1. Vancouver is open up straight to Asia. China and India people in this century will be making the big big money. However, people who live in Vancouver locally will continue to wonder why they have so much money. Well, they will have more and more money!! and they are not afraid of buying!!

2. Commodity price all over the world. “Everything” is going to cost more in this age. “Everything”, but money (currency). Drastically, the cost of building the same building will cost much higher. You have China having crisis with the earth quake. They are going to buy extra extra resource with whatever it costs. It will beat up the commodity price even more.

US dollar weakness. The weakness is going to drive up the commodity even further.

3. The resource in Canada. Canada, itself, has a very low population, big land and lots of nature resources. Canada has a huge potential, and a lot of people in the world knows that. What do you think just the people in India and China are going to think?

I have pointed out a few things that I hope you are going to really think about clearly. Be open minded, the globe is a lot bigger and changing a lot faster now. Don’t trap yourself and being stubborn. Do what you can still and be wise.

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Not a fantasy. Granite contains small amounts of radiation. According to Wikipedia it’s about 10 to 20 ppm.

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This is yet another one of those “Canada is not like the US” myths. Lets look at some numbers from the 2001 and 2006 censuses:

2001:
Population – 30,007,094
Housing Units – 12,548,588
Population/Units – 2.39

2006:
Population – 31,612,897
Housing Units – 13,576,855
Housing Units Required – 13,227,154 (Population/2.39)
Overbuilt – 349,701

The population of Canada has been growing at about 321k/year. This means we need an additional 134k housing units/year. (2.39 people/unit) But we’ve been building over 200k/year for several years.

In 2007 there were 228,343 housing starts, and in 2008 there should be about 214,650. If there is a need for 134k/year, it means 174k were/will be added to the excess supply in 2007 and 2008.

Adding this 174k to the 2006 total of 349k brings the total to 523k, or almost 4 years worth of overbuilding!

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Thats a contradiction. A correction is a drop in price and isn’t this a market? Would you consider a realtors view more educated? Rob Chipman is on record as expecting a ‘correction’ of up to 20%. How many thousands of dollars does that represent off the average house in Vancouver?

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I’m not sure what assumptions are so unreasonable. If you seriously want educated opinions why real estate in Vancouver is likely to crash, we can answer a lot of questions you may have. If you are just upset that this will happen and want to vent, we can’t help you.

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The smell in the misty air and the taste in the taste in the murky water is healthy.

If you can steal and loot the villagers property or children deservedly earn enough to come to Canada then the property market just won’t crash.

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“I said to (Housing Minister) Rich Coleman, ‘If we lose Woodward’s, you can stick a fork in the Downtown Eastside forever, because no developer is going to take a chance of going in there,” Rennie said.

After numerous discussions, Rennie said the province announced a $49.3-million contribution towards SFU’s new art school in November of last year.

——–

Excuse me, who the hell elected Bob Rennie to anything?

This is sick.

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Woodward’s redevelopment project came very close to collapsing.

A major redevelopment project envisioned to help revitalize Vancouver’s Downtown Eastside almost fell through before construction even began last year, CBC News has learned.

And it took only $49M to grease the wheels:)

http://tinyurl.com/3z3kry

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People don’t like being warned of upcoming crashes. John Kenneth Galbraith wrote about this phenomenon.

…leading on as it does to wonder at the increase in values and wealth, to the rush to participate that drives up prices, and to the eventual crash and its sullen and painful aftermath. There is protection only in a clear perception of the characteristics common to these flights into what must conservatively be described as mass insanity. Only then is the investor warned and saved.

There are, however, few matters on which such a warning is less welcomed. In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, on the wonderful process of enrichment. More durably, it will be thought to demonstrate a lack of faith in the inherent wisdom of the market itself.

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It’s never different

relax, be patient and enjoy

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Oh and I don’t know about the others, but I love my rental life…. awesome refinished REAL wood floors (no crappy laminate), the windows are getting washed this aft, GREAT view on a very quiet little street near the park, close to the beach. I’m downtown close to all the cafe’s! And I’m only paying $1320.

Someone else takes care of everything, the garden ouside’s gorgeous and if I need to move for a new job… no worries. What’s not to love?

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NYC, if you’re so sure the market isn’t in the process of tanking call any realtor in the book and ask what you could get for your place and how fast it’ll sell.
If it’s downtown then you have 8,000 other units available and another 10,000 new ones which will either be for sale or for rent in the next year, a lot of the speculators will not be able to obtain a mortgage so they’ll be people willing to assign a brand new unit for the original selling price plus 50% of their original 10% deposit.
This is exactly what happened in San Diego and the realtors were saying the same things as the bubble was bursting there too.
The only reason you’re mad is because you’re scared, don’t lash out and call me an assclown. It’s not my fault you just made the biggest purchase of your life without doing any research.

Read yesterdays New York Times, there is an article about the Miami Condo Vultures who won’t touch units that were previously $750,000 for $200,000 now.

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Here’s an article from the Washington Post in 2005 (about Ben Bernanke in the U.S.) that sounds eerily familiar to what we’re hearing now:

Bernanke: There’s No Housing Bubble to Go Bust
Fed Nominee Has Said ‘Cooling’ Won’t Hurt

By Nell Henderson
Washington Post Staff Writer
Thursday, October 27, 2005; Page D01

Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.

U.S. house prices have risen by nearly 25 percent over the past two years, noted Bernanke, currently chairman of the president’s Council of Economic Advisers, in testimony to Congress’s Joint Economic Committee. But these increases, he said, “largely reflect strong economic fundamentals,” such as strong growth in jobs, incomes and the number of new households.

http://www.washingtonpost.com/.....02255.html

But we’re different from the rest of the world, right?!

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Just wait.

i can see craigslist ads from upside down speculators….”MUST RENT”…..please

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Au contraire, Rennie has cooked up an affordable housing strategy that makes the NDP look like pikers.

Just wait.

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http://tinyurl.com/6cngjs

Rennie, shut up and stick to your knitting…condo marketing. You are no authority on creating affordable housing.

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I am learning quickly, I just have a few more concepts to grasp before I can fully comprehend the part where negative cash flow and negative equity is a good thing.

If only the dogs at Rob’s blog could help me out.

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