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Friday Free For All!

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132 Comments

It’s Friday, and that’s a beautiful thing.  As most of you know, I’m going to step away from writing for this site for a while, so this is my farewell post for now.  At this point there are at least six readers who have signed up to post stories, so the conversation should carry on fine without me.  If you’re interested in contributing content to this site please read this.

OK! Let’s get this party started! It’s time for the end of the week news round up. Here are a few stories I’ve noticed this week:

-Canadian new home prices down for first time in a decade
–Canadian consumer confidence plunges
–Huge job losses may be tip of the iceberg
–BC economy going down
-Translink asks for cellphone tax & plans expansion
–BC’s new economic brain trust
-Experts agree: Asia, natural gas & the Olympics
–For some, free-fall; for others, wind-fall
-Bailouts please: Cars, Tech, ABCP and 50 Cent
-Bank of Canada’s ‘mystery assets‘
–Bank of America to slash up to 35,000 jobs
–Foreclosure storm to hit US in 2009
-Big sale as woolworths closes 815 stores in Britain

So what are you seeing out there? Post your news, links, thoughts and anecdotes here and have an extra fantastic, upbeat, magical weekend – comfortable and free of money worries.

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 into your comment will automatically create a clickable hot-link. This list of web links is neither created nor endorsed by the Real Estate Board of Greater Vancouver.  Do not operate a motor vehicle while accessing this site.  If itching, swelling or rash develops discontinue use of this website and consult a physician.  Accessing this site may involve exposure to contrary opinions, rambling incoherence and the occasional intelligent but not socially sensitive commentary.  May contain nuts.

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JohnD

anon,

Way to pick apart those posts with a magnifying glass.

Very detailed and thorough analysis. Magnifique!

JD

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Anonymous

you say this:

"The point I’m trying to make is that some people seem a little too over-the-top about laughing at people who purchased real estate over the last few years"

But you also say this:

"I’m the one that’s laughing, Paul, trust me.

You guys are hilarious."

what was that again about the pot and the kettle?

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VHB

"I don’t know about the rest of you, but I think I know how Noah felt while he was building the Ark."

Thank you for that, scullboy. What an excellent analogy.

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paul

John, nice to see that you have an opinion about something and maybe aren't just a blathering wack-job as it first appeared. That's what public forums are all about.

http://www.reuters.com/article/newsOne/idUSTRE4B8…

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John D

Hmmm…o.k., let me re-phrase this. I will be more specific. The point I'm trying to make is that some people seem a little too over-the-top about laughing at people who purchased real estate over the last few years. A home is a home and while prices will ALWAYS go up and go down, economic bad news is no where NEAR the REAL bad news some people get each year. I never 'laughed' at people who weren't buying into the 'hype'. Good for them, especially now. It's always the "I told you so!!!" kind (BOTH Bears AND Bulls) who make my stomach churn. People like this are terribly insecure or they wouldn't feel the need to shout it from the roof tops. I've dealt with dying family members (old AND young) and the LAST thing they give a crap about is… Read more »

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crabman

JohnD,

I know it's a longshot, but if you aren't just some troll, how about telling us what you think will happen to real estate prices in Vancouver.

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scullboy

JohnD 118: (hey that kind of sounds like a Bile verse) I have no intention of dying of cancer. I'm going to snuff it when I'm 100 ad my boyfriend will be so upset at my passing, he'll have to drop out of college. I think you've missed the point. Most of the people here aren't crying dude or if they are, they're crying tears of joy. Most of the people here have been preparing for this situation for *years*. It was the years UP TO NOW that were difficult. It isn't easy to make a plan and follow through on it while everyone else laughs and thinks you're crazy. I got lucky and had to cash out most of my investments back in June, so I at least got to enjoy the money rather then see it get sucked… Read more »

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John D

I'm the one that's laughing, Paul, trust me.

You guys are hilarious.

J.

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Patiently Waiting

Yeah, I don't bring up the subject of real estate in casual conversation anymore. You don't know who amongst your friends, relatives and co-workers is in bitter denial right now. In their twisted logic, they will blame people like us when the sh!tstorm hits.

As I said a year or so ago on one of these blogs: I will buy AFTER the blood has run through the street and drained into the sewer.

Until then, I'm keeping my head down.

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other ted

chili con carne you are right it is futile. Good news is they already have a second house. Her and her husband bought at the right time. I would sell it now if I were them. so the most damage they will do is not capitalize on any gains. I figure it will be below what they paid within a year and in ten years they will be even.

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pipi

#113 paul

Depending on the financial institutions, their respective new-imm-mortgage package is limited to 2, 3 or 5 years from the date of landing. And I heard that some are extended beyond principal residence … 2nd, 3rd … properties.

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paul

John, thanks for the laugh.

Back on earth, heres an example of government in action . As in closing the barn door after the horse has bolted type of action. Typical

http://www.canada.com/vancouversun/news/business/…

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Chili Con Carne

"Other Ted, you’ve really got to talk to your sister."

Paul it is futile.

Other Ted: it's close to Christmas, just be nice.

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John D

LOL @ all you miserable idiots. "Waaaaa, the economy is faltering", "Waaaa, politicians and realtors are criminals". LOL!!

One day you're all gonna' be lying in a hospital bed, dying of cancer, and you'll realize that all your worrying and crying was a completely useless waste of time. Too bad you're never gonna' that time back….losers.

John

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paul

http://www.cbsnews.com/stories/2008/12/12/60minut…

very good article

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paul

I just watched 60 minutes. The segment on the coming Tsunami of Alt-A and Option ARM was hair raising to sat the least. The statistics on the coming wave of foreclosures are way scarier than the sub-prime fiasco thus far. I rec everyone looks it up.

Other Ted, you've really got to talk to your sister.

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Chili Con Carne

Other Ted:

There are still people like your sister.

I hope they all buy "now or be priced out forever"

I would rather not have them participate in the market, when I'm buying circa 2013

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other ted

Just got off the phone with my sister. Apparently now is the time to buy Vancouver Real Estate. I cannot believe people like her are allowed to teach. Its scary the people most sure of themselves are always the most wrong.

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paul

What a great blog, so many interesting points to ponder on a Sunday afternoon.

Pipi in your post #112, what are the agents saying that would indicate that time is running out? Running out of what? That's too funny. Maybe it's the agents that are running out of time. Maybe a few have run out of gas on their way to the free meal at the Gospel Mission. If thats the case I sincerley hope they are turned away.

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pipi

what's is annoying, realtors are drumming up business by using fear tactics that time is running out.

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pipi

97 macchiato – no I do not have the link. But this is pretty standard, The New Immigrant Mortgage; all banks and mortgage brokers have similar products.

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bcubbins

Falling rents:

http://vancouver.en.craigslist.ca/search/hhh?quer…

Asked for $2710 in October. Reduced to $2500 in November. Current occupant paying $2700 but "price reduce to attract great tenant". Now down to $2200.

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alexcanuck

Remember San Francisco? The city wasn't showing declines in house price, and there is proof that Vancouver won't crash? Sure, Surrey/Langley etc maybe, just like the suburbs of San Fran, but not Beacon Hill or Yaletown!

Well, Pop goes the Weasel!

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NO -LYMPICS

Re the Civil cases..good points by those who commented….time will tell how it ultimately shakes down. ============================================================ Re: Chinese factory closures A few weeks back I posted a link that stated 67,000 Chinese factories shut down in the first half of 2008. The report stated they felt that was lowball number for the Chinese officials, it is actually much worse. I have also been reading Kelowna Housing Armageddon blog . I always envisioned the links in the B.C. RE chain as Asian money (first from Hong Kong pre 1997, then Mainland China post 1997 )flowing here, purchasing the Greater Vancouver area Real Estate, and the displaced "got rich quick" BC parties moving to Kelowna area ,the wave started when the Coquihalla "coincidentally" opened in 1986 . Reading Kelowna Housing Armageddon….the tail end of the dragon (Kelowna) is seriously dying due… Read more »

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