Comments on: Consumers less confident in BC http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html Bubble? What Bubble? Fri, 21 Nov 2008 06:36:21 +0000 http://wordpress.org/?v=2.6.2 By: alexcanuck http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21739 alexcanuck Wed, 09 Jul 2008 00:08:44 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21739 Did anyone see this on Bloomberg this morning? http://tinyurl.com/6ahsne They are repackaging those rotten fish (the CDO's of the subprime mortgages) and trying to sell them again! I was in a rush and only skimmed it, but it blew my mind that anyone would get fooled again by a new name. The whole credit crunch is nowhere near over. This is the deflation Alistair Cookie is talking about. All those imaginary dollars going poof and turning back into thin air.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21739">0</span> <small>(to vote for this comment, please visit the site)</small></p> Did anyone see this on Bloomberg this morning?
http://tinyurl.com/6ahsne
They are repackaging those rotten fish (the CDO’s of the subprime mortgages) and trying to sell them again! I was in a rush and only skimmed it, but it blew my mind that anyone would get fooled again by a new name. The whole credit crunch is nowhere near over. This is the deflation Alistair Cookie is talking about. All those imaginary dollars going poof and turning back into thin air.

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]]> By: scc http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21737 scc Tue, 08 Jul 2008 23:50:40 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21737 Keep in mind that most of the money supply is a consequence of fractional reserve banking (legalized leveraged monetary expansion by banks). The resulting positive feedback loop is spectacular while the money supply is expanding and catastrophic when it retracts. This was further enabled by the facilities that fueled the "Sub-prime" problems (CDOs/structured investments, CDS, easy bond rating agencies, low interest rates from central banks driving the heard to invest in this "high quality paper", etc.).<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21737">0</span> <small>(to vote for this comment, please visit the site)</small></p> Keep in mind that most of the money supply is a consequence of fractional reserve banking (legalized leveraged monetary expansion by banks). The resulting positive feedback loop is spectacular while the money supply is expanding and catastrophic when it retracts. This was further enabled by the facilities that fueled the “Sub-prime” problems (CDOs/structured investments, CDS, easy bond rating agencies, low interest rates from central banks driving the heard to invest in this “high quality paper”, etc.).

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]]> By: Alistair Cookie http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21720 Alistair Cookie Tue, 08 Jul 2008 17:08:56 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21720 @patriotz - <b>I am really not interested in seeing debates over whether we currently have “inflation” or “deflation”. These are simply arguments over what “inflation” (unqualified) is supposed to mean, i.e. over terminology and are meaningless in any operational sense. The relevant fact is that we are now seeing the highest consumer price inflation in a couple of decades and that is negative for RE prices.</b> Ask ten different economists to define inflation and you'll get ten different answers... ;) Peter Schiff has a great way of explaining price inflation in relation to money supply inflation (what I feel is true inflation). Basically: a widget's price is directly proportional to the growth or contraction of the money supply. I agree with you that the consumer price inflation we are currently witnessing is negatively affecting RE, but it is really only amplifying the problem, it is not the cause nor was the trigger. The cause of the current price inflation is the commodity bubble. I'll amend my previous statement of agreement about consumer price inflation causing asset price deflation to include the rational that it is mostly a 'sign' of greater change occurring in the economy at large, rather than being the 'cause'. That said, we will/are experiencing deflation here in Canada, and this will put further downward pressure on home prices as there will be less dollars (money supply/credit) available to purchase homes.. How much we will see due to deflation will be difficult if not impossible to measure however.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21720">0</span> <small>(to vote for this comment, please visit the site)</small></p> @patriotz - I am really not interested in seeing debates over whether we currently have “inflation” or “deflation”. These are simply arguments over what “inflation” (unqualified) is supposed to mean, i.e. over terminology and are meaningless in any operational sense.

The relevant fact is that we are now seeing the highest consumer price inflation in a couple of decades and that is negative for RE prices.

Ask ten different economists to define inflation and you’ll get ten different answers… ;)

Peter Schiff has a great way of explaining price inflation in relation to money supply inflation (what I feel is true inflation). Basically: a widget’s price is directly proportional to the growth or contraction of the money supply.

I agree with you that the consumer price inflation we are currently witnessing is negatively affecting RE, but it is really only amplifying the problem, it is not the cause nor was the trigger. The cause of the current price inflation is the commodity bubble.

I’ll amend my previous statement of agreement about consumer price inflation causing asset price deflation to include the rational that it is mostly a ’sign’ of greater change occurring in the economy at large, rather than being the ’cause’.

That said, we will/are experiencing deflation here in Canada, and this will put further downward pressure on home prices as there will be less dollars (money supply/credit) available to purchase homes.. How much we will see due to deflation will be difficult if not impossible to measure however.

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]]> By: Alistair Cookie http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21719 Alistair Cookie Tue, 08 Jul 2008 16:23:17 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21719 @patriotz - <b>It is easy for the central banks to prevent consumer price deflation just by increasing the money supply. They cannot prevent asset price deflation because asset prices must adjust to fundamentals.</b> Disagree. Fundamentals are always in place, what changes is the banking industries ability to lend and receive back the credit they have extended. It is not so easy to increase the money supply when banks are loaded with massive amounts of suspect loans. If their balance sheets are impaired, they will not be able to extend credit. If they are not able to extend credit, the money supply stagnates. If they wait for loans to be repaid, or foreclose on asset price deflated homes and resell for less than loan value, the money supply shrinks causing true deflation. Asset price deflation can influence the money supply, which we are seeing in the US right now. <b>You have spades of evidence to support this south of the border.Highest consumer price inflation in decades, highest housing price deflation in a single year ever, bear market in stocks. Consumer price inflation causes asset price deflation. Case closed.</b> Agreed for most cases, such as what we are witnessing now. However, if you see wages inflate at the same time, you will not necessarily see asset price deflation.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21719">0</span> <small>(to vote for this comment, please visit the site)</small></p> @patriotz - It is easy for the central banks to prevent consumer price deflation just by increasing the money supply. They cannot prevent asset price deflation because asset prices must adjust to fundamentals.

Disagree. Fundamentals are always in place, what changes is the banking industries ability to lend and receive back the credit they have extended. It is not so easy to increase the money supply when banks are loaded with massive amounts of suspect loans. If their balance sheets are impaired, they will not be able to extend credit. If they are not able to extend credit, the money supply stagnates. If they wait for loans to be repaid, or foreclose on asset price deflated homes and resell for less than loan value, the money supply shrinks causing true deflation. Asset price deflation can influence the money supply, which we are seeing in the US right now.

You have spades of evidence to support this south of the border.Highest consumer price inflation in decades, highest housing price deflation in a single year ever, bear market in stocks.

Consumer price inflation causes asset price deflation.

Case closed.

Agreed for most cases, such as what we are witnessing now. However, if you see wages inflate at the same time, you will not necessarily see asset price deflation.

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]]> By: Re-diculous http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21718 Re-diculous Tue, 08 Jul 2008 15:35:38 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21718 Sir John Templeton passed away today at age 95. All should consider his famous "4 most expensive words of investing", namely: "It's different this time"<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21718">0</span> <small>(to vote for this comment, please visit the site)</small></p> Sir John Templeton passed away today at age 95. All should consider his famous “4 most expensive words of investing”, namely: “It’s different this time”

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]]> By: Vansanity http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21717 Vansanity Tue, 08 Jul 2008 14:16:19 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21717 condohype - I agree 100% with your thoughts on the BoC rate next week. Well said!<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21717">0</span> <small>(to vote for this comment, please visit the site)</small></p> condohype - I agree 100% with your thoughts on the BoC rate next week. Well said!

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]]> By: Vansanity http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21716 Vansanity Tue, 08 Jul 2008 14:13:21 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21716 Look away Look At Me, another downer article. Catalyst Mill closing Pulp Mill in BC: http://www.canada.com/victoriatimescolonist/story.html?id=1c6bff91-63a7-461e-ad9f-bf701f9faf98 This is the first pulpmill that I've heard has been closed, so far its been the sawmills. I could be wrong, there may be others that I haven't heard of. As for my old hometown in the Kootenays, the mill is still closed (several months now), most of my family that lost jobs are either moving to Alberta or retired with a $25K buyout or have found other jobs (only 1 has). The town's real estate is slowing in sales and increasing inventory (sound familiar?). Last I checked there was 154 homes on the market, whereas last year at this time there was 24. Also, on BNN this morning, they were reporting Siemens plans to cut 16,750 jobs globally. In Canada they employ 6,000 and they have not stated how many here will stand to lose their jobs. Link: http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20080708/Siemens_jobs_080708/20080708?hub=SciTech Since this recession is a consumer led one (remembering that the last 2 recessions were intentionally caused by raising interest rates), this recession will likely be long and drawn out. They'll be plenty of stories like the ones above. Not to sound all Chicken Little here, but the times ahead are not going to be good.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21716">0</span> <small>(to vote for this comment, please visit the site)</small></p> Look away Look At Me, another downer article.

Catalyst Mill closing Pulp Mill in BC:

http://www.canada.com/victoria.....701f9faf98

This is the first pulpmill that I’ve heard has been closed, so far its been the sawmills. I could be wrong, there may be others that I haven’t heard of.

As for my old hometown in the Kootenays, the mill is still closed (several months now), most of my family that lost jobs are either moving to Alberta or retired with a $25K buyout or have found other jobs (only 1 has).

The town’s real estate is slowing in sales and increasing inventory (sound familiar?). Last I checked there was 154 homes on the market, whereas last year at this time there was 24.

Also, on BNN this morning, they were reporting Siemens plans to cut 16,750 jobs globally. In Canada they employ 6,000 and they have not stated how many here will stand to lose their jobs.

Link: http://www.ctv.ca/servlet/Arti.....ub=SciTech

Since this recession is a consumer led one (remembering that the last 2 recessions were intentionally caused by raising interest rates), this recession will likely be long and drawn out. They’ll be plenty of stories like the ones above. Not to sound all Chicken Little here, but the times ahead are not going to be good.

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]]> By: Raincouver http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21715 Raincouver Tue, 08 Jul 2008 10:25:19 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21715 . There's a thread over on RET about getting out of a pre-sale contract. If this is such a hot RE market why would anyone want to sell? Just hold and unload for a profit just before the 2010 Games. Wasn't that the theory? All of a sudden there's a proliferation of 'reasons' why sellers must exit the market rather quickly ... job offers in distant countries...family obligations...nothing to do with wanting to bail. No, nothing like that.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21715">0</span> <small>(to vote for this comment, please visit the site)</small></p> .
There’s a thread over on RET about getting out of a pre-sale contract. If this is such a hot RE market why would anyone want to sell? Just hold and unload for a profit just before the 2010 Games. Wasn’t that the theory?

All of a sudden there’s a proliferation of ‘reasons’ why sellers must exit the market rather quickly … job offers in distant countries…family obligations…nothing to do with wanting to bail. No, nothing like that.

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]]> By: Peek a boo, I see you http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21714 Peek a boo, I see you Tue, 08 Jul 2008 07:29:05 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21714 <i>Look at Me wrote "That’s funny how you only choose the bearish headlines, why not post the article in the Sun last Friday how BC leads the nation in economic growth. At least pretend to be neutral."</i> Hey, Look At Me! Why does the blogmeister have to pretend anything? An interesting topic is an interesting topic, isn't it? He and many of us here find "bear" topics interesting. Is there a "bull" blog you would recommend? Yes? No? Hey, why don't you start one up? If you can make it interesting, people will come. Seriously! Keep in mind that you'll find a lot of lazy passersby criticize your blog. You know the kind I mean, don't you?<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21714">0</span> <small>(to vote for this comment, please visit the site)</small></p> Look at Me wrote “That’s funny how you only choose the bearish headlines, why not post the article in the Sun last Friday how BC leads the nation in economic growth.
At least pretend to be neutral.”

Hey, Look At Me!

Why does the blogmeister have to pretend anything? An interesting topic is an interesting topic, isn’t it? He and many of us here find “bear” topics interesting. Is there a “bull” blog you would recommend? Yes? No? Hey, why don’t you start one up? If you can make it interesting, people will come. Seriously! Keep in mind that you’ll find a lot of lazy passersby criticize your blog. You know the kind I mean, don’t you?

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]]> By: patriotz http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21712 patriotz Tue, 08 Jul 2008 05:01:31 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21712 It is easy for the central banks to prevent consumer price deflation just by increasing the money supply. They cannot prevent asset price deflation because asset prices must adjust to fundamentals. You have spades of evidence to support this south of the border.Highest consumer price inflation in decades, highest housing price deflation in a single year ever, bear market in stocks. Consumer price inflation <b>causes</b> asset price deflation. Case closed.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21712">0</span> <small>(to vote for this comment, please visit the site)</small></p> It is easy for the central banks to prevent consumer price deflation just by increasing the money supply. They cannot prevent asset price deflation because asset prices must adjust to fundamentals.

You have spades of evidence to support this south of the border.Highest consumer price inflation in decades, highest housing price deflation in a single year ever, bear market in stocks.

Consumer price inflation causes asset price deflation.

Case closed.

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]]> By: blueskies http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21711 blueskies Tue, 08 Jul 2008 03:53:16 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21711 deflation will be fought tooth and nail at great cost to the hoi poloi...... we.are.so.screwed!<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21711">0</span> <small>(to vote for this comment, please visit the site)</small></p> deflation will be fought
tooth and nail at great
cost to the hoi poloi……

we.are.so.screwed!

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]]> By: stagnate http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21710 stagnate Tue, 08 Jul 2008 03:24:20 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21710 deflationary pressures are starting to pick up of late; inflationary and deflationary pressures are both evident, a clash of the titans so to speak. i think the bond market now is reacting to the deflationary pressures, interest rates have come down the last week or two. not a big problem unless unions start leveraging significant wage increases tipping the balance the other way.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21710">0</span> <small>(to vote for this comment, please visit the site)</small></p> deflationary pressures are starting to pick up of late; inflationary and deflationary pressures are both evident, a clash of the titans so to speak. i think the bond market now is reacting to the deflationary pressures, interest rates have come down the last week or two. not a big problem unless unions start leveraging significant wage increases tipping the balance the other way.

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]]> By: condohype http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21709 condohype Tue, 08 Jul 2008 02:32:57 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21709 Link to <a href="http://www.bloomberg.com/apps/news?pid=20601082&sid=aGJC3wu5oLEQ&refer=canada" rel="nofollow">Reuters story</a> about the BoC becoming more aggressive on curbing inflation.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21709">0</span> <small>(to vote for this comment, please visit the site)</small></p> Link to Reuters story about the BoC becoming more aggressive on curbing inflation.

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]]> By: condohype http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21708 condohype Tue, 08 Jul 2008 02:30:18 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21708 The Bank of Canada meets on July 15. If they up the interest rate, the party's over. My guess is that they'll keep the rate as is, with rate increases coming in future meetings. Funny thing, this creature called inflation. It may just be the beast the kills the RE boom.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21708">0</span> <small>(to vote for this comment, please visit the site)</small></p> The Bank of Canada meets on July 15. If they up the interest rate, the party’s over. My guess is that they’ll keep the rate as is, with rate increases coming in future meetings.

Funny thing, this creature called inflation. It may just be the beast the kills the RE boom.

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]]> By: patriotz http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21707 patriotz Tue, 08 Jul 2008 02:16:15 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21707 <i>Here’s the best proof I can offer as to the amount of deflation the residential housing market in the US is experiencing</i> That is asset price deflation, which is something entirely different from consumer price deflation. Consumer goods are things you have to buy. Assets are things you don't. The asset price deflation we are currently seeing is in fact partly due to consumer price inflation, as we also saw in the 70's. The difference in the 70's is that it was stocks and bonds, right now it is housing and stocks with bonds likely to follow (higher interest rates). I am really not interested in seeing debates over whether we currently have "inflation" or "deflation". These are simply arguments over what "inflation" (unqualified) is supposed to mean, i.e. over terminology and are meaningless in any operational sense. The relevant fact is that we are now seeing the highest consumer price inflation in a couple of decades and that is negative for RE prices.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21707">0</span> <small>(to vote for this comment, please visit the site)</small></p> Here’s the best proof I can offer as to the amount of deflation the residential housing market in the US is experiencing

That is asset price deflation, which is something entirely different from consumer price deflation.

Consumer goods are things you have to buy. Assets are things you don’t.

The asset price deflation we are currently seeing is in fact partly due to consumer price inflation, as we also saw in the 70’s. The difference in the 70’s is that it was stocks and bonds, right now it is housing and stocks with bonds likely to follow (higher interest rates).

I am really not interested in seeing debates over whether we currently have “inflation” or “deflation”. These are simply arguments over what “inflation” (unqualified) is supposed to mean, i.e. over terminology and are meaningless in any operational sense.

The relevant fact is that we are now seeing the highest consumer price inflation in a couple of decades and that is negative for RE prices.

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]]> By: Vansanity http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21706 Vansanity Tue, 08 Jul 2008 01:53:27 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21706 Just to beat the building permit horse beyond death, below is a link and an excerpt. Developers are seeing an end in residential sector. Too bad! I was hoping they would keep the break-neck pace of building crappy condo's going for the remainder of the year or so. Glut glut glut! Oh well, 27,000 plus under construction right now... nothing to see here. http://www.canada.com/ottawacitizen/news/story.html?id=60a0156f-7243-42fe-8eb6-5cf73f9b3219 Non-residential permits were up 12.8 per cent to $2.9 billion in May. "The rise came mostly from strong increases in the industrial and institutional intentions," Statistics Canada said. Residential permits fell 6.6 per cent to $3.7 billion during the month, led by a big decline in multi-family permits. "The value of permits in the residential sector has been on a downward trend since September 2007," the agency said. Charmaine Buskas, senior economics strategist at TD Securities, said the "robust tone in non-residential permitting activity should buoy building in the near term, though a slowdown in those sectors is also expected as the economy continues to cool."<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21706">0</span> <small>(to vote for this comment, please visit the site)</small></p> Just to beat the building permit horse beyond death, below is a link and an excerpt. Developers are seeing an end in residential sector. Too bad! I was hoping they would keep the break-neck pace of building crappy condo’s going for the remainder of the year or so. Glut glut glut! Oh well, 27,000 plus under construction right now… nothing to see here.

http://www.canada.com/ottawaci.....f73f9b3219

Non-residential permits were up 12.8 per cent to $2.9 billion in May. “The rise came mostly from strong increases in the industrial and institutional intentions,” Statistics Canada said.

Residential permits fell 6.6 per cent to $3.7 billion during the month, led by a big decline in multi-family permits. “The value of permits in the residential sector has been on a downward trend since September 2007,” the agency said.

Charmaine Buskas, senior economics strategist at TD Securities, said the “robust tone in non-residential permitting activity should buoy building in the near term, though a slowdown in those sectors is also expected as the economy continues to cool.”

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]]> By: blueskies http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21705 blueskies Tue, 08 Jul 2008 00:54:05 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21705 <i>The BC economy is not booming, with economic growth approaching negative territory. House prices continue to fall as sales volumes sky dropped in June. The outlook for Vancouver real estate has never been more bearish with the Olympic fever ignited in our anus.</i> spin, spin, spin :-)<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21705">0</span> <small>(to vote for this comment, please visit the site)</small></p> The BC economy is not booming, with economic growth approaching negative territory. House prices continue to fall as sales volumes sky dropped in June. The outlook for Vancouver real estate has never been more bearish with the Olympic fever ignited in our anus.

spin, spin, spin :-)

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]]> By: blueskies http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21704 blueskies Tue, 08 Jul 2008 00:17:41 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21704 <i>quoted here and then summarily executed for their lack of any kind of valid argument or realistic data.</i> drachen: you have such a way with words :-)<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21704">0</span> <small>(to vote for this comment, please visit the site)</small></p> quoted here and then summarily executed for their lack of any kind of valid argument or realistic data.

drachen:
you have such a way with words
:-)

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]]> By: Joe Stalin http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21703 Joe Stalin Tue, 08 Jul 2008 00:12:53 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21703 The truth will set you free. The new carbon tax and cap and trade will mean that BC will soon become the economic wonder of the world. We are standing at the feet of a great new society. We have crossed the rubicon into a whole new century of prosperity. The more taxes the better so please keep sending in your loot. Thanks Joe Stalin<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21703">0</span> <small>(to vote for this comment, please visit the site)</small></p> The truth will set you free. The new carbon tax and cap and trade will mean that BC will soon become the economic wonder of the world. We are standing at the feet of a great new society. We have crossed the rubicon into a whole new century of prosperity. The more taxes the better so please keep sending in your loot.
Thanks
Joe Stalin

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]]> By: betamax http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21702 betamax Tue, 08 Jul 2008 00:03:50 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21702 Dunno, I feel feverish whenever I think about the Olympics.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21702">0</span> <small>(to vote for this comment, please visit the site)</small></p> Dunno, I feel feverish whenever I think about the Olympics.

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]]> By: Drachen http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21701 Drachen Tue, 08 Jul 2008 00:00:33 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21701 <b>Anonymous</b> Here's a fact for you; Your sarcasm/irony detector is malfunctioning. "Olympic fever is ignited in all of us." I mean really, does that sound like he's serious?<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21701">0</span> <small>(to vote for this comment, please visit the site)</small></p> Anonymous

Here’s a fact for you;

Your sarcasm/irony detector is malfunctioning.

“Olympic fever is ignited in all of us.”

I mean really, does that sound like he’s serious?

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]]> By: Anonymous http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21700 Anonymous Mon, 07 Jul 2008 23:38:43 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21700 John, sales plummeted year over year and listings are growing, some places like N.van the number of listings is up approx 113%. DT condo listings are up 65% YOY, so what you are saying and what is actually happening is quite the opposite. Months of inventory is growing and Sell/List ratios are were below 50 for the month of June. Please post some facts!<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21700">0</span> <small>(to vote for this comment, please visit the site)</small></p> John, sales plummeted year over year and listings are growing, some places like N.van the number of listings is up approx 113%.

DT condo listings are up 65% YOY, so what you are saying and what is actually happening is quite the opposite.

Months of inventory is growing and Sell/List ratios are were below 50 for the month of June.

Please post some facts!

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]]> By: does this sound familiar http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21699 does this sound familiar Mon, 07 Jul 2008 23:12:19 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21699 "Why Is Southern California Housing So Expensive? Conventional wisdom goes that Southern California is experiencing a severe housing crisis with no end in sight. A lack of developable land, years of underbuilding, and a huge surge in population due to Southern California's desirability as a place to live have engendered a serious imbalance between housing demand and supply. Adding fuel to the fire is the fact that Southern California's wealth has grown significantly due to its robust and diverse economy. With all these factors at work, we are told, it's no wonder that home prices have risen so spectacularly"<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21699">0</span> <small>(to vote for this comment, please visit the site)</small></p> “Why Is Southern California Housing So Expensive?

Conventional wisdom goes that Southern California is experiencing a severe housing crisis with no end in sight. A lack of developable land, years of underbuilding, and a huge surge in population due to Southern California’s desirability as a place to live have engendered a serious imbalance between housing demand and supply. Adding fuel to the fire is the fact that Southern California’s wealth has grown significantly due to its robust and diverse economy. With all these factors at work, we are told, it’s no wonder that home prices have risen so spectacularly”

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]]> By: Does Muir Think we are all idiots http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21698 Does Muir Think we are all idiots Mon, 07 Jul 2008 23:04:24 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21698 Yes John, it's true, it's all true, and wait until the world receives our calling card during the Olympics.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21698">0</span> <small>(to vote for this comment, please visit the site)</small></p> Yes John, it’s true, it’s all true, and wait until the world receives our calling card during the Olympics.

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]]> By: Burden of Proof http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21697 Burden of Proof Mon, 07 Jul 2008 22:56:54 +0000 http://vancouvercondo.info/2008/07/consumers-less-confident-in-bc.html#comment-21697 "The BC economy is still booming" I assume you are joking. Just in case, here is a report from the BC Business council that shows a shrinking economu. The economy was in recession with negative growth last quarter. Like I said, I assume that you are joking and not an out right liar. http://www.bcbc.com/Documents/BCEIndexv7n1.pdf<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-21697">0</span> <small>(to vote for this comment, please visit the site)</small></p> “The BC economy is still booming”

I assume you are joking. Just in case, here is a report from the BC Business council that shows a shrinking economu. The economy was in recession with negative growth last quarter.

Like I said, I assume that you are joking and not an out right liar.

http://www.bcbc.com/Documents/BCEIndexv7n1.pdf

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