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August 10th, 2008 at 10:19 pm
They should let in more muslims, mexicans and east indians in and fewer from China. How about one million of each per year for 5 years. We need to be openminded.
To stike a balance. Like a big big happy family.
And then we can have another big boom boom.
August 10th, 2008 at 8:13 pm
I think you missed the whole point of “multiculturalism”. The idea is that there is no Canadian identity anymore. There’s a thousand solitudes. It’s only going to get weirder. Should be interesting to see how this goes when the muslim population reaches a recognizable level. What a clash of cultures that will be. Should be fun.
August 10th, 2008 at 5:00 pm
I’ve just re-read my post, and I mean no offence to Vancouver or you guys. I think it’s a great city with great people – but people who say it’s the greatest city on earth sound like wankers with not enough stamps in their passport (and no, Cancun does not count)
People in Europe tend not to ‘big-up’ their city, as it makes them sound like an American. Everytime I visit Vancouver, which is every other year, it’s seems to be loosing it’s Canadian identity. This is a little hard to tangibly explain, and it’s more just a feeling I get when I wonder around, but when I first visited Van around 10 years ago it had an identity. Something that felt different – now it seems to be caught up in the homogenous tide of north American cities. This makes me rather sad. Maybe I’m just getting old and nostalgic.
August 10th, 2008 at 4:43 pm
Gotta agree with Limey.
Summer olympics are held in places like Beijing, London, Sydney, Sydney and LA.
Winter olympics are held in remote whislestops like Lillehammer, Grenoble, and Albertville.
August 10th, 2008 at 4:13 pm
‘Goodbye, house’
http://tinyurl.com/goodbyehouse
bought the two-bedroom in the Sobrante Park neighborhood in 1954 for $11,500…………
…………..
The final refinance at the end of 2006 left the family owing $454,000. The monthly payments of $3,362 exceeded the household income of $3,144.
August 10th, 2008 at 3:45 pm
I was born and raised outside of Canada, so I do have a bit of an outsiders perspective on some of the arguments here. Let me clear one thing up for anyone who’s not lived outside of North America.
The Olympics to the rest of the world means the summer Olympics (worldwide attention, on every channel on TV, everyone talks about it at work).
What Vancouverites call the Olympics is called the winter Olympics (mentioned briefly at the end of a sports show, a vague interest in the downhill skiing to see if anyone falls and breaks their neck).
The difference between the two would be like comparing a Stones concert circa 1967, to a Nickleback concert circa 2001. It may mean a lot to you, but no one else really gives a toss.
August 10th, 2008 at 2:42 pm
“The available capital cost of all proposed projects listed in the MPI is estimated at approximately $91.2 billion, up from $75.2 billion last quarter.”
Yes there are lots of capital projects. The problem is, for Vancouver, is that they are moving to other parts of the province as the Olympic backlog clears and the other projects put on hold in other regions are queued up. Either construction workers are going to need to migrate or find 2 places to rent — one in Vancouver, the other where the jobs are.
There may not be a province wide construction bust but Vancouver will see a marked decrease in construction spending come 2009.
August 10th, 2008 at 1:58 pm
Re: olympics, economic prosperity, China
London Times:
http://tinyurl.com/olympicswhocares
choice quotes:
“Asking prices for flats around the “Bird’s Nest” national stadium, scene of the Olympics opening ceremony, are said to be down 20%.”
“In Hong Kong, a manufacturers’ group has warned trade leaders that 20,000 factories in southern China — mostly makers of cheap toys and sweatshops turning out plastic junk — will shut up shop by the end of this year.”
August 10th, 2008 at 12:40 pm
” Vancouver houses 35% overvalued ”
I think this number is under estimated. Considering the small amount that people earn here and housing prices, I would say they should be less than 1/2 of current prices.
I think more are questioning Vancouvers “grandness”.
Also watch out for the Olympic price tag..I dont think I want to pay it. Honestly,how many really give a hoot if someone can run so and so fast? The rest is hype. Think about it: the power of suggestion. Housing market, Olympics. Are you infested with suggestions?
August 10th, 2008 at 12:28 pm
Re-diculous,
Thanks for the link.
Belle Puri’s statement at the end of the newsclip is very clear: buy now and it may be worth less!!!
Go for CBC. Now if Global TV or CTV Vancouver could be just as clear on their reporting.
August 10th, 2008 at 11:53 am
Pricedoutfornow, thanks for #85
Here it is: “Housing Drops”, duration 1 minute, on right side of screen.
http://www.cbc.ca/bc/
August 10th, 2008 at 11:49 am
Pricedoutfornow, per your #85…thanks!
Here’s the link to the video. It’s “Housing Drops” in bottom right of the screen, Duration 1 minute.
http://www.cbc.ca/bc/
August 10th, 2008 at 11:24 am
August price drops could nock our socks off.
The number of price cuts are currently more than double than listings.Think about it….that’s phenominal.
Nothing is moving except distress sales.
August 10th, 2008 at 11:17 am
Bluesman Says:
August 10th, 2008 at 4:43 am
Hey Kids,
Anybody in the market for a real estate website?
That ad maybe the biggest scam ever. They have only 3 incoming links not 912 as they claim and the bulk of the sites traffic is coming from Portugal.
August 10th, 2008 at 11:11 am
Anyone catch Priya Ramu’s little bit on real estate on CBC news (tv) I watched it on their site yesterday, Priya talks about RE price drops in Vancouver. She says “well this sounds like good news for buyers, but if you buy now you could be faced with the prospect of owning a property that’s worth significantly less in a few months”
I was blown away by her comment…they might as well just come out and say “don’t buy now suckers, it’s going to be much cheaper down the road!” It really is starting now, with a warning like that from the MSM how could we expect anything less than substantial price drops?
August 10th, 2008 at 10:15 am
Here’s a sign of the times….my father’s neighbour in Calgary now has a C/S sticker on his for sale sign after 3 weeks back on the market….but the realtot didn’t actually stick it on the sign, she made up a plastic U shaped sleeve with the sticker on it. That is so she can easily slide it on her sign and remove and re-use it as deals fall thru…….ROTFLMAO……!!!!!
He had it listed at $409K last year…dad says he took $305K…….less the property pimps fee…..a 31% hit from the peak……can we say “bear territory” boys and girls ?
August 10th, 2008 at 4:43 am
Hey Kids,
Anybody in the market for a real estate website?
http://vancouver.en.craigslist.....02587.html
August 10th, 2008 at 12:24 am
“Vancouver is probably one of the most cultural cities in the world”
That is sarcasm right?
August 9th, 2008 at 10:05 pm
Don’t know if this has already been posted, but here is the BNN interview with David Wolf from Merrill Lynch.
His interview runs from time 38:22 – 45:40. Use slider at bottom of screen
http://watch.bnn.ca/#clip72331
August 9th, 2008 at 8:59 pm
Dave wrote:
The available capital cost of all proposed projects listed in the MPI is estimated at approximately $91.2 billion, up from $75.2 billion last quarter.
Dave, proposed projects are just that… PROPOSED.
Look at the oilsands projects in Alberta.
Over $110 billion APPROVED projects. And a slew more in the pipeline.
Well paying jobs ($100K and over) for the next 15 years.
I kindly ask you, what’s the % change for Calgary and Edmonton’s SFH median price YOY?
August 9th, 2008 at 6:53 pm
mebbe a MSM conspiracy to keep the sheeple in the dark…..
No conspiracy, just playing the tune you’re getting paid for.
It also takes more than one player to have a conspiracy so the Sun, Province, and Global saying the same thing doesn’t count.
August 9th, 2008 at 4:40 pm
BBY has got it right about the condo hype. People have been duped into paying 300x plus what it can rent for. If mortgage rates go up by 1% more, it will be the last straw.
I’m looking forward to the next few years when I can buy the place I am renting for 300K less than today. The area has already seen price drops of 50K+ (Heritage Mountain), and still no buyers.
The only thing that can prop up this market is a collapse of the Canadian dollar.
My house I am stuck with in Florida is looking better every day.
August 9th, 2008 at 12:29 pm
A more interesting read was last week’s economist. Nothing really new, but at least no pandering.
http://deathbyperogies.freeweb.....Aug.08.jpg
August 9th, 2008 at 11:48 am
Re: http://tinyurl.com/realestatecrunch
The author doen’t seem like the kind of person that would write a balanced article on the subject. His company specializes in communications and he calls himself an “ex developer”, but his clients are probably devlopers for whom he lobbies municipal governments on their behalf. Is he going to write something doomish that might alarm his clent base? No, he writes:
“Will it all spell a crash for residential real estate in Vancouver? Probably not.”
It’s typical of BC media.
August 9th, 2008 at 11:29 am
re-di:
i just checked and it works
mebbe a MSM conspiracy to keep
the sheeple in the dark…..
trust no one
August 9th, 2008 at 11:26 am
From Blueskies’ article:
Bob Ransford is a public affairs consultant with CounterPoint Communications Inc.
He is a former real estate developer who specializes in urban land use issues. E-mail: ransford@counterpoint.ca
So a PR expert from a crisis management firm is writing for the RE Marketing section of the Sun now? Whodathunkit?
August 9th, 2008 at 11:02 am
Drachen
They should really change their business from “newspaper” to “oldspaper” if they can’t report on events until several months after the fact and they then pretend there were no warnings….excellent point!
Blueskies
I’m not able to open ypur link in 72…is it just me?
August 9th, 2008 at 10:25 am
blueskies
Funny, I heard not only cautionary whispers but also a good deal of frank talk about the future of Real Estate here two years ago. They should really change their business from “newspaper” to “oldspaper” if they can’t report on events until several months after the fact and they then pretend there were no warnings.
The rest of the article (his reasons why we won’t suffer a total collapse) has mostly been contradicted in other articles published in the Sun and the Provence recently (and reported here and on other blogs years ago). He either doesn’t read the newspaper or he’s completely OK with lying through his teeth (fingernails?).
August 9th, 2008 at 10:13 am
i came, i saw, i conquered……
http://tinyurl.com/realestatecrunch
No one wants to be the bearer of doom and gloom, or the one to create a self-fulfilling prophecy, but the cautionary whispers heard only a month or two ago have turned into frank talk about a different world that is unfolding.
August 9th, 2008 at 9:05 am
Talking about RE market corrections is soo.o.o.o slow and boring. Other corrections are faster.
I think you mean:
I concur wholeheardedly …
Would that indicate you heard his point clearly? As opposed to spinmeisters who concur holeheardedly by taking one soundbite out of context and quoting it ad nauseam? Or perhaps holyheartly, that religious fervor that some true believers have to the infinite appreciation of their 10 presales?
Just a bit of groggy morning fun, the phrase is “concur wholeheartedly”, and “conquer wholeheartedly” shall be reserved for when we buy again, after the inevitable correction/crash.
August 9th, 2008 at 8:04 am
Actually I take alot of John’s ideas with me to war and use them to overtake small countries….thanks for the correction Macchiato.
August 9th, 2008 at 2:09 am
“I conquer wholeheardedly with many of his points”
I think you mean:
I concur wholeheardedly …
August 9th, 2008 at 2:02 am
I can’t wait for the Olympics to be over so we can put that myth to rest. Instead of buying overpriced tickets I think I’ll go to Mexico for a while and come back when it’s all over (and forgotten).
August 8th, 2008 at 9:59 pm
I think John has alot of insightful things to say, and I conquer wholeheardedly with many of his points.
Once the world gets ahold of those cuddly little Olympic mascots, they will flock here in droves hoping to catch a glimpse of any other treasures our beautiful province has to offer…who knows, maybe a Bigfoot sighting or two!
How many places in the world can you buy a fresh salmon off a boat then walk 2 blocks and take it to a laser light show. Just the other day in Stanley Park, I saw several geese, a whole flock of ducks, some crows, a bunch of squirrels and a turtle…all in one walk!
This place has got it all, and its a wonder RE isn’t worth even more than it currently is!
August 8th, 2008 at 9:46 pm
I am enjoying the ‘attack dave’ motif of this blog, so here’s my bit:
Those examples of upcoming construction projects are all pie in the sky. For example, the proponent of the “proposed $2 billion Bute Inlet Hydroelectric projects” do not even have power purchase agreements in place, let alone project financing. And that Surrey skytrain expansion would supposedly be completed in 2020!
August 8th, 2008 at 8:48 pm
Dave,
I beg pardon, but could not resist. In your post #53 you mentioned a bricklayer trade. Does it still exist? My eyes tell me it vanished years ago as atavism. Could you please publish the job description and other facts? Just curious.
August 8th, 2008 at 5:40 pm
I would have to say the general public still doesn’t get it. Most lay people I talk to now regarding real estate, state it is a good time to buy, prices stopped rising, will drop slightly, why don’t you buy!
August 8th, 2008 at 3:56 pm
Oh come on conspiracy theorists! There’s plenty of people that disagree with us…us being those who are looking at this market through “Bear Goggles”(c). Or through the “Bearview Mirror” also (copywritten).
I could probably list another 50 koolaid chuggers that I talk to weekly…even as the facts mount against them. Moulder to Scully – “They’re out there”.
August 8th, 2008 at 3:28 pm
I’m beginning to think Dave is Satv! So he was just messing with us this whole time! Nice job Dave/satv/krissh/thumbsup!!!
August 8th, 2008 at 2:27 pm
Dave could be SATV. It’s funny that Dave started posting and Thums disappeared.
Source, Dave, Satv what’s the difference?
August 8th, 2008 at 2:15 pm
Is Dave just SATV using a first year college grad version of Babel Fish?
August 8th, 2008 at 1:49 pm
http://www.reportonbusiness.co.....Blogs/home
August 8th, 2008 at 1:24 pm
if all the projects proceed
That’s a pretty big if…
August 8th, 2008 at 1:22 pm
Not enough young people have been entering some trades and it has a LOT of people seriously concerned, if not scared.
“They” were saying the same thing about programmers and other tech trades during the dot com boom, know how many jobs there were for entry to mid level programmers and techs after the bubble burst? The supply of talent in the pipeline spurred on by the bubble lead to a massive flood of qualified techies at exactly the wrong time. Same thing will happen with tradespeople, RE agents, mortgage brokers, interior decorators, landscapers, architects, mom and pop developers (hello!) etc…
Dave have a look at some news stories from Florida, California, Nevada, Arizona, etc… and see what happened to their construction trades person shortages after prices started falling. Then get back to me. Otherwise take your dog and pony show elsewhere, like RET. This blog has discredited the garbage you’re spewing years ago.
August 8th, 2008 at 1:18 pm
There’s a condo project on my way to work that never has anyone working on it.
Of course, that’s because they’re having trouble finding financing, but that’s similar to a worker shortage.
August 8th, 2008 at 1:07 pm
No big projects on the books, hey?
http://www.bcstats.gov.bc.ca/pubs/pr_mproj.asp
This issue of the BC Major Projects Inventory lists 60 proposed new projects over $15 million reported for the first quarter of 2008, with available capital cost estimates totaling approximately $10.5 billion in potential new capital investment, if all the projects proceed. The list of proposed projects that are new to the MPI includes the $3.1 billion Skytrain Expansion Expo Line in Surrey, the
proposed $2 billion Bute Inlet Hydroelectric projects in the Vancouver Island region, and the $1 billion Roundhouse Mixed Use Development in Victoria. Twenty-six major projects started construction in the first quarter, valued at approximately $3.4 billion. Of note are the $1.5
billion Lakestone Resort Development in Lake Country, Okanagan Region, and the $600 million Dokie Wind Farm project near Chetwynd in the Northeast Region.
The available capital cost of all proposed projects listed in the MPI is estimated at approximately $91.2 billion, up from $75.2 billion last quarter.
August 8th, 2008 at 1:02 pm
Dave,
I have several major construction projects going on in my neighborhood and nobody works there on the weekend.
In fact they’re done shortly after 3pm every day during the week too.
Please check your facts.
August 8th, 2008 at 12:54 pm
Dave, your comment about the drop in building permits to be a welcome relief for developers and builders is incorrect.
I don’t agree. In the past few years, developers have had a very difficult time keeping their projects on schedule and on-budget. A big part of delays has been due to shortage of skilled trades, partly due to high construction activity.
As you rightly say, developers will still continue forward and keep building. The ones that continue to do so will benefit from more labour being available.
As far as labour goes, you can only work 60, 70 or 80 hours a week for so many years. A lot of people in the trades have been turning work down so that they can actually have a life and not work every weekend. But, not everybody can turn work down because the developers expect people to work long hours to try and keep things on schedule. I think a lot of people will be happy to see a little bit of relief, while still being able to work a decent number of hours.
As far as layoffs go, you really should look into the demographics for some of the trades. For example, do you know what the average age of a bricklayer is? A big percentage of people in the trades are near or past retirement age. Not enough young people have been entering some trades and it has a LOT of people seriously concerned, if not scared. A slowdown will benefit the trades that have unfavourable demographics.
August 8th, 2008 at 12:51 pm
Speaking of olympics, I think way to many people around here have “winter games” confused with OLYMPICS. Winter games is all that we have. Nothing more.
Ask anyone on the street today (how about your oh-so-cultural Robson st.) and ask people what Nagano or Lillehammer is (Jay Leno-style.
August 8th, 2008 at 12:45 pm
Classic. They’ve been using the ‘infrastructure’ argument in Ireland and the UK as their construction industry collapses too. I love the idea that a house builder can finish drywalling a condo one day and start laying highways the next.
All of the arguments in support of Vancouver’s real estate market are recycled. Nothing new under the sun. The reality of elsewhere will also be recycled here …. snap, crackle, pop … not a breakfast cereal but a description of the impending Vancouver real estate crash.