Friday Free for All!
Its open topic time – here’s a few stories I’ve noticed this week:
-RBC: Vancouver prices at record unaffordability
-Metro Vancouver housing starts at highest level since 1993
-Vancouver house sales predicted to dip in 2008
-Affordability predicted to improve in Vancouver
-Victoria to grant individual realtors corporate status
-Calgary vacancies rise as housing market softens
-Canadians less confident about the economy
-Credit crunch dries up lending pool
-The bank most likely to walk into a sharp object
-US median house prices fall through 2007, first time in 40 years
What are you seeing out there? Post your news, links and anecdotes here!
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January 25th, 2008 at 1:07 am
Captain Obvious lands in Vancouver:
VANCOUVER — The biggest barrier to stabilizing the chaotic U.S. housing market is the oversupply of homes that cash-strapped builders are flogging at rock-bottom prices, former Federal Reserve chairman Alan Greenspan says.
“If there were some kind of alchemy whereby we could pick up all these 300,000 units, that would stabilize the markets,” Mr. Greenspan told a Vancouver audience on Thursday. He was referring to the number of homes in the U.S. that were estimated to be under or near construction when the subprime mortgage market began to unravel.
Well gee Al, if someone were willing to pay me the same speaking fees you’re getting for spouting stuff like this, I could quit my day job.
The address, a question-and-answer session with Sherry Cooper, chief economist at BMO Nesbitt Burns Inc., marked his first public appearance since last week’s global market turmoil and Monday’s historic rate cut by the U.S. Federal Reserve Board.
Oh spare my beating heart.
January 25th, 2008 at 1:15 am
Around the nation
The APM figures indicate the median house price in Sydney increased 0.8 per cent in the December quarter to just over $553,000.
The median house price in Melbourne surged 9.4 per cent in the December quarter to more than $463,000.
The median house price in Brisbane rose 3.9 per cent in the December quarter to just over $425,000.
The median house price in Adelaide jumped 6.7 per cent in the December quarter to almost $401,000.
The median house price in Canberra jumped 6.7 per cent in the December quarter to almost $507,000.
The median house price in Perth slipped 0.4 per cent in the December quarter to just under $509,000.
The median house price in Darwin rose 5.1 per cent in the December quarter to just under $444,000.
January 25th, 2008 at 1:29 am
Over half the population of Oz lives in these cities. Didn’t you get a bit tetchy when I said the average (or median if you will) house price in Oz is higher than in Canada and the US?
But they’re not making any more land in Australia you know.
January 25th, 2008 at 9:54 am
The Province today had an article: “Affordibility at 17-year low”. I guess the thing I found interesting is that unlike Province RE articles of the past, I found it easier to read – no cheerleading and bullish tone, instead, I believe, a subtle warning to those thinking of entering the market. Foe instance, this quote:
“In B.C. a staggering 70.8% of income is required to own a standard two storey home, campared to the national average of 47.4%, Vancouver is particularily expensive with a standard two storey home requiring 75.2%”
I take that as a warning from this pumper paper of the past that things are way out of whack.
January 25th, 2008 at 9:57 am
Revised Swirlyman edition of the CTV.ca article:
Buying a house will become a hell of a lot harder in 2008, according to Swirlyman.
Canadians in the market for a new home will likely be harmed by dropping interest rates. Just this week, the Bank of Canada cut its key rate by one-quarter of a percentage point Tuesday.
Derek Holt, assistant chief economist at RBC, says he expects consumers will benefit as longer-term mortgage rates come down. He added that central banks will probably lower interest rates further — perhaps by a full percentage point — and that should make short-term mortgages more affordable.
Swirlyman, who avoided brain-damaging economics courses entirely, expects existing homeowners whose mortgages are soon coming up for renewal, may find some relief that their new payments won’t be as high as they thought they would be. However, consumers looking to buy this year will see continued price increases as more affordable mortgages will bring back bidding wars.
January 25th, 2008 at 11:51 am
http://www.cbc.ca/money/story/.....using.html
“People in Vancouver were identified as the most likely in the country to exceed the affordability standard, with 44 per cent of residents reporting doing so at least once during the three-year time frame.”
This compares to 28% across the country. No wonder people in Eastern and Central Canada think we’re insane.
January 25th, 2008 at 1:40 pm
http://www.cbc.ca/canada/briti.....owers.html
“Improvements, including replacing the stadium’s Teflon roof, could be paid for by allowing development on other corporation lands currently used as parking lots surrounding the building, Podmore said on Friday.”
Please…no more condos downtown, I’m feeling claustrophobic as it is!
January 25th, 2008 at 4:36 pm
Why did Calgary have such a quick up and down whereas in Vancouver it has been long and drawn out? Any ideas?
January 25th, 2008 at 5:45 pm
“Why did Calgary have such a quick up and down whereas in Vancouver it has been long and drawn out? Any ideas?” because Calgary is basically a local market, which on one hand is positive for Vancouver and on the other hand negative. By that I mean a foreign economy likely China will decide when Vancouver crashes or booms. Calgary is strictly the commodities market as it applies to Calgary; thats it! Nobody buys in Calgary to escape unstable countries, they buy in Vancouver. Sounds good right? I think it stinks cause a foreign economy will totally decide Vancouvers future, the residents here will have little to say about it except yes sir!
January 25th, 2008 at 6:21 pm
Nobody buys in Calgary to escape unstable countries, they buy in Vancouver.
or Toronto, or Montreal, or New York, or Chicago, or Seattle, or Madrid, or Lisbon, or etc etc.
January 25th, 2008 at 7:40 pm
Exactly. Like foreigners don’t buy anywhere else in the world? This is just part of Vancouver’s “best place on earth” conceit. It’s the locals who are driving up prices, just like in 1980.
As for Calgary:
1. Everyone knows people only live in Calgary for the jobs, so the non-quantitative arguments for high RE prices don’t have the following that they do in Vancouver.
2. The big runup in oil prices started in 2004. Fundamentals were part of the housing runup. There really was a big influx of people into Alberta and an increase in incomes and rents. But the price increase started outrunning the fundamentals – i.e. a bubble.
3. High elasticity of supply. Unlimited amount of land for development at low marginal cost. And people know this. Nobody believes “we’re running out of land”.
January 25th, 2008 at 9:42 pm
Why here and not Calgary? Easy, 3 letters.
P
o
t
Everyone is so stoned all the time they can’t think straight.
Well maybe not, but it makes more sense than some of the crap I hear.
January 25th, 2008 at 10:12 pm
Comment by patriotz
Thats 30% so me don’t wanna hear anymore about foreign investment anywhere in Canada cause it just don’t rate!
“Exactly. Like foreigners don’t buy anywhere else in the world? This is just part of Vancouver’s “best place on earth” conceit. It’s the locals who are driving up prices, just like in 1980.” Get a life you guys read before you yap I said foreigners don’t buy in Calgary as they don’t buy in Detroit as they don’t buy in Chicago. Do I mean a few individuals? No I mean where their is a sizeable percentage of foreign non resident owners. Actually tuk toe yuk tuc has far more foreign investors than Vancouver, New York, Paris, and Los Angeles combined, one out of the three residents is foreign!
January 26th, 2008 at 12:49 am
Banks ‘face a further $300bn sub-prime hit’
By Philip Aldrick
Last Updated: 11:03am GMT 25/01/2008
The world’s financial institutions will have to write down a further $300bn (£152bn) of US sub-prime losses before the crisis is over, according to a study by consulting firm Oliver Wyman.
“We expect a stormy 2008,” Oliver Wyman said in its State of the Financial Services Industry report.
“While governments, central banks and regulators scramble to address the aftermath of the sub-prime fallout, several other crises are mounting.”
Tumbling property prices – especially in the UK and Spain – a weakening dollar, a possible collapse in commodity prices, and a fall in Chinese and Indian stocks will “disrupt” the global economy, the report claimed.
Banks are already coming off one of the worst trading periods in memory, with shares across the industry plummeting 40pc in the past six months.
Oliver Wyman has estimated that financial services companies have already taken a $300bn hit on their sub-prime exposure.
January 26th, 2008 at 8:55 am
Swirlyman,
I will be continue login to your network for spicy and krispy news.
The best thing in the this friday free for all is we have “lots of link here to support the future growth while otherside is big messy ground for trouble shooting”.
No where to run because there is nothing to replace our own city the worlds best.
*Investor from with in provinces of Canada,America and Overseas are buying in Vancouver.*There is no mortgage problem here as *real estate is poised to *virtually never go down.*Consistently ranked in the top cities of the world.*Future olympics city,Very limited *’land mass’everyone have desire to live here and watch rain in *’High Defination’ on *I-MAX original screen.*No down turn in site for decades to come.Vancouver B.C with *more slot to go UP in the *BEST PLACE ON EARTH*. http://www.bc150.gov.bc.ca
January 26th, 2008 at 9:18 am
Congratulations all you politicians for having assisted in achieving “Record Unaffordability” – yeap those Olympics sure were a great idea. I suppose you are all slapping each other on the back like corporate execs who have just driven their stock to record valuations.
Yeah, lots of entrepreners are going to come here during the Olympics and want to set up their new buisness here because of the beauty of the place. However, they will never be able to attract the young talent they require to a city with “record unaffordibility” – too bad.
January 26th, 2008 at 9:32 am
Here’s a new word for your extremely limited vocabulary: “C-Y-C-L-I-C-A-L” , as in, the Real estate market is “cyclical”
January 26th, 2008 at 10:04 am
lots of link here to support the future growth
yeah satv/k
growth:
meth labs
grow ops
foreclosures
inane comments in the blogoshere
keep it up buddy!
January 26th, 2008 at 10:30 am
My evening prayer…
Oh lord, please keep Vancouver RE appreciating at least 5% per year.
If you do not, all my friends with negative cash flow condos will realize no good investment.
This will much increase supply on the market, and what little economics I understand, I think prices may no longer go up, and – heaven forbid – may even come down!
Please make market ignore fact of “Record Unaffordibility”. If necessary, please make BoC lower rates for ever to keep party going – negative interest rates if necessary – people would really enjoy
Thank you lord.
January 26th, 2008 at 10:32 am
Meant to say this was Krrish’s prayer
January 26th, 2008 at 12:42 pm
Krissh, considering you ran, not walked, away from yesterdays topic claiming to be out of time and not answering any of the questions ,that’d been presented, what are you thinking pulling the same crap in a new thread?
January 26th, 2008 at 5:27 pm
And what is the current median home price for the region? How about $425,000. Prices are currently trending lower from the $500,000 peak that was reached for the region. The question that exists for many is will prices come back down to inflation adjusted prices? That is yet to be seen but the trend is definitely pointed toward this.
January 26th, 2008 at 8:39 pm
Btk,
No,I think I did all of them as you have mention this ‘RYVC’that was effected by recesion so I have already answer on recession which is insurance etc.and just one part perticular hit does not mean you can stop the wheel of confidence while other parts are working properly.
if you need an answer to specific point just put question only do not include comment otherwise response consume too much time no body can right a book in thread but yes if you are not satisfy with answer you have to explain that from your point of view oneway is not good then we can fight into right direction.sorry again outatime……might be able to answer tomo…
btw
Blueskies there is big support to keep it going so I will.
Generic poster,
Good prayer loving it
Generic Poster 2,you say’
Yeah, lots of entrepreners are going to come here during the Olympics and want to set up their new buisness here because of the beauty of the place. However, they will never be able to attract the young talent they require to a city with “record unaffordibility” – too bad.”
Me:Why do you let them buy before you? I am almost in same shoes as yours but we can not change data point of view thanks.
Strataman,
Fear after fear after fear damn it,If you go to hospital with fear they might going to refuse to take you in because doctors don’t have cure for fear,I think i have to appoint some scientist for you.
Insurance premium:first of all that help you to pay your mortgage and other expenses.
From your premium logic you are talking about same theory of demand and supply which help increase the price of home so same thing over and over sorry if I miss something have a great dinner.
January 26th, 2008 at 9:38 pm
same theory of demand and supply which help increase the price
thus increased supply will increase demand
now why didn’t I see that?
January 26th, 2008 at 10:20 pm
krriish “From your premium logic you are talking about same theory of demand and supply which help increase the price of home so same thing over and over sorry if I miss something have a great dinner.” Yeh you missed something for instance you used to be able to get hurricane insurance in Florida until too many used it. Insurance companies do not like claims, for instance stratas that insure condos in Vancouver are finding their insurance cost doubling every year big bucks, because they are making claims. Example of premium increase, one 120 unit strata new building 3 years old has seen insurance premiums increase from $18,000 / amnnum to 83,000 / annum, with deductible rising from $9000 per claim to $30,000 per claim. Result is strata is raising maintenance fees by avg of 9% a year. Get it?
January 27th, 2008 at 8:28 am
Example of premium increase, one 120 unit strata new building 3 years old has seen insurance premiums increase from $18,000 / amnnum to 83,000 / annum, with deductible rising from $9000 per claim to $30,000 per claim. Result is strata is raising maintenance fees by avg of 9% a year. Get it?
Strataman,
Actually you have put the PUCK on position where I just need to scoop my stick to put it in defenseless goal.
18-83 in 3year yeah what about the cost change of parcel,envelop in three year? and cost change of labour and construction matterial?. so you are looking at the increase/is legitimate.
If you buy Canadian or American car insurance is cheap than buying a Japanese because those are made with expensive matterial and there is import duties.
I mean to say matterial cost,construction cost and import duties play vital role.Three year back insurance company was agree to fix your building at the cost of 18000 a premium which suit their marketing strategy what would have cost them than to fix your building. this time the premium of 83000 will be charged because the cost of relevent things have been changed in three year.
I know things are getting expensive that way what those are legitmate and I have score a GOAL! here still you can write a feed back.
January 27th, 2008 at 8:45 am
Wow, Krrish, are you actually trying to say that there has been 460% inflation in 3 years?
Funny but I didn’t notice bread at $20 last time I was at the grocery store.
Even *IF* your hypothesis were correct it would totally undercut everything you’ve been saying about housing because in your bizarro world housing would not be keeping pace with inflation.
In summation, foot fungus knows more about financial matters than you do.
January 27th, 2008 at 9:21 am
“I know things are getting expensive that way what those are legitmate and I have score a GOAL! here still you can write a feed back.” I will find you the perfect car from a driver thats had lots of accidents and will be able to prove he pays 500% insurance. That way krrish you will have the most expensive valuable car in Vancouver!
Now I am going to talk to my dog for awhile I need to know that ever living thing is smarter then you.After the dog then maybe an earthworm. That way I know evolution had nothing to do with your creation! 
January 27th, 2008 at 9:21 am
Funny but I didn’t notice bread at $20 last time I was at the grocery store.
Because store owner pay from their pocket to bring you in store.If all people replace their breakfast,lunch and dinners then for sure grocery chain can smell what drachen is cooking so bread could go up to $30 instead of $20.
January 27th, 2008 at 9:24 am
Strataman,
If some one don’t pay you for your service you provide through your carring cost your bussiness will be #### very simple…….
January 27th, 2008 at 11:10 am
So the median house price averaged across the entire US dropped for the whole year, likely the first time thats happened since the great depression. Thats amazing. How much longer are prices going to drop? It seems the consensus is that they’re a way off from the bottom of the market. I wonder how long Vancouver prices will fall for once they start to go?
January 27th, 2008 at 11:11 am
Why do you guys debate with someone who can’t construct a logical thought, let alone a logical sentence?
January 27th, 2008 at 11:18 am
Interesting story patiently waiting linked to – Funny how everything that CMHC has done to ‘improve’ affordability – zero down, 40 year mortgages, etc – has just made it worse, encouraging speculation and putting a lot of
suckersbuyers at risk of default or foreclosure in the event of a market down turn.Of course they wont be held accountable because ‘no one could see it coming’.
January 27th, 2008 at 11:19 am
Since this is a open topic thread I’d just like to add: Nice blog! I’ve lurked for a while, thought I’d join in. Good to know I’m not the only one who thinks buyers in Vancouver have gone mad.
January 27th, 2008 at 12:09 pm
out for breakfast this morning and over heard a bit of conversation at the table beside me which included “….and my real estate agent said I’d be able to flip it for…..” which goes to show that Krrrsh is still not the only moron out there. Not only did this guy still believe that we are at the flipping stage of the market cycle, he seemed to have trusted what his real estate agent told him.
January 27th, 2008 at 1:12 pm
“Why do you guys debate with someone who can’t construct a logical thought, let alone a logical sentence?”
I’ll second that. I hate to resort to the ad hominem passive-aggressive attack, but if you ignore him, maybe he’ll just go away.
January 27th, 2008 at 1:34 pm
zeema,
I had my WTF moment about two years ago (when I noticed known leaky condos selling like hotcakes). Since then, I’ve gone from being angry to becoming amazed. Its time to take the popcorn out of the microwave, grab a few handfuls, and watch the disaster unfold. If you want a glimpse of our future, check out http://thehousingbubbleblog.com
January 27th, 2008 at 1:54 pm
Re-diculous
If I were not the kind of person to go out and look at what’s happening in other places and listened only to the local MSM I’d be thinking that get in while you still can would be true.
The fact is that the local market has continued to rise despite what the bears believe it should do. Cranes fill the sky, places keep selling out and were having our big debutant ball in just a few years.
You hear of people making more money selling one property than you could save in years and years of prudent saving and the Television is full of make over home/flipping shows. It adds up to an ambience of a market that can only go up and that real estate is the easy way for the average person to accumulate wealth.
In a book by Nassim Nicholas Taleb there is a graph of a turkeys life that grows in a linear fashion as the bird ages right up till thanksgiving where it drops to 0. The day before thanksgiving one would expect that the next days growth will be consistant with the past……. but it’s not.
January 27th, 2008 at 2:23 pm
Thanks for that. About half way down the first article -The Party’s kinda over in California- it mentioned that foreigners, including Canadians, are scouring the San Francisco market for bargains – which makes sense. What I wonder is when is the “SMART” speculative RE-investor going to cash out of “over-priced, record-unaffordable” Vancouver and put his money into more reasonably valued markets? Surely they wouldn’t be “SMART” to all wait till the eve of the winter party in 2010?
January 27th, 2008 at 2:29 pm
Why all the recent facsination with California? Just because prices go down somewhere else doesn’t mean it will happen here. Sorry to tell you, but this aint California and no one would mistake it for California. We don’t have the gang crime, traffic problems and wildfires that they always seem to have. Our economy is strong and we’ve got lots of demand.
January 27th, 2008 at 2:49 pm
Oh poor Dosh….there’s a concept, kind of revolutionary, and it goes something like this: “Buy low, sell high”. The fasination with California is that from a RE -investor perspective, Vancouver is over-valued, and California is becoming better value with time.
January 27th, 2008 at 4:44 pm
we’ve got lots of demand.
speculator demand can disappear overnight
some buildings are 50% speculators
whom will they flip to?
January 27th, 2008 at 4:54 pm
“We don’t have the gang crime, traffic problems and wildfires that they always seem to have. Our economy is strong and we’ve got lots of demand.”
No, you have 27/7 rain over winter, chronic house and car break-in’s, and lame wages compared to down south. Your economy leans very heavily on exports to the US and the construction industry.
Like it or not, you will be brought down by the US (all of us will). Canada’s always late to the party, but that train’s a comin’.
January 27th, 2008 at 5:11 pm
Dosh: “Why all the recent facsination with California? Just because prices go down somewhere else doesn’t mean it will happen here. Sorry to tell you, but this aint California and no one would mistake it for California. We don’t have the gang crime, traffic problems and wildfires that they always seem to have. Our economy is strong and we’ve got lots of demand”
Let me paraphrase and extrapolate, if I may: Crime, traffic congestion and wildfires didn’t prevent huge RE price increases in California. Somehow, they can help explain why prices eventually were able to fall, however. Furthermore, since traffic here’s a breeze, we have no gangs, and the weather’s great, we have nothing to worry about. Finally, there’s no need to even consider things like the quality of demand here or what much of our economy is based on.
Did I get that right?
January 27th, 2008 at 5:14 pm
US house prices will probably not bottom before 2012.
Given BC’s dependence on US consumer spending and housebuilding, BC house prices will not start any recovery before US house prices do.
January 27th, 2008 at 5:23 pm
Dosh:
“Just because prices go down somewhere else doesn’t mean it will happen here.”
Not ‘somewhere’ else. EVERYWHERE else.
January 27th, 2008 at 6:36 pm
“Look at me: If I could buy a first home, you can, too”
http://tinyurl.com/28f9sl
Once again a serious question of affordability get played as “too high” expectations on the part of prospective buyers with another non bias opinion in the MSM.
January 27th, 2008 at 6:42 pm
prairedog “but if you ignore him, maybe he’ll just go away.” Maybe but have you ever been around horseflies?
But your right I gave the same advice to scullboy! 
January 27th, 2008 at 7:32 pm
GOLD GOING TO $6,250.00 AN OUNCE?
January 27th, 2008 at 7:43 pm
I skipped to the end of the article to discover this about the author:
Peter Simpson is chief executive officer of the Greater Vancouver Home Builders’ Association
I think that’s all anyone needs to know.
January 27th, 2008 at 7:44 pm
Jadeeast:
He’s not even a reporter. It is so disappointing to me that newspapers, even ones so low class as the Sun sell out like that. I guess if you spend more than a certain dollar figure you’re entitled to write your own self serving crap and package it up as if it’s unbiased…
January 27th, 2008 at 8:23 pm
I skipped to the end of the article to discover this about the author:
Peter Simpson is chief executive officer of the Greater Vancouver Home Builders’ Association
scullboy – that made me snort like nothing has for a while. Maybe it was the Rigamarole Red.
January 27th, 2008 at 8:30 pm
THE TRUTH IS OUT THERE !!
January 27th, 2008 at 8:31 pm
yeah if you play with the troll your hands will get all icky and goopy…..
January 27th, 2008 at 8:38 pm
Jadeeast, good find but that article/sales pitch was an irritating read. I wonder how it would have changed had he bought his first house at the early eighties peak right before the crash?
January 27th, 2008 at 8:40 pm
And why the hell are the newspapers running sales pitches to ‘just buy’ written by builders. Bunch of greedy f**ks, I feel sorry for first time buyers today.
January 27th, 2008 at 8:48 pm
Raandalblog- $6250 an ounce? Oh yes, most definately. In the year 2525.
January 27th, 2008 at 8:54 pm
MR:
yet another drive by cut and paste gold bug pump?!
your credibility is smaller than this period.
January 27th, 2008 at 9:09 pm
Hey raaaaaaaaandle. Did you know the moon is made of solid gold? And moon-gold is worth 8 bazillion earth dollars per gram! You should go there and check it out! Next year it will be worth 200 trizillion earth dollars per imaginary moon unit! Thats an infinate amount of appreciation in just one year! Buy now! Buy High! (are you high?)
January 27th, 2008 at 9:11 pm
So they’re predicting affordabilty will improve in the vancouver housing market in 2008? Great! I guess its either that or it gets worse. 50/50 chance of being right!
January 27th, 2008 at 9:42 pm
Krrish is like herpes.
Even if you’re good he won’t go away
January 27th, 2008 at 9:47 pm
Peter Simpson’s job is to be an advocate for the home building industry so I can understand why he positions his argument the way he does. It’s a pretty sad argument though. Essentially he blames the victim. “Can’t afford? Must be because you’re not working hard enough?”
I’m super frugal and have more education and more work experience than my parents ever did it my age. I’m doing what Peter says I should do — working hard and spending smart — yet I have no chance in this market. Same story for a lot of my friends.
I hate to speak broadly but I get the sense that Vancouver’s boomers don’t understand the burden faced by young people now.
January 27th, 2008 at 10:04 pm
With large bag of popcorn this is very interesting too see that bears don’t even realize their dream which is OVER.
The damn Interesting part is that the defeated medaks(strataman shame on you man you have cross the mother fuc#ing limit you idiot @60) are still jumping.Rediculas is that your orignal name? you son of Bi#ch take your sis back.
January 27th, 2008 at 10:20 pm
You’re losing it Krrish! – haven’t a clue WTF you’re trying say, but perhaps I’m the fool for even giving a damn.
January 27th, 2008 at 10:23 pm
yes and hiding your name also yeah cheer up loser cheer up.
January 28th, 2008 at 12:29 am
They’ll get the message when it comes time to sell their houses – due to downsizing, financial needs, or lifestyle issues – and they find out that they can only sell them for what young people can afford to buy.
Oh BTW, the people who are just sitting in their houses and feeling smug are not responsible for the high prices. It’s the people who are buying. A seller cannot sell his house for more than a buyer is willing to pay for it. Just say no.
January 28th, 2008 at 2:00 am
“Today, first-time buyers face more challenges, but they also have more opportunities and choice.”
This line was placed in the middle of the Simpson article. I kept going back to it, trying to figure out what it meant. Nothing that he wrote backed up his claim of “more opportunities and choice”. I guess he is just another clueless boomer.
Simpson is clearly worried about first time buyers. It doesn’t matter what he says, once the speculators get spooked, the FTBs will need a massive drop in prices to start buying. Local builders are going to go under.
January 28th, 2008 at 6:53 am
Solipsist:
I like to think I have that effect on people.
Incidentally I don’t believe he had a 6 pack in the 70s either.
January 28th, 2008 at 6:54 am
Dude,
Whatever they have you on, either boost the dose or cut it in half.
January 28th, 2008 at 6:59 am
Hey, is a medak like a Dalek or something? Wow, THAT would be cool! I can just see Krrish waving his arms around screaming “APPRECIATE! APPRECIATE! VANCOUVER PRICES WILL NEVER DROP”
January 28th, 2008 at 7:03 am
Krrish,
What you don’t seem to understand is that it’s about supply and demand. In order for the market to work, new people need to be able to enter it. Eventually Vancouver will run out of people who can horse trade by selling their old places and buying new ones, unless there are new buyers available.
Even if you think Vancouver is “the best place on earth”, it isn’t the ONLY place on earth. If people can no longer afford to enter the market here, they have options. They can either spend their lives renting, or they can leave.
And trust honey, leave they will. Van’s nice but right now housing prices are damaging the city.
Oh jeez. WHy am I arguing with a Dalek?
January 28th, 2008 at 8:37 am
Krrish, you don’t seem your normal chipper, bullish self, in fact I sense an edge in your tone I have not seen before. Are you getting a little stressed because reality is settling in?
January 28th, 2008 at 8:46 am
The only thing that surprises more than the ridiculous RE market in Vancouver is that posters here continue to argue with half wits like kkkrish/satv and dosh. These people have absolutely no clue what is going in the world beyond their warehouse/longshoreman/construction jobs and what they see on the local news. The frightening thing is they are not a minority in this town.
January 28th, 2008 at 9:02 am
Since Krissh was too overwhelmed yesterday, and has asked for questions only. Here are 4 questions.
It’ll be interesting to see if you can answer them or just repeat your ridiculous gibberish.
1.There are condo units that’re about 14 years old that need envelope work downtown right now.
Are these still a great investment Krisshh? Are the “wiseman” lining up to buy them?
2.If no, does that mean only new units appreciate?
If only new units appreciate, won’t these new units be ten years old in ten years? Are you saying that we should only be buying new units?
3.To you supply and demand means nothing because past performance has been good, don’t you understand how dumb that makes you look?
4.Do you understand what happens to consumer confidence when there is a recession?
January 28th, 2008 at 10:21 am
1.There are condo units that’re about 14 years old that need envelope work downtown right now.
Are these still a great investment Krisshh? Are the “wiseman” lining up to buy them?
YES that is great investment I have answer that before I am going to repeat for your satisfaction.
1.First of all you can get entery in the heart of downtown for cheap price.
2.This building will be assessed with upto date price because of the new matterial and construction cost as explained on last page.
3.On strata minute there will be no defect for future buyer,I have advice you if there is fear of leak is equal to yours, you can measure the strength of fear by accessing mls listing. do you know what is that?
Simple Understanding:There is a huge diffrent between 32 year old enevelop and recent enevelop.
4.If your building does not carry 2/5/10 warranty still there is a Insurance other than 2-5-10 or 2-10-10 even in the old buildings that’s what you need to check before you buy, if there is any individual leak to the unit no matter what that cost to fix your unit/ will be fix without having you pay anything,On over all problem to the building ,some part of the insurance will be use to fix anything reamaining part will be share by all owners.
For the example above by starataman where maintaince fee increased by 9% in last three year means $9 per 100 for individuals.
For you partial question” Are the “wiseman” lining up to buy them?”
No,wisemen does not lineup wisemen like to rent so they can lineup to rent leaky condo but can not line up to buy new or old and they usually like to scare other people.NEXT QUESTION.
2.If no, does that mean only new units appreciate?
If only new units appreciate, won’t these new units be ten years old in ten years? Are you saying that we should only be buying new units?
All units appreciate despite leak or new assessed value have nothing to do with leak assessements are meant to measure Land Value and Building Structure that’s why when you do your Individual Interior or Enevelop you can notify the city or eveluation personals they will measure your stuff through their looks,age and or through receipt and year of renovation.
For example if you have spend $10,000 to change your counter top or appliances your unit will cost $10,000 more than your neighbour with same old stuff.next question.
3.To you supply and demand means nothing because past performance has been good, don’t you understand how dumb that makes you look?
Supply and demand is a main source that’s why I repeat too often who and who is buying,how many more are coming etc,the confusion is some new poster get confuse by reading brand new comments by the way oppps just forget it,Ok even in this thread I have explain that theory of demand and supply when premium goes higher to stress the carrying cost of any bussiness,than next to drachen where bread prices goes up to $30 it is possible but that looks awkward actualyy drachen shouldn’t be comparing bread with construction cost in housing sector but otherwise if all people replace their 3 time meal with bread $30 per bread is possible.
For example why water is cheap than fuel?. the thing is bread is meant to serve all sector of socaity, so people won’t die with hunger,even poor people can easly fill up their tummy with bread.
4.Do you understand what happens to consumer confidence when there is a recession?
Nothing much because if the country is in recession it’s depend on what part of the economy is being hit this is just a fear you know why?.
1.If some Industries dies or people loss their job that’s a nature of life and nature of bussiness.how ever world is most advance you can still have shelter and food because of socail structure and government system. rest is a nature of all bussiness and our buying habbits are meant to keep those things in mind in advance.
As I have mention earlier we can not write a book most of time is a hint poised to go up or down so what you need to check is referances through your own source. you can pick up a breif discription then talk to related institution, firm or what ever for example.
1.first of all you can search that building number in mls system.
2.you can contact the management
3.You can contact the insurance company what product of insurance they do offers.
4.anyway if there is still more just put it in or reverse perticular points.If you miss your stuff some how in any thread goto next post say O.T.then post anything anywhere.
Sorry I am might getting late for work I will pick up any rebound tonight actually my breakfast time has been lost.
January 28th, 2008 at 10:57 am
Did I miss something, why is Krrish so upset? Did he just get assessed and find out that his ‘investment’ isn’t appreciating the way the thought it would be?
And Krrish, you calling Strataman an idiot is like an ant calling an elephant small. You’re beyond simple. Most people with your intelligence live in special homes or require assistance to function properly. Can you even tie your own shoes? Does the government subsidize your pay so that you can do ‘meaningful’ work?
January 28th, 2008 at 11:54 am
Arguing with Krrish is kind of like throwing rocks at old people. You know you aren’t supposed to do it, but it’s still lots of fun.
January 28th, 2008 at 12:30 pm
This is an interesting thread on RET which happens to cover one condo development, it is something to see the change from anxious happy buyers waiting to move in, change to people disgusted with the quality, and defeciencies of there “Brand New Condo’s”. Imagine buying a new car and having to hire your own body shop, upholstery, repairmen, and interior finisher the day you drive it off the lot. Would anybody actually do that? Well apparently if you pay top dollar for a new condo that is par for the course. This is “rational buying”?
http://tinyurl.com/2awfss
January 28th, 2008 at 1:24 pm
I read that 60 Minutes had an article about the sub-prime meltdown. One commentator said that 60 Minutes has now virtually legitimised people walking away when faced with the foreclosure scenario. Did anybody see this?
January 28th, 2008 at 1:27 pm
OMG what a bunch of whiners. What did they expect? The same story has played out in nearly every new development in the city. I guess it’s a good thing we have krrish around here, sometimes I forget how stupid people can be without him to remind me.
January 28th, 2008 at 1:34 pm
On top of the expense, buying a new condo, is so much work and stress.
ho hum
My landlord is outside shoveling the snow. Maybe I should make him a cup of Ovaltine.
January 28th, 2008 at 1:47 pm
“One commentator said that 60 Minutes has now virtually legitimised people walking away when faced with the foreclosure scenario.”
Walking away IS a legitimate and legal option for many. In fact “walking away” is a tactic used everyday in the investment world so why is it so egregious when a homeowner does it? The consequences consist of a horrible credit rating for some years. “Whatever,” say many homeowners who don’t and never did mind renting forever. So who was really stupid in this whole mess?
January 28th, 2008 at 1:52 pm
“My landlord is outside shoveling the snow. Maybe I should make him a cup of Ovaltine.”
You should. He might not raise your rent this year
January 28th, 2008 at 3:11 pm
I agree, but I think that responding to trolls just reinforces their behaviour. The problem is a significant number of the comments are either by a troll or responses to the troll. It makes the blog a bit less worthwhile to read when you have to wade through all the satv BS. I admit that I have contributed to the feeding of the troll but I am abstaining from here on.
January 29th, 2008 at 10:42 am
Ever try to sell a leaky condo that has been fixed? Takes a long time….a lot of stigmatism attached to “leaky” in the minutes. If your condo has been through a restoration, you have to state so on the disclosure.
Krrsh, you should buy a leaky condo, pay for the repairs which will go above estimate and try to sell it at a profit later. Let me know how you make out.
January 29th, 2008 at 10:46 am
“Do you understand what happens to consumer confidence when there is a recession?”
“Nothing much because if the country is in recession it’s depend on what part of the economy is being hit this is just a fear you know why?.
1.If some Industries dies or people loss their job that’s a nature of life and nature of bussiness.how ever world is most advance you can still have shelter and food because of socail structure and government system. rest is a nature of all bussiness and our buying habbits are meant to keep those things in mind in advance.”
Given your answer you must be in your early twenties.
January 29th, 2008 at 9:36 pm
“I haven’t done all of the math but I can tell you from experience that anyone who bought gold is 2002, and likewise sold the US dollar short that same year, is a lot wealthier in real terms than any of their friends who chose a different investment alternative.”
January 29th, 2008 at 9:59 pm
Given your answer you must be in your early twenties.
Generic Poster,
there is no recession here right now still you can lose your job tomorrow may be not.
Any Industry can go out of bussiness tomorrow may be not
May be I will die tomorrow but if I survive how to spend the rest of my life or your life that’s big question.
If there is a recession it doesn’t matter if you are a home owner or tenant that will effect both equally in case of total economy collapse.
Question is who is going to lose job owner or tenant? and who can keep up the monthly payments home owner or tenant?
So what is big deal here?
you say”Given your answer you must be in your early twenties.”
that is not the right way to answer you must post your own opinion.
From the leaky condo BTK need to know if that is good to buy?but in this case he already know that condo is leaky.
After the repair I said there will be no defect to show in minutes got it.
February 1st, 2008 at 6:50 am
“After the repair I said there will be no defect to show in minutes got it.”
Sure….after the repair…..minutes will reflect PST refunds due to the restoration, any unresolved billings, etc. If you think once the restoration is finished and the problem never gets mentioned again in the minutes two or more years later your sadly mistaken.
Reread my post, I said If your condo has been through a restoration, you have to state so on the disclosure.
You have to state on your disclosure form your condo has been through a restoration, no matter how long ago the restoration took place. If you don’t you can get sued.
Know what a disclosure form is?
February 1st, 2008 at 6:59 am
Given your answer you must be in your early twenties.”
that is not the right way to answer you must post your own opinion
LOL…You will never tell anyone on this blog how old you are, but people can tell by what you write.
February 1st, 2008 at 7:53 am
Do you have any girl friend? does she #### every month? if you can manage her life time and lick the same spot over and over than what is your problem?.You are not getting the specific point.
Foreclosure statement will show restoration but the enevelop has been replaced what would be the current status of the building? what would be the assessment value going to show up every january?.
Point above I am not yelling just it is the way argument is.BM
February 1st, 2008 at 9:59 am
I don’t think it is me not getting the point and your way off topic by being crude to the point of showing your age again.
There is a stigmatism to selling a leaky condo period whether this is revealed in the minutes or on the property disclosure. Some leaky condos will eventually leak again over time due to bad original architectural design. People are aware bad building design and leaky condo syndrome and are still fearful of buying them.
But…hey, if you think I don’t know anything about selling a leaky condo and your an expert at everything. Good luck with that.
February 1st, 2008 at 11:03 am
Regarding the property disclosure form, it can’t really be relied on– if a buyer relied on the property disclosure and then later tried to sue the seller for something that the buyer could have found out from other sources, or that the seller may not have understood, the courts won’t (and haven’t) granted relief.
February 1st, 2008 at 11:07 am
Your point stay as your I have no intention to deny them,you are right,you are correct but does not reflect the idea and view point,your point does not collide with my answer.I am not going back to explain but farther.
1.There is no problem in buying and selling leaky condo.
2.there is no problem in getting appreciation on new or old
3.there is no abandon building in the city because of leak all are occupied.
4.One of my friend bought a condo in 97, 615 sq.ft. for $64.000 later it start leaking so far he has paid total of $4,000 from his share, his maintance fee gone up by $27 in 8 year and current market value of the unit is $250.000.
5.I am not a realtor so I don’t sell any leaky condo.
February 1st, 2008 at 8:32 pm
Since your friend has not sold his repaired leaky condo yet, you can not say whether or not he would have trouble selling or not. Of course, no leaky condos are abandon, owners either rent out the unit or still live there if they can’t sell it.
Sold a repaired leaky condo that was totally renovated and the inside looked like a show home. It took 4 months to sell in 2005 it was not overpriced as it sold very close to asking. 2005 was a very “hot” market, places sold within hours to a few days. Seems people are still allergic to buying repaired leaky condos, that is my point.
Your repaired leaky condo will appreciate in value, but finding a buyer who is willing to buy a repaired leaky condo is a little tougher than most sellers think.
February 1st, 2008 at 8:50 pm
M,
It really depends on if the realtor and seller were covering up a known problem on the disclosure form and not revealing it to the buyer.
Sellers have to disclose water/leaky problems, grow ops and even if someone died in the house (more recently) Realtors and sellers alike have been sued for covering up known problems, like leaky condos in the past.
February 1st, 2008 at 8:52 pm
A lot of buyers think they can “low ball” a repaired leaky condo, because they know the stigmatism attached to leaky condo.
February 1st, 2008 at 8:54 pm
Or repaired leaky condo too.
February 2nd, 2008 at 8:28 am
Very good generic poster,
Finally you have put some contents in the thread,if you look in the genuine answer to BTK you can see I have mention the fact to check for refrances.
So your new merging point actually confirm that answer is right what you got here is more info. that’s what people come here to check contents about perticulars and the rest.
you say”you can not say whether or not he would have trouble selling or not”
I have talk to my friend about it he goes there are more than 80 units in the building he did not see people rushing to sell however he did notice 3 listing in 2005 those were sold,3 in 2006 those were sold,4 listing in 2007 those were sold.there are currently 2 listing one from december and one of them is just listed.
Over all why some one have to sell it for money while you are getting peace of mind with low maintenance fee and stability to rock your life and he got no plan to sell it for the rest of his life.
Anyway thanks for your post there was more content which fill little more than less.still insurance related issue is no body brought any solid back up I can add some more info to diffrentiate the Insurance spuzm.
2-5-10 or 2-10-10 warranty is a responsibility of developers what apply after 2-5-10 is insurance from the part of maintenance.
According to the new regulation Government put ban on some matterial which couse leak that way we can hope that future construction will be able to avoid leak.
Leak is a socail and natural issue we can force people,government,and developers but we can not force the nature the nature of miss universe and the nature of leaky condo.
February 2nd, 2008 at 9:03 am
“2-5-10 or 2-10-10 warranty is a responsibility of developers what apply after 2-5-10 is insurance from the part of maintenance” and they are useless warranties. The part the warranty covers is miniscule to the part the owner covers. For instance if the roof membrane is leaking the warrany contractor will come in and repair the hole or whatever, AFTER you have found the leak, removed the ballast and then they will do their five minute patch. Guess what? Finding the exact point of the leak is the OWNERS responsibility, NOT the warranty contractor, they will just say nope must be a plumbing problem or something else. Do you know how much it costs to remove all the ballast from a membrane roof to find a leak? Do you know that the perforation in the membrane is often far away from where the water appears in the building? Do you know that a concrete slab will carry water along cracks for dozens of meters before appearing in the Penthouse suite? Do you know that you sometimes have to gut the whole suite to find a small leak? Do you know that the warrany in all buildings does NOT cover this work? Believe me! Doing the work for the owners is a portion of how my small company makes a living.
Good Bucks!! Not covered by warranty.
February 2nd, 2008 at 9:39 am
yeah cheer up!because you are the man strataman. in the next friday free for all who got an edge over condo ownership? and why is that?
Answer:
Womens+sacrifice with nature of leak single mens will be renting in future.
February 2nd, 2008 at 9:41 am
and yep thanks for more critical information that is totally engineering work of art.
February 2nd, 2008 at 6:41 pm
2-5-10 warranty doesn’t not guarantee a repaired leaky condo will not leak again. Most leaky condos will have leak problems after the 10 year warranty has expired. It is about more about the original architecture and whether the building design itself is prone to leaks in general.
February 3rd, 2008 at 8:14 am
Yes that was explained and what takes place after is
“Insurance for Owners Of Strata Plan ### Building name”.
Strata Management purchased this coverage from the maintenance fee.
*New buyers must check this document.