Comments on: Canada’s risky new mortgages

By: moldcity

moldcity — Thu, 01 May 2008 04:29:30 +0000

Nobody who makes responsible decisions is going to experience ‘financial ruin’, and those that do, well sorry, but that’s their problem. I don’t wish it upon anyone, but if thats the natural result of your decisions than thats just the way it goes.

I guess the financial ruin of others could be good if you were looking for used stuff, but I don’t need any more ’stuff’ right now.

By: alexcanuck

alexcanuck — Thu, 01 May 2008 04:20:38 +0000

“bears were “shouting there is a cliff ahead!”” So true! LOL. Lemmings don’t actually behave like like that, only people are that dumb.

By: Strataman

Strataman — Thu, 01 May 2008 03:27:41 +0000

“Just because you weren’t smart enough to buy a few years ago….” That makes sense because if you bought a few years ago you will still “face financial ruin” so why is not buying stupid, and buying to face financial ruin smart?? It’s the persons that stampeded like a herd of buffalo heading to a cliff to buy that caused the bubble and everybody (bears too) are going to suffer due to the stupidity of that bunch of mindless creatures.The only differance is bears were “shouting there is a cliff ahead!” and the oh so smart buyers ignored them with their ego’s and heads stuck firmly up their asses!

By: blueskies

blueskies — Thu, 01 May 2008 03:03:30 +0000

a disheveled, incoherent,brain dead manner.

satv lives …..just barely

By: Krissh2

Krissh2 — Thu, 01 May 2008 02:50:41 +0000

Time=Krissh
There’s no way there could be two people on this blog who’re that stupid and write in such a disheveled, incoherent,brain dead manner.

By: alexcanuck

alexcanuck — Thu, 01 May 2008 02:24:08 +0000

Anonymous@ 17:40:56
If financial ruin ensues due to purchasing at the height of a boom you have done that to yourself. But what do I know? I’m not smart enough to buy at the peak of a boom. In fact I’m stoopid enough to have sold a fully paid off townhouse last August. I didn’t cause the boom, and won’t cause a crash. I just maneuver the tumultuous waters as best I can. I rent for now, and will buy again, when it makes sense.

By: Anonymous

Anonymous — Thu, 01 May 2008 01:40:56 +0000

The fact that some of you want to see people buying condos in Vancouver experience financial ruin just so you can say “Told you so!” is pretty unbelievable and incredibly selfish. Just because you weren’t smart enough to buy a few years ago doesn’t mean you need to be so nasty and bitter.

By: Strataman

Strataman — Thu, 01 May 2008 01:08:46 +0000

OT but need an answer!! Dosh? You Out There? Explain this please.

“As odd as it might seem, Canada could end up feeling a worse downdraft from the housing-led U.S. slump than the United States itself.”

http://www.financialpost.com/story.html?id=483017

http://tinyurl.com/3jsofn

By: crabman

crabman — Thu, 01 May 2008 00:39:10 +0000

TIME, is that you krrrish?

By: Patiently Waiting

Patiently Waiting — Wed, 30 Apr 2008 19:15:22 +0000

“Anybody see the news report of the house that blew up in Surrey?”

Now that every crackhead in Surrey has been reminded of the bounty that lies within empty houses, “exploding real estate” will take on a whole different meaning.

If they had insurance, I bet they didn’t admit it was vacant. Therefore, bye-bye to the claim.

By: TIME

TIME — Wed, 30 Apr 2008 19:09:19 +0000

JR,(look how short and sharp is crabman on vansun)they don’t even know he is a sold out owner who like to push the market to crack that way he can re-entered in the market at low, ladies and gentlemens here is Mr.Crabman.

“One plain, unglamorous fact is that affordability in Vancouver is at an all time low. The odds of continuing price increases in light of this fact are pretty slim. The odds of a major correction, however, are significant.”

“bats are sitting on every single branch of the tree what will happen to this city?”

Who can say where the road goes,
Where the day flows?
Only time…

And who can say if your love grows,
As your heart chose?
Only time…
http://youtube.com/watch?v=9VAnQ6PJpzs
Vancouver,BC BPE

By: Carioca Canuck

Carioca Canuck — Wed, 30 Apr 2008 19:09:17 +0000

I was a banker back in 1979-86. Worked for the now defunct First City Trust Company, National Trust and the RBC here in Calgary.

CMHC required 15% down. Also, they required proof of the down payment, as in copies of bank books, GIC’s, etc. They did not allow down payments from parents or other family memebers to count.

25 year amortizations were the maximum you could get.

GDSR was 30% and TDSR was 40%. We used your maximum potential credit card payments, loan payments, leases, utilities, taxes, insurance, etc, etc in calculating both of these ratios.

How times have changed.

By: The Pope

The Pope — Wed, 30 Apr 2008 19:04:32 +0000

Good idea Jesse, I’ve created a post for people to post any comments they are posting on the Sun website here:

2008/04/reader-comments-on-15-myths-story-missing.html

By: Bankerman

Bankerman — Wed, 30 Apr 2008 18:58:42 +0000

That’s a sure sign of a market top when the Sun publishes it as a feature article. If Mish says Vancouver and Canadian real estate is going to follow the downward trend of the U.S., it is time to sell, sell!

Once the old 40 year ammortization trick runs it course, nothing really left in the gun barrel to save the market. Listings to hit 16,000 by June 08?? I think so.

Keep your eye on that US 10 year treasury note, long term interest rates are moving higher.

By: jesse

jesse — Wed, 30 Apr 2008 18:38:39 +0000

Pope, I’d start a new post dedicated to the Sun’s recent censorship. At least it will show up on Google searches and be a part of public record instead of buried OT in the comments.

By: Scratchy

Scratchy — Wed, 30 Apr 2008 18:37:37 +0000

“There are so many out there, I’m sure some are quality, some are crap.”

I’m fully anticipating severe quality problems down the road - mostly as a result of the great demand for construction labor compounded with high profit margin standards.

By: read on

read on — Wed, 30 Apr 2008 18:36:51 +0000

Comment by anonymous coward
2008-04-30 09:05:17

Also, if we’ve contracted, how bad is the U.S. economy? It must REALLY be tanking for us to contract, but I hear little of that…
*******************

Try reading a little more widely. Mish’s Economic Analysis Blog (google it) is a good place to start, or even Bloomberg.com.

By: mk-kids

mk-kids — Wed, 30 Apr 2008 18:35:48 +0000

Great letter JR! I read the Sun comments before they were deleted, there were some great ones in there.

Censorship, alive & well at the Vancouver Sun.

By: dingus

dingus — Wed, 30 Apr 2008 18:31:23 +0000

“mine isn’t the only contrary opinion to not show up in the comment section.”

Mine didn’t either. I posted one in this new expunged second round, early this morning, but mine didn’t make the cut. Though crabman’s did. They appear to be picking and choosing now.

They also have articles stating that a) sales are off 22% in BC (with the usual ‘return to balance’ blather from the usual suspects) and b) BC less optimistic on economy. Yet the editorial line won’t acknowledge any sort of downside risk to real estate. How hard are these dots to put together?

Isn’t there some sort of journalism ombudsman out there?

By: JR

JR — Wed, 30 Apr 2008 18:18:32 +0000

Anonymous

The Sun’s article was written for society’s lowest common denominator (bottom of the food chain). I see that it resonated (made sense) to you. How’s the view from down there?

By: Anonymous

Anonymous — Wed, 30 Apr 2008 18:13:03 +0000

JR,
The sun issue ask for the response regarding “myth or reality”not to post your garbage like response because that does not relate your response to their question they have in the list,stop wasting your time.

By: woodenhorse

woodenhorse — Wed, 30 Apr 2008 17:32:39 +0000

JR: you should email that letter directly to Derrick Penner (depenner@png.canwest.com).

Tell him that all of us here @vancouvercondo.info look forward to his reply.

By: anonymous coward

anonymous coward — Wed, 30 Apr 2008 17:05:17 +0000

This may not be a little off topic, but I’m confused about something. According to this CBC article, our economy actually contracted in February :
http://www.cbc.ca/money/story/2008/04/3 … onomy.html

Doesn’t this go against the Sun article and others who say Canada has “solid fundamentals” and isn’t largely affected by the U.S. downturn?

Also, if we’ve contracted, how bad is the U.S. economy? It must REALLY be tanking for us to contract, but I hear little of that…

By: Terry

Terry — Wed, 30 Apr 2008 16:56:21 +0000

I also submitted a comment on that sun story many hours ago (after they removed most of the comments). It was calm and polite and simply referred to one remaining comment that the article simply covered the ‘facts’ and was ‘uncontroversial’. Funny how it still seems like they only have two comments on that story, Either it really is uncontroversial, or mine isn’t the only contrary opinion to not show up in the comment section.

By: frank

frank — Wed, 30 Apr 2008 16:46:04 +0000

.
.
Nice letter JR.

I would’nt worry about approval or display of letters by the Sun, as long as they get the message.

My letter (following the cancellation of my subscription) was not only not published,it was laced with enough profanities to warrant a possible visit from the RCMP….They’l never take me alive!

Anyway, I noticed on the condohype link that (since yesterday afternoon) only a slect few letters have survived the scrutiny of the editors for public display.

Don’t let that discourage you!
GIVE’EM HELL!