Friday Free-for-all!
You made it to the end of the work week, congratulations! It’s Friday free for all time! Here are a few stories I’ve noticed this week:
- we just hit 20,000 places for sale in Vancouver
- but we’re still building lots of new condos
- maybe that will solve our growing homeless problem
- it’s been a bad year for forestry
- the dollar is making us expensive for foreign companies
- fortunately the loonie is predicted to fall
- When will the US housing market bailout work?
So what are you seeing out there? Post your news, thoughts and links here and have a great weekend!
note: any conversation on Vancouver, real estate or economics is allowed, please keep it civilized. When posting articles please only quote pertinent points and link to the original instead of pasting the entire article here. Pasting a link will automatically create a clickable hot-link. Thanks!
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July 24th, 2008 at 11:26 pm
Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000! Happy 20,000!
July 24th, 2008 at 11:26 pm
Is there a reason homelessness keeps increasing in Canada? Indeed the population is increasing but I don’t think it’s increasing at the rate of 19% in 5 years.
July 24th, 2008 at 11:45 pm
Homelessness has nothing to do with the supply of or demand for housing. Shelter affordability for those on minimum wage (or anyone else) is no worse than it was decades ago.
People are homeless because they have personal problems which they cannot deal with such as mental illness or drug addiction, and the reason homelessness is up is because support for such people is inadequate.
July 25th, 2008 at 12:21 am
You get more of what you subsidize.
Build more homeless shelters, get more homeless in your city.
As someone who is sick of homeless bums, crackheads, juvenile delinquents and other undesirables, it’s time we CLOSED homeless shelters, youth homes and heroin shooting galleries, made vagrancy a criminal code offence punishable by 5 years in jail or a year in the military, and started rounding up unproductive members of society.
July 25th, 2008 at 1:29 am
The REBGV sales for July 08 is looking horrible right now.
July 2007 sales was 3659. As of today July 24 2008, sales
are only at 835.
FVREB July 2007 sales was 1700, today its at 398
With seven more days to go, I hope it improves, but I doubt it.
July 25th, 2008 at 7:25 am
islander, that is some might impressive logic you have there. How many cases of bud-lite did it take you to come to those hefty solutions?
Perhaps you could do humanity a favour by writing a book on how to live such an exemplary life. That might be the only way we see the light.
July 25th, 2008 at 7:30 am
Inventory are you kidding? Only 835 sales? Where do you get that number from?
July 25th, 2008 at 7:35 am
Islander:
So you’re saying that if we close the mental health care facilities we will have less mentally ill receiving the care they need to keep them off drugs and off the streets? Yup, that one worked!
July 25th, 2008 at 7:52 am
theres nothing magical about the number 20,000.
July 25th, 2008 at 8:05 am
Anonymous,
835 actually sounds about right. I was adding up the numbers from Paul’s daily stats for the first couple of weeks this month, and did the math to come up with an estimated 1200 sales in the REBGV for the entire month, so this is in the ballpark, at least.
July 25th, 2008 at 8:09 am
Dosh, REBGV has never recorded 20K inventory EVER. We just set HISTORY.
July 25th, 2008 at 8:34 am
Inventory, undesch4: I keep track of PaulB’s numbers in a spreadsheet. So far this month he has recorded 1799 sales, including both condos and houses.
Currently my model predicts 2324 sales by the end of the month, which is 4% less than last month, and down 40% YOY. And the inventory prediction: a whopping 9 months.
July 25th, 2008 at 8:36 am
umdesch
i don’t think it will reach 1200. only 1 weekend to go and if it is really nice outside …people will head for the beach. We have little more than 1 month of summer left before the rain starts again
July 25th, 2008 at 8:39 am
Are real estate agents in your area getting desperate too?
In my neighborhood they randomly put “sold” stickers on For Sale signs, just to take them off a few days later later. It doesn’t seem to work though… as the for sale signs remain and actually grow in numbers…
July 25th, 2008 at 8:42 am
BTW, other than for the purpose of laundering money, which undoubtedly is a big part of our economy, who in their right mind would buy a house NOW?
July 25th, 2008 at 8:43 am
US Foreclosures up 120% for second quarter.
739,714 foreclosure filings were recorded 2nd quarter
up 14% from the first quarter, 121% from the same period in 2007.
One of every 171 U.S. households received a filing, which include notices of default, auction sale notices and bank repossessions.
CNN
July 25th, 2008 at 8:46 am
Dosh
“theres [sic] nothing magical about the number 20,000.”
Well someone woke up on the wrong side of the market this morning!
July 25th, 2008 at 8:56 am
[i]…theres nothing magical about the number 20,000…[/i]
Given the ratio of populations, the 10k number for FVRD is IMO much more significant. How the heck can a ‘berg like Mission have 500+ listings in just it’s core area?!
That, IMO, is where you’re more likely to find the real bargains…
July 25th, 2008 at 9:02 am
“theres nothing magical about the number 20,000.”
but much that is ominous.
I can understand being a bull during a euphoric bull market, but clinging to that position after the market turns is just delusional. There’s nothing more pitiable than someone lying to themselves. The party’s over, Jethro, time to pack it up and go home.
July 25th, 2008 at 9:02 am
On the topic of hitting the historical high inventory of 20,000, let me be the first to say IT’S DIFFERENT THIS TIME! Cause that number sure does look different to me!
July 25th, 2008 at 9:03 am
sales for july are higher than i would have predicted, given the bad news out there and the weather change this month. september is going to be a key month to watch.
July 25th, 2008 at 9:18 am
Pope, when you joked about ‘the unique health hazards caused by granite..’ on this post:
http://vancouvercondo.info/200.....ntasy.html
Did you know that it was true? There’s a story in the NYT about radioactivity and radon gas coming from granite counter tops:
http://www.nytimes.com/2008/07.....anite.html
Bizarre!
July 25th, 2008 at 9:22 am
it’s time we… started rounding up unproductive members of society.
Excellent idea! Shall we start with the “usual suspects”?
July 25th, 2008 at 9:23 am
stagnate
It takes a while for psychology to turn. Most of the people who are buying now understand that the market is “correcting” but they believe it will be in the order of a 5-10% correction so if they can get a deal now they think it’s all good.
July 25th, 2008 at 9:24 am
M:
What?! Ok, I think I’d like to see those numbers, ‘cuz I must be reading them *drastically* wrong, or I’ve lost the ability to do basic addition.
July 25th, 2008 at 9:30 am
Sorry, ignore my previous. It was a while ago, and I forgot that I was specifically looking at the SFH numbers only. I can still add, my memory is just completely shot.
July 25th, 2008 at 9:38 am
Bob Rennie:
I remember an article where you opined “who are the real speculators?”, the bears on the sidelines or the bulls on the flip. My question to you is, have you put your money where your mouth is? I.E. have YOU invested in the projects you market to the public?
July 25th, 2008 at 10:10 am
Ziggee
I suppose both sides can be considered speculators.
The difference is not in whether each group speculates or not.
The difference is that one group believes that property values will continue upwards forever without anything to support this hypothesis except for good feelings. The other group analyses empirical data using scientific methods and historical comparisons.
If I were to describe mutual fund managers in these terms who would you invest with? This is the question Rennie should answer, I think we can safely say he is not investing the bulk of his earnings where his mouth is, but as they say, “don’t shit where you eat”.
July 25th, 2008 at 10:19 am
The 20K figure is only important symbolically. The 20K figure is no where near as scary as previous highs when you take into effect how much larger the total inventory of units is. We are a much bigger city now and 20K is nowhere near as significant as it would’ve been 20yrs or even just 10 yrs ago.
July 25th, 2008 at 10:28 am
#29,
Very well said.
July 25th, 2008 at 10:39 am
Ziggee, what makes you think that Rennie reads this blog?
July 25th, 2008 at 10:40 am
The first person to be rounded up for five years should be Islander, he’s clearly a juvenile delinquent
July 25th, 2008 at 10:42 am
29 and 30. Are you sure about that? Numbersman, do you have actually have numbers, or is this just a hunch?
When expressed as residents per listing, I’d hazard a guess that we are probably at historically high levels. On Pauls blog we had a discussion that noted that residents per listing in the lower mainland (1:85) is squarely in ths same zone as southern california and arizona. To me, this is not insignificant.
July 25th, 2008 at 10:54 am
M- “Currently my model predicts 2324 sales by the end of the month, which is 4% less than last month, and down 40% YOY.”
The sales numbers compared to June don’t look that bad. Be prepared for uberspin: sales in the traditionally slow summer months ONLY fell 4% compared to June!!! If you go back to 1999 and 2000 you can see how much further sales have dropped in recent memory: roughly another 30% less than current expected July sales and that was a time when valuations were reasonable, even with higher interest rates.
Do we really have memories that short? Sales are still strong historically and there is nothing stopping them dropping even more, possibly to unprecedentedly low levels if prices do not quickly correct. I hear some calling for inventories above 30K for REBGV. If sales do dry up to levels seen last decade, it would not surprise me at all.
July 25th, 2008 at 11:20 am
Numbersman
Yeah, we’re 11% bigger than 10 years ago. The inventory is far more than 11% greater than it’s ever been before.
***BZZZT*** wrong answer!
July 25th, 2008 at 11:22 am
I feel sorry for anybody who bought a condo near the intersection of Cambie and Robson. The guys who live in the Catholic Men’s Shelter have already taken over the new bus shelter and ledges in front of the new buildings.
July 25th, 2008 at 11:45 am
Satv, Thumbs up 2. Where are you? Join the I-20K party!
July 25th, 2008 at 11:47 am
god … my realator phoned me and told me about an offer on my appartment that was 60% below asking price. I think people in Vancouver have gone insane
July 25th, 2008 at 11:54 am
Which neighbourhood has the most “for sale” signs?
I might even bring an iced coffee and leisurely stroll and pleasure read the realtors signs. Maybe they should bling them up a bit, it could be like x mas.
Where are the sign forests? Not too hilly neighbourhood please.
Thanks!
July 25th, 2008 at 11:57 am
Islander:
So let me get this straight…. you want to round up all the mentally ill, the drug addicts, and dispossessed, then give them WEAPONS AND TRAINING and turn ‘em loose?
BRILLIANT, I say! Have at ‘er! Instead of dodging people too zonked out to cause much harm , all those yuppie speculators who bought into the W development can dodge gunfire on the way back to their “luxury accommodations”. And let’s not forget, all those ex-vagrants and ex-soldiers would have much better aim.
I F**CKING LOVE IT! Let’s set ‘er up!
Your tax dollars will STILL go into paying these people. As employees of the government I believe they’d be entitled to…. oh let’s see, full medical and dental, a paycheque, a government pension.
By all means, let’s make vagrancy a crime too. f course since we’re all equal citizens under the law that means everyone has to carry papers. Even if you’re dressed well and have good teeth, you could still be a vagrant so if you get press ganged into the Navy or whatever, it’s all for the god of everyone else.
You remind me of an uncle of mine. He was forever complaining about high taxes going to education, until he had an autistic kid. Now he expects everyone to fund special education. He complained about taxes till he got cancer, then he complained about how underfunded health care is.
Why are so many “conservatives” greedy with their own money until they need some form of public assistance (education, health care, whatever) , then they complain bitterly.
Islander, you’re greedy, selfish short sighted and God love you, not very bright. Have a good weekend.
July 25th, 2008 at 12:15 pm
”
I feel sorry for anybody who bought a condo near the intersection of Cambie and Robson. The guys who live in the Catholic Men’s Shelter have already taken over the new bus shelter and ledges in front of the new buildings.”
That’s where Krissh/Satv/Time/Browntown bought, at TV TOWERS
I guess he wanted to make new homeless friends.
July 25th, 2008 at 12:17 pm
Rob A
“my realator phoned me and told me about an offer on my appartment that was 60% below asking price.”
That was YOUR place?
July 25th, 2008 at 12:18 pm
People often say the reason why Vancouver real estate will always go up is eager immigrants moving here.
Well:
Immigrants turn backs on Vancouver
July 25th, 2008 at 12:20 pm
Scullboy
“you want to round up all the mentally ill, the drug addicts, and dispossessed, then give them WEAPONS AND TRAINING and turn ‘em loose?”
And don’t forget, in his world homosexuality is a mental illness.
Enjoy Cornwallis buddy! Write me a letter.
July 25th, 2008 at 12:34 pm
Here is the reality. You have a beautiful little gem like Vancouver that the rest of the world doesn’t really know much about.
You all of a sudden expose it with winning the Olympic bid.
You now throw a dash of optimism and excitment and you get the boom we see or should say saw.
Prices start going through the roof…people want to buy here as we are very cheap compared to the rest of the world. Ok, granted, bargainville. In comes the foreign buyers.
Reality check: People that have been working and living here most of their lives get kicked in the ass as all those pennies you’ve been saving to buy your little shack with white picket fence has just got a price tag of that mansion you laught at owning in Richmond.
Enter the second reality check. I don’t know about the rest of you but my wages have not increased 300%..therefore I can’t affort the house and I refuse to pay 300-800k for those Shitshacks they call condos downtown. Gah, have people gone retarded paying those kind of prices for 900 Square foot bachlors?
It is a simple matter of math. If the market grows beyond the populas’ abitlity to sustain it it will crash down to affordable levels, otherwise you have people leaving the province and going to more affordable and better paying locations.
I am not saying you will see the homes drop to 300k like they use to be..but that shitbox that people are trying to sell for 800k…I think the wakeup call is gonna hit them so hard they are gonna go back in time.
I will be looking to buy in 2 years when the Condo and Housing market get into the real range..more like 450-550 range..not 700k-1M … right.
We now return you to your regularly schedule program……
July 25th, 2008 at 12:38 pm
That’s where Krissh/Satv/Time/Browntown bought, at TV TOWERS. I guess he wanted to make new homeless friends.
Yes, It’s all part of his plan, didn’t you know the best way to get cheap childcare is to “find a decent looking homeless person”
July 25th, 2008 at 12:45 pm
“Yes, It’s all part of his plan, didn’t you know the best way to get cheap childcare is to “find a decent looking homeless person”
LOL. At least he didn’t suggest slavery as the way to afford child care and a house.
July 25th, 2008 at 1:07 pm
I want to hear all of the real estate boosters publicly pledge that the market is correct in whatever it does and there will be NO REAL ESTATE BAILOUT anywhere in Canada.
I’m glad to see responsible Americans getting angry about their bailout situation:
http://www.msnbc.msn.com/id/25836850/
July 25th, 2008 at 1:31 pm
Anon#41: Westwood Plateau in Coquitlam. It’s a veritable forest of realtor trees. Sorry, it’s hilly, but I was out there a couple months ago, and I’ve never seen anything like it before.
July 25th, 2008 at 1:51 pm
BDK
“That’s where Krissh/Satv/Time/Browntown bought, at TV TOWERS
I guess he wanted to make new homeless friends.”
He probably believes the old wisdom that you tend towards the same level of success as the company you keep. He wants to move up in the world, currently one of his best friends is being shipped of to Delta and the other is developing a bad case of cardboard rot after the incident with the sprinkler system.
July 25th, 2008 at 2:02 pm
“Where are the sign forests? Not too hilly neighbourhood please.”
Not my neighborhood. I’d say 1 in 50 houses are for sale — I have seen many more in past years. There are about 1M dwellings in the Lower Mainland so even 33K won’t look like much in most neighborhoods.
July 25th, 2008 at 2:55 pm
Drachen:
If homosexuality is an illness, I’m going to call in queer to work on Monday!
July 25th, 2008 at 3:13 pm
As more Americans feel those ripple effects, some are realizing that it’s not just foreclosure victims who stand to lose out, Zandi said.
Victims? Foreclosure is supposed to be some natural disaster or something?
Memo to reporters: a mortgage loans advances money to the borrower with a lien on property as security to the lender. If the lender does not get paid back, he has a contractual right to exercise the lien and take possession of the property.
The real victims are the responsible homeowners who find themselves living next to a derelict house as a result of an irresponsible mortgage borrower and lender.
July 25th, 2008 at 3:22 pm
“In my neighborhood they randomly put “sold” stickers on For Sale signs, just to take them off a few days later later.”
I’ve seen that too! In kits, there are a bunch of apartments that have had ‘sold’ stickers on them for a few days and then the stickers go away. Could they be offers that fell through?
The weird thing is the sticker are put on in strange half-assed ways, like hanging part way off the sign or folded in half around the edge. I don’t think realtors are doing this, but I don’t know why anyone would. it makes no sense.
July 25th, 2008 at 3:29 pm
I think Patriotz slant is more accurate. You saved your whole life, you paid your mortgage, you held down a job…and now you’re living next to an abandoned house/crack den because the so-and-so next door wanted to make a ton of cash flipping their piece of crap home by taking on a ninja loan and a line of credit to buy a bunch of crap they don’t even need – HARD CHEESE!
July 25th, 2008 at 3:32 pm
teak
In kits there are a lot of for sale signs that have been up since early May. A few of them came down (unsold), but it seems like they’re still showing the house…is this some kind of new “stealth” sale to avoid having three or four for sale signs on the same block? It makes no sense.
July 25th, 2008 at 3:43 pm
I saw the same in Richmond. “Sticker-flicker”.
And there is also a pair of McMansions on the same crossroads: No4 and Francis. Two corners of the same intersection.
Both had for sale signs one year ago. Then they went off (sold?), and now they are for sale again. They have been for sale like 3 months. I do not know what to make of it (the northern one was built two years ago).
Cheers,
arit
July 25th, 2008 at 3:46 pm
arit, did you coin that term “sticker flicker”? I love it.
July 25th, 2008 at 5:02 pm
It must be very annoying for the re agent that somebody is taking their heard earned “sold signs” off. I should help them with writing SOLD on the sign with a fat permanent marker. No body can “steal” this sold off the sign.
July 25th, 2008 at 6:05 pm
Bubble Lad,
LOL, apparently I just did. Not on purpose. Sticker-flicker!
But I have seen the actual flicker myself. Bob Sethi is the realtor. A big one in Richmond.
Regards,
arit
July 25th, 2008 at 7:14 pm
39Anonymous Says:
July 25th, 2008 at 11:54 am
Which neighbourhood has the most “for sale” signs?
I might even bring an iced coffee and leisurely stroll and pleasure read the realtors signs. Maybe they should bling them up a bit, it could be like x mas.
Where are the sign forests? Not too hilly neighbourhood please. Thanks!
Sorry to disappoint, but it IS hilly in the Westwood Plateau area of Coquitlam. Start trudgin’.
July 25th, 2008 at 7:38 pm
If anyone needs ammunition for their friends/family members thinking of buying in this market, get them to watch this Peter Schiff video from a couple of years ago:
http://www.youtube.com/watch?v.....re=related
Peter was calling the bubble years ago, and everything he says applies just as much to Vancouver today as it did to LA/Miami/Vegas two years ago.
My favorite quote: “As expensive as real estate got, that’s how cheap it’s going to get. People are going to be amazed at the prices that houses are going to be selling for in a few years. Just as amazed as they were when they saw their stocks go from $200 to nothing.”
July 25th, 2008 at 9:19 pm
there will be NO REAL ESTATE BAILOUT anywhere in Canada.
CMHC is a Crown Corporation and its obligations are expressly guaranteed by the Federal Government. The Feds have also kindly agreed to reinsure Genworth’s obligations to the tune on 90% (so much for free enterprise).
The Feds simply cannot back out of this. The best we can hope for is the no schemes are introduced at the federal (very unlikely given the minority government and regional politics) or provincial (you wouldn’t get rid of the PTT would you Gordo?) levels to try to juice up a falling RE market.
July 25th, 2008 at 10:12 pm
Booya, great video! thanks
July 25th, 2008 at 10:15 pm
arit – better grab a copyright on that! I plan on working it into as many RE conversations as possible!
July 25th, 2008 at 10:33 pm
“and the beat goes on….”
As of today: total inventory: 20,078
S/L: 31% (SFH) 42% (Condo)
…so why hasn’t the Sun reported the reaching of the 20K mielstone? ha ha
July 25th, 2008 at 11:05 pm
Sticker Flicker! Perfect term!
Are realtors jumping the gun and slapping the sold sticker on as soon as they get an offer? I can think of no other reason sold stickers would appear and dissappear off sign of places that are obviously still for sale, and I’ve never noticed this happening in years past.
July 25th, 2008 at 11:09 pm
Still another week for inventory to build for July, it’ll be interesting to see what the sun and other local news reports then.
If only there was some way to harness the spin energy from the REBGV press releases we’d never have to worry about fuel prices again!
July 26th, 2008 at 12:59 am
yeah don’t worry nutbags! nutbutter king b.rennie says “every ones money is safe!” he would even sell a condo to his kids at rocket and needle ground zero “woodwards”! check out the “wood ward” intelectual property and go bold! or go to the suburbs-all the way to surrey cntral infiniti! yeah!
July 26th, 2008 at 5:59 am
Islander,
Build more homeless shelters, get more homeless in your city.
I guess you think we could stop people from getting sick if we demolish all the hospitals.
While we’re at it let’s close the jails to eliminate crime, and disband the military to end war. It’s so easy!
July 26th, 2008 at 9:19 am
It’s clear that the Vancouver condo market is still red hot. I was at a condo open house yesterday and it was busy. Tons of rich asians and albertans.
July 26th, 2008 at 9:46 am
John’s telling the truth.
Not only did he talk to each person wearing a cowboy hat to confirm where they are from but he weighed them all too!
July 26th, 2008 at 10:15 am
“Sticker Flicker” Sleezy realtors trying to create the herd mantality for uninformed sheeple. Better buy now, look at all those “sold” stickers! Oh they are soooooooo clever!
July 26th, 2008 at 11:47 am
Oh they are soooooooo clever!
not really!
it is really hard to herd lemmings…….
July 26th, 2008 at 12:30 pm
“No Payments until 2010″
Furniture?
Appliances?
SUVs?
Nope, that was an add for a Maple Ridge housing development in a local paper. Requires 25% down payment and 5.5% at 35 years, and is based Jan 09 occupancy.
July 26th, 2008 at 12:35 pm
Hey Browntown:
I think your description of Rennie as “nutbutter king” is brilliant. I LOVE the idea of him shooting his nutbutter goodness all over the faces of gullible condo owners. Seriously.
Better watch out though, it sounds like before long TV towers may end up being Transvestite towers, and once those girls move in you mom is going to have a hell of a time drumming up business. Even her famous “Seven treasure surprise” won’t compare to the surprise those girls are packin’!
July 26th, 2008 at 12:42 pm
In regards to Islander’s point about homeless people joining the military, it’s actually not too difficult to just fail your courses in the military and then drop out. You do need a certain level of physical fitness in order to complete the training. In addition, you need a certain level of sanity and intelligence. Besides, the military needs motivated people who are driven to actually fight for their country. There are people who drop out because they realize they will potentially have to fire their service rifle at something more than a target at some point in the future. I don’t think military service is the solution.
Neither is prison. A prison will not necessarily teach a homeless person how to get a job and become a valuable member of society. It will likely do the opposite. Personally, I believe in providing rural housing (where it is cheap) for homeless people and drug addicts, where the temptations of drugs and prostitution prevalent in downtown Vancouver do not exist and the environment is controlled for such factors. In a safe setting, you could then provide people with education and the social and job skills necessary to get them back into society. If they are not able to rejoin society, then at least they are being housed comfortably in a location where they are not contributing to crime. It would be cheaper than providing them housing in downtown Vancouver where they can easily commit crimes and find drugs, both from the perspective of the cost of housing and the cost to society of the criminal activities.
July 26th, 2008 at 1:19 pm
Money can’t fix Fannie and Freddie
Oh, how the Fannie Mae folks had gorged themselves during the glory days. In 2003, Mr. Raines, in addition to his $5.2-million in salary and bonus, got the company to foot the bill for $200,000 in personal travel, $37,000 for personal tax and financial advice, $11.6-million in “incentive plan” payouts, life insurance, pension, stock options – you could run out of breath listing it all.
http://www.reportonbusiness.co.....Blogs/home
July 26th, 2008 at 2:48 pm
Saskatoon is BOOMING. My friend just bought five houses in Saskatoon and I’m going out there to have a look at that hot market. Saskatoon may displace Vancouver as the hotest market in the country. I can’t wait. I’ll make millions once again.
July 26th, 2008 at 3:25 pm
20,000 was probably a big deal when they hit it in Phoenix. It was quite a change from the days when all you had to do was pound a FOR SALE sign into your lawn and watch the bidding wars. But what’s Phoenix now? 50,000? 80,000? Those numbers are coming to Vancouver. We’ll chuckle quietly to ourselves about the days when we thought 20,000 was a lot of housing units.
July 26th, 2008 at 3:47 pm
It sounds like Krissh has changed his views.
He said “the best time to sell is totally opposite” and now he’s calling Bob Rennie a nutbutter king and confirms he’d sell a condo in the worst area in north america to his own child.
It’s about time he figured it out.
I overheard a particularly ignorant and slobby woman from marpole telling a co worker not to buy real estate now because the market was going down and she was one of the kool aid drinkers at Christmas time so I don’t know how she finally figured it out but if the lowest class of people in Vancouver have figured it out then it’ll take browntown a few more months which is great because it’ll be too late and he’ll lose money for decades to come.
“TV Towers is the worst project I have ever sold and is the worst investment ever”
Nutbutter King B. Renie.
July 26th, 2008 at 5:40 pm
“Personally, I believe in providing rural housing (where it is cheap) for homeless people”
Forced relocation, which what this basically is, rarely has the right effects. Solve the problem at the source: provide properly funded housing, drug treatment, and psychiatric care. Other cities have done this with great success.
July 26th, 2008 at 6:30 pm
yeah nutsloppers! don’t worry for woodwords, this part of north yaletown is improving! feel bad for 20000 poor saps selling to raise chump change before next leg up! yeah
July 26th, 2008 at 6:42 pm
Damn! Must be bank failure season again – the FDIC in the US just took over two more failed banks. Last weekends collapse of Indy Mac (the third largest bank failure in US history) seems like it’s not destined to be the only one.
July 26th, 2008 at 6:45 pm
Story about the Nevada and California bank that collapsed Friday afternoon and sold to Mutual of Omaha is in the WSJ:
http://online.wsj.com/article/.....s_business
July 26th, 2008 at 8:28 pm
Oh browntown,
We’re not worried about Wodward’s. Why would we be? Nobody here would be stupid enough to buy an overpriced POS directly next door to the poorest area in North America.
Why don’t you go take a nice long hot nutbutter bath? Maybe some of your beloved Rennie’s genius will absorb through your skin!
July 26th, 2008 at 10:26 pm
It looks like from the current sales of REBGV this July would be off 70% compared to last year. Five more days to go, I hope it improves!(Compiled from MLXchange)
July 26th, 2008 at 11:31 pm
SELLERS ARE FOOL AND BUYERS ARE SMART
Biding bar has shift towards rental market from buying and selling.I think last few moments for discount unless sellers realise the rental spin then the sitting out idiots will jump in like “smart buyers”
Despite a dip in home sales, inventories will soon edge lower as home sellers adjust their asking prices to reflect market conditions listing will be disappear as soon sellers realise their dumbest mistake ever sellers going to pull back their units and sitting out idiots or sold out cheaters going to run back to buy what ever unit will be available in the market.
In response to Brittanny #37 since she has sold her house last year so far brittany got 75% hair cut
http://www.killsometime.com/Pi.....ic1282.jpg Hey Brittanny get back to market and get back your hair style then together.
Ah we can dance if we want to, we can leave your friends behind
Cause your friends dont dance and if they dont dance
Well theyre are no friends of mine
I say, we can go where we want to, a place where they will never find
And we can act like we come from out of this world
Leave the real one far behind,
And we can dance……….
“In Vancouver sellers are fool and buyers are smart”-Christina Aguilera
July 26th, 2008 at 11:34 pm
Metro Vancouver real estate is on an express elevator to hell, going down!
July 27th, 2008 at 12:28 am
Thums up just said prices are going to fall…
July 27th, 2008 at 2:09 am
“Prices will fall for decades to come” Mat Damon
“I told anyone who matters to me to sell all their property” Ton Criuse
“Wisemans already sold and dum warehouse worker buy now” Stefan Harber
“if stupid buy in north yaletown rich get richer and warehouse worker get poor for decades to come” B.Renee
“buy gold today and get rich” krish2
“negative equity and capital loss good for richer get richer”
July 27th, 2008 at 8:50 am
“Metro Vancouver real estate is on an express elevator to hell, going down!”
Somebody wake up Pope!
How many drops is this for you Rennie?
Seventeen… Simulated.
How many combat drops?
One, including this one…
(sorry I got swept up in the moment)
July 27th, 2008 at 10:02 am
hi
July 27th, 2008 at 10:05 am
i think someone should expose bob rennie when the market crashes and get then some owners of woodwards with the camera crew to surround him and ask him why he lost all their money, and then start chucking eggs at him, and telling him hes a peice of sht, and then start running after him down the street chucking octopusses at him so he smells like food, then the seagulls will come and snipe at him, then all the foolish buyers can laugh at him, then at night all those buyers will be so pissed that they still are losing hundreds of thousands of dollars and then rennie will cozy up to his tens of millions of dollars in his bed and start making love to it.
July 27th, 2008 at 10:30 am
How did he coerce people to buy at Woodward’s?
July 27th, 2008 at 10:42 am
scullboy,
I think you would love the military! Not only do they march in pride pride parades now, but they fight religious extremism in Afghanistan. Just think, after you have finished your tour of duty over there, you can go right to work on the Fraser Valley. It will do wonders for the daily numbers!
Happy Pride!
Yep, the name really is a double entendre
July 27th, 2008 at 10:55 am
This is the quote of the week:
““In Vancouver sellers are fool and buyers are smart”-Christina Aguilera”
Excuse my french.. WTF???
Isnt she the dye blonde dancer/singer? LOL
July 27th, 2008 at 11:12 am
http://www.theglobeandmail.com.....smwoes0727
‘Perfect storm’ hits Canada’s tourism market
TORONTO — A summer of record oil prices, a strong Canadian dollar and a slowing world economy are creating a “perfect storm” that’s putting a dent in Canada’s tourism market this summer, industry officials say.
Canada’s three major tourist destinations — Toronto, Montreal and Vancouver — all reported noticeable declines in visitors in July, and experts say it’s because of a myriad of factors.
Montreal officials expect roughly 7.8 million tourists this summer, bringing in nearly $2.7-billion, but that’s down compared to other years, said John Dunn, executive vice-president of Tourisme Montreal.
“We’re suffering the perfect storm right now,” said Mr. Dunn. “We’ve got high gas prices, high dollar, American passport regulations and a slowing economy. So there’s nothing worse for the tourism economy than all those things put together.”
A Toronto double decker sight-seeing tour bus sits empty up top as it roams the city earlier this year.
Although visits from Europe and South America are on the rise, those tourists have been unable to fill the void left by the Americans choosing to stay home because of a sluggish economy and high gas prices, he added.
Vancouver, which usually attracts around 8.7 million tourists a year and $3.7-billion in visitor spending, has seen six per cent fewer Americans this year compared to last.
Stretched over the course of the year, that number is significant, said Walt Judas of Tourism Vancouver.
“We’re talking between 150,000 to 200,000 overnight visitors from the U.S., which is a substantial number,” he said.
Tourism in Canada is an integral part of economy, accounting for $28.6-billion of the country’s gross domestic product in 2007, said Greg Klassen, vice-president of marketing for the Canadian Tourism Commission.
“(Tourism) is as big a contribution to the GDP of Canada as forestry, fishing and agriculture combined,” said Mr. Klassen.
“It’s a massive impact but it’s spread out across the country.”
The effect of high gas prices on tourism this summer won’t be known for some time, but there’s no doubt there will be an impact on both air and car travel, he added.
“I think by the end of the summer we’ll look backwards and be able to isolate the fuel costs,” Mr. Klassen said.
Toronto, which attracted 10.6 million visitors and more than $4-billion in tourist spending in 2007, saw encouraging early summer figures in 2008, but has since tailed off, said Andrew Weir of Tourism Toronto.
“We’re cautiously optimistic for the remainder of the summer, but we know it’s been a difficult period for some tourism businesses,” he said.
The latest Statistics Canada numbers on travellers are from May 2008 and show that in the first five months of the year, nearly one million fewer visitors entered the country compared to 2007, a decline of more than 10 per cent.
In May alone, nearly 200,000 fewer tourists entered the country compared to the same month in 2007, a drop of seven per cent.
By contrast, more Canadians are choosing a vacation abroad.
Between January and May, nearly 2.5 million more Canadians left the country than did during the same period in 2007, a jump of almost 13 per cent.
A strong dollar means more Canadians leaving, and not enough tourists — mainly Americans — are arriving, said Mr. Klassen.
“Our travel deficit is ballooning,” he said. “It’s a huge concern.”
Meanwhile, parts of the Maritimes have fared marginally better than the rest of the country, with Nova Scotia seeing a slight increase in tourists for the year up to May 2008, but those numbers include visitors for the World Hockey Championships held in Halifax.
Another concern is the unpredictable weather central Canada has experienced this summer, Mr. Klassen said. Toronto has seen its wettest summer on record and Quebec City’s 400th anniversary has been a largely soggy affair.
Even sports haven’t been immune, as the 2008 RBC Canadian Open in Oakville, Ont., had its first round delayed by heavy rain on Thursday and also saw a nearly three-hour delay on Saturday.
Although international airline travellers book well in advance, it’s the short-term travellers who might be affected by rainy weather, said Mr. Klassen.
“If someone’s planning a weekend trip from Montreal to Quebec City or Detroit to Toronto, weather outlooks can have an impact,” he said.
July 27th, 2008 at 12:16 pm
Thumbs up 2 #88. Yes I can afford more haircuts now. Sold Dec 2007 Townhouse. Same unit with more updates now ASKING $31000.00 less. Maybe you would like to buy it before you are priced out forever?
July 27th, 2008 at 12:42 pm
Real Estabe Bull/but everyone knows who I am { 07.27.08 at 11:39 am } Of course, that’s the Americans. Reckless, mad — them and their crazy subprime mortgage disaster. Our banks would never be so irresponsible.
Then, I looked at the Evening Herald quote from the Dublin County Sheriff, who is responsible for evictions, talking about the increasing numbers of people who can’t pay their debts. “There is a massive amount coming down the tracks. If it is all to be dealt with on a repossession basis, there will be an awful bloody mess.”
http://www.independent.ie/opin.....41646.html
Newsflash, tqn, satv, does the above sound familiar to you?
Your comment is awaiting moderation.
July 27th, 2008 at 3:48 pm
Wow didn’t know Bob Rennie had anything do to with TV Towers, might want to let Concord Pacific know as they thought they marketed that project.
Pretty sure the Woodward people aren’t panicking too bad either as there isn’t too many of the 500+ units up for sale.
July 27th, 2008 at 4:54 pm
Concord Pacific is a developer Chowder.
July 27th, 2008 at 5:03 pm
Don’t know what that hillside north of Coqitlam is called, but took a drive through there and could not believe the number of “for sale” signs….I WAS GENUINELY SHOCKED!
WTF is going on there?
July 27th, 2008 at 5:26 pm
I know they are a developer they also market and sale their own product instead of relying on an outside company such as Rennie or Mac. Bosa does the same.
July 27th, 2008 at 6:00 pm
Franko: I presume you’re talking about Westwood Plateau. The last time I visited there was a month or two ago, and I was blown away at the number of realtor trees. The number of open house signs on almost every streetcorner is mind-boggling.
July 27th, 2008 at 9:45 pm
Forced relocation, which what this basically is, rarely has the right effects. Solve the problem at the source: provide properly funded housing, drug treatment, and psychiatric care. Other cities have done this with great success.
Do you honestly think those people in the DTES were borne there? Is there a Vancouver-raised French-speaking population at Main and Hastings I’m not aware of? Those people relocated themselves to the DTES to partake in the, ahem, ‘culture’ there.
July 27th, 2008 at 10:23 pm
At least Vancouver is still growing. After a couple years of moderate population growth, apparently Saskatoon has lost 2,000 people as of late. Over a time when housing prices doubled, and demand went down. For a much smaller city, Saskatoon has 1,500 existing places for sale on MLS, 400 on one additional private website, and a few hundred more in bedroom communities. Now more expensive to live in Saskatoon than: Edmonton, Red Deer, Abbotsford, Chilliwack, Regina or anywhere in Manitoba
http://www.canada.com/saskatoo.....7c286159a9
July 27th, 2008 at 10:46 pm
Oh and Saskatoon house prices have just started to go down. 50 sales last week, over 1,500 listings. Prices predicted to go down 10 to 20% over next year. Buying Saskatoon for investment kind of dumb move.
July 27th, 2008 at 11:58 pm
Another Temporary Fix
“Before I get to that, let’s be clear about one thing: Even if this bill succeeds in its aims, heading off a severe credit contraction and helping some homeowners avoid foreclosure, it won’t change the fact that this decade’s double bubble, in housing prices and loose lending, has been a disaster for millions of Americans.
After all, the new bill will, at best, make a modest dent in the rate of foreclosures. And it does nothing at all for those who aren’t in danger of losing their houses but are seeing much if not all of their net worth wiped out — a particularly bitter blow to Americans who are nearing retirement, or thought they were until they discovered that they couldn’t afford to stop working.”
I’m rather confused about the last sentence. Krugman has correctly called the housing bubble since 2005 – which means that the price of housing is inflated and must revert to fundamental valuation. And yet he talks as though there is something the government can do to stop that from happening.
A house is only worth what you can rent it out for, and people had better get that through their heads. Bubble valuations were an illusion.
July 28th, 2008 at 12:14 am
Well another leg on the stool has been sawn off. How long can it remain standing up?
‘Perfect storm’ hits Canada’s tourism market
“TORONTO — A summer of record oil prices, a strong Canadian dollar and a slowing world economy are creating a “perfect storm” that’s putting a dent in Canada’s tourism market this summer, industry officials say.
Canada’s three major tourist destinations — Toronto, Montreal and Vancouver — all reported noticeable declines in visitors in July, and experts say it’s because of a myriad of factors.”
July 28th, 2008 at 12:14 am
Who is going to buy up all that inventory? That’s 20K inventory that needs to be absorbed. And the supply is growing every day.
July 28th, 2008 at 9:47 am
Gadwin
A lot of it will expire. Most people take out a three month contract with their selling agent. Often after those three months are up they will drop the listing if they don’t have pressure on them to make the sale (re-locating for a job, death, or inability to pay the mortgage).