Alberta 14 year old can work.
Homelessness:”we have almost 150.000 homeless people in Canada homeless problem in Victoria has been solved and in Vancouver all arangements are being made to eliminate that problem(seems like time to make some high rise on hasting).
Winner takes it all:Canada drive is lifting our country up those who are worried about after 10 we have very less vulnaribilties, because every $28.000 purchase of real estate creat one jobs for Canadian,Plus because of too many condo project those construction lost jobs can be replace with more jobs in strata and to run commercial projects or bussiness for example we need atleast 20 employees each to run STAR BUCKS or PIZZA HUT.
STRATA MAN,
If you can read that paragraph you can explain us more about job creation in strata or related environments.
From the living standard,student purpose,cultural,Entertainment,night life,less threat and many many more future.We are powerful nation of this world and we have a WINNER TAKE ALL ECONOMY.
November 18th, 2007 at 7:21 pm
too many condo project
you are missing the point:
builders build, that’s their “ouvre” as such…
step back and look at the big picture:
it is a credit bubble, the resulting asset bubble that was spawned is ancillary to the main fact. you are missing the forest…again.
November 18th, 2007 at 7:41 pm
“for example we need atleast 20 employees each to run STAR BUCKS or PIZZA HUT.” AND WHERE MIGHT THESE PEOPLE LIVE? They can afford $600.00 a month! And don’t tell me Surrey a 2 – 3 zone transit pass is $200.00 a month. That is precisely why all those places are hiring and doing so every month as the turnover is about 1 month as they give up being able to live. Downtown Starbucks will have to raise there pay to $20. You make no sense in fact a lot of what you say proves the point that you do not have the faintest idea how a healthy economy functions. I go into a Starbucks every day
and in the last year I have seen more change then in th last five before that. I get to know the people and find out they have left not just Starbucks but the city!
November 18th, 2007 at 7:44 pm
zzzzzzzzzzzz
November 18th, 2007 at 7:55 pm
satv:
have the 5 year old step away from the keyboard…please
November 18th, 2007 at 7:55 pm
No Robsnumbers,
I am on Vocation, for fourth quarter and today I was baby sitting my 5 year old son and nefew,So did not go anywhere flooding here.
November 18th, 2007 at 7:59 pm
Strataman,
that was to cash in or after math of olympics,but healthy economy I have already explain lots of time.
November 18th, 2007 at 8:01 pm
Michael Levy;”If property owners could just keep swapping houses amongst themselves and pocket the profits all would be well. But … there is a very big ‘But’ … there is a significant proportion of the population that does not own property and they are on the outside looking in…The trouble is, they cannot afford to get into the housing markets…there is no room at the inn (to get in). Therefore they have to rent.
The first sign of trouble begins when rental values start to fall because renters just cannot afford large increases in rent. This has begun in many coastal towns and it will not be long before the decline in rents are transported to big cities
And that has already started, condo vacancies are begging!
November 18th, 2007 at 8:49 pm
Wow!
I didn’t know my last comment would have so much influence….check this out!
Vancouver Sun (even!): “Americans leaving the B.C. Housing Market”
http://tinyurl.com/24u58k
November 18th, 2007 at 9:23 pm
Rediculas,
Good artical,atleast we have ancedotes evidence that americans were buying here and still buying here.
Once i have mention that Washington and California took over whistler,squamish,blackomb.
However, Nielsen added that the Americans who are buying are still confident about investing in B.C. real estate.
that’s the most important part inventory is going down,buying and selling is a custom.
November 18th, 2007 at 9:55 pm
Re-diculous,
I think I mentioned in the last couple of weeks that is the “Rich foreigners are buying everything” mere were true, we’d soon see them selling off in Vancouver.
Next up: Rich Asians selling and moving!
November 18th, 2007 at 10:13 pm
Next up: Rich Asians selling and moving!
Aha baby,
Application process takes from 5 to 7 year to come to Canada.
Cancada is a dream for them to be here,they will move easly for few bucks?..
November 18th, 2007 at 10:34 pm
The Czech village that stood in for Kazakhstan was offended because they didn’t realize he was using them to create his stereotype.
Minor correction: it was a Gypsy village in Romania.
And my opinion: what they were really offended about was that they had been suckered into being paid peanuts to appear in a hit movie. I don’t think they gave a rat’s behind about any purported damage to anyone’s image, whether “Kazakhs” or their own for that matter. I say this as someone who has visited Romania.
November 18th, 2007 at 10:37 pm
thumbsup,
dude, what are you saying? of course the americans who are buying are saying they have confidence in the bc r/e. it wouldn’t be logic if they didn’t say that. hellloooooo!!!!
what did you expect them to say? i bought because i have no confidence in the market!
November 18th, 2007 at 10:38 pm
thumbsup,
dude, what are you saying? of course the americans who are buying are saying they have confidence in the bc r/e. it wouldn’t be logic if they didn’t say that. hellloooooo!!!!
what did you expect them to say? i bought because i have no confidence in the market!
November 18th, 2007 at 10:38 pm
Next up: Rich Asians selling and moving!
You just thought this one up?
That line’s been around since 1980 or so, and we’ve seen one major crash and another bear market since then.
November 18th, 2007 at 10:45 pm
K,
You back buddy nice to see ya,so how do you feel Vancouver is up by another 10.
About American buying tick tock was in sense,if there was no news about buying.
November 19th, 2007 at 6:17 am
“hat line’s been around since 1980 or so, and we’ve seen one major crash and another bear market since then.”
Yeh I remember that well everywhere you looked there were Japanese” asians, bus loads of tourists from there as well. Pretty soon their inflation will climb outa site, unless they let the Yuan float, before they do that they will want to liquidate to get as much as possible. Also imagine UBC is getting really expensive for them as they depreciate against Cdn! Currency control, always has led to a disaster for all economies, Russia, Mexico to name a couple!
November 19th, 2007 at 6:52 am
Minor correction: it was a Gypsy village in Romania.
And my opinion: what they were really offended about was that they had been suckered into being paid peanuts to appear in a hit movie. I don’t think they gave a rat’s behind about any purported damage to anyone’s image,
I stand corrected. As for reason for being offended, I think it may be a bit of both. From an online article (too lazy for tinyurl):
“Mr Tudorache, a deeply religious grandfather who lost his arm in an accident, was one of those who feels most humiliated. For one scene, a rubber sex toy in the shape of a fist was attached to the stump of his missing arm – but he had no idea what it was.
Only when The Mail on Sunday visited him did he find out. He said he was ashamed, confessing that he only agreed to be filmed because he hoped to top up his £70-a-month salary – although in the end he was paid just £3. ”
November 19th, 2007 at 6:57 am
Patriotz and thumbsup:
I meant Rich Asians selling and moving AWAY FROM VAN! Sorry for the ambiguity.
November 19th, 2007 at 9:36 am
Is it just me or does anyone else get the impression that when prices are dropping at devastating rates we’ll be seeing messages from Satv saying things like:
“You see, the fact that things falling are proof they not bubble! Bubble float, brick drop. Housing situation therefore solid like brick!”
November 19th, 2007 at 10:40 am
Drachen,
I’m right there with you, buddy.
It won’t just be SatV though.
And is it me or does anyone else perceive a slight change in the coverage of the housing market? Quite a bit less exhuberant, and quite a lot more cautious….?
November 19th, 2007 at 1:27 pm
More on the San Marino
http://www.bclocalnews.com/gre.....94006.html
Lorrie Williams is a New West city councillor, and she didn’t even read her pre-sale contract. I wonder if she reads what she votes on?
She is well connected in the NDP so expect more opposition focus on condo rip-offs.
From the article:
She considers herself lucky because she can afford the added costs. But Williams worries about those who can barely afford to pay their condo mortgages.
“For those having to scrape together the money to pay for the mortgage, this will probably put them over the edge. They’ll have to walk away.â€
Those purchasing units will have difficulties selling them because of the high strata fee, said New Westminster MLA Chuck Puchmayr.
Along with NDP housing critic Diane Thorne, Puchmayr plans to speak about the San Marino situation in the Legislature, recommending changes to protect consumers.
“Developers would have to be bonded to make sure they can deliver at the cost they promised. There’s no way consumers should have to take all of the risk,†Puchmayr said.
November 19th, 2007 at 6:36 pm
Scullboy; “And is it me or does anyone else perceive a slight change in the coverage of the housing market? Quite a bit less exhuberant, and quite a lot more cautious….?” Yeh actually even thumbsuckersatv seems to be arguing more to persuade herself/himself..could SATV being having sleepless nights?
November 19th, 2007 at 7:01 pm
Scullboy,
Absolutely!! I’ve been following this via the Province (my wife’s not mine)for the last 12-18 months. I think the media is quite clearly distancing itself from this so that they are not culpable when it pops…a rather tough act since, they must be careful not to bite the hand that feeds them.
Actually, I’ve seen more articles arguing the bear case – such as the one today re: “Americans leaving…” and others which report things like: “Sales up, despite all predictions” …sort of “good news but heed the warning attached.
November 19th, 2007 at 8:22 pm
the rents at Spectrum are getting cheap, and they haven’t even opened all of the towers!
$1695 / 2br – New Spectacular Two Bed Room With Views!!!
——————————————————————————–
Reply to: see below
Date: 2007-11-18, 12:15PM PST
For rent is a bright spacious two bedroom and den in “Spectrum 1″ development located at 111 West Georgia Street,with open floor plan, floor to ceiling windows looking out GM Place,BC Stadium,Science World and water views.Kitchen with contempory Euro-style appliances, in Suite Laundry, one Parking in the building. NO pets and NO smoking. Please call Gloria at 604-307-5317.
This building is close to GM Place, BC Stadium,Costco,Tinseltown,Supermarket,
Skytrain Station,Library and Park.
The amenities include 80 foot indoor pool,whirlpool,steam room,sauna,full equipped exercise gym,social lounge with kitchen,playground,hollywood style theatre,meeting room,concierge and security.
November 19th, 2007 at 9:32 pm
Re: The San Marino strata fee hike
…condo owner Lorrie Williams said she didn’t read the purchase agreement…
“…I’m dismayed that a contract doesn’t seem to be a contract anymore,†she said. “You have to read the fine print…â€
Hellooo Lorrie, the fine print IS part of the contract.
November 19th, 2007 at 9:42 pm
Yeah Ultersman good shot.
November 19th, 2007 at 10:25 pm
$1695 / 2br – New Spectacular Two Bed Room With Views!!!
The wannabe gangster who posts as pwr_x5 claims that he rented his yet to be completed two bedroom condo in Whalley for $1400+. In light of the above, that must be complete BS.
November 19th, 2007 at 10:28 pm
(my wife’s not mine)
Whose is she then? I hope she’s not mine!
November 19th, 2007 at 10:53 pm
GOOD shot again and that makes a centuary for this friday.