Friday free-for-all
Its time for our weekly real estate news round-up and general open topic discussion here on VancouverCondo.info . Here’s a few stories I’ve noticed this week:
- Vancouver records $7 billion in building permits for 2007
- Another BC sawmill closing down
- Senate passing out money to stimulate economy
- US slowdown hits the Canadian economy
- China’s latest consumer export: inflation
- 10 lies desperate home sellers tell
- Warren Buffet: money still cheap
What are you seeing out there? Post your news, links and anecdotes here!
note: please don’t paste entire articles in the comments, link to the original source and quote key points if appropriate.
February 11th, 2008 at 9:09 pm
Just as there is a Friday Free for All there should be a weekly thread where people can post the discounted properties they come across
February 11th, 2008 at 9:07 pm
NEW YORK — Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming holiday gift cards for basics — pasta sauce, diapers, laundry detergent — instead of iPods or DVDs.
On Thursday, the nation's retailers turned in their worst January in almost four decades as high gasoline and food prices, a slumping housing market, tighter credit and a tougher job market squeezed consumers.
Sales at 43 retailers surveyed by the UBS-International Council of Shopping Centers rose just 0.5 percent in January, well below the original 1.5 percent forecast.
The results — based on sales at stores open at least a year — followed an anemic 0.7 percent pace in December and were below the 2.1 percent gain for all of last year.
Jill Panell, 26, a homemaker from Sterling Heights, Mich., was using a $20 Wal-Mart gift card Thursday to stock up on groceries and pet supplies. She wasn't in the market for a present for herself.
February 11th, 2008 at 9:07 pm
I remember seeing that property a few times in the Real Estate Weekly. I guess you’re in my neighbourhood!
Stop and say hello if you see two mini-peis
February 11th, 2008 at 9:56 am
The one thing I really liked about this blog that we don’t see as much of lately is the Pope’s wicked sense of humour.
…
I’m with Freako. Bring the funny back.
…
Yeh Pope surely you have something sarcastic to rant on?
…
Dang! You guys are demanding! I'll try to turn the funny tap back on, but its kind of rusty. Truth is I was out of Vancouver for a while and running this blog on autopilot. I'll try to get more funny in, thanks for the feedback anyways I guess.
February 11th, 2008 at 8:50 am
BC may have gained jobs in January, but that basically makes up for the job loses in December.
February 11th, 2008 at 8:44 am
The actual BC employment picture:
According to Statistics Canada's latest labour force data, BC lost 33,700 full time jobs in December 2007, and despite gains in part-time jobs, BC lost a net 7,000 jobs compared to the previous month.
February 11th, 2008 at 12:48 am
This blog’s just as good…
This blog provides snippets and anecdotes of what's happening in the housing market which I find very helpful.
Although I must admit the thing that VHB did better than I is the research and analysis angle.
Charts and statistics are very helpful only if they are unambiguous. For example, I find Paul Boenisch’s daily updates to be very helpful but I always have to do some quick if incorrect, mental arithmetic to come up with my own averages for housing deals done daily.
Once outliers like the several million dollar homes sold are included in the calculations the averages for more modest homes are grossly distorted or inflated. Very high and low outliers should be included in a different set of data. The problem is further compounded when sale prices for both Van east and west are thrown into the mixer to churn out a ‘typical’ average.
Having said that, I truly appreciate Paul’s diligence and find the daily updates very helpful (for a ballpark figure, like the median sales price).
February 10th, 2008 at 10:52 pm
Kaydee,
First of all don't tell me that you are first timer here,you are a very close friend to the pope. I know you since long time and i also know that once you have brought an issue on this site telling us about drug use at construction sites remember?…may be pine street,but yeah I also know that your are very decent person and working on your current job from last 30 year.sometime you sounds like strataman, I don't know why.
Ok answer to your question you say statistic canada definition about job that's right on their part their measurement method what make sense to call a job a part time-full time but what might other will say nothing to worry about it they are right on their part but not on my part.
Rebgv they also have their own method to measure the average price of homes that's their part as a home owner me my realtor my bank and evaluation person knows what is the current value of home.
What would you call an employee who work 80 hour per week? and other one who work 4 hours per week?,
A part time employee can work more hours than full time employees but the full time employee have the right to work guaranteed hour +full benefits,while part time employee are ristricted to work their schdule hour in case when their is equall volume of work which get divided to their schdule.lots more to go just point out if you like to go farther.
Comment by Anonymous
2008-02-10 19:49:31
Krrsh posts only positive news
anon,
most of poster do things on time when it takes place so I did that according to date and time. I have spend lots of extra time just to answer your question this is what I have found for you.
Canada's jobless rate dipped to 5.8 per cent in January, as the economy churned out a greater-than-expected 46,400 jobs, Statistics Canada said
December , the province still gained about 73,000 new jobs last year for a solid employment growth rate of 3.3 per cent.
Canadian economy adds 42,600 jobs in November
Canada added 42,000 jobs in November, surpassing expectations, while average wages rose 4.2 per cent. The jobless rate nevertheless climbed to 5.9 per cent from a 33-year low of 5.8 per cent in October as more workers entered the job market.
February 10th, 2008 at 9:41 pm
how potential candidates will affect Canada?
Under McCain Canadians will no longer be secretly flown to be tortured in the middle east. Our house prices will go up.
If Obama gets elected drugs will be legalized all across north america, vancouver growing expertise will make us a central supplier. Our house prices will go up.
If Clinton gets elected the US will get socialized healthcare. Our house prices will go down as elderly canadians snap up property in depressed sunbelt states.
February 10th, 2008 at 9:09 pm
I remember seeing that property a few times in the Real Estate Weekly. I guess you're in my neighbourhood!
The price of $799, or whatever it was previously, I remember as seeming ridiculous. The new price is still well above what I'd pay for an Onni building, or any building for that matter, but at least it's down into the area of reason, given the current market.
February 10th, 2008 at 7:49 pm
Krrsh posts only positive news
"January employment up"
fails to mention December employment was down. Thinks a one month up after one month down is a upward trend.
"We are not the U.S."
Seems you are not aware how much Canada depends on the U.S. for its very existence. 75% of all Canadian exports go to the U.S. 60% of British Columbia's exports go to the U.S. If the U.S. goes into recession, it will take Canada down with it.
February 10th, 2008 at 7:48 pm
Major Price Reduction in my neighborhood
A few months ago I posted information on this listing
http://www.mls.ca/PropertyDetails.aspx?vd=&Se…
They were originally asking 799,000 a few months ago if my memory serves me correct. It may have been more but then it sat and sat and then they pulled it off the market and today I noticed it back on the market at a much lower but still ridiculous ask of 640,000.00
The realtor is the famous "Lady with the Cat"
February 10th, 2008 at 7:29 pm
Yeh Pope surely you have something sarcastic to rant on? I loved those! Mish is supporting a Presidential candidate! http://tinyurl.com/d8q6j Heres a question what does everybody think of how potential candidates will affect Canada?
Kaydee; Your probably right on the Stats Can definition, can you give me the website page where you cut and pasted that from? Oh yeh and don't expect an honest answer from Kishh1! :-0
February 10th, 2008 at 7:23 pm
I'm with Freako.
Bring the funny back.
February 10th, 2008 at 6:43 pm
Sorry I am new at blogging. Krish would you show me how Stats Can qualifies a full time job? I just pasted that from their website. As far as I can see they only look at the number of hours per week. To relate this to realestate, it would seem to me that a bank would be more interested in the projected length of the job. So they would look favourably on a person with a guaranteed 20 hours a week for 10 years rather then a full time wage earner who has absolutely no job security. I was the anonymous that posted. Maybe this will go thru with my user name.
February 10th, 2008 at 6:29 pm
"Hey VHB! Nice to see you around and posting graphs, you ever think of starting a blog? I think it would be well received.
This blog’s just as good. It’s only the name that’s different. Most of the players are the same with a couple of new oddballs thrown in.
Thanks evergreen, you’re my new favorite poster!
Although I must admit the thing that VHB did better than I is the research and analysis angle. Mohican has done a great job picking that up and adding Fraser Valley analysis, but it would still be nice to see the vancouver housing blog back on the scene.
I see Rob has asked you to become a regular contributor to his blog – I’ll double his offer! I don’t have my calculator handy but 200% of zero is twice as much. Heck I’d hate for this to turn into a bidding war so I’ll go ahead and offer you 5000% of zero. How can you beat that?"
LOL! Thats wayyyyyy to rich for my blood. Make it happen VHB you are the Blogfather.
February 10th, 2008 at 6:15 pm
Part or Full time is a STATUS of the JOB not hour of work
Don't be silly.
Important vs. Unimportant = JOB STATUS.
Permanent vs. Temporary = JOB STATUS.
Full Time vs. Part Time = HOURS WORKED.
Thus 4 combinations,
Permanent Full-Time, Permanent Part-Time;
Temporary Full-Time, Temporary Part-Time.
Also, there's "Unemployed STATUS", which can be Permanent or Temporary, either of which can lead to abberant behaviour on blogs because the blogger has too much time on his or her hands.
February 10th, 2008 at 5:48 pm
This and Mohicans blog are a great substitute for VHB. The one thing I really liked about this blog that we don't see as much of lately is the Pope's wicked sense of humour. Posts like that one about Australia's prices come to mind.
February 10th, 2008 at 5:46 pm
Did anybody go see the condo documentary that ForeignerX posted about? It sounds interesting but I had other plans friday night.
February 10th, 2008 at 12:57 pm
Hey VHB! Nice to see you around and posting graphs, you ever think of starting a blog? I think it would be well received.
This blog’s just as good. It’s only the name that’s different. Most of the players are the same with a couple of new oddballs thrown in.
Thanks evergreen, you're my new favorite poster!
Although I must admit the thing that VHB did better than I is the research and analysis angle. Mohican has done a great job picking that up and adding Fraser Valley analysis, but it would still be nice to see the vancouver housing blog back on the scene.
I see Rob has asked you to become a regular contributor to his blog – I'll double his offer! I don't have my calculator handy but 200% of zero is twice as much. Heck I'd hate for this to turn into a bidding war so I'll go ahead and offer you 5000% of zero. How can you beat that?
February 10th, 2008 at 12:16 pm
krrish1:
Interesting findings, many report x on income tax, but
3x on mortgage app.
Can you explain?
February 10th, 2008 at 11:25 am
"your definition is wrong", It's not mine its stats can's definition. Over 30 hours a week is full time. The job does not have to have any definite length so two week job would qualify. Tell them if you don't agree they are the ones that tell us how many full time jobs are created so I would assume we use their definition?
February 10th, 2008 at 10:57 am
Anon,
Construction jobs are here to stay till 2020 those would be transfer from residential to non residential to residential(so switching over)till that time some thing else can take place.
your definition is wrong,
Part or Full time is a STATUS of the JOB not hour of work but full time employees can be assumed working 40 and part time 04 hours per week.
otherwords a part time employee working 80 hours per week still can be count part time because of avialable vacancy-either employee can choose to remain part time or employers does not accomodate full time position because of benifits (lots more to say but).
February 10th, 2008 at 10:15 am
Which means you ar fully employed even if your job is to end in a couple of weeks.
February 10th, 2008 at 10:14 am
Definition . . . Employment is often thought of as
either full or part-time work. These labels simply
measure hours of work per week. For the purposes of
measurement, Statistics Canada classifies those who
normally work 30 hours or more per week at their
main job as full-time workers, and those who work
less than 30 hours per week as part-time workers.
Sorry my mistake its worse than I thought, only 30 hours a week.
February 10th, 2008 at 9:58 am
"Statistics Canada said January’s job growth was entirely a result of increases in full-time employment"
Statistics Canada calls full time employment an employee that is employed daily for 7.5 to 8 hours a day 5 day a week. All of Vancouver's 220,000 construction workers would likely be classed as full time employment. That would include all the housing, transit,and Olympic venue employees. Almost none of these have a job after their current project is finished. How many mortgages are taken out to be paid of in less then three years? If it is the majority then I loose!
Nuff said!
February 10th, 2008 at 9:25 am
This disconnect begets a discussion of why exactly it is that society has chosen to believe itself to be immune from bad things.
http://tinyurl.com/37oa6p
this market rests on psychology……
coming real soon to a hood near you;
"The Running of the Bulls"
February 10th, 2008 at 9:23 am
An executive coach is like a "life coach", I only know what those are because I've met one… Essentially he's a professional friend who gives advice and talks you through your problems. I think an executive coach is similar but more specialized.
February 10th, 2008 at 9:11 am
Copy 2/2
This side of border:
CANADA
Wages rising at twice inflation rate:
Hourly wage growth continued at a vigorous pace in January, increasing by 4.9 per cent year-over-year. That's more than double the annual inflation rate of 2.4 per cent.
Canadian economy is clearly chugging along at a much healthier pace that the American economy — and that may make the Bank of Canada more reluctant to aggressively chop interest rates.
We are Canadian cities we are not American cities http://www.cbc.ca/mrl3/8752/vsu/wmv-hi/gould-econ…
Canadian Economy in Hi-Definition Multimedia Interface window media/ video.
Statistics Canada said January's job growth was entirely a result of increases in full-time employment, as the number of part-time jobs actually fell.
The private sector was responsible for all of the job growth as the number of public sector and self-employed workers dropped.
February 10th, 2008 at 9:10 am
While my original comment awaiting for moderation here is a copy with single links 1/2
USA
Fundamentals remained solid and the U.S. economy was likely to escape a recession.
"This economic shock and the economic downturn is largely driven by domestic problems in the U.S. and it really can't be remedied by a globally coordinated action plan," -Glenn Maguire
We Will Escape Recession -treasury secretary Henry.M.Paulson.
http://www.reuters.com/news/video?videoId=75910&a…
There is more pain to come from forclosures-Jim Flaherty
February 10th, 2008 at 3:47 am
blueskies,
One of the characters in your New York story is an Executive Coach. Intrigued, I started researching it. After reading a couple of websites, I'm still not entirely sure what an Executive Coach does. I suspect it is an overpaid position that will not last in a recession.
February 10th, 2008 at 12:29 am
my wife thinks all bloggers are cranky old farts sitting in front of their computers in their underwear…..
The part about cranky old fart is true.
February 9th, 2008 at 11:29 pm
We need to wait to see the numbers, but based on anecdotes here plus what I am seeing in neighbourhoods, I suspect the crash is starting, and it is hitting the condo market throughout Vancouver and the tri-cities first. I think Spring will show price drops at least for condos, and SFH will not lag that far behind.
February 9th, 2008 at 8:47 pm
Two anecdotes from my ski trip today that show both sides of this market:
1) A guy with a 2 bd near Hemlock and 7th'ish had his place on the market before Christmas for 2 months – no takers at 475k. Took it off for Christmas and re-listed in mid Jan. Had a couple of offers with 2 weeks – one of them 30k ABOVE asking. Naturally he's taken it and cannot believe his good fortune. When it was on the market before Christmas he had load of viewers but only lowball offers.
2) Other person i was with has a 1 bd in P Moody. It's been on the market for 5 months with no sale. Her words were "Yeah, it fucking sucks, the market in PM crashed around Sept and nothing is selling." She's already bought a townhouse in PM and is now stressed by carrying 2 mortgages.
February 9th, 2008 at 8:29 pm
Pretty please VHB..
February 9th, 2008 at 7:38 pm
boinking in a New York apartment
http://tinyurl.com/2kgy9r
In the one-bedroom they now share, they find themselves captivated by television shows like “House Hunters” and “Property Virgins.”
February 9th, 2008 at 6:03 pm
VHB? VHB? Where art thou, oh VHB?
This blog's just as good. It's only the name that's different. Most of the players are the same with a couple of new oddballs thrown in.
February 9th, 2008 at 5:46 pm
Blogging cuts hugely into family/free time,
my wife thinks all bloggers are cranky old farts sitting in front of their computers in their underwear…..
guilty as charged your honour!
February 9th, 2008 at 5:40 pm
RE: all the calls to VHB-
I would love to see his blog back, but have long mused that it was a thesis for a Masters in Economics, or such, and VHB graduated with flying colours.
Blogging cuts hugely into family/free time, so don't hold your breath.
VHB? VHB? Where art thou, oh VHB?
February 9th, 2008 at 4:56 pm
i'm waiting for The Elan on Seymour…should be a few speculators in that one.
when we first looked it was 40% sold mainly to friends and family of the developers and marketers….
hefty markups from the original pricing ka-ching city….
February 9th, 2008 at 4:54 pm
btk; "It seems to me Yaletown Park’s tenants are turning over now and the landlords , who somehow got $1450 when it was new, are hoping to increase the rent."
Or is it the greater fools that have now bought (only way to get rid of existing tenants) and now instead of $1400. to break even they need 2800?
February 9th, 2008 at 4:47 pm
blueskies check out the other one too now we can watch individual bubbles!
February 9th, 2008 at 4:40 pm
hey strataman!
great site for Spectrum
specialized bubble sitting!
February 9th, 2008 at 4:38 pm
Snark; I followed that Spectrum Link back to this. The site sorts three or four condo areas out and also gives a total. You might like. I think this is a new site otherwise I have been dozing off!
http://www.vancouver-condo.ca/
February 9th, 2008 at 4:33 pm
+1 to VHB too, if you re open your website and put some banners in it you could earn a bit of money (this might appease whomever didn't appreciate your "hobby" website).
February 9th, 2008 at 4:30 pm
It seems to me Yaletown Park's tenants are turning over now and the landlords , who somehow got $1450 when it was new, are hoping to increase the rent.
However, if I was looking in that market, it'd be tempting to go to 980 Cooperage way (coopers lookout) or Mode (I saw Colyvan offering a 500 sq ft unit for $1050 vs $1450 for same sq ft in older YTP).
There was a listing for 888 Hamilton (15 years old) in the sun this week, 960 sq ft for $1650.
Does anyone on this board know anyone who rents in yaletown park? I really am interested to know why it rents for more money than comparable stuff. It has no pool, does it even have a concierge?
February 9th, 2008 at 4:14 pm
VHB! As long as you're still making graphs why not open your old blog back up?
February 9th, 2008 at 4:10 pm
The new link works. 78 units listed right now, this will be an interesting to watch inventory on a micro scale, see how the spectrumulators are doing right now.
February 9th, 2008 at 4:05 pm
http://www.spectrumcondos.ca/SpectrumListings.ubr…
Sorry some reason the tiny url doesn't work!