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December 20th, 2008 at 12:00 pm
I’M # 100 I tink
December 20th, 2008 at 11:49 am
The meltdown may in fact be worse than anyone of us bears foresaw.
By their own admission, through the latest tactics, most western central bankers have in fact conceded defeat. Finally they have realized the old adage: “monetary stimulus is like pushing with a string”.
The free market system has given way to the old, discredited, immoral, and autocratic Soviet and Chinese command style centralized economic systems.
Government control is all the rage, and the captains of free enterprise, are muted by greed, and self preservation.
Monetary policy has been so badly abused it’s no longer effective, and so now they turn to abusing fiscal policy.
The next step, is for the central planners will be to decide for us what kind of products are in demand, and what industries will survive.
The net result:
Our standard of living will eventually be lowered to that of China and Russia.
December 20th, 2008 at 11:24 am
More anecdotal evidence that it’s a renter’s market. We decided to move to a cheaper place, first asked the landlord if they would mind reducing the rent. No go, so we started looking. Found a great place for Jan 1st where the landlord had reduced the rent by about 10% because she had advertised and had go no calls at the previous price. Advised our landlord to rent this place out whenever they can, they had a showing here last week and I thought they would have found new tenants the same day but so far…nothing. Strange…when we found this place it seemed like there were hoards of people who were all very interested in renting it.
Went to a Christmas party yesterday where one of the guys (nearing 60) said he had sold his house and was going to rent for a year (wow, you never heard THAT a year or two ago!) and said he had been to a view a rental that had been sitting empty for two months, no bites.
Then…came home last night and there was an email from a friend who wanted to let us know he’s got his place up for rent…previously his principal residence but now he’s moved in with gf.
Seems like a whole bunch of people are sitting on the sidelines about selling and this is having an impact on the rental market. Good time to be a renter.
December 20th, 2008 at 11:24 am
GOOD AANNSSAA LARRY GOOOOOD ANSWER!
December 20th, 2008 at 11:20 am
Sorry, “and the glory and economic benefits that come with it” was supposed to show up with sarcasm on, sarcasm off in HTML tags. WordPress took it as real tags, and didn’t show it.
December 20th, 2008 at 11:17 am
correction: Boom Bust Echo, published 1996
December 20th, 2008 at 11:16 am
NO -LYMPICS #92
You didn’t mention how Richmond gold-plated the proposal in order to steal an olympic venue and the glory and economic benefits that come with it
from Burnaby, which was in line with a more modest and (IMHO) far superior proposal.
Oh, and BTW, It was such a relief to NOT see “I’m #1. I tink” that I gave Arit a vote. I like most of your posts, but this #1 crap is too childish for my taste, and judging by your scores others agree. No offense, but please, stick to stuff above kindergarten level, m’kay?
December 20th, 2008 at 11:15 am
factor the Canadian baby boom (2) years younger than the USA baby boom. Peak births in Canada 1961. In the USA it was 1959, midpoint between the two peaks of 1957 and 1961. Bell Curve Analysis. Common information, Stockman’s Boom, Bust, Echo, published 1969. And Fed stats.
factor the age when a person spends most money. Peak Experience, etc. Prior to Midlife crisis, around age 46.5. See Harry Dent Jr, books on demographics.
1961 + 46.5 = 2007.5
Just about the time when things start to run off the rails.
In Canada’s West more boomers because of migration from Central Canada. Also our population is more boomers than the USA, 33% here, 29% there. So sharper decline in offing.
Globally Population went out of log scale power growth in 1962. Factor a 46.5 lag for peak spending, amounts to a global economic collapse. For proof, please review Maya Classic Age. 150 AD – 880 AD.
As further proof of the demographic economic theory, aka Supply Side Economics, please review the 1930 Depreession. Factor Global die off from Influenza, 1918, appprox 5-10% global population, plus WW1 dead. Average age of Influenza victim = 30. Back in 1920′s peak spending/midlife crisis was age 41.
41 – 30 = 11
1918 + 11 = 1929 (Stockmarket crash, and Global Depression)
thank you,
be well.
December 20th, 2008 at 10:59 am
# 88
Arit: You appear to be a very well educated very bright individual. Evidence: You have gotten approx. 70 plus family members to vote you more the 50+ Votes for being poster #1 for this topic !
(BTW : I let you do it, I took a break LOL).
In light of the aforementioned I strongly advise you to take the rose coloured glasses off and grab the Kool Aid antidote.
When the Oval was planned, (In 2004, with the SFU Oval bid collapsing, VANOC royally sucked in the City )the City originally stated they had to run it “as is ” after the Olympics, based on some sort of post – Olympic legacy funding. Now they float all sorts of ideas…they do not have a bloody clue what to do with it.
The city has already turned the Oval building into a “Corporation” Why?…to legally cover up the REAL fiscal numbers.
Olympic infrastructure is costly, the ice for speed -skating has some of the most precise specs…and requiring the host to install the most cutting edge technology. However, it will not be used after….Speed Skating prefers other sites like Calgary…so the Ovals gold – plated ice- making equipment will at best be used for hockey public skating etc.
Wouldn’t be surpised if the City is forced to sell or close Minoru Rink, common scuttlebut.
The Oval sticker price is $178 Million….is the City going to be like the 1990′s NDP Gov’t and start listing public property such as schools and hospitals as assets (implying instant liquidity ??? what a joke ). The Oval annual operating costs will suck funds from other City programs which will suffer, moreso as the economy tanks…but City Hall egos will still need to be placated.
The Oval access is a disaster, adjoining businesses will be pissed off when gridlock happens , the Oval area is serviced by 2 lane backroads crookeder than a dog’s hind leg. The Oval will probably be a bigger white elephant than Montreals 1976 Olympic facilities.
However, a lot of Vancouver’s long list of Olympic facilities are now coming online, (Curling rink recently)and I think Vancouver taxpayers will be hit and hit hard for years to come !
Can’t wait till March 2010, Olympic is over and good riddance.
December 20th, 2008 at 10:52 am
Canadian government is now bailing out GM and Chrysler too. The bailout is double the size of the american bailout, if you account for the relative size of Canadian economy compared to US.
December 20th, 2008 at 10:45 am
Of course, THIS isn’t much more help.
“You’ll never come back if you sell and hold cash,” said Mark Yamada, president of PUR Investing Inc., a money management firm. “That’s a certainty. You certainly won’t lose any more money, but you won’t come back.”
Basically says says “stay the course, your money is in good hands”
The same hands that DIDN”T warn you all this was coming. The same hands that get a fat bonus for helping you go broke. The same hands that I thank God and the internet (mostly the internet) for helping me escape from BEFORE the shit hit the fan!
December 20th, 2008 at 10:36 am
If today was April 1 THIS would make more sense. Are they really saying it’s hopeless, nothing you can do?
December 20th, 2008 at 10:20 am
OVAL
Off topic.
We visited the Olympic Oval yesterday night.
I am very pleasantly surprised with it. It is NOT a “stadium” a-la GM place et all. It is not an arena surrounded by 100,000 seats. It is not a money-generating building.
It is more like one huge community center, or gym. There is almost no room for spectators, but PLENTY of room for ‘users’. You can have people skating, running, Gym,playing basketball, volleyball at the same time under the same open space. My estimate is that you can have 1000-2000 people exercising indoors there simultaneously.
I am very impressed, this is very useful for the community.
But I heard it is only a temporary building, and I don’t get it: Does anyone here know if indeed they will dismantle the whole thing in a few years, and if so, why did they do it like this?
Regards,
arit
December 20th, 2008 at 10:16 am
#85. Reality bites in ALTA. What happened to all the bitching from the Liberal Party and bashers about the “Blue eyed sheiks”. Suddenly it’s all about layoffs and fleeing disaster. Strange silence from the detractors of the oil boom.
http://albertabubble.blogspot......results=50
The last sentence speaks volumes about what I think is coming to Vancouver.
December 20th, 2008 at 10:12 am
And here’s a little bit of humour on this otherwise gloomy news day(from Calculated Risk blog comment post):
Lawrence Livermore Laboratories has discovered the heaviest element yet known to science. The new element, Governmentium (symbol=Gv), has one neutron, 25 assistant neutrons, 88 deputy neutrons, and 198 assistant deputy neutrons, giving it an atomic mass of 312. These 312 particles are held together by forces called morons, which are surrounded by vast quantities of lepton-like particles called peons. Since Governmentium has no electrons, it is inert. However, it can be detected, because it impedes every reaction with which it comes into contact. A tiny amount of Governmentium can cause a reaction that would normally take less than a second, to take from 4 days to 4 years to complete. Governmentium has a normal half-life of 2 to 6 years. It does not decay, but instead undergoes a reorganization in which a portion of the assistant neutrons and deputy neutrons exchange places.
Have a great weekend everyone.
December 20th, 2008 at 9:12 am
a bitter calgary real-tot/spec buyer tees off on the
http://albertabubble.blogspot.com/
@B-sucks said…
that’s right realtor slayer. This whole tsunami isn’t going to gobble up just greedy edmonton home owners…those horrible bastards and their quads, and big screens, and bourgeois asperations…it’s going to get YOU too! You’re going down too, with them, because of them! You won’t be able to borrow two nickels to buy a shoebox in edmonton…no one will! It feels like Rome burning! Recovery won’t happen until long after these times are a distant memory. But you have to catch up…this blog WAS about greedy over leverage homeowners not letting people like you into the market, then it was about being bearish about prices when they were stratospheric, then this blog was about high-fives all around as the RE bears here all cheered crippled RE “investors”, people you know, neighbours maybe even family.
NOW this blog is about doubting whether you will remain untouched by this. Realizing that the catastrophe you cheered with such gusto is heading right for you. It swallowed up everyone else and now it’s gonna eat you too, and squidly77 and gloria and everyone else here. And as one who has made peace with losing all my flaming wealth, I’ll be cheering as this board becomes the “anybody hear of any jobs out there board”, and then the “my EI just ran out board” and then the “got any recipes for ketchup soup board”. Just checked the edmonton temps for today…brrr, cold…here’s a tip for the impending Armageddon thats gonna get you all librarys open at 8 am and are a warm place to spend unemployed homeless days. Oh and trust me on this one having experienced it myself; the mcdonalds dumpsters are a treasure trove of clean disposed food, as the stuff that is older than ten minutes is thrown into the garbage in it’s wrapper…easy to dig out and reheat over a hobo stove
December 20, 2008 8:41 AM
the fool couldnt find any more fools
December 20th, 2008 at 9:05 am
I just looked at the big list of upcoing projects posted by Dave (well done for providing an actual link by the way). The projects all appear to have an end date of Fall 2008 and after that to have a “proposed” status. But maybe I read through it too quickly.
December 20th, 2008 at 8:34 am
Post # 78
Good digging..awesome story!!!
Re link to “How it all began”
http://www.globeinvestor.com/s.....0/GIStory/
Unreal eh?
…..especially the Kitsilano High alumni Chisick almost the Godfather of this RE collapse and financial meltdown.
(Typical product of Kits High anyway, useless yuppy-hippies then and now, a pox on humanity ).
QUOTE:
Brian Chisick was always a salesman. Born in London, England, he moved to Vancouver with his parents at age 14, but dropped out of Kitsilano Secondary School after Grade 10 to start making money. Tanned and fit, with a jutting jaw and barrel chest, he turned his hand to peddling a variety of products.
By the late 1960s, Mr. Chisick and his wife, Sarah, had landed in Los Angeles, right in the middle of the postwar housing boom. They soon found something new to flog – loans.
QUOTE:
But for the regulators that would later do battle with many of those companies, Mr. Chisick remains the godfather to the subprime lending world.
“We always say [the Chisicks] were the start of it all,” says Chuck Cross, former director of the consumer services office in Washington state. “They were the first of the big bad predatory lenders. In many ways they were much worse than some of the big ones like Ameriquest to come along in subsequent years.”
This story and the evolution of the mess spans over 3o years…quite disgusting, too many blind eyes were turned, nobody comes out looking good.
December 20th, 2008 at 8:08 am
k9dr, don’t be so naive. It’s the new Shaughnessy.
December 20th, 2008 at 8:03 am
Surfing Realtor.ca, I requested houses in Maple Ridge selling for over $1,000,000 and came up with 162 listings.
Seriously, can there really be 162 millionaires that want to live in MAPLE RIDGE???????? (ok to be fair it did include a bit of Fort Langley)
So with 20% down ($800,000) and a 25 year mortgage you are only paying $ 5,118.45/month (or rent a similar property for $2000/month).
December 20th, 2008 at 8:02 am
Areas to be hit hard(est)?
I think its those areas that had become popular with a high concentration of McMansions from the post Expo 86 era.
When 2010 Olympics kicks in, many of these will be a quarter century old, and must be beginning some serious depreciation. They were basically glorified Vancouver Specials. The homes were built along the Feng Shui guidelines. their construction was on par with leaky condos…thin cheap stucco over OSB plywood, another disaster in the making only delayed via their non strata status and caveat emptor for buyer “one on one” with SFH owner. The only parties that would/could buy them to live in are….drum roll….Rich Asians !!! How many of these are left? Or do they want a 25 year old pink house built quick, cheap and outdated ?
Prediction:
These McMansions will end up as rooming houses, much like what happened to Old Shaugnessy after the depression, except that at least those old monster houses were mostly in one area, not scattered all over like McMansions are. A lot of “buy and rent out McMansion rooms” numbers do work…in fact they worked already years ago (I know, I helped someone move into one). From my understanding of Bylaws, these are not “illegal suites” , much of this is due to the communal use of facilites..ie bathrooms and kitchens…nothing has changed from the original construction. When this starts to happen…watch that “nice neighborhood” go down, all it takes is one landlord willing to take anybody with a pulse and a welfare cheque, maybe even with a blockbusting agenda mode.
Re DUNBAR area…good insiteful comments.
The line re: future inheritors living in the basement comment was a classic. However, if that is the family pattern then perhaps the price means nothing. The inheritors will be a link in a chain of inheritors and acquire it “for free” , OR they will sell for whatever they can get. From some Dunbar expatriates I know, the area had a lot of working class families , it was the edge of town back then, not much different than many pockets of the East side of Vancouver.
ARBUTUS:
Arbutus used to be called Asthma Flats , below the ridge and was a swamp. The Arbutus Mall and nearby Condos was built on or near an old City Dump.
MARPOLE:
A lot of Eburne mill workers, etc. again the edge of town till the Oak Street Bridge was built. Does have a lot of Duplex zoning, aka the “base- line” condo. BTW a realtor told me a duplex IS a strata and subject to the same rules…though many think otherwise.
Historically….. The well -off areas of Vancouver were basically West of Cambie and East of Arbutus,the rest was relative hinterland at the time for the working class and returning veterans.
December 20th, 2008 at 7:12 am
Re Alberta:
I predict it will be getting pretty brutal. Having family back there, a lot of manufacturing ( especially plastics related )got hit when the Canadian dollar was at par or higher than the US dollar, and this was long before the RE crash.
With Oil prices in free fall, one can see much of Alberta come to a halt. The Tar Sands had billions in future investment tabled, but it can’t be profitable at less than $40 per barrel.
We usually holiday for a week in the Shuswap, where a high % of the tourists are from Alberta with all their toys( hi- end boats , jet skis, RVs, trailers etc. etc.) I wonder how many will show up this year ?
December 20th, 2008 at 7:02 am
How it all began
“Black Monday, Sept. 15., will be remembered by a generation as the day the great recession that is now strangling the global economy became inevitable. On that day, the U.S. government made the fateful decision to allow Lehman Bros. to fail. But the catastrophe unleashed by Lehman’s collapse has far-reaching roots.”
Lots more good stuff. Nothing new if you’ve been following this crap, but well written, accurate and complete. Send this to the “newly scared”.
December 20th, 2008 at 1:33 am
#58 Domus
Just spent some time on mls too!
max asking $1,000,000
Total listings 5
Dunbar last 30 days
3 bedrooms
lowest – $849K sold $785K tax $4200 +- DOM 101
highest – $998K sold $915 tax $4700 +- DOM 48
Observations:
$785K tips east and needs min. $250K of work to make pretty.
$915K roof leaks, rotten see thru back basement wall by power panel and hold on to your marbles otherwise they will roll out the front door.
either is a bargen
just sayin….
December 19th, 2008 at 11:40 pm
#75&73 Wow the guy turned out to be a real prophet though didn’t he , having made that comment in September. In fact you can’t buy that 3 million dollar condo for 2.8, it’s for rent now for $1250 p/m because there weren’t any buyers at any price. Kerflushhhhhhhh
December 19th, 2008 at 10:38 pm
“Don’t start thinking you’ll be able to buy a $3-million condo for $2-million — you’d still be paying $2.8-million, which isn’t that much of a difference.””
*********
– even if he wasn’t lying, this is hillarious. 200k might not be much to You, oh mr Calgary RE mogul, but to normal folk it’s quite a bit.
retards.
December 19th, 2008 at 10:02 pm
“My guess is that Dunbar with it’s lousy location , lack of services, predominance of iheritance cases awaiting in the basement, low end (illegal) suites and preponderance of absence of design goes for sub-400K by fourth quarter 2009.
That goes for Cambie, Marpole and Arbutus ( with the exception of very small snippets of Arbutus ridge) Dunbar has no such exceptional demographic going for it. Dunbar and Cambie contain no exceptional stock or development potential except pre-war tear downs. There is also a predominance of decadent space.
I know it sounds like a kick in the guts for some , but people pay for my opinion and I see no reason to shy away from the factual truth.”
This is very perceptive – Dunbar, Arbutus and Cambie are brutally overpriced. I would add Point Grey to the list of areas that are going to be hit HARD. Point Grey used to be where you went when you couldn’t afford Shaughnessy or Kerrisdale. Now, square foot for square foot, it’s as or more expensive despite being way too far west and way too far from downtown.
December 19th, 2008 at 9:14 pm
#71 – I was thinking “wtf?” until I looked at your article. It is dated 2008-09-30, and I’d say it is pretty much in line with other articles from the same period. If you found that article posted this month, now that would really be something.
It is interesting to reflect on how much perceptions have changed in the last few months, though. I wonder where we go from here…
December 19th, 2008 at 9:07 pm
“And that is all i could come up with in 30 seconds. Does anyone think differently?”
Toronto is number one in multiculturalism not New York,New york has fallen of the cliff first not Vancouver,Vancouver is beautiful city on earth while new york is scary place that scared the hell out of nyc’s T.Hu who is currently living in vancouver taking advantage of bc medical and not being searched by cops too often not even by security in the malls.
December 19th, 2008 at 9:00 pm
Hurry, Hurry, Hurry to buy cause the experts say there won’t be much of a price drop.
“Experts urge buying for long haul
Slower price hikes mean profit on resale may take little longer”
http://www.calgaryherald.com/s.....p;sponsor=
Just too funny, I have been waiting for a while for the pimps to dust off this pitch for re-use.
“Fence sitters hoping for drastic price cuts before buying will be disappointed to hear that no one in the industry is expecting any, Mr. Mehlenbacher adds. “If we were in a real estate bubble we would have felt something in the last month. Yes, sales have slowed down, but they haven’t stopped. Don’t start thinking you’ll be able to buy a $3-million condo for $2-million — you’d still be paying $2.8-million, which isn’t that much of a difference.”"
December 19th, 2008 at 7:29 pm
53 realpaul Says:
“David Dodge (ex BOC govenor) stated today that Canada would see a deep recession until 2011. He spoke today with Mike Duffy on CTV. He says ‘everything in 2009, is just history”. He said ” It will be longer than people think”. He said the ‘construction train has come to an end”.
David Dodge was an accomplice in the crime; he worked over time printing cheap money.
He was a Greenspan Lite.
What I find extraordinarily difficulty to believe is how the central bankers are trying to lower interest rates when clearly much of the current turmoil was caused buy keeping interest rates too low for too long creating one bubble after another.
December 19th, 2008 at 7:20 pm
Domus#65 My guess is that Dunbar with it’s lousy location , lack of services, predominance of iheritance cases awaiting in the basement, low end (illegal) suites and preponderance of absence of design goes for sub-400K by fourth quarter 2009.
That goes for Cambie, Marpole and Arbutus ( with the exception of very small snippets of Arbutus ridge) Dunbar has no such exceptional demographic going for it. Dunbar and Cambie contain no exceptional stock or development potential except pre-war tear downs. There is also a predominance of decadent space.
I know it sounds like a kick in the guts for some , but people pay for my opinion and I see no reason to shy away from the factual truth.
December 19th, 2008 at 6:34 pm
Post # 65:
When something is in free – fall it gathers momentum……no sense guessing or intervening till it goes S-P-L-A-T !
I don’t foresee a lot of people saying ” Oh, that Dunbar house was $1 million , but its now (for example) $725,000…I think I will dive in and buy it , such a deal ” .
People have woken up and feel a bit cheated and lied to re the RE Ponzi scheme, which in my view has been going on in BC for the last 20 + years .
My guess is spring 2009 will be flooded with sellers, not purchasers. BTW my other guess is ex-$1 Million Dunbar house will be $600,00 – $500,000 by Mid 2009 and quite possibly less.
December 19th, 2008 at 6:25 pm
Apparently Vancouver’s Real Estate Board is surveying people (randomly dialed up from telephone book???). I didn’t do the survey so don’t know the questions being asked. I wish I would have asked how they got my number.
December 19th, 2008 at 6:07 pm
# 57 :
Why so cynical???
Look what a great signing Messier was !
December 19th, 2008 at 5:18 pm
Realpaul #63:
I am not sure what you are on about. All I am trying to figure out is what people think is a reasonable (and realistic) price for a 3bed home in Dunbar.
If you think the price should be lower that what I wrote, just say so. I’s be really happy to know why, as I am an RE bear.
I personally think prices will halve in real terms. I am not sure about nominal terms, although i think in nominal terms we could easily see drops of up to 35% (so in my little example above, a home in Dunbar should go down to 650k).
If the credit crisis gets worse, there is no lower bound. But that’s a big if, since central bank are printing paper money as if it was toilette paper. There will be inflation as soon as the belt transmission connects with the monetary engine.
Basically, RE is a dead investment for years to come: but this doesn’t stop me from speculating about possible market prices. So, people: go and give an answer to the post#58 riddle. Curious to see what you think.
December 19th, 2008 at 5:12 pm
Aleks #61, you are on the right track.
December 19th, 2008 at 5:07 pm
domus #58, why are any of the figure you listed relevant to today’s circumstances? Are any of them based on anything? Are you trying to guage market psycholgy ( if so congrats)but otherwise I think you have to take into consideration that real estate is a purely emotional market that has very little function as an investment vehicle. Commercial real estate is another story because it has quant characteristics.
To underscore that thought look at the 50 year investment returns on real estate at less than 5% per annum compounded. It is a great forced savings plan for the stupid but not much of an invest in real terms. Maybe your still ‘ajitter’ from the hype you got doused with through out the last rise. Many people of the generation-cohort 21-35 years have known nothing else and are in for the rude shock of their generation.
If the current price regime is as agreed by all to be completly baseless why not consider that property values will be well under the field you have chosen. The average price of a SFH in California is now $285,000 down from $700,000; more than a 50% correction so far and falling. I remember back in 1982 the real estate market collapsed more than 50% in Vancouver. Why don’t you think that can happen here again in your generation. I do. reality, you may find , is what is and not what you’d like it to be. To think that house prices will bottom at some level that guarantees a previous owner some sanctity of their equity is supremly naive from a historical perspective.
December 19th, 2008 at 4:45 pm
Comparing a city like New York to Vancouver is totally foolish. I dont have actual stats, but unless proven wrong my opinion is:
First NY has more culture (museums, art show, theater, etc)in one block than Vancouver does in the whole city. The latest show i heard came in to town is the Cheech & Chong show.
Second, NY economics dwarfs those of Vancouver. GDP, Income per capita, etc
Third the level of income in NY is obviously by far superior than Vancouver. Therefore there is an economic basis to support high prices.
Fourth, NY should have a greater number of tourist than Van.
And that is all i could come up with in 30 seconds. Does anyone think differently?
December 19th, 2008 at 4:40 pm
150 times monthly rent.
December 19th, 2008 at 4:00 pm
#58
G
December 19th, 2008 at 3:56 pm
#58
D
December 19th, 2008 at 3:52 pm
I just spent some time on the MLS.
I focused on an area I know well, Dunbar, and was looking at the price of SFH.
It seem many of them are asking for a bit less of $1million, which is already a bit lower than it was last spring.
So here is the test for you: if I wanted to buy a home in that area, how much should I ideally pay for a decent 3 beds home?
a) 1 million
b) 900k
c) 800k
d) 700k
e) 600k
December 19th, 2008 at 3:50 pm
Sundin ( his agent) suckered the Canucks into paying him $5.6 million to play for the balance of this season. This contract with Sundin is a one time-short term deal. He’s coming here to get paid, nothing more. He currently lives in Sweden. New York was obviously not stupid enough to pay up 5+ million for a guy who’ll only be commited to a half year contract. Vancouver gets suckered yet again, don’t get too attached. I’ve taken longer vacations than the time Sundin will spend in Vancouver. You have to ask him if he’s amenable to being paid in Canadian dollars. Probably not. I think Happy Moon has been into the happy sauce.
December 19th, 2008 at 3:39 pm
Matt Sundin has chosen Vancouver over New York, he obviously knows we are the best place on earth and are world class. New York has lots of work to do if they want to attract the best like we do.
December 19th, 2008 at 3:23 pm
A homeowner who lives in a M$ house can claim child and family benefits, free MSP for the whole family, free dental for kids, pharmacare, and not declare incomes earn on illegal suites and rooms & board. His rental properties cover his mortgages and since he collects rents in cash, after deducting repairs and other costs, he still qualifies as a low-income earner.
Your sister and her husband are just one of them who outwit the system whose right hand doesn’t know what the left hand is doing.
December 19th, 2008 at 3:05 pm
yup no sub prime mortgage here. No loose lending here. Just arrived home for christmas found out my sister and her husband bought a third house for over $600,000 not sure exact value maybe higher. They have secure good paying jobs and sure are qualified for this house. But 3 houses they cannot afford. They believe they can rent out their current house. Refuse to sell it and refuse to believe anything other than a real estate rebound is around the corner.
This may sound cold but i am not loosing sleep on this one. Some people and their arrogance need to eat some humble pie.
December 19th, 2008 at 2:33 pm
David Dodge (ex BOC govenor) stated today that Canada would see a deep recession until 2011. He spoke today with Mike Duffy on CTV. He says ‘everything in 2009, is just history”. He said ” It will be longer than people think”. He said the ‘construction train has come to an end”.
These are all direct quotes from a guy who can speak without political consequence. This is exactly why they got him to speak I imagine because he can’t be burned politically and they have to start getting people ready for the truth. Oh Oh.
December 19th, 2008 at 1:47 pm
I’ve mentioned this before on VCI, Vacancies as calculated by stats canada which I believe is CMHC’s source are done on the basis of 3 or more suites rented by the SAME landlord Has to use identical name as well) either owner or property manager. For instance all the suites Prompton has WOULD be counted as they would be a known PM firm. Lets say one Tower had 10 rental suites that were managed by ONE property manager and nine were rented, and in addition there were 90 suites for rent by individual owners who had no more then two suites in ONE name. So in this example the Tower has 100 suites, for fun we will say NONE of the individual suites are rented so the total rented is NINE! The vacancy rate as calculated by stats canada would be 10 % vacancy (one out of ten). The real vacancy is 91% vacant. I work in dozens of towers and my guess is around a current 10 to 12 % vacancy rate in Yale town.
December 19th, 2008 at 1:35 pm
What happened to $200 oil? The same idiot extrapolators who predicted $200 are now predicting $10 oil.