not just north america.

North America isn’t alone in struggling with the combined challenge of inflationary pressure and economic stagnation.  The fed recently decided to keep interest rates steady, while in the UK they are edging up.  At the same time the ‘credit crunch’ is being blamed for a downturn in Britain as retailers and house builders start to report problems:

The credit crunch hit the high street with a vengeance yesterday as shock figures from Marks & Spencer wiped £4 billion off the value of Britain’s leading retailers.

The grim news from Middle Britain’s favourite store marked a new phase in the economic downturn and threatens the high street with its worst slowdown in 20 years. Adding to the gloom, one of the country’s biggest housebuilders revealed that it was teetering on the brink of collapse. Taylor Wimpey’s value more than halved after it failed to secure rescue funding and said it would cut 900 jobs.

As the global economy is faced with more challenges can BC stay unaffected?

On a side note it’s interesting to see how competition from other locales is showing up in our housing market.  I’ve noticed recently that the ‘for sale’ section of craigslist has been listing a number of properties in Arizona, Florida, California & Ontario.

-thanks to JB for the Times story link.

30 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
alexcanuck
alexcanuck
12 years ago

Not only did the Vancouver Sun say DROP along with HOUSE PRICE, it appeared as a teaser on the front page! I just love that moment at the top of a roller coaster, before your stomach jump into your throat! Just a little drift gently down, this won't be so bad, will it?

bdk
bdk
12 years ago

I think smart guy and rich I am and buy many condo to make rich I thought but now market go down and I work second job as deliveryboy because best place and 1% foreigner buyers come and make price go down 53% on earth who is krish?

ulsterman
12 years ago

I noticed in Chapters yesterday LIFE Magazine has a special edition all about the 100 best places to see on earth. It's broken down into various categories: spectacular cities, romantic locations, natural wonders etc. Guess what? They forgot to include the Best Place on Earth! The only Canadian entry was Nova Scotia. Surely there must be some mistake?

browntown
browntown
12 years ago

hey bdk nutbagger! spend more time talking to mortgage broker and less time fantasizing about this krish? and watching "fight club" movie! tv towers ready for next show-next leg up! when everyone talking time to sell it means time to buy! ready go corner office money bags!

freako
freako
12 years ago

I hear about Bill Good renting a lot, and he makes mention to a house he used to live in (and I assume own) in North Van. Does anybody have the real facts on what and when he owned and sold?

Don't when or if he sold, but many many years ago, he lived in a house in the Montroyal area, on or just off Cliffridge/Ranger I believe.

snark
snark
12 years ago

Pshaaw – house prices always drop a little in the spring and summer. Just wait till we get to the hot winter selling season, then prices are sure to pick up again.

Wait? House priced dropped? In Vancouver?! In June?!?

Ok everybody, please proceed to the exits in an orderly fashion and repeat after me "there is no bubble.. everyone wants to buy here.. its different this time"

dingus
dingus
12 years ago

Speaking of journamalism, the snowball at the Sun is picking up speed… Greater Vancouver house prices drop slightly Derrick Penner , Vancouver Sun Published: Thursday, July 03, 2008 VANCOUVER — Lower Mainland house hunters are now in a buyers market with prices that have eased slightly off of earlier-year highs in many markets, according to the latest report from the Real Estate Board of Greater Vancouver. The region saw 2,425 sales registered through the Multiple Listing Service in June, the board reported, a 43-per-cent decline from the same month a year ago. At the same time, owners listed 6,546 properties, an 18 per cent increase from the same month a year ago. At June 30, Greater Vancouver's inventory of unsold properties stood at 18,260, a 54-per-cent increase from a year ago. And while so-called benchmark prices in June were still… Read more »

betamax
betamax
12 years ago

I think you’re expecting too much of a news reader. His main qualification is “good hair.” Thinking is not only optional, it’s discouraged and gets in the way of reading cue cards.

LOL. Harsh but true. Most journalists have an arts degree and/or 2-yr journalism diploma. They can't do math and know nothing about economics. Bill Good is either pimping for sponsors or just too stupid to realize his own hypocrisy.

Drachen
Drachen
12 years ago

Pretty simple exhibition to put on Anonymous.

"You'll note over on the right we have a sieve and on the left a Vancouver condo. At first you may notice little difference, they're both the same size, they both let water pass through as if that was their design and they both smell of Kraft Dinner. The real difference is that people pay $1.99 for the sieve and $599,000 for the condo."

Van-zee
Van-zee
12 years ago

Patriotz says.

" They compare us to Seattle which is a “domestic city”.

Take that, Microsoft! Who do you think you are, Boeing?

Who drinks Starbucks? Who shops at Costco anyway?

You’re a nobody, amazon.com!

You’re just a bunch of homeboys! Lululemon rules!"

This echos something that has been bothering me about the Canadian and Vancouver economy. The City may be "international" but our brands and businesses are quite domestic. Where are our great Canadian brands of international stature? We can't just flip condos to each other, sell our resources and pimp out our education system and thrive. We need more innovative businesses that can compete globally or become increasingly redundant as a country.

Anonymous
Anonymous
12 years ago

Vancouver's architectural style in spotlight at London exhibit-The Vancouverism exhibition is scheduled for Paris this fall, and then will be shown in other parts of Europe and Asia. It could return to Vancouver for the Olympics in January and February 2010.
http://www.cbc.ca/canada/british-columbia/story/2

patriotz
patriotz
12 years ago

Instead, he’s creating a marketing office 5,000 miles away — in South Korea.

When the local market runs out of greater fools, look for them abroad. Same old, same old. Like Phoenix marketing to Albertans, etc.

Won't work for Vancouver though because we're the last ship to go down.

mk-kids
mk-kids
12 years ago

My hubby found "Mr. Housing Bubble" online yesterday and thought we'd all get a kick out of him. I have linked here to a 2005 article in USA today because it profiles Mr. Housing Bubble and reading the date on the article made me laugh… August 16, 2005. What was "timely" in the US in 2005, is finally "timely" in Vancouver 3 years later.

http://www.usatoday.com/money/perfi/housing/2005-

bdk
bdk
12 years ago

Drachen, i agree it's more convenient and costs 1/3 of the carrying costs of a mortgage plus it won't go down in price for decades to come, especially TV Towers.

Spincycle
Spincycle
12 years ago

Someone forgot to tell Seattle that they're "domestic" and not "international"

http://www.msnbc.msn.com/id/24882849/

Peter Oh, a Seattle real estate agent, is planning to open a showroom to market 21 condominium buildings in the Puget Sound region. But he’s not looking for a storefront location in downtown Seattle, nor is he planning to locate among the many new high-rises in nearby Bellevue across the lake.

Instead, he’s creating a marketing office 5,000 miles away — in South Korea.

Spincycle
Spincycle
12 years ago

Jesse that spitting image video is hilarious! I hope you don't mind, I posted that in the forum here.

The more things change the more they stay the same.

Warren
Warren
12 years ago

I think Seattle was considered "domestic" and Vancouver "international" because there are a lot of rich jet setters who have apartments here they don't use, etc.

I'm sure there are some, but I don't think they impact RE on any significant scale.

Who knows, typical Bill Good BS. He mentioned his "friend" Bob Rennie told him lots of international people are buying up Vancouver RE. Didn't Rennie already go on record saying less than 10% of pre-sale buyers were from out of BC?

Spincycle
Spincycle
12 years ago

Isn't this global economic downturn just like receiving the bill after living off credit cards for too long? Was it really unexpected?

patriotz
patriotz
12 years ago

It’s possible that he sold and decided to rent purely for the convenience.

Renting instead of buying because it is more convenient is an economic choice, and is one of the reasons why renting is (or is supposed to be) more expensive than buying.

They compare us to Seattle which is a “domestic city”.

Take that, Microsoft!

Who do you think you are, Boeing?

Who drinks Starbucks?

Who shops at Costco anyway?

You're a nobody, amazon.com!

You're just a bunch of homeboys! Lululemon rules!

Thums up2
Thums up2
12 years ago

BDK,

After contracting through the first three months of the year, economic growth in Canada had a modest rebound in April, and is expected to end this year at 1.4%,
http://www.financialpost.com/story.html?id=629717

Month over,year over,decade over,when ever what ever vancouver, b.c.

"THE BEST PLACE ON EARTH"
<a href="http://www.istockphoto.com/file_closeup/actions/4356193-firework-display-hd-pal-ntsc.php?id=4356193
” target=”_blank”>http://www.istockphoto.com/file_closeup/actions/4356193-firework-display-hd-pal-ntsc.php?id=4356193

read on
read on
12 years ago

to be honest, I think the UK is in for a real bath over the next few years. Prices in London should be high, of course, but you've got outrageous prices in cities such as Leeds and Newcastle where incomes really are quite low. Still not as divorced from fundamentals as here though….

Drachen
Drachen
12 years ago

Wikipedia says "recently". It sounds as though he's an empty nester and downsized after his kids left home. It might actually have nothing to do with his views on Real Estate. It's possible that he sold and decided to rent purely for the convenience.

Warren
Warren
12 years ago

I hear about Bill Good renting a lot, and he makes mention to a house he used to live in (and I assume own) in North Van. Does anybody have the real facts on what and when he owned and sold?

kabloona
kabloona
12 years ago

Sports tards are the worst pumpers of all….I remember the dreadful pumping of Expo 86 from that idiot Al Davidson (also on CKNW, imagine that?) when I was a kid….

By the way, now that I'm back in BC, why is Bill Good still on TV and radio? Geez, die already….. 😉

s.park
s.park
12 years ago

the uk is different that bc.

we have mountains and ocean, uk has only hills and ocean.

this is why we are immune.

to quote one of my favorite philosophers:

"can't touch this."

– MC Hammer