Comments on: Friday free-for-all!

By: Michael Randallbard

Michael Randallbard — Tue, 08 Jul 2008 06:33:19 +0000

Australian housing braces for further pain

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By: freako

freako — Mon, 07 Jul 2008 21:36:02 +0000

according to Credit Union Central B.C.’s latest weekly economic briefing. “The long-awaited and much-anticipated price cycle peak probably occurred in February.” I love how guys like Pastrick go from perpetual appreciation machine to "long anticipated price cycle peak" without admitting that he was wrong. Lereah did it too. Gave us bogus sunshine reports and then reported that prices dropped just as he had anticipated. Rob Chipman now claims that he has anticipated a 20-40% drop. All he has ever said are cliches such as "buy when the numbers work" and the "cure for high prices is high prices". Now that the sh*t storm has finally arrived, he retroactively repositions himself. What a joke. Asshat Gary Watts from the States finally admitted that he was wrong, but blamed it entirely on Wall Street shenanigans. It is really twisted how all the usual suspects try to reposition themselves to not only escape culpability, but to paint themselves as prophets. Sick I tell you.

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By: Scratchy

Scratchy — Mon, 07 Jul 2008 19:57:44 +0000

"Building permits in Canada up 1.1%. Housing permits dropped, commercial gained and made up for the housing short-coming. " Once again *exactly* tracking what happened in the US market.

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By: Vansanity

Vansanity — Mon, 07 Jul 2008 19:36:12 +0000

Nice post Re-diculous. A lot of news on the recession this morning. CNN had a piece on recession proofing your assets ie. savings account. Building permits in Canada up 1.1%. Housing permits dropped, commercial gained and made up for the housing short-coming. Consumer confidence at all time low. BC Housing starting to fall: "Price declines in Vancouver and the Fraser Valley look to continue in the near term," according to Credit Union Central B.C.'s latest weekly economic briefing. "The long-awaited and much-anticipated price cycle peak probably occurred in February." TSX continues to fall today. Dollar is down on oil retreat. BOC set the tone for higher interest rates. Likely they won't raise them next week but they are worried about inflation and it's only a matter of time until the rates start climbing. It's going to be the "Perfect Storm". Batten down the hatches and hold on tight!

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By: Re-diculous

Re-diculous — Mon, 07 Jul 2008 19:25:46 +0000

For all those in denial…this is for you

B.C. Records Biggest Drop in Consumer Confidence

http://www.canada.com/vancouve.....17d09ac2ec

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By: alexcanuck

alexcanuck — Mon, 07 Jul 2008 18:17:45 +0000

Usually they’re insecure with good reason Often they can be recognized by the rusty Camaro (if Asian, make that rusty Civic with 3" chrome tailpipe) that they tend to tailgate you in.

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By: Drachen

Drachen — Mon, 07 Jul 2008 18:00:51 +0000

Why do you bring "oxy" into it? Matt has nothing of value to add. His only topic of conversation is how much smarter he is than everyone else around him. In my experience people who need to brag about their mental prowess to that degree are very insecure about their intelligence. Usually they're insecure with good reason.

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By: oxymoron

oxymoron — Mon, 07 Jul 2008 16:55:29 +0000

Matt Says: "I think bears on this blog ..." Example of an oxymoron: the phrase "Matt thinks".

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By: ReductiMat

ReductiMat — Mon, 07 Jul 2008 15:38:58 +0000

Matt, what geographical region gets to claim you as its paragon of enlightenment?

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By: Thums up2

Thums up2 — Mon, 07 Jul 2008 14:24:57 +0000

Rob A, Matt has long way to go because he has just sold his house then he has become desperate to re-enter quickly as he can so he has chose his suitable plate form called cry but after january 2009 he will change his plate form from cry to screaming. Did you notice on 5k disscount they had start talking about recession,inflation,stagflation,and job loss but those are the least form on ending stages so you can see loser begin with final spin which already ended in march 2008 you can say lmao again!!! Between INFORMERSOURCE1.said our blogger poster SOPHIA is pregnent by almost 2.5 months while informer source 2 said she is planing to settle up back home in ns. SOPHIA?

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By: Rob A.

Rob A. — Mon, 07 Jul 2008 13:19:27 +0000

Awwwww.... Matt weeps for Vancouverites, how sweet. LMAO.

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By: patriotz

patriotz — Mon, 07 Jul 2008 11:28:28 +0000

I think bears on this blog are driven by the same greed as the bulls. Since when is refusing to buy a house, or anything else, for a ridiculous price being greedy?

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By: Patiently Waiting

Patiently Waiting — Mon, 07 Jul 2008 08:00:58 +0000

ignorant? Yes, because our location has made this city insular. People here rather dull-witted and unaware of the rest of the world (despite all the immigration). materialistic? Sure, but no more than anywhere else. ostentatious? Actually, not really. People here dress more casually than other places, there are a lot less pimped-out SUVs clogging the highways than other places in North America, and Vancouver houses are nothing special (pun intended). Except for a few downtown yuppies, nope, no way, and much less than other places. Up until a few months ago, 95% of everyone I knew was a bull. Soon 95% will be bears. Same people, different times.

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By: betamax

betamax — Mon, 07 Jul 2008 07:46:13 +0000

The main reason Vancouver has been maligned with a real estate bubble is that Vancouverites are ignorant, materialistic and ostentatious. These attributes afflict both bulls and bears. You comprehend neither bubbles nor bears. In fact, your posts here invariably communicate little more than the limits of your own comprehension. It's like watching a man bounce off a trampoline and bash his head against the ceiling, over and over again.

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By: Matt

Matt — Mon, 07 Jul 2008 07:21:43 +0000

#123, VHB, Loosen up the drawstring on your lululemon pants. I think bears on this blog are driven by the same greed as the bulls. The main reason Vancouver has been maligned with a real estate bubble is that Vancouverites are ignorant, materialistic and ostentatious. These attributes afflict both bulls and bears.

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By: Joe Stalin

Joe Stalin — Mon, 07 Jul 2008 06:08:37 +0000

When this house market crashes the provincial and federal governments will bail everyone out. You will all pay fot the foolishness do not be fooled. As for the carbon tax and transit etc you have all missed the real show yet to come. Cap and trade is on it's way and will shutdown what's left of industry in BC. So let's sum it up. We've got a crashing housing industry, a forestry industry that's on death's door, a huge bailout on it's way and a provincial government hell bent on shutting down all industry in the name of a slide show by a failed politician. Should be fun.

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By: Thums up2

Thums up2 — Mon, 07 Jul 2008 06:01:49 +0000

"Did it explicitly say anywhere that there are 2 ‘additional’ stalls, or are you using your imagination again?" Exx, here we got description of property if you don't believe this then go check out your own posted link again- good? Unit #301 Type: Apartment Description: Coquitlam’s tallest building, brand new 2 bedrooms, den & 2 baths + 2 parking. The best layout in the building, 965 sq ft + 73 sq ft balcony. Close to Coquitlam Town Centre, restaurants, public library & recreation centre. Exx i shoudn't be complaining if you had left your post question marked but you were throwing your post with confidence so you deserve that rant you have got to mislead the thread and posters but today you are doing little better so hey? IT'S OKEY!!!
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By: M-

M- — Mon, 07 Jul 2008 05:13:52 +0000
Punface: new listings was up 18%. Total inventory was up 50-some percent, though the REBGV report doesn't make it easy to find this number.
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By: exx

exx — Mon, 07 Jul 2008 05:13:09 +0000
Sorry I'm not very good at imagining what things should cost. Don't you feel much better knowing instead? Did it explicitly say anywhere that there are 2 'additional' stalls, or are you using your imagination again?
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By: Thums up2

Thums up2 — Mon, 07 Jul 2008 05:12:35 +0000
Brittanny, Are you trying to say "WOW" melt down while waiting for crash? opppsss you did it again Brittanny?
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By: Thums up2

Thums up2 — Mon, 07 Jul 2008 05:03:39 +0000
Exx, What did i say imagine parking lot in coco at half price"IMAGINE" Now work on your recomendation 2 parkings =$14,000 distance between third floor to twelfth floor $1,500*9=$13,500 so floor 3rd and 12th will cost same in same direction that's why both units cost $389,000 in downtown difference between floors cost atleast $4,000 then there are lots of view in downtown while view in coco could be free but directions still cost little bit extra every where.Imagine 15k in east side almost $500k in west side for all e,w,s,n facing.
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By: Brittanny

Brittanny — Mon, 07 Jul 2008 05:03:31 +0000
Bear who sold in Dec, 2007 - I knew it was going to get bad, but I did not think it would get this bad so fast. Wow, what a meltdown!
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By: browntown

browntown — Mon, 07 Jul 2008 04:57:30 +0000
hey nutslappers! good try with history canucknut but remember history show realestate go up! check 1978 to 2008, only canucks stay same level! calculate your rent going out of bank account! ha ha ha hey jim try calculating land left for houses, too bad to many people scrample for garage! hey exx, smart move shop for condo!
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By: punface

punface — Mon, 07 Jul 2008 04:48:44 +0000
From the latest entry on Garth Turner's blog: "In Vancouver, despite the hype of the 2010 Olympics, the situation is even more dire. Sales have crumbed by 43% in a year, and the number of people trying to bail has grown steadily, with listings up 18%." Aren't listings up way more than 18%?
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By: Jim

Jim — Mon, 07 Jul 2008 04:39:37 +0000

A few reasons BC’s bubble burst will be bigger than most:
- Olympics venue construction complete as of spring ’08 (2+ billion of investment completed)
- Housing speculation rampant in BC in the past three years
- Widespread psychology of “things will continue to go up until well after the games”
- American speculators begin cashing out to cover their losses south of border
- Listings in the lower mainland triple in 2008 as speculators/investors try to sell
- With multi-billions in mortgage defaults at stake, Canada’s banks release weekly reports pleading Canada is separate from the US (‘Canada will withstand US meltdown’, ‘Canada does not have a subprime crisis’)
- Canada’s versions of subprime mortgages are 0% down, no income verification with 40 year amortizations (40 year mortgages merely inflated and prolonged the bursting of the bubble)
- Most Canadians are now heading south for recreational and/or winter homes rather than west to BC (with their at par loonies they are presently able to purchase new resort homes for a third of what they would pay in the Okanagan, Lower Mainland or Victoria)
- Forestry and tourism start to feel America’s economic pain
- Construction, one of the pillars of BC’s recent boom, dwindles as developers stall projects
- Possibility of NDP regaining power in the upcoming BC election erodes business confidence
- Interest (mortgage) rates begin rising in late ‘08 eroding affordability
- Housing affordability surpasses 70% of average incomes in many areas of the lower mainland
- Migration patterns intensify as oil-powered Alberta/Saskatchewan entice workers from across Canada with exorbitant salaries and low costs of living/tax environments
- Prices of energy (carbon taxes) strain potential buyers just as banks begin tightening their lending practices
- The ripple effect’s first wave of significant home foreclosures and price declines commence in Vancouver autumn ’08
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