Vancouver Condo Info

106 Responses to “Friday Free for All!”

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1. 1
   patriotz Says:
   July 10th, 2008 at 11:25 pm
   Also, investments in a registered retirement saving plan, or RRSP, will be exempt from seizure, except for any contributions made in the year prior to bankruptcy.

   This is already the case in the US (IRA’s, etc).

   But what’s happening? There has been a big surge in early withdrawls from IRA’s by homeowners trying to “save” their house or make payments on credit cards, etc.

   Dumb-de-dumb-dumb

2. 2
   Thums up2 Says:
   July 11th, 2008 at 1:04 am
   FULL FLEDGED GOVERNMENT OF HOME OWNERS IN CANADA.

   “A recent Statistics Canada report concluded that home ownership is at record levels, with over two-thirds of Canadians owning their own home”.

   Alright bears you can decide if you like to buy any unit or not it’s not our problem because we don’t need any independent (bear)mla’s or mp’s, owners government is a stable government that works 24/7/365 decades after decades.

   Sweet!

3. 3
   crabman Says:
   July 11th, 2008 at 1:05 am
   Home starts in the Metro Vancouver area were up nine per cent during the first six months of 2008 compared to the same time period the year before.

   Combine this with skyrocketing inventory…

   TGIR. (ThankGodIRent) Looking forward to buying in 2011!

4. 4
   Michael Randallbard Says:
   July 11th, 2008 at 1:07 am
   U.K. pound sterling has really seen the dark side of all the bright lights that shined on the currency about two weeks ago… Recall that then traders believed the Bank of England (BOE) would reverse their rate cut, and pound sterling traded at $2 again… Ever since then it has been in sell-off mode, and last night was no different as house prices keep tumbling… It was reported that U.K. house prices fell by 2.0% during June, and were down 6.1% in the last quarter. As I said the other day, the BOE has painted themselves into the same type of corner as their brothers-in-arms at the Fed… The BOE can’t raise rates to fight inflation, and they can’t drop them either as the economy teeters…
5. 5
   Michael Randallbard Says:
   July 11th, 2008 at 1:15 am
   Switching from Gold to Silver….”Stay alert for strong moves in the price of the white metal, especially those connected with minor changes in the price of gold. They may signal that we are on the brink of another spectacular, parabolic rise.”
6. 6
   patriotz Says:
   July 11th, 2008 at 5:40 am
   “A recent Statistics Canada report concluded that home ownership is at record levels, with over two-thirds of Canadians owning their own home”.

   Hey that sounds familiar… where did I hear something similar… oh yeah…

   In the US two years ago!

7. 7
   patriotz Says:
   July 11th, 2008 at 6:56 am
   “In Vancouver and Victoria, prices also fell on a monthly basis, although they were still up 2.7 per cent in Vancouver year-over-year. In Victoria, however, prices were flat from a year earlier.”

   Victoria will be negative YOY in a month and Vancouver before Halloween.

   TSIHTF folks.

   http://www.reportonbusiness.com/servlet … iness/home

8. 8
   Mr. Simpleton Says:
   July 11th, 2008 at 7:52 am
   This is simply a new wealth re-distribution scheme, and a clever one too.
   All these people who were never meant to be “wealthy” to begin with are now going to give away everything that they “have” to the rightful owners of all the money in this world, plus interest.
   That’s all.
   Good Bye fake middle class.
   We’re going to be waaay old school again - the LandLords and the Paupers. Nothing in between.
9. 9
   Krisssssssssshhhhh Says:
   July 11th, 2008 at 7:54 am
   “Within 12 months, it’s a safe bet to say everyone’s house will be worth 15% less, and some will be cheaper by a third. Meanwhile, lots of people are about to lose their jobs in sales, construction and finance.”

   “There is a big bubble here and it will burst” Bob Rennie

10. 10
    Mr. Simpleton Says:
    July 11th, 2008 at 7:54 am
    Sorry, in my post above by “This” I meant the recent “housing boom”… and the fact that 3/4 canadians “own” their homes.
11. 11
    Mr. Simpleton Says:
    July 11th, 2008 at 7:59 am
    Furthermore, I don’t know if many people know it, but in this country nobody actually “owns” anything.
    The charter of rights and freedoms cleverly forgets to include anything about personal property.

    Even if you “own” your home outright (paid off and all) they can take it away from you as soon as they find oil under your lawn or a new Skytrain line has to go through it. We are a nation of Serfs. Get used to it.

12. 12
    John Says:
    July 11th, 2008 at 8:25 am
    In order for the housing market to fail you need failures. Vancouver is a town full of winners so therefore the market cannot fail. Toronto on the other hand is doomed.
13. 13
    arit Says:
    July 11th, 2008 at 8:58 am
    Mr Simpleton,

    Excelent analysis. I totally agree with the ‘wealth redistribution’ angle. The ’smart money’ was out of the market a year ago. They went on to find the next bubble.

    In Canada it is going to be even worse, since the bank will keep coming after the poor bastards for years after they lose their small cardboard box.
    It is a lifetime financial ruin for anyone who bought with little down in the past three-four years. There is no way out. No jingle-keys. Just a lifetime (40 years) of servitude to the lords, without anything to show for it. Feudal times indeed.

    As I have mentioned to Wow before, the house we will build in 2016 will be made out of concrete, and bricks. Nobody read the three little piglets here?

    Best regards,
    arit

14. 14
    that guy Says:
    July 11th, 2008 at 9:34 am
    John = hilarious
15. 15
    wolfey Says:
    July 11th, 2008 at 9:44 am
    Hey John,

    while you are at it. Why don’t you say the people in Bc are sexy than Toronto. that is why BC will be immune to the Bust.

    ” and stop looking at my ass”

16. 16
    wolfey Says:
    July 11th, 2008 at 9:46 am
    ok…that was kinda mean

    sorry

17. 17
    womp Says:
    July 11th, 2008 at 10:38 am
    Full time jobs tumble, Ontario hit hardest
18. 18
    Thums up2 Says:
    July 11th, 2008 at 10:39 am
    PRICE IS RIGHT

    Current Canadian house prices are in line with economic factors such as low interest rates, rising incomes and a growing population, a view supported by the International Monetary Fund.

    Mortgage term being chosed for convenient is not equal to servitude other wise no person is willing to chose occupation in any company- the way we chose our occupation same way we chose mortgage term.

    “”"Hey that sounds familiar… where did I hear something similar… oh yeah…In the US two years ago!”"”-#6

    Later those American discovered that Vancouver British Columbia is “the best place on earth”Till 2006 around 160,000 American moved to Vancouver and some other part of Canada to enjoy the title of Canadian home ownership more of them are up and coming.

19. 19
    Super Duper Says:
    July 11th, 2008 at 11:44 am
    Jesus Christ, you really are deluded Thums up. Do you actually believe this crap you constantly spew? Sort yourself out mate, you’re embarrassing yourself and anyone related to you.
20. 20
    Drachen Says:
    July 11th, 2008 at 12:26 pm
    Psychology seems to be shifting too. I just had a chat with a friend of mine who sold last spring (after I pointed her here and to several other blogs). For a year she’s been enduring, “You’ll be priced out of the market forever.” and similar comments from friends and family. Now she says for the first time some of them are starting to say, “Hmm, maybe that wasn’t such a dumb move after all…”

    Another friend who was so confident in the market a year ago she bought a second condo is panicking over whether she can sell it in time (it needed rain shielding and is waiting on a couple more fixes before it can be certified). She’s hoping to have it on the market by mid July.

    Both of those represent a 180 turn in psychology from a year ago, if this is normal we’re about to see that “rush for the exits”.

    I suspect (though I have nothing hard to back this up) that immigrants who are insulated by their communities will be the last to catch on.

21. 21
    Bubble Lad Says:
    July 11th, 2008 at 12:34 pm
    Cameron Muir was on Breakfast Television this morning beating the RE drum - makes me thing they’re moving to Defcon 1.
22. 22
    womp Says:
    July 11th, 2008 at 12:35 pm
    Patriotz,

    In regards to your post #7, that StatsCan article is only talking about new home prices. The median price in Victoria is still up about 8% from last July. However, that’s down from 11% a couple months ago and the trend is (obviously) downward…. I’d say end of September, middle of October maybe, for flat YOY in Victoria.

23. 23
    bdk Says:
    July 11th, 2008 at 1:17 pm
    So Thums/Satv/Krissh/Time/Informer/Browntown/Nutslap

    If the “PRICE IS RIGHT” what are you buying?
    If you aren’t buying do you know anyone else who’s foolish enough to buy something that will go down for decades to come?

    If yes what are they buying? The realtors I’ve been talking to can’t find buyers, could I send some of them to your warehouse? I’m sure these buyers earn $150k and have $40,000 down and no debt? Right? If this works out you’ll even get a referral commission! If you refer enough you can buy even more real estate! or use it to go to the CAFE!

24. 24
    John Says:
    July 11th, 2008 at 1:19 pm
    I’ve said this a million times and I’ll say it again. Canada’s housing market is fine. The banks are saying, the government is saying and even more importantly, the Real Estate Boards are saying it. Let’s see who should people trust?
25. 25
    wisemans Says:
    July 11th, 2008 at 1:19 pm
    BDK is right and a very dangerous player. Don’t epect thumsup to reply because he has no money and doesn’t know anyone stupid enough to buy so expect him to ignore the question.
26. 26
    blueskies Says:
    July 11th, 2008 at 1:24 pm
    I’ve said this a million timesyou exaggerate somewhat and I’ll say it again. Canada’s housing market is on a fine edge. The banks are saying, the government is saying and even more importantly, the Real Estate Boards are saying it.
    we are scared Let’s see who should people trust?
27. 27
    moldcity Says:
    July 11th, 2008 at 1:24 pm
    Right John, because in the USA they had lots of warning from the banks, the government and real estate boards - they were all warning that house prices had gotten out of hand and were in danger of crashing, but nobody would listen right?
28. 28
    Partisan Spectator Says:
    July 11th, 2008 at 1:29 pm
    Finally I am reading about The Three Little Piglets - respect for arit.

    My relative, a professional construction engineer from Poland with 40+ years of experience, was here visiting my family for the first time (his first time in North America). Once he saw few construction sites (SFH, lowrise and highrise ones) he wholeheartedly LOL about house quality and the building code. He could not imagine that people throwing away massive amounts of money to get a house that has warranty for max 10 years.

    He and his family are living in an apartment building that was built about 140 years ago. For the whole lifecycle, the roof has been replaced once about 20 years ago, and there was no structural repairs. Sewer is still original and will be replaced in 10 years. Water pipes were re-done about 30 years ago. The 4-storey building still has the original stucco that have been painted every 6-7 years and the original wiring. Inside the apartment, all doors and hardwood (oak) and stucco are in the same shape as 140 years ago.

    Anybody can say something similar about their dwelling in Van?

29. 29
    Aleks Says:
    July 11th, 2008 at 1:41 pm
    “I’ve said this a million times and I’ll say it again. Canada’s housing market is fine. The banks are saying, the government is saying and even more importantly, the Real Estate Boards are saying it. Let’s see who should people trust?”

    I’m going to have to say “Someone who isn’t trying to sell me real estate.” Robert Shiller, for example.

30. 30
    Drachen Says:
    July 11th, 2008 at 2:10 pm
    Guys, John is just having a laugh. Don’t take him seriously.
31. 31
    Drachen Says:
    July 11th, 2008 at 2:16 pm
    Partisan Spectator

    I have the same with European friends. The main problem most of them have (and I’m sure your brother too) is that anything under 4-5 stories is built in wood here. Try telling the people in Sichuan Provence that stone is better than wood for building in an earthquake zone… Some parts of the building code are different for a reason.

    Not that I’m saying there’s no shoddy work going on, it’s just that people from Europe don’t have the same needs that people living in Vancouver have and they have a tendency towards close mindedness when it comes to these things.

32. 32
    scoop Says:
    July 11th, 2008 at 2:39 pm
    Holy smokes, another 246 new condo listings yesterday (55 sales) as reported on Paul B’s site. The big bearish headlines in the MSM are pushing investor sentiment past the tipping point.
33. 33
    Partisan Spectator Says:
    July 11th, 2008 at 3:05 pm
    Drachen,

    Thank you for comments on my post. One small note about earthquake zone. AFAIK, in whole Canada and US buildings under 4-5 stories are mostly built of wood. Does it mean that the East Coast and central parts of both countries are in the earthequake zone?

34. 34
    Drachen Says:
    July 11th, 2008 at 3:13 pm
    There’s certainly a lot more brick and stone as you move east. I’m not aware of any numbers but I believe wood construction is much more rare in Ontario from personal experience.
35. 35
    Anonymous Says:
    July 11th, 2008 at 3:32 pm
    ING has already changed its mortgage rules to align with the Oct. 15th changes.

    http://looniesandsense.blogspot.com/200 … again.html

36. 36
    Anonymous Says:
    July 11th, 2008 at 3:35 pm
    Drachen - there’s nothing to stop anyone from building solid earthquake proof stone buildings in Vancouver. We build leaky wooden buildings in Vancouver because wood is cheap, available, and quick to put up. (want to get that roof on before the rains start).
37. 37
    Via Says:
    July 11th, 2008 at 3:41 pm
    I lived in Mexico in a house built in 1910 made of stone. When the big earthquake of 85 hit the house didn’t get a crack. It’s still there, solid and safe. But wood is not a cheap and easily available material back there.
38. 38
    -A- Says:
    July 11th, 2008 at 4:11 pm
    >>>>>>>>>>>>>>>>>>>>>>PUBLIC ANNOUNCEMENT<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>>IMPORTANT NOTICE>>>>>>>>>>>>>>>>>>>>>>

    >>>>>>>>>>>>>>>>>DON’T MISS THIS OPPORTUNITY>>>>>>>>>>>>>>>>

    I think the elimination of the 40yr with zero down mortgage will actually put upward pressure on prices in thriving economic marvels like Kelowna, Victoria and Vancouver.

    Now our highly skilled RE experts can concentrate at providing excellent investment opportunities in BC world class cities to better financially secured upscale investors, without wasting time with prospects that may otherwise not meet the standards required to participate in acquiring real estate in the best place on earth.

    My advice would be to enlist the help of a professional who is a member in good standing with your local real estate board.

    Just practicing my spinning….what do you think Rob?

39. 39
    Anonymous Says:
    July 11th, 2008 at 4:14 pm
    It’s not that they *can’t* do a good job around here, it’s just that if they do they can’t charge you to rebuild in 15 years when it starts falling apart. Planned obsolescence. The dark cabal of developers in this town probably goes to bed each night praying for the big one to hit.
40. 40
    JB Says:
    July 11th, 2008 at 4:30 pm
    The FDIC in the States just seized control of IndyMac Bank.
41. 41
    Bubble Lad Says:
    July 11th, 2008 at 4:31 pm
    Globe & Mail:

    http://www.reportonbusiness.com/servlet … iness/home

42. 42
    scoop Says:
    July 11th, 2008 at 4:35 pm
    I used to work in construction in Ontario. There is a lot more brick, but almost all of it is brick facade over wood frame construction.
43. 43
    rx Says:
    July 11th, 2008 at 4:38 pm
    Holy shhhhhht, here’s a link to the IndyMac story:

    http://www.msnbc.msn.com/id/25644988/

    The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said.

    “This institution failed today due to a liquidity crisis,” OTS Director John Reich said.

    IndyMac had $32.01 billion in assets as of March 31.
    

44. 44
    rx Says:
    July 11th, 2008 at 5:23 pm
    I see Bubble Lad beat me to a IndyMac story link. Next week should be an interesting one!
45. 45
    -A- Says:
    July 11th, 2008 at 6:29 pm
    Housing Bubble’s Pop Could Doom Boomers

    http://www.mainstreet.com/housing-bubbl … n=MSGoogle

    “People took a very big hit,” he says. “The problem is, coming off both bubbles, people were not saving. They had changed their behavior because they had thought all this money would be there, and then it wasn’t.”

    Just like Vancouver, Kelowna and Victoria kool aide drinkers.

46. 46
    browntown Says:
    July 11th, 2008 at 7:12 pm
    yeah nutsters, don’t worry browntown is back! good time to buy now before halocopter ben in states gets uplifted! gold to the moon nutbars! look for money drop out of corner office window bdk!
47. 47
    Michael Randallbard Says:
    July 11th, 2008 at 7:24 pm
    Indymac Friday Night Dance Party

    hey, your loss if you don’t see these

    Party Time

    http://siliconinvestor.advfn.com/readms … d=24750252
    http://siliconinvestor.advfn.com/readms … d=24750249
    http://siliconinvestor.advfn.com/readms … d=24750243
    http://siliconinvestor.advfn.com/readms … d=24750225
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48. 48
    Partisan Spectator Says:
    July 11th, 2008 at 7:33 pm
    Anon #39

    I strongly agree with you about “planned obsolescence”. While I accept wood as main building material, the quality of other materials and construction process rouses censure.

    Nothing prevents builders from using galvanized copper for roofing instead of ashfalt shingles. There is no need to chop wood before making door frames and baseboards. It would not hurt to erect solid walls between rooms (sound insulation). No producer gives more than 10 years warranty for stucco - what a joke. The list can be extended…

    My father once told me that it required skills to hammer in a nail into a wall in his old Polish building. If you happen to get into cement between the bricks - forget about it. The cement used to be poured with natural egg yolks. I guess for that reason the dishwasher manufacturers do not guarantee eggs removal from dishes.

    If you compare Van to a city of similar size in Europe, there is substantially less related to construction and repairs businesses. This is for a reason. The quality of construction does not require that many as we have here. Construction for the sake of repairs. Repairs for the sake of construction. What a waste of resources and money.

49. 49
    Anonymous Says:
    July 11th, 2008 at 8:06 pm
    Is she trying to say anything here?

    yeah nutsters, don’t worry browntown is back! good time to buy now before halocopter ben in states gets uplifted! gold to the moon nutbars! look for money drop out of corner office window bdk!

    OR is it trolling?

    forum/viewtopic.php?f=3&t=48

50. 50
    John Says:
    July 11th, 2008 at 9:31 pm
    I think this bank failure is further evidence of the strength of our market. Not one single bank has failed in this country.

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