Friday Free-for-all!

It’s the end of the work week and that means it’s time for the Vancouver Condo Info end of the week news round up and open topic discussion.  Here are a few links and stories that have come to my attention this week:

Thank you VHB & everyone who’s contributed to the Wiki!
-Guess the next 3 years: Vancouver Condo Games
Tips on how to be a home-buying vulture
2 mortgage brokers in Duncan say there is no housing bubble
Would-be homebuyers may want to wait
BC mills take downtime in “world awash in pulp”
-Video: Tom Barracks economic outlook
-What will work to kick-start global economies?
Ottawa chops $4.3 billion, predicts small surplus for 2009
-US sinking deeper into recession, dragging Canada with it.
US home prices hit 2004 levels, predicted to get worse
US commercial mortgage crisis looms
Chinas economic crisis worsens
Affordable places to ride out the downturn

So what are you seeing out there? Post your news, links and anecdotes here and have an excellent 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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Freddy the Freeloade
Freddy the Freeloade
11 years ago

Nice job Vansanity. But I would like to propose that Tyler Gump is a “Bitter Realtor". Google "Tyler Gump" & North Vancouver. What do you get……Bitter Realtor

NO -LYMPICS
NO -LYMPICS
11 years ago

I think John is right and onto something

If the Tories are bounced out from power…and the NDP and Lieberals are in power, Dion (or Iggy) will legislate high condo prices (except in Quebec). Jack Layton will demand all the union jobs at the Big 3 automakers will be protected and given raises too….then there will be lots of cash flowing again to buy condos. To keep the Bloc happy…condo warranties “fine print” will be in French. Socialists are generally hypocrites…they elbow everybody out when the gravy starts to flow,…they like to drive luxury cars and deep down they know Al Gore is full of sh*t.

The Tories will watch CNN from a safe distance and watch Canada collapse, then come back into power ,(…should only take a couple of weeks after Dion and Layton have their first hissy fit.)

cashisking
cashisking
11 years ago

How old is this Ian Watt?

john
john
11 years ago

Now that the NDP and the Bloc will be in charge the real estate market will sky rocket again. Having separatists in the government of this nation will inspire the confidence of the world over. Rich asians have been waiting for the conversative government to be overthrown by a coalition of socialists, separatists and liberals before buying more condos in Vancovuer. I'm perfectly positioned for this.

mino3
mino3
11 years ago

A comedy routine is prepared and rehearsed, whereas Ian Watt is just rambling into a webcam.

That said, it's the unintended comedy that is usually the funniest.

NO -LYMPICS
NO -LYMPICS
11 years ago

Ian Watt mentioned his e-mail address at the end of the sales(?) [ comedy(?) ] routine.

Contact him and ask em.

Suggest first approaching him as a sincere buyer aka " repentant renter" who has had an epiphany and see what the response is.

Anonymous
Anonymous
11 years ago

My lady-love overheard that Ian Watt thing as she was doing her hair, kept saying "that's not real, that's just a comedy routine!" Still not sure if she believed me. Not positive myself!

NO -LYMPICS
NO -LYMPICS
11 years ago

re Ian Watt et al It pretty clear that these types drink the same kool – aid via barfing out the same talking points from the same manual to convince you it is a good time to buy even post RE armaggedon. They don't seem to realize that perhaps THE last sucker(who would be intersting to ID is UNKNOWN last Specuvestor X) has entered the abyss,entered the fiscal black hole,and there are no more sheep, that herd is wiped out. Watt is acting like an asshole, putting down renters….maybe not considering renters as potential buyers who were perhaps saving to buy a condo till they got overwhelmed by specuvestors. Renters on their way to becoming purchasers would create a much more stable RE market than the specuvestor. Can't have it both ways…Ian Watt, and if I were you I'd pull… Read more »

VHB
VHB
11 years ago

“Bitter Realtor”

Jesse. Thank you for coining this phrase. I hope that this becomes part of common parlance 'round these parts. I like it a lot. Let's use it.

Alexcanuck
Alexcanuck
11 years ago

In hindsight it was all quite predictable.

So is everything, in hindsight. This one was predictable in foresight, to anyone not blinded by greed (Sheep) or muffled by greed (RE professionals). A few history lessons would help. It is never "Different this time".

NO -LYMPICS
NO -LYMPICS
11 years ago

Post # 135 Good point. How many people purchased older condos in this once " Hot " market and carried quite a debt load? If too many of these highly -leveraged types bought into a given condo complex, they could drag the entire strata down when repairs, delayed ones or otherwise, cannot be ignored. Same with new condos…In this last boom…how much crap was built that will soon begin to show its flaws. In a boom OR a bust , there is more incentive to cut corners and finish it fast , quality be damned . Just because the market price goes down does not mean that latent defects exist or may be exposed later that further depreciate the value whatever it is at a given point in time. My guess is we will see a lot more of this… Read more »

blueskies
blueskies
11 years ago

from jesse:

“Bitter Realtor” Ian Watt, ladies and gentleman.

yeshh! what a maroon!!

this video will haunt the internet

for all of eternity….

instant and permanent karma…. 🙂

Vancouver is differe
Vancouver is differe
11 years ago

" Here in L.A., we're down 27.6% in October from a year ago and off 32.6% from their 2006 peak, according to Case-Shiller.

New Yorkers justifying the apparent side-stepping of a full-on real estate crash cite variations on many of the same themes once offered by those who arguing Los Angeles was not in a bubble: undeveloped land is scarce, everyone in the world wants to live there, it's filled with rich people and immigrants who pool their money to buy homes, etc…"

http://latimesblogs.latimes.com/laland/2008/12/wi

New Yorkers are so dumb,they don't realize all the rich people want to live in Vancouver, where there is a shortage of land and rich immigrants.

pipi
pipi
11 years ago

"Engineer formally charged with murders owned 19 homes and vacant lots worth more than US$2.4 millions"

Will this happen in Vancouver.

Hello employers, check that the employees you are about to fire are not deadly leveraged.

Raincouver
Raincouver
11 years ago

#88 –

I have to give me deposit away for free because i can’t complete.
<a href="http://vancouver.en.craigslist…..65992.html
” target=”_blank”>http://vancouver.en.craigslist…..65992.html

That listing has been around since July or August – CL doesn't go back far enough to show the whole history.

http://vancouver.en.craigslist.ca/reo/895506101.h

This posting from Oct. is still talking about flipping the contract. At least, he's given up on that.

Draken is an idiot
Draken is an idiot
11 years ago

What a R joke?

Arts groups report strong sales despite recession fears

Kevin Garland, executive director of the National Ballet of Canada, says sales took a dive in the fall after a series of bad financial events but things are now looking up.

Shoppers skip U.S. Black Friday bus charters, hit Canadian sales.

jesse
jesse
11 years ago

Ian Watt sounds a bit frustrated in that video, mino3. What a slimy old sales trick: insult the mark's value system and verbalize their insecurities in a last-ditch effort to close the sale. That's the same sh!t they pull in timeshare sales JUST BEFORE YOU LEAVE THE SALES OFFICE WITHOUT SIGNING ANYTHING. I wonder if that slimeball tactic ever works.

My advice to Ian Watt, stop driving when recording your videos. You'll save precious money on gas.

"Bitter Realtor" Ian Watt, ladies and gentleman.

Drachen
Drachen
11 years ago

Real Estate's like a box of chocolates…

His IQ matches, maybe the Tyler part is a pseudonym?

greedy pig
greedy pig
11 years ago

Wishing price $448k – V742666

Owner paid $150k in 2002

200% profit in 6 years

Patiently Waiting
Patiently Waiting
11 years ago

Stupid is as stupid does 🙂

mino3
mino3
11 years ago

Vansanity, that's a great find. It captures the essence of the clueless masses who are blissfully unaware how the world around them works. They just throw tantrums when they're not getting their way.

People are throwing the "R" word around quite a bit lately, but as far as I'm concerned, if we do fall into a recession, I will chose not to take part in it and continue to spend my money regardless.

In Tyler Gump's universe, recessions are voluntary!

Vansanity
Vansanity
11 years ago

mino3 – I completely agree. On a similar note, here's a letter to the editor about how it's the medias fault for not putting more sunshine stories about RE and the economy on the front page:

http://www.canada.com/northshorenews/news/letters

That's it! We'll just have the media report that everything is tickity boo and we'll then be the richest nation in the world! We've finally figured it out! Un-be-f***in-lievable!

mino3
mino3
11 years ago

http://www.youtube.com/watch?v=3KvQR-h_ct0

Ian Watt says STOP RENTING, BUY NOW!

I love the condescending tone.. "look at yourself in the mirror and admit you'll be a bitter renter forever!"

I'm not sure why he's insulting the only group of people who will be in any position to buy after the bubble has popped.

richard1
richard1
11 years ago

this strata can't fix their roof because

"…we have a large group of new owners who purchased with high mortgages who are voting against the resolution, mainly because they can't afford the cost."

another reason to avoid condos for now.

patriotz
patriotz
11 years ago

Don’t know if it’s just me, but this seems to be unravelling much faster than the 81 collapse,

Absolutely. It took a whole year from the 1981 market peak for the recession and job losses to hit.

This time it took six months.