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November 11th, 2008 at 3:59 pm
difference between those two unit is their numbers the sales listing does not confirm the cost to rent it and the rental listing does not confirm the sales price.
satv, you are such a tool!
November 11th, 2008 at 3:48 pm
“difference between those two unit is their numbers”
This is like arguing with a lump of jelly.
Look at those links again. Look *very carefully* at the pictures. The pictures are exactly the same. It is the exact same unit.
Now go home–your tenant wants you to come over and unplug his toilet.
November 11th, 2008 at 3:37 pm
Vhb,
difference between those two unit is their numbers the sales listing does not confirm the cost to rent it and the rental listing does not confirm the sales price.
I have some idea to better discribe comparison between two,A 2 to 3 bedroom town house along with appartment building will cost less than the price of 1 bedroom unit in the same building based on their floor size views,directions etc,A unit on the quite side of building would be atleast $50,000 expensive than a unit facing street or ocean on the same floor.
So just looking at the similar area is not enough detail to compare them but yeah if some one like to call the sales listing agent and refer that rental unit in comparision will be able to know the difference.
November 11th, 2008 at 3:21 pm
We live in a 2 year old gorgeous 1100 sq ft, 2 bed + den, 2 bath at SFU. Our view is STUNNING. We gave notice 2 months notice and we’ve had a total of 3 people come to see the place in 5 weeks. We’re now moving in 3 weeks, looks like we’ll be on the hook for December’s rent (last month on our lease) which totally SUCKS. Our new apartment, at Cambie & Broadway is not quite as nice but the location is fantastic and we are paying through the nose for it. I’m getting very anxious about it now, truth be told. Renting is great if you’ve been in the same place for a bunch of years but trying to find a great place with a great location at a great price has been so difficult for us the past 2 years. And our current & new landlords are horrid. Nickle & diming us to death for key deposits and parking fees, move-in/out fees. I hate what this city has become over the last 4 years.
November 11th, 2008 at 3:10 pm
The difference is that GM has a good chance of going to zero. That won’t happen with your condo.
You’re rightDave, you’ll lose much more than your down payment on the condo.
November 11th, 2008 at 2:27 pm
Buyer Beware of Ozzie Jurock’s advice “How to sell your home”
“18. Take a Real Interest in the Buyer: Many of today’s potential buyers are unhappy about missing the low interest rates of early 1994. Cheer them up by offering a “buy down” on the mortgage. (For example, the actual cost to you to buy down a $100,000 mortgage by two per cent is less than $2,000.) Don’t worry about the cost. Instead, work it into the asking price. This allows your realtor to brandish a strong headline trumpeting the abode’s special (assumable on approved credit) low mortgage interest rate while costing you nothing extra.. ”
http://www2.jurock.com/article.....sp?id=8491
November 11th, 2008 at 1:50 pm
Alexcanuck:
Love the story, especially my part in it. I think satv would have to be slow roasted. YOu can do the most amazing things with braising……
November 11th, 2008 at 1:49 pm
Just came back from the cenotaph to pay my respects and there, in the background, was the Woodwards building nearing completion. The juxtaposition of a monument to selfless sacrifice for the better of all, with the ultimate example of greed, deceit and stupidity in the background was sickening. The only thing that cheered me up was the idea of, maybe next year, Bob Rennie hanging in a gibbet from a ‘penthouse’ balcony whilst the 21 gun salute was redirected at him – twat!!
November 11th, 2008 at 1:47 pm
Hey #90–Did you note that #69 posted a link for a rental listing for the **exact same place** as is for sale? Here is the link again, in case you don’t know how to use the upscroll on your mouse.
Here is the for sale listing.
Go ahead and pay 8K for renting a CH condo, make some amateur landlord’s day!!
November 11th, 2008 at 1:33 pm
Blueskies said: “What planet are you from Jennifer?</i.
the Planer Denial from the Land of:
Naaa Naaa Naaa I can’t hear you!”
Jennifer is from PLANET NEPOTISM. (Her father is Pres./Ceo of Concert Properties:
http://www.concertproperties.c...../main8.htm
November 11th, 2008 at 1:30 pm
All the best bears and vhb please proceed to the closest match and please do not forget to take your microscope with you,3 Bdrm 3 Bathroom Condo in Vancouver Downtown
Marinaside & Davie
1.)$7,500.00 Hornby @ Beach (2 Bdrm + Den)
2.)$7,500.00 Broughton @ West Hastings – Coal Harbour (2 Bdrm + Den)
3.)$7,500.00 Alberni @ Bidwell (2 Bdrm + Den)
4.)$8,000.00 Richards @ Nelson (2 Bdrm + Den)
5.)$8,500.00 Bayhore Drive @ Denman Street (2 Bdrm + Den)
6.)$7,000.00 Marinaside @ Davie (3 Bdrm)
7.)$8,000.00 Marinaside & Davie (3 Bdrm)
PostingID: 909571079
November 11th, 2008 at 1:28 pm
“Peter Simpson can’t connect the dots. According to Simpson:
- Lots of starts means jobs which means low unemployment which means a bright future for housing.”
Simpson may be onto something…. too bad the car industry doesn’t get it.If you build more cars, more people have jobs and more people will buy cars at ever increasing prices.
Maybe the provincial government should adopt the same business plan, and hire more workers who become taxpayers and grow the economy.
Heck if the Gov hires enough people in the “heartland” it may be just possible that a condo in Kelowna could eventually net you the same as in Manhattan, perhaps even more after the world get our calling card in 2010.
November 11th, 2008 at 1:25 pm
Here is the wiki link for CanWest:
http://tinyurl.com/637opz
November 11th, 2008 at 1:21 pm
SurreyJoe: Be careful when reading anything from Jennifer Podmore Russell. See previous thread for links.
In addition to the information on the links from the previous thread, it appears that Podmore’s company, MPC is ramping up
“a partnership with Can-West Interactive — the electronic publishing arm of Can-West Global”.
See page 7 of this link:
http://www.strangeloopnetworks.....biv949.pdf
Here is a list of the assets owned by Canwest
Canadian assets
[edit] Advertising
* The Flyer Force
* Go!Local
[edit] Broadcasting
[edit] Television
[edit] Conventional
* E!
o CHBC – Kelowna, British Columbia
o CHCA – Red Deer, Alberta
o CHCH – Hamilton, Ontario
o CHEK – Victoria, British Columbia
o CJNT – Montreal, Quebec
* Global
o CFRE – Regina, Saskatchewan
o CFSK – Saskatoon, Saskatchewan
o CHAN – Vancouver, British Columbia
o CICT – Calgary, Alberta
o CIHF – Halifax, Nova Scotia
o CIII – Toronto, Ontario
o CISA – Lethbridge, Alberta
o CITV – Edmonton, Alberta
o CKMI – Quebec City, Quebec
o CKND – Winnipeg, Manitoba
[edit] Cable
*
o DejaView
o Fox Sports World Canada
o mentv – 49% and minority partner
o MovieTime
o Mystery TV – 50% and managing partner
o TVtropolis – 66.7% and managing partner
[edit] CW Media Inc.
CW Media Inc. is a partnership of Canwest Media Inc. and Goldman Sachs. Canwest Media’s share is 66.67% while Goldman Sachs owns the remainder.
* BBC Canada – 80% and managing partner
* BBC Kids – 80% and managing partner
* Discovery Health Canada – 80% and managing partner
* Fine Living Canada – 80.24% and managing partner
* Food Network Canada – 57.58% and managing partner
* Historia – 50% and minority partner
* History Television
* HGTV Canada – 80.24% and managing partner
* IFC Canada
* National Geographic Channel Canada – 80% and managing partner
* One: the Body, Mind & Spirit channel – 37.77% and minority partner
* Séries+ – 50% and minority partner
* SCREAM – 49% and minority partner
* Showcase
* Showcase Action
* Showcase Diva
* Slice
* Score Media Inc. – 25.93% and minority partner
o The Score (Score Media owns 100% of The Score)
o OUTtv (Score Media owns 8.41% of OUTtv)
o HARDtv (Score Media owns 8.41% of HARDtv)
[edit] Publishing
[edit] Newspapers
* National Post
* Calgary Herald
* Edmonton Journal
* The Gazette
* Regina Leader-Post
* Ottawa Citizen
* The StarPhoenix
* Times-Colonist
* Windsor Star
* Pacific Press Newspaper Group Inc.
o Vancouver Sun
o The Province
* The Van Net Newspaper Group
o Abbotsford/Mission Times
o Burnaby Now
o Chilliwack Times
o Coquitlam Now
o Delta Optimist
o Maple Ridge/Pitt Meadows Times
o New Westminster Record
o North Shore News
o Richmond News
o Surrey Now
o Vancouver Courier
* Vancouver Island Newspaper Group Inc.
o Alberni Valley Pennyworth
o Alberni Valley Times
o Campbell River Courier Islander
o Comox Valley Echo
o Cowichan Valley Citizen
o Harbour City Star
o Nanaimo Daily News
o Oceanside Star
o Tofino-Ucluelet Westerly
* Other community newspapers
o The Kingsville Reporter
o LakeShore News
o ‘LaSalle Post
o ‘Shoreline Week
o The Tilbury Times
o Windsor Parent
[edit] Magazines
* Financial Post Business
* Living Windsor
* Swerve
* TVtimes
[edit] Online
* Canada.com
* celebrating.com
* connecting.com
* Dose.ca
* driving.ca
* remembering.ca
* working.com
* FPInfomart.ca
* in addition, Canwest owns all websites associated with all properties listed on this page either wholly or in partnership.
[edit] Software
* QuickTrac
* QuickWire
[edit] Other properties
* Canwest News Service
[edit] International assets
[edit] Advertising
* Eye Corp (Australia)
[edit] Broadcasting
[edit] Television
* Network Ten (Australia)
[edit] Radio
* Joy FM (Turkey)
* Joy Turk FM (Turkey)
* Metro FM (Turkey)
* Super FM (Turkey)
[edit] Publishing
* The New Republic (USA)
November 11th, 2008 at 1:19 pm
“a 2 bedroom apartment will cost you around $7000 by the way”
Good luck with that . ..
November 11th, 2008 at 1:00 pm
“The difference is that GM has a good chance of going to zero. That won’t happen with your condo.”
You condo can go beyond zero. That is what happens when your mortgage is higher than the value of the condo. It has happened to thousands of remorseful condo owners in the USA, UK, Spain, Australia and now Toronto, Vancouver and Calgary.
November 11th, 2008 at 12:54 pm
Absolutely stunning 2-level waterfront & marina-view suite at Cascina
Two Levels buddy 2-Levels and do you know how much it cost to rent @ marinaside a 2 bedroom apartment will cost you around $7000 by the way where does it say rent for 3600 damn how many idiots are sitting on the blogs i thought we got only two than what about up coming dumbheads?
November 11th, 2008 at 12:52 pm
Man, SurreyJoe’s VancouverSun article is hilarious. According to good ol’ JPod:
- Declining investment is good because we now have “real” buyers.
- Sellers who are stiff on their price will invariably find a buyer. Eventually.
- A very small market segment has slightly higher sales than last year so it’s not all bad news.
- Squamish has the Olympics.
Peter Simpson can’t connect the dots. According to Simpson:
- Lots of starts means jobs which means low unemployment which means a bright future for housing.
Fail.
November 11th, 2008 at 12:09 pm
I gave notice to my property manager on the house I am renting on Nov. 30.The “owner” called me within 24 hours and offered a 22.5% rent reduction.
The house is in the Valley in a good nieghbourhood,2000 sq.ft. 2 level split.$1195/month.
Renting is making more sense now than ever.
This house was for sale in Nov/07 for 454K.
November 11th, 2008 at 11:58 am
What planet are you from Jennifer?</i.
the Planer Denial from the Land of:
Naaa Naaa Naaa I can’t hear you!
November 11th, 2008 at 11:54 am
But most people are adopting a wait-and-see [attitude] and they’re getting their price.
Hello?
Waiting out a falling market gets you your asking price? With 20 months inventory?
What planet are you from Jennifer?
November 11th, 2008 at 11:50 am
#69.
Yes, it’s a great time to invest in Vancouver RE!! Here is one example of a great investment:
V724037 is currently selling for $948k. Click on the “calculate mortgage” button, and you get a total monthly payment of $7,467.
Or you can rent it for $3600.
So this great investment will only cost you $3,867/month! Sign me up!
__________________________________________________________
Don’t forget the $532/month maintenance fee and then there’s the property taxes. Make that $8,000/month + taxes or an extra $4,400 / month cost + taxes!
November 11th, 2008 at 11:49 am
I also heard that Am-Ex = now at bank status
Why?
Read between the lines…people are now defaulting on their credit card payments ? Am-Ex about to go broke? Needs a qausi AIG bail-out ?
Seems logical if houses are foreclosed on, the credit of last resort is ” plastic “.
November 11th, 2008 at 11:42 am
Now what’s left? More Fast Ferries?…RAV line to Hope? …. more bridges over the Fraser ?
how about a causeway to Vancouver Island?
that should soak up a few tax payer dollars
November 11th, 2008 at 11:25 am
CKNW Breaking News…
American Express is now more than just a credit-card company.
It’s gotten the O-K to become a commercial bank, which will allow it to permanently access financing from the U-S Federal Reserve.
The Fed cited “emergency conditions” for approving the change.
November 11th, 2008 at 11:15 am
Vancouver Sun has an interesting article talking about Vancouver area housing starts and prices – http://www.canada.com/vancouve.....821df06cc5
Best part of the article is Jennifer Podmore’s assessment of the market:
“We haven’t seen any dramatic declines in value,” added Podmore. “Those who have to sell immediately are selling for a discount. That’s where prices are coming off. But most people are adopting a wait-and-see [attitude] and they’re getting their price.
“We’re seeing a market that’s not a buyer’s or a seller’s market.”
November 11th, 2008 at 10:34 am
WTF are they (Gov’t leaders) going to do in a declining economy ?
Make work projects ?
—The Olympic venues are nearing completion.
—RAV line as well
—Vancouver Convention Center nearing completion
—Golden Ears bridge completion next year.
Lots of foreign workers ” taking our jobs ” on many of these.
Highway 10 expansion project finished ( finally !!! )
Much of this was a false /bogus economy to start, exacerbated by Gov’t building a lot of Public facilities and infrastructure during a supposedly economic boom period . Ultimately, we all paid top dollar for all this.
Now what’s left? More Fast Ferries?…RAV line to Hope? …. more bridges over the Fraser ?
Good luck Gordo et al
November 11th, 2008 at 10:15 am
It looks so bad that Campbell and Harper, and others, are pushing for Government Expenditures to prop up the economy…
The avalanche of government make work projects, may just work for a little while, but as productivity erodes and deficits grow out of control…
Meet the new Glen Clark, same as the old Glen Clark.
November 11th, 2008 at 9:48 am
Sell your condo or keep it in a collapsing market?
Jimmy Pattison had a saying ” Your first loss is your BEST loss “. Translation likely meant cut your losses ASAP to keep them at a minimum.
In the late 1970′s / early 1980′s lots of people were handing in their keys to the banks when interest rates went up to 22 % .
I guess there is a tipping point where the ” real money ” already invested in a condo is weighed against the new adjusted “real” value. I think history shows that an RE cycle is about 6-8 years. However, do we assume that such a cycle is a given ? Any More ? Perhaps people should produce charts that show you a projection of how fast you lose money investing in a cash- hungry white elephant. ie Maybe walking away from $30,000 investment now will ultimately save you $60,000+ in 2 -3 years ? That’s just basic economics/common -sense.
After watching ” Zeitgeist :Addendum ” (and thanks to those in the spirit of sharing info ie “Knowledge is Power” and posting it), perhaps we are in the midst of another tipping point, a corrupt global economic system which enslaves us all but is quickly becoming a spent force and its time for a bit of a “revolution” .
That revolution may simply be more awareness and mass avoidance of what is found to be kool – aid at the end of the line -up.
November 11th, 2008 at 9:36 am
How bad will the slowdown be?
It looks so bad that Campbell and Harper, and others, are pushing for Government Expenditures to prop up the economy.
Folks, what we are talking about is an acknowledgement from the western leaders that Monetary Policy has been so badly abused it can no longer provide the stimulus required to jump start the economy once again.
We are going back to old fashioned Command Economies, as tried and failed in other parts of the world –Communist countries come to mind-
The avalanche of government make work projects, may just work for a little while, but as productivity erodes and deficits grow out of control, stagflation makes its spectacular comeback.
DON’T GET INTO DEBT
November 11th, 2008 at 9:14 am
“Remorseful bitter buyers are turning out in droves on this blog! It is a welcome sight. Good to see the herd mentality, which likely influenced your decision to buy at a high, is still in tact as you all cling to one another”
One of the fantasies they cling to is that the meltdown won’t be as bad as in the USA.
This will be another tragedy for the bulls, as our mess will be much worse; given that the bubble blew up in the US during a manufactured economic boom.
Our bubble is blowing up at the beginning of a recession if not a depression.
November 11th, 2008 at 8:39 am
Yes, it’s a great time to invest in Vancouver RE!! Here is one example of a great investment:
V724037 is currently selling for $948k. Click on the “calculate mortgage” button, and you get a total monthly payment of $7,467.
Or you can rent it for $3600.
So this great investment will only cost you $3,867/month! Sign me up!
November 11th, 2008 at 8:35 am
I hereby release all rights to my story, and urge some poster to move it the Wiki and make any and all changes they see fit. Let’s see where this can go. Yes, Bill Good does deserve a mention.
I suggest only that one changeth not thy own portrayal, as ones high opinion of self may lead to that dreaded “Finger-in-the-throat” gagging motion. Leave unto others your own lines.
Someone please change me to bring this maxim true throughout.
November 11th, 2008 at 8:26 am
Oh Alexcanuck what have you done.
In haste you have not honoured The Great William
Good.
November 11th, 2008 at 6:40 am
“The difference is that GM has a good chance of going to zero. That won’t happen with your condo.”
My investment condo/house goes down so far in price that I lose my downpayment equity and I can’t rent it out for enough to pay the mortgage and ends up costing me money every month. I also can’t sell because it’ll leave me under water. Someone’s hand in my pocket every month and possible foreclosure?..
Or just lose the money I spent on the stock?
Am I missing something?
November 11th, 2008 at 5:53 am
Remorseful bitter buyers are turning out in droves on this blog! It is a welcome sight. Good to see the herd mentality, which likely influenced your decision to buy at a high, is still in tact as you all cling to one another.
I think you all stand to be humbled by this downturn. I expect your tone to become more hostile and self-righteous as this crash gains momentum.
Makes for some great reading, thank you.
November 11th, 2008 at 3:29 am
PS: Patriotz: I’m not a gold bug, hard as that may be to believe.
November 11th, 2008 at 2:49 am
Patriotz said: “BTW my apologies to the gold bugs for being out of date on the RRSP regulations. I think is better to own Barrick Gold rather than gold itself, just as it’s better to own an oil company rather than oil itself. Something to do with earnings.”
Thanks for the acknowledgement, Patriotz. I wasn’t advocating buying gold with that posting, I was merely pointing out that you can do pretty much with your RRSP what you can do with the TFSA.
I see that some people on this site are a bit touchy about gold.
November 11th, 2008 at 12:58 am
Hi crew, remember GM hasn’t made a decent car since the 50′s. Any Saturn should be put out to orbit. Real estate is the gift that keeps on giving.
November 10th, 2008 at 11:32 pm
Dave, that must be the first sensible thing I’ve ever heard you say.
November 10th, 2008 at 11:29 pm
From the Victoria Colonist article posted by Patriotz.
I love the way real estate agents show their gross personal insecurities by posting all their “achievements” after their signature. Dallas Chapple, Special to the Times Colonist Published: Sunday, November 09, 2008 signs off with this modest summary:
Dallas Chapple is an honours English graduate from the University of British Columbia who was a PhD program candidate in the sociology of mass communications at the Sorbonne in Paris. She has been a Realtor with Re/Max in Victoria for 18 years, where she has received a Platinum Award and a lifetime achievement award
November 10th, 2008 at 11:16 pm
The difference is that GM has a good chance of going to zero. That won’t happen with your condo.
That’s right Dave, but you can’t get 95% financing to buy GM shares.
November 10th, 2008 at 11:08 pm
The scene: A few flake of snow, drifting down to a clearing, with the mountainside rising into the gloomy sky. The bears are sitting around, waiting.
VHB says “I think I hear something” The others perk up. Nothing happens.
This repeats a few times. Then a rumble starts up and the corpse of a sheep tumbles down. The bears start to feed.
Scene fades to a formal room, perhaps in a castle.
The bears are sitting in comfy chairs.
WoW: Rejoice my friends, for the time of feast is nigh upon us. The sheep are falling to their deaths, as was and will be again.
Patriotz, looking up from his Financial Times: Earnings, you fool. Check the earnings before you taste.
Drachen:You mean the price/earnings ratio. Please try to be accurate. (The others roll their eyes and ignore him)
Pandora, (a bull): You are very very bad people, to wish ruination upon such fine and fattened sheep.
The bears, in chorus: Twas not we that drove the sheep to the high mountain meadows in the gathering autumn, nipping and chivvying at their heels. Driving them ever onwards with talk of finer and lusher meadows to graze beyond the towers with the tarps. Drove them beyond the range of the mountain goats themselves, there to abandon them as the snow started to fly. And now the sheep are doomed, indeed! And you would deny us our feast on their corpses, as you did deny the truth in our entreaties to the sheep to stay safe in the valley?
Pandora, dreamily: Yes, a beautiful sight, all those sheep, ready for the fleecing.
Snaps back to awareness: We took only the lambs and the fleece for ourselves, the sheep were fine. It’s hardly our fault the winter came, cold and cruel. Nobody could have seen this coming.
The bears, in chorus: We did!
Rob: Show me where I said the winter would never come.
Noz (A very small and mangy bear, with a crazed look): The sky is falling! The sheep are poison, don’t taste them! (Goes back to gnawing his leg off)
Alexcanuck: The sages have warned me, the winter will be long and hard this year. Be very cautious.
RJ: What are you talking about, spring is in the air already. Life is grand, I’m in love and already i can see a new flock of sheep, ready for indoctrination in a perma-growth model.
Bluskies turns to him, tears a false bear-skin from his back, revealing a bull:
Behold! The spy in our midst!
The others gasp and recoil: You! Of course! The signs were all about you, and so were many of the posts.
Lord Rennie, a pale and ethereal figure, floats about his art-filled penthouse far above the stage, his faithful lap-dog Dave following at his heel. He flies in and out of the scene in his private helicopter, never descending to the plebeian world below.
Randallbard bursts into the room: Gold, Gold, Gold!!!!
The others, bear and bull alike, turn upon him and tear him to pieces.
A peal of trumpets rend the air, and Krissh is carried in, roasted on a platter, an apple in his mouth.
Scullboy jumps up and down in excitement: Try the gravy, I did a fantastic job on the gravy! Oh, I do hope you like him well-done, I’m kinda worried about parasites, his Mums not the cleanest person in the world, I didn’t want to serve him rare.
Fade back to the clearing, now buried in deep snow. View goes all VR as POV burrows under the largest mound of snow to focus on the fattest bear ever, curled up warm, comfy and slightly smug.
My apologies should you appear herein, and like not my clumsy portrayal. Similarly, should you not be featured here, and feel slighted thereby
November 10th, 2008 at 10:57 pm
Now the problem is, can you swallow that fear and buy a home like can you swallow your fear and buy Starbucks at $10 or General Motors at almost virtually nothing today?
The difference is that GM has a good chance of going to zero. That won’t happen with your condo.
November 10th, 2008 at 10:54 pm
“I don’t think you have to be all that smart to figure that one out.”
Agreed. But let`s keep connecting the dots:
What happens to the `move up` buyers in the SFH market; those who sell their condo and use that equity to put down X hundred K on a SFH. Or at least *did*, before 2009 . . .
November 10th, 2008 at 10:44 pm
Next year is going to be a bloodbath for condos, because pre-sale buyers are going to default en masse and the developers are going to have to dump them. During a recession, no less. I don’t think you have to be all that smart to figure that one out.
And if so, wouldn’t the deficit be paid for with higher taxation in a form of asset taxes? I don’t see how and where we are going to get that extra funding
Of course deficits (and disguised deficits aka capital account borrowing) are going to result in higher taxes and/or reduced spending down the road. But you can’t say at this point what those taxes will be on. I do think the provincial government will try to cut funding to local governments, so they can take the blame for higher taxes instead. All tax increases are negative for RE prices of course.
November 10th, 2008 at 10:27 pm
A friend has decided to place offers for condos now. She says next summer will be the year that the market will turn in a BIG WAY. When I asked her why, she said every knows renting is throwing money away. I asked her if she knew that the benchmark is down 10 percent from the peak, and dropping, and she said that just means it is a great time to get great selection. “Opportunities like this don’t last long” she insisted.
I’m expecting big declines and am waiting, but just though I would give you some idea of what is motivating some buyers.
When the knife is falling, don’t even think about trying to catch it. It hurts..
When people tried catching the down leg of Nortel or JDS Uniphase in the early 2000s, they all said the same thing.
Opportunities like this don’t last long. In fact when Garth Turner had his website then, people were saying that they bought Nortel at $75, then $55 and all the way down to $2. Negative splits later, bought this and that. Now, 8 years later, it’s virtually worthless to those who actually bought it at $75.
Unless she’s expecting a dead cat bounce in our RE (quite unlikely because of what’s happening to the US and everywhere in the world), people who buy condos now hoping to cash in on the Olympics better be sure to check out China.
November 10th, 2008 at 10:19 pm
Several posts have stated that taxes to be paid this year will be based on RE values during an “all time high”
For the nth time, property taxes depend on local government spending, not assessments. An assessment freeze has no effect on property taxes.
I reiterate that I think it’s nothing more than an effort by Gordo to make people think prices are still going up, or at least not falling. Or that he’s capping property taxes. Neither of which are true.
But Patriotz,
The Liberal government has indicated that it will try to dump money into infrastructure building, something that the Japanese had tried doing to save the economy without success. If the government decides to forge ahead with deficit spending, wouldn’t government spending increase? And if so, wouldn’t the deficit be paid for with higher taxation in a form of asset taxes? I don’t see how and where we are going to get that extra funding
November 10th, 2008 at 10:13 pm
Here’s a GREAT article today from MSNBC about how a lot of home owners in the US are STILL in denial. This is what’s happening/going to happen here in the not too distant future.
Cheers.
Good point Mike!
Let’s see. It took almost 9 years for the since the last dot.com bubble to have people capitulate in the stock market and made some company shares so cheap. It didn’t get so cheap before though, because many people were in full denial then. Nortel stocks, after accounting for negative splits went from $1200 high in year 2000 to a low today of $1. When Warren Buffett said buy American stocks now, he really meant it. There are only 2 other times when he did say this.
He said it in 1973 and he said it again in 1982. In both times after the carnage had passed, he helped his Berkshire Hathaway shareholders made double digit returns.
The Vancouver RE market may take a longer time to deflate. With the introduction of TFSA and tightening of the credit market, buyers can wait without penalty. Money sitting in the TFSA account is tax free. They can wait as LONG AS THEY WANT until prices drop low enough for would be buyers to snatch good properties.
You will know when you hit rock bottom when the Vancouver Sun runs articles about how not to become a home owner and why is it so uncool.
Now the problem is, can you swallow that fear and buy a home like can you swallow your fear and buy Starbucks at $10 or General Motors at almost virtually nothing today?
November 10th, 2008 at 9:54 pm
There just might have been a national decline during the early 80′s BC/Alberta bust, or the early 90′s Toronto bust, since these areas are the highest priced in the country and skew the national average. These were also times of recession so prices elsewhere would not be rising. Note that BC saw a mini bear market in 1990 at the same time Toronto was tanking, perhaps the national average was down that year.