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May 16th, 2008 at 2:56 pm
my balconies are 15 sq ft each and fit two chairs on each.
When I have parties 3 smokers can fit, 2 sitting and 1 standing. The strata can kiss my ass if they want to fine me for allowing smokers to smoke outside.
May 16th, 2008 at 2:38 pm
Yeah, my friend has a condo downtown (that building on Homer with the blue-green trim), and his balcony gives me wicked vertigo, ‘cuz it’s probably about 6-8 square feet. No way could you put two lawn chairs there.
May 16th, 2008 at 2:21 pm
PS if you have friends over you have to take turns having drinks on the patio 90% of them can only have two people on them!
May 16th, 2008 at 2:19 pm
bdk “There’s no way anyone could be as dumb as Rob A” Actually probably the majority are that dumb..who else would actually buy one of these, my wife and I rent one for exactly 1/3rd what we would pay if we bought with 25% down! It’s so nice to know our whole commitment is 30 days any time of the year, if we wanted to move we could, as of now; in todays market they can’t without leaving money on the “patio”!
May 16th, 2008 at 1:57 pm
There’s no way anyone could be as dumb as Rob A. he must be kidding.
May 16th, 2008 at 1:31 pm
I think I’ll have drinks and dinner on a patio and then go back to my condo and snuggle with my gf
Awww you home debtors get to eat dinner on patios AND have a girlfriend!?!
Your stupidity is mind boggling.
May 16th, 2008 at 1:22 pm
I’m going back to my rented sub penthouse condo to snuggle up with my gf and think about how much money I have in the bank and how I might buy Rob A.s condo for my dog when his Mum forecloses.
The sunny day means my bank balance can only go up up up!
May 16th, 2008 at 1:21 pm
Rob A forgot to mention that his gf is his mom, who helps finance his 400sqft condo, since he alone can’t on his wage as a server at one of the cafes downtown.
May 16th, 2008 at 1:05 pm
“This isn’t about real estate prices, because I rarely heard them talk about buying.”
It is about real estate somewhat, though. If it was possible for those people to buy a house they might have an incentive to stay. However, people who are in their mid-20s now have never seen prices low enough that they could even consider buying. If they combined two incomes, then they could afford a condo big enough for one person. They have already been priced out of the market, and you can’t really blame them for not toughing it out.
May 16th, 2008 at 12:28 pm
“I warned people earnestly in the last few years to be careful, and maybe try to wait it out.”
Being a bear is often thankless. Telling people to be careful and ensuring they get arguments for and against a crash is probably the best tack. Truth is most people want you to agree with them because it makes them feel supported. There’s a time and a place for “i told u so” and I’ll be the first to tear a strip off anyone who says that nobody credible saw the crash coming. Of course I may be waiting a long time ’cause prices haven’t dropped yet…
May 16th, 2008 at 12:26 pm
That’s kind of sad Rob. Maybe don’t tell your girlfriend you’re thinking about your condo and not her, poor thing.
May 16th, 2008 at 12:13 pm
Good plan Rob, it’s really unusually beautiful weather out there. I’d be careful about strapping your happiness to price gains or drops though, just enjoy the weather, its almost like living in San Diego or Miami! Gorgeous!
May 16th, 2008 at 11:59 am
“Talking yesterday with a friend from high management at Terasen, they are complaining that a big chunk of downtown condos(didn’t really specified the percent but this thing is raising concerns in the company) have a low gas consuption bill, if almost close to 0″
Good. I hope they go out of business. Terasen is the single most predatory and unscrupulous corporate entity it has ever my total lack of pleasure to be unable to avoid dealing with.
May 16th, 2008 at 11:58 am
I’m really enjoying this sunny weather in beautiful downtown Vancouver. I think I’ll have drinks and dinner on a patio and then go back to my condo and snuggle with my gf and think about how prices keep going up, up, up!
May 16th, 2008 at 11:56 am
“Ah yes, buy low sell high not buy high and pray to God to sell higher.”
Well said!!! Sums up what most recent RE buyers are feeling today…
“But make no mistake that if prices drop significantly there will be pain for many and it’s hard to be optimistic about that.”
I hear you, but it will be bitter/sweet in a way as I warned people earnestly in the last few years to be careful, and maybe try to wait it out. As most of us ‘Bears’ (or future ‘RE bulls’ as I prefer) have experienced, I took a lot of flak for that position. It’s going to be hard to be consoling in one breath, and on the next saying ‘I told you so!’
“the last cheque you write before you die should bounce.”
I agree totally
but he was too generous!
May 16th, 2008 at 11:27 am
Following the “Boom over, no bust predicted” link, I have to wonder: Is this what happens at the end of a real estate boom?
CMHC says prices of existing houses will rise this year by 9.3 per cent in B.C., 3.6 per cent in Alberta, 26.1 per cent in Saskatchewan, 13.5 per cent in Manitoba, 3.5 per cent in Ontario, 4.7 per cent in Quebec, four per cent in New Brunswick, five per cent in Nova Scotia, three per cent in Prince Edward Island and 10.5 per cent in Newfoundland and Labrador
May 16th, 2008 at 11:25 am
Canada may be in a recession,investment bank analyst says:
http://www.canada.com/vancouve.....961a5adc15
May 16th, 2008 at 10:47 am
My unit has a gas fireplace and gas stove. But we aren’t metered individually it’s part of the strata fees.
“Anyone who lashes out like this does not understand real estate, and should not have bought due to this lack of understanding.”
Regardless if you don’t think prices are going to keep going up then you are hoping that greedy speculators won’t make an easy hundred grand on all twelve of the pre sales they bought with the intention of gouging and that means you hate Vancouver and are a communist and should move away and it also means you’re a bitter renter and you’re an asshat
May 16th, 2008 at 10:45 am
Patiently Waiting: Your comment about transit is spot on. This story which was also on page A3 of the Sun a couple days ago, gives you an idea.
I’m starting to find it harder and harder to get up in the morning, knowing I’m about to face another hellish commute into downtown.
May 16th, 2008 at 10:42 am
“Those of us ‘predicting a crash or correction [and] are bitter’ are actually upbeat, optimists of future affordability! We are also opportunists! Buy low, sell high. That’s what my grandfather taught me, and he died a wealthy man.”
It would be great to see friends and family of mine afford property without going into such massive debt as today. But make no mistake that if prices drop significantly there will be pain for many and it’s hard to be optimistic about that. The only advice I can give to “bitter” renters is to spend a bit more money to rent something nice and liveable; it will still be cheaper than owning almost guaranteed for the next few years.
MC_V, sounds like your grandfather didn’t spend his money fast enough if he died wealthy, but maybe you meant wealthy in the holistic sense.
What they say: the last cheque you write before you die should bounce.
May 16th, 2008 at 10:39 am
That could have someting to do with the fact that most condo’s have electric heat. The only appliance using gas is the stove which costs almost nothing given most people don’t use it very much. Most DT condo dwellers are single or childless couples that eat out a lot.
Comment by visio
Talking yesterday with a friend from high management at Terasen, they are complaining that a big chunk of downtown condos(didn’t really specified the percent but this thing is raising concerns in the company) have a low gas consuption bill, if almost close to 0
May 16th, 2008 at 10:30 am
The problem is his uncle is an RE agent. He tried to convince me to buy a condo last week because his uncle said it was a good idea. At first I thought it was a joke but he was being serious. I asked why would anybody buy something at the peak of the market? If anything I would use the money and buy stocks right now because they are low.
How’s does one improve one’s wealth. Ah yes, buy low sell high not buy high and pray to God to sell higher.
Funny how some people will be denial as prices start to fall. He agreed that prices will fall in Surrey and Langley but not in North Van where his precious condo is located. It’s all about location, location, location. The problem is if there are foreclosures all over the region everybody will be affected.
I’m rather calm these days. The bulls seem to be one’s panicking. I enjoy watching the open houses signs popping up all over the place. It puts a tingle in my heart.
May 16th, 2008 at 10:30 am
“Anybody else here know people leaving Vancouver? Over the last week I’ve found out about several people leaving.”
Yes.
I work in a youthful workplace with some relatively well paid entry jobs (for Vancouver). In the last few months, I’ve been shocked at how many people aren’t only leaving the company but Vancouver itself.
Top 3 reasons:
1) Two really bad winters in a row with six months of dark, depressing weather.
2) Limited career possibilities.
3) Poor quality or expensive rental housing.
This isn’t about real estate prices, because I rarely heard them talk about buying. The negatives are starting outweigh the positive here, in many ways. Traffic and homelessness further add to the general unease people feel after living here a short time.
I will not be surprised if see stats showing increased out-migration and population decline.
May 16th, 2008 at 9:54 am
“He thinks all the people that are predicting a crash or correction are bitter people who never bought when they had the chance. I laughed it off. I said I will let the stats do the talking.”
Anyone who lashes out like this does not understand real estate, and should not have bought due to this lack of understanding.
Those of us ‘predicting a crash or correction [and] are bitter’ are actually upbeat, optimists of future affordability! We are also opportunists! Buy low, sell high. That’s what my grandfather taught me, and he died a wealthy man. Maybe your co-worker didn’t have the benefit of a wise grandfather?!?
May 16th, 2008 at 9:51 am
BBC has targeted weather programs for different zones, in Alberta you’ll porbably see Calgary and in Seattle guess if Vancouver will be on the map? NOT.
Talking yesterday with a friend from high management at Terasen, they are complaining that a big chunk of downtown condos(didn’t really specified the percent but this thing is raising concerns in the company) have a low gas consuption bill, if almost close to 0
May 16th, 2008 at 9:41 am
Good articles posted today, as always!
The National Post piece on Canada as a Sucker Nation was infuriorating! Our government, at every level, are just a bunch of sellouts!
Governments should fear the people.
May 16th, 2008 at 9:40 am
Sorry meant “too” not “two”. The reason I say this is because out of no where my co-worker lashed out at me. I showed him that inventory is almost 17,000 and sales for May are way down. I said bubble has busted and now it’s all downhill from here.
He thinks all the people that are predicting a crash or correction are bitter people who never bought when they had the chance. I laughed it off. I said I will let the stats do the talking.
May 16th, 2008 at 9:26 am
I agree Vancouver is a nice city but prices are way too high and surely on there way down. I love the RE agent way of economics. High supply + low demand equals higher prices. Do you guys find these days that owners are getting way two defensive?
May 16th, 2008 at 9:10 am
Vancouver is a nice city and deserves to be on BBC. Prices are still too high though.
May 16th, 2008 at 9:03 am
Thanks Digi!
May 16th, 2008 at 9:03 am
John said: “Maybe we are in a new paradigm where fundamentals do not matter. re: RBC write-down.
John, yup, seems that Canada has achieved that same new paradigm that the Dow/S&P/etc have achieved in the US.
Bad news – Stock goes up
Good news – Stock goes up
No news – Stock is a crap shoot
Speaking of craps and gambling, it seems that the big boys are controlling the markets these days, I’m beginning to wonder whether there is any possibility of a crash as the manipulation is too apparent these days.
Shorting these days on the expectation of bad news is NOT smart!
May 16th, 2008 at 9:01 am
When it came to North America they only profiled four cities: NYC, Miami, LA and… Vancouver. I must admit that i was surprised, but i wonder what this says about our world class status?
Ummm Ulsterman, have you ever watched the BBC news channel weather reports anywhere other than Western Canada? Did they still report the weather for Vancouver?
I’ve watched the same BBC channel with the same weather people in Chicago and NYC and they don’t report Vancouver’s weather, they show western US cities. TV is a magical medium where they can record many things then edit them for different markets. Think about it.
May 16th, 2008 at 8:59 am
MC_V: The stats come directly from the REBGV, I trust Paul, and even if I didn’t there are plenty of realtors out there with access to the same numbers that would be motivated to correct them if they were wrong.
May 16th, 2008 at 8:57 am
Warren said: “Looks like Rennie is claiming to have saved the DTES. How’s that working out for you Bob?”
He did a number on the unemployment rate down there, by hiring the dtesiders to line up at his pre-sales.
May 16th, 2008 at 8:56 am
It’s a good thing our economy doesn’t rely on the forestry sector anymore, they seem to be suffering the death of a thousand cuts.
May 16th, 2008 at 8:55 am
It appears Sydney isn’t getting the tourism it expected post Olympics….
http://www.smh.com.au/news/tra.....74029.html
May 16th, 2008 at 8:54 am
Paul B’s site didn’t quite hit 17,000 this week, but came close… up over 100 listings yesterday.
Does anyone know how reliable these stats are?
May 16th, 2008 at 8:48 am
Anybody else here know people leaving Vancouver? Over the last week I’ve found out about several people leaving.
Two Americans, a Kiwi, and a family of Australians are all returning home – they all like it here, but the economics don’t make sense to them, they’re work has finished or they’re homesick. Then there are the locals born here, one moving to Europe, one to the US (cash out tiny condo and get a house in the sun with a pool), and a few moving elsewhere in Canada.
This could be just an anomoly in my group of friends and coworkers, but I wonder if the already underwhelming population growth graph is about to take a downturn?
May 16th, 2008 at 8:33 am
The ultra-cynic in me keeps thinking that calling somewhere “the best place on earth” is like pointing to a particular chair and calling it the comfiest deck chair on the Titanic.
May 16th, 2008 at 8:20 am
Vancouver also happens to be at the fourth corner of North America – had they used Seattle they would have ignored Canada completely, and certainly they weren’t going to replace New York with Halifax. We do exist, we have a nice city, that doesn’t make bubble prices worth it.
I had a friend in town for the day – they had a half day layover at the airport so I took them out for lunch. They saw the Richmond BC “Better in Every Way” banners and the Vancouver “Best Place on Earth” license plates and thought they were hilarious. It’s rather embarrassing, like having an attractive friend that keeps shouting “I’m beautiful! I’m the most beautiful person on Earth!
May 16th, 2008 at 7:41 am
patriotz, fella,
I didn’t say the city was the best place on earth. I’m referring to the “grass is always greener” crowd that exists in this city. There is way too much self-love and self-hate. Its funny to watch. The people complaining non-stop about it and still living here are the biggest hypocrites of them all. RE is too expensive? Rent and STFU. Canada is a great country, Vancouver is a great city. Best on Earth? No. Backwater? No.
May 16th, 2008 at 7:16 am
When it came to North America they only profiled four cities: NYC, Miami, LA and… Vancouver
And of the four cities, it’s only Vancouver in which this fact was noticed or discussed by anyone.
May 16th, 2008 at 6:46 am
Despite what many self-loathers around here say, Vancouver does have some notoriety around the world.
Has it really come to this? Get it through your head, fella: not liking Vancouver, or liking it but just thinking it’s too expensive or overrated, is no more “self-loathing” than holding the same views about Trail, Fort McMurray, Toronto, or any other city.
Vancouver is not God’s chosen city, and there is no divine obligation to feel it is “the best place on earth”.
Bleah.
May 16th, 2008 at 6:29 am
from one of the links:
Royal Bank of Canada’s announcement Wednesday it will take an $855-million charge in the second quarter of 2008…Following the announcement, RBC’s stock price jumped 2.5 per cent Wednesday to close at $49.82
Maybe we are in a new paradigm where fundamentals do not matter.
May 16th, 2008 at 5:43 am
ulsterman: I was watching BBC World News and they did their weather minute. When it came to North America they only profiled four cities: NYC, Miami, LA and… Vancouver. I must admit that i was surprised, but i wonder what this says about our world class status?
Despite what many self-loathers around here say, Vancouver does have some notoriety around the world. What defines “world class city” is up for debate, and certainly that term gets thrown around too much, but Vancouver is at least known.
Interesting article on the Woodwards project. Looks like Rennie is claiming to have saved the DTES. How’s that working out for you Bob?
May 16th, 2008 at 1:26 am
House prices are clearly overvalued in the large cities, especially in Toronto and the West.
They’re not clearly overvalued in Ottawa and Montreal at all. Toronto is the only city east of the Lakehead where a nominal correction is inevitable IMHO.
A 15% correction would bring price/rent in Toronto to the same level as a 50% bust in Vancouver. Think about that one.
May 16th, 2008 at 12:43 am
I just noticed the Economist’s article re: Gangs spoiling Lotus Land. Last night i was in the Cactus Club on Lougheed. Sitting a few seats over at the bar were 3 guys, one of who sported many tattoes. A few minutes later 4 cops with Anti-Gang jackets came in and after a few minutes they removed the tattoed fraternity. 5 minutes later they returned and moved to the far side of the restaurant ans removed 3 Asian guys. I was shocked to think that so many gangsters were in so innocuous a place.
May 16th, 2008 at 12:32 am
I was watching BBC World News and they did their weather minute. When it came to North America they only profiled four cities: NYC, Miami, LA and… Vancouver. I must admit that i was surprised, but i wonder what this says about our world class status? Some food for thought, given many poo poo Vancouver’s status.
That said, i don’t think Vancouver has much character, soul or world class status.
May 15th, 2008 at 11:28 pm
The Scotiabank article may be partly right in stating that, overall, housing prices in Canada are not too overvalued. But that’s only because there are so many parts of the country (Quebec, atlantic provinces) that haven’t experienced a boom.
But to say that there won’t be a bust anywhere is absurd. House prices are clearly overvalued in the large cities, especially in Toronto and the West. It reminds me of the joke about the statistician who claims that, “on average, the river is only 3 feet deep”, and proceeds to drown in the middle while attempting to cross it.
May 15th, 2008 at 11:10 pm
Does Rennie’s density ‘plan’, imply that the developer will also foot the bill for increased public infrastructure costs? Or are the rest of Vancouver’s residents required to subsidise the developer’s profits by means of increased property taxes?