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November 12th, 2008 at 10:00 pm
Actually Simpson said:
I am in close contact with my counterparts at builders’ associations throughout the U.S. In August 2007, I wrote a Westcoast Homes column in The Vancouver Sun that chronicled the U.S. subprime mortgage debacle, where many factors contributed to nightmarish experiences for many American families.
He didn’t “call” it, he wrote about it after it was already history.
Funny though he couldn’t see the forest for the trees – i.e. the reason for the US crash was that prices were too high, and see the same here.
November 12th, 2008 at 9:49 pm
Yah, Peter Simpson. What an a*s!
November 12th, 2008 at 9:48 pm
Here’s one for you alcoholics in the crowd~
“15 minute walk to the liquor store at Park Royal”
http://vancouver.en.craigslist.....66554.html
November 12th, 2008 at 9:36 pm
Anyone else read the Peter Simpson apologia on the Sun’s editorial page today. I smelled a lot of ass covering… hilarious that he tries to say he called the US housing debacle in august 2007…
The funniest was when he described the latest national realtors meeting. There was no smell of fear in the air … he swears!
http://www.canada.com/vancouve.....1e8fce9c66
Canadians have been suckling on fear for months, brought on initially by the negative U.S. psychology creeping across the border and permeating the psyche of consumers, eroding confidence.
Every morning we awaken to another news report of blood-letting in the stock markets, real estate or employment. Pulling the blanket over one’s head can be an attractive alternative to facing the day.
There is no modern-era precedent to these economic conditions, so fear is a natural reaction. Remember the fear surrounding the dawn of the new millennium, 2000? What happened? Nothing.
Editors, both print and electronic media, have little difficulty choosing the day’s lead story: “If it bleeds, it leads” typically gets the nod. Always has been, always will be, so get used to it.
Keep in mind editors, reporters and broadcasters have families, homes and the same financial commitments as other folks. They, too, worry about these uncertain times, but their jobs are to report events in a factual and balanced manner. Columnists, of course, have the freedom to express their opinions on issues, as long as they don’t run afoul of editorial policy and legal guidelines.
I am in close contact with my counterparts at builders’ associations throughout the U.S. In August 2007, I wrote a Westcoast Homes column in The Vancouver Sun that chronicled the U.S. subprime mortgage debacle, where many factors contributed to nightmarish experiences for many American families.
November 12th, 2008 at 9:35 pm
yeah nutslaps! don’t be afraid to get out once awhile to have fun spend moneys! can’t take it with you! also get some money on table for next leg up!
November 12th, 2008 at 9:31 pm
islander
“OK, now that I believe”
Care to elaborate?
Regards
arit
November 12th, 2008 at 9:30 pm
A question for you bears…
Regarding:
“Previously rented at $5300, now $4500″
How many people here know ONE case of someone renting a condo, any condo, at 4500? Just out of curiosity…
Regards
arit
November 12th, 2008 at 9:11 pm
Here’s a funny one!
” I just want to sell and buy my dreamhome ”
http://vancouver.en.craigslist.....26654.html
November 12th, 2008 at 9:11 pm
arit wrote: There are advantages to not having family and friends.
OK, now that I believe
November 12th, 2008 at 9:07 pm
Umdesch4, Canada’s $50-billion “bank bailout” is not a bailout. Basically, the government is buying insured mortgages.
Correct, the taxpayer was already holding the bag.
The bailout took place when the taxpayer was given the bag – right when the mortgage loan was made.
November 12th, 2008 at 8:37 pm
Previously rented at $5300, now $4500 with one month FREE! Furnished $4,500 or Unfurnished $3,900
http://vancouver.en.craigslist.....22074.html
Is it my eyes or is that a 26% REDUCTION in rent???
November 12th, 2008 at 8:32 pm
This how to really make money in Real Estate!
http://www.news1130.com/news/e.....t=e111270A
November 12th, 2008 at 8:21 pm
Umdesch4, Canada’s $50-billion “bank bailout” is not a bailout. Basically, the government is buying insured mortgages. The feds are doing this to clear up available cash for the banks so they can do more lending to us. Because of the global credit crunch, it’s harder for banks to borrow cash from global markets. This purchase frees up cash for the banks to lend.
November 12th, 2008 at 8:12 pm
Just phoned up this landlady to ask why she had said strata fees include some utilities — to clarify if the strata fee was included in the rent. SHe said yes, it is. Then I said it is unusual for landlord/ladies to put strata fees in the ads, it shows they may be amateur landord/ladies.
She PROUDLY retorted: “I am not an amateur. I have 5 places for rent!”
http://tinyurl.com/6gmkul
November 12th, 2008 at 7:50 pm
Also in under-reported news:
CPP Fund loses $10 billion of value in its investments in latest quarter to $117.4B
Choice quote:
“While the CPP Board’s latest losses can be made up with future growth in the markets, if such red ink continues for years it would raise the spectre of possible rising contributions for workers or lower payments to retirees in the future.”
November 12th, 2008 at 7:45 pm
Didya catch the Global TV News tonite …and all the gifts the Vancouver Council (NPA and Vision ) were getting from various groups (many of them developers)… ie Tickets to Concerts, Hockey Games, Cirque de Soleil…etc.
Then ol Sam Sullivan wants the VPD cops to do a criminal investigation for the Leak ?
I say give the leaker an “Order of Canada” !!!
November 12th, 2008 at 7:38 pm
Did everyone catch reply #2 above?
Thanks “falling”, and that news was so scary they moved it here:
http://www.reuters.com/article.....5520081112
I did a google news search for more sources of this story and I can’t seem to find anything other than this one Reuters article.
How can it be that we’re doing a $50 BILLION bank bailout in Canada (over $1K each per man/woman/child in Canada) and this isn’t the biggest story in the country???!!!
November 12th, 2008 at 7:32 pm
unless Phoenix keeps going down, down, down perpetually, in which case we will never catch them.
Don’t be so negative — we will catch them! We’re number one..for crashing prices!
November 12th, 2008 at 7:30 pm
What is that saying ?
If you owe the banks $1000 , YOU have a problem
If you owe the banks $1 Million , the BANKS have a problem.
If the banks are going broke…Gov’t (= US) have a problem = Gov’t = US to the rescue ?
F#ck !!!!
November 12th, 2008 at 6:50 pm
THOSE WHO IGNORE HISTORY ARE DOOMED TO REPEAT IT.
Patriotz,you mean people who missed the boat would do that again?
“REALTORS STRUGGLE TO CONVINCE PEOPLE THAT THEIR HOME PRICES HAS FALLEN,TOO”
Oh Mr Realtor What you want people to do? List their homes to flood the market when sales are not keeping the pace? Or Reduce the prices to make your day?.
When dumbheads don’t know what are they talking about then why don’t they just shut up and dance? Hey dumbhead realtors,board,and banker pimps,if nobody comes to buy your mortgage product and sales listing does that mean crash is coming?I would say your jobs are leaving your soul.
Home owners are not here to fund the banks and realtors job,Home prices does not need any support to stand at peak so just shut the fuck off and lose your job right away idiots.Also Mind it compulsory that Vancouver Real Estate Never Go Down.
November 12th, 2008 at 6:28 pm
new yaletown
Thanks for posting. I might be interested, as I LOVE Granite countertops, hardwood flooring and stainless steel Appliances.
Please answer the following questions for me:
1. How much monthly strata?
2. How much parking?
3. How much would the mortgage be if I had to pay it myself (to see if worth renting it)?
Thanks in advance,
arit
November 12th, 2008 at 6:22 pm
$1400 / 2br – New Condos DT Surrey the New YALETOWN (10822 City Parkway)
Reply to: hous-916518085@craigslist.org [?]
Date: 2008-11-12, 1:35PM PST
Renting new 2 bedroom 2 bath condos by Gateway Station includes Granite countertops,hardwood flooring,stainless steel Appliances and strata fees(hydro/gas),washer/dryer.Harp 604-306-2017
November 12th, 2008 at 6:02 pm
Vancouver mayor calls for police probe into stolen Olympic-related document
Meanwhile, it’s been revealed that three campaign donation cheques from Millennium were delivered last week to Ladner and two other NPA candidates for their election campaigns.
http://calsun.canoe.ca/Sports/.....90066.html
why would anyone be surprised..i think this story is big news
November 12th, 2008 at 5:50 pm
The Great Revolt of 2009. “I do not believe you, thus I will not spend, and all my money will stay in my hand.”
Yeah, roll that one up and smoke it in your next bailout package!
November 12th, 2008 at 5:46 pm
There is no doubt in my mind that Vancouver’s upcoming crash will be one for the ages. We will be talking about this crash for generations to come
That’s what I (and a lot of other people) thought about the 1981-83 bust too and look what happened.
Those who ignore history are doomed to repeat it.
November 12th, 2008 at 5:13 pm
“This is news? How come everyone here saw the huge number of condos under construction and lack of affordability and predicted this correction a year ago, but the ‘experts’ are just now figuring it out? It’s not rocket science, it’s simple supply and demand.”
The “experts” are liars,and it is a sad commentary that they have(knowingly) ruined so many young people’s financial lives,and there will be no reprisal.
November 12th, 2008 at 5:06 pm
This is awesome
You got the idiot Thums up (or some nutjob who pretends to be an idiot? hard to know)and then a really smart comment right after it in this Sun article
“Thums up2Wed, Nov 12, 08 at 04:08 PM
Read this writing on the wall”Vancouver Real Estate Never Go Down”no matter what bmo,rbc,ct ,real estate board with media combined has to say there is no piont other than current market volitilities,Buy before March 2009 otherwise this same media will pop up to say opps.
ThomasWed, Nov 12, 08 at 04:11 PM
It’s important to remember that the baby boomers will be selling their houses soon in order to retire and this will obviously create a demand for rich people, the kind of people who have made 6 figures for a long time and were able to buy property in the 70′s for much less. It was really easy for the boomers to do this so obviously the vacuum created by all these boomers selling will draw more rich people here to buy. How can you go wrong? If you can’t afford to speculate on a $1.2 million dollar tear down in the west side then get out and buy a condo downtown! If you don’t see value at todays prices and buy then you are a bitter renter. Further proof is in the baby boomers who bought 4 houses in the 1970′s and can cover the mortgage with the current rental rates. See it’s clear? All we need is for the boomers to sell at todays rates and quadruple the averqage income and import rich people and there is no bubble here.”
November 12th, 2008 at 5:04 pm
The article you quote is for Vancouver WA
Vancouver WA has a kitsilano and is located outside the USA? I had no idea.
If we’re running out of sky does that mean we’ll get rid of these F#%*ing rain clouds soon? What a depressing climate.
November 12th, 2008 at 5:03 pm
“Nobody has better fundamentals than downtown, for the investor or the homeowner.” -Bob Rennie, October 4, 2008.
The fundamentals of the downtown condo economy are strong, eh? Well, I guess Bob’s not wrong if by fundamentals he means high prices, low demand and over supply.
November 12th, 2008 at 5:02 pm
Here’s the latest on San Fran’s housing prices. The reason I post it here is I’ve often heard of Vancouverites drawing comparisons between these two cities. Ignoring the differences in local economies, incomes, etc…
San Fran is tanking, see link:
http://mysite.verizon.net/vodk.....ncisco.png
Down around 30%.
There is no doubt in my mind that Vancouver’s upcoming crash will be one for the ages. We will be talking about this crash for generations to come. We will also look back at the marketing and constant pumping and wonder how so many people fell for it.
Sit back bears, hibernation is nearing an end, soon the feasting will begin.
November 12th, 2008 at 4:58 pm
Die !!! , the great RE Satan… Die !!!
November 12th, 2008 at 4:53 pm
“I just got a rental reduction of 22.5%.From $1550 to $1200.The landlord offered it when the lease expired and I gave notice to vacate.”
CMHC says: Liar!
I’ve heard similar accounts. We are finding out which tenants have the AAA cred; apparently you are one of them.
November 12th, 2008 at 4:24 pm
The article you quote is for Vancouver WA, and does not apply to Vancouver British Columbia, the best real estate anywhere.
We are running out of sky.
November 12th, 2008 at 4:22 pm
I just got a rental reduction of 22.5%.From $1550 to $1200.The landlord offered it when the lease expired and I gave notice to vacate.
November 12th, 2008 at 4:15 pm
mrjauk, there’s nothing nefarious going on. Craigslist is based out of SF and doesn’t care about altering van real estate listings. They’ve just optimised their system to show only 1000 hits on a search term.
I can add the following anecdote to the rental listings topic though: I moved a few years ago and searching for a rental was a big chore – any place that was decent had a bunch of people looking at it, the rental market was tight and competetive. I recently moved again, because I went to look at a house in east van and we were the only ones to look at it. It was a good deal, exactly the sort of place that would have had a lot of interest a few years ago and had been advertised on craigslist for almost a week before we looked at it.
I’m not sure why the big change or if this was an isolated incident, but it sure seems like the rental market has changed dramatically. Are renters moving away from expensive vancouver just as a bunch of new housing is being finished?
November 12th, 2008 at 4:03 pm
Peculiar happenings at Craigslist Rentals page:
I returned to Vancouver at the end of July and for a few months prior to my return I browsed the rentals section on Craigslist. Here’s what I have found and the peculiar thing that I noticed today:
I began to search the rentals with the search term “downtown” and the first search (which I did on or about May 1st) returned 1650 hits. That is, there were that many listings in that category with the word “downtown” somewhere in the listing. Now, that included any listing with the word downtown, so the actual number of listings actually in downtown was fewer. Nevertheless, using that same search consistently over time would give me a good indicator about the trends in supply. So what happened?
Well, throughout May, the number of hits oscillated between 1600 and 1700, then began to tick up as of June. By the time I arrived in Vancouver (late July) it had ticked up to 1800. Then the 2000 mark was crossed in early September and since then (in about six weeks time) the number of listings has grown dramatically, so that as of yesterday it had maxed out at 3885 listings. I was anxiously waiting for the 4,000 mark and thought it might hit today, so imagine my shock when I did a search for “downtown” in the Craigslist rentals today and the total was 1000.
For some reason, they are only listing the most recent 1000 hits, and no more. I wonder why the change? Does anyone have any idea? Is there something nefarious going on here?
I will continue to track the numbers, but now will compute the total number of new listings daily–for “downtown”–rather than the total number of hits. All I know is that rental supply is absolutely exploding and while prices have been relatively sticky, they are beginning to come down now. If you’re a potential landlord, do the smart thing and drop your price to a level commensurate with being able to attract a solid tenant.
November 12th, 2008 at 3:56 pm
This is news? How come everyone here saw the huge number of condos under construction and lack of affordability and predicted this correction a year ago, but the ‘experts’ are just now figuring it out? It’s not rocket science, it’s simple supply and demand.
Speaking of supply, all those unsold condos on the market right now? They’re about to be joined by 10,000 more:
http://vancouvercondo.info/wik.....ndo_supply
November 12th, 2008 at 3:46 pm
I don’t know ho came with this HongKong size style condos;bed idea in the log run; ho wants to pay 500k for them and raise a family in shoeboxes, unless you are ….guess?
November 12th, 2008 at 3:25 pm
Speaking of Canwest Global… LOL
Have you seen the stock value… WOW!!! Pathetic.
high of 7.5 down to 0.85… LOL Talk about an ass-whuppin’!!
November 12th, 2008 at 3:23 pm
Yes, at least Phoenix. That is unless Phoenix keeps going down, down, down perpetually, in which case we will never catch them.
November 12th, 2008 at 3:22 pm
Downtown shoebox condos have nowhere to go but down, down, and down. Vancouver is drowning in a glut of condos … and to top it off, that glut will grow even bigger as more condos are completed next year.
The real estate meltdown here will rival Phoenix in the U.S. Buh bye specuvestors!
November 12th, 2008 at 3:09 pm
looks like no one is secure this days : layoffs at Global TV!
November 12th, 2008 at 2:59 pm
Rob A, why would you post the same moronic bs again? Didn’t you move away from all the cafes?
November 12th, 2008 at 2:57 pm
I don’t think that downtown Vancouver will go down nearly as much as anything else. There are lots of cafes and restaurants downtown, and tons of things to do. If you are young and hip, downtown Vancouver is the place to be. It’s where the action is.
November 12th, 2008 at 2:36 pm
If you look at it on a per capita basis, our bank bailout here is now almost as big as the USA, even though our real estate crash is about 18 months behind theirs…
Somewhat worrisome for a taxpaying bear!
November 12th, 2008 at 2:23 pm
Falling,
“Did you expect something else?”
Actually not, I expected just this. BUT, When you make the biggest financial decision of your life, against the stream, based on what YOU expect to be the future, it does take “nerves of steel” to hold on tight. Glad we all bears did.
At least we did not have the horrible peer pressure some people here described. There are advantages to not having family and friends
Regards,
arit
November 12th, 2008 at 1:47 pm
Did you expect something else?
November 12th, 2008 at 1:46 pm
The ponzi scheme worked as planned. The middle class sheep now suddenly realized they’ve been had.
And since in BC they cannot walk away, the lifetime of servitude to the PTB and the acceptance that… “The Greater Fool was Me” is slowly dawning on the Starbuck-in-hand crowd.
Must hurt….
Popcorn anyone?
Best regards,
arit
November 12th, 2008 at 1:45 pm
http://www.reuters.com/article.....5520081112
November 12th, 2008 at 1:44 pm
Canada buys up mortgages, central bank lends more…