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December 26th, 2008 at 1:49 pm
#47 Maybe you began to notice more homeless because you were entering your adult years and your perception was changing with the new experiance of being an adult?
It’s true, homelessness has allways been a factor in Vancouver to some extent. It was centered around Pidgeon Park when we were kids. The bums would buy us cheap wine. As I said though remember, “recessions create victims who never recover”.
After the recessions of the 60′, 70′s and 80′s and the Machiavellian political moves to close the mental hospitals the cumulative effect was an entire generation steeped in poverty and huge numbers of people on the street. After this recession I expect the homeless population to at least double.
I also said that these events shaped my life, I am ready for the worst, expect it, know how to survive it and welcome it. I feel right at home.
December 26th, 2008 at 1:37 pm
#46 Why aren’t you considering the prospect of mass deflation?. Too scary? The M3 statistics , last reported in 2005 indicated the money supply being inflated by 14% p/a. If you take Russia for example which inflted the M3 by 50 p/a it has now devalued the ruble.
The inflation train has derailed and now deflation must take place in order to reprice assets. I think deflation is more politically palatable than reveluation to western governments who at that point would have to admit failure.
December 26th, 2008 at 1:25 pm
downtown = DTES
December 26th, 2008 at 1:24 pm
Homelessness has always been there, but it didn’t take off until the late 80s (mostly due to the deinstitutionalization you mention).
In 82/83, there were certainly a lot of people in difficult housing situations (I remember an Aunt having to move in with us after she lost her job), but true hardcore homelessness was still around the corner. In 85-86 I started to see dumpster divers. Mass numbers of people sleeping on downtown sidewalks was not a common sight until the 1990s.
Losing a camping trip was certainly not the end of the world. But it was a first of many cutbacks, with the more serious ones to come.
The worst thing I saw as a 12 year-old was divorce and break up families. I didn’t happen to me but I could see friends hurting. At that age, it was a big deal to their social development.
December 26th, 2008 at 12:53 pm
Econ Student #33, was your comment posted in response to #3?
If so, you need to re-read it. I am not suggesting that real estate in Vancouver could possibly go up in value. What I am suggesting is that Canadian dollar collapse can lead to higher prices for everything. This cannot be excluded as a valid possibility, and my point was that the poll was biased by suggesting scenarios in which both of the following happen:
- real estate goes down
- Canadian dollar does not go down faster than real estate
Regarding governments view on this- they are looking to keep everybody “ok”. When lots of people have no savings and debt the only way they are going to keep everybody in the “ok” state is by making sure that their debts are managed down to the point where mass defaults are avoided. If this means that people with savings will lose their savings, this does not really matter for the government because those people will still be “ok”. As long as most population is “ok” there will be no revolution to replace the government… So yes, I believe that substantial inflation is unavoidable in the next 2-3 years. Whether we are talking 30%, 50% or some number with many zeros I do not know.
December 26th, 2008 at 12:39 pm
#43, Homelessness was rare in the recession of the 1980′s ? Sorry to differ but the 1980′s were the genesis of mass permanent homelessness. This was when the government was moved by socialist insanity and started closeing all the mental heath centers and hospitals. Remember how they were announcing how they were going to replace institutions with community health workers? trouble was , when all those mentally incapacitated people hit the streets they couldn’t remember or didn’t have the wherewithall to take their medications. The NDP thought they were going to give the unions a gift of thousands of new dues paying slaves to consolidate power in Victoria. All the program did was torture the less fortunate who were turned out of the hospitals in the thousands, mostly to fend for themselves.
Homelessness was HUGE in the 1980′s. Being in Grade seven, you would have been sheltered by your parents from reality. You should have been there. it was worse than you can imagine. Getting a camping trip cancelled is nothing like going hungry or having your dreams crushed, not even close.
The program was started by the So-Creds and then compounded by the NDP who put the final nails in the coffin of mental health care in this province. They are all a-holes IMHO. Homeless numbers were exacerbated by the recession however, take the example of the 70′s and 80′s. 1963 was the beginning of a long vicious recession.
On Granville, Robson, Fourth ave, all the parks and campuses in the 60′s became hobo camps of newly poor people sleepng in the streets and cramming into ‘crash pads/flophouses. Some of these morphed into communes as the years of poverty dragged on. The whole hippie movement was based on mass poverty, although it’s memory has been romanticed by the safe middle class kids who were living in the warm bosum of a mommy and daddy, sheltered from the storm. They grew their hair long and wore funny clothes because they saw us on TV.
I was one of those people who lived in the street. patched ragged clothes and long stinking hair became a badge of honour and quite normal otherwise. Of course those who think of the 60′s as romantic and cool weren’t there. We were the generation that created the greatest number of victims who never recovered. The sub-urban girls who came into town to experiment with free love was a bonus though. It’s a good thing that crabs and lice were the worst things going around. If AIDS had been around we would have had mass extinction.
People pulled together allright, but in every recession victims are claimed and many many many don’t ever recover.
I can tell you the same stories about the brutal recession of 1973 but why be redundant.
Now , you may remember the mass homelessness
December 26th, 2008 at 12:04 pm
Maybe Beedie and Gaglardi should drop their Lawsuit against Canucks owner Aquilini.
The Canucks tickets are overprices, mosty due to season tickets owned by corporations. When these sales start to fall off, due to belt tightening…Aquilini(who has major exposure to Real Estate) may have to sell and sell cheap. I wouldn’t be surprised if Gov’ts no longer allow them to be tax write-offs…
Major league sports franchises will be hit hard..nothing is immune form this Tsunami, especially overpaid Sports Monkeys.
December 26th, 2008 at 11:58 am
“Expect the worst, and be happy if you don’t end up on a street corner with a shopping cart. If you don’t have at least three years of cash savings chances are you’ll lose your shelter, owned or rented. Don’t believe it?, go to the archives of the Vancouver Sun and check out the goings on for the bitter winter of 82/83.”
I’m ready for a lot of things, but this is blowing it out of a proportion. Homelessness was actually an uncommon thing in Vancouver at this time.
And yes, I am old enough to remember 82/83. I remember friends parents divorcing, people moving away from Vancouver, evening news showing job seekers crowding employment centres, my Grade 7 school camping trip being canceled due to cutbacks, people marching in the streets against the Provincial government “restraint” program, teachers telling us we HAVE to go to university or face unemployment, food banks appearing for the first time, etc.
BUT society did not fall apart, homelessness was rare, and nobody starved.
People pull together during hard times. Be good to your family and friends. Look out for them and they’ll look out for you. You can always move in together, if necessary, and share meals.
December 26th, 2008 at 11:36 am
Canada’s housing market turned to favour buyers in ’08; prices to decline in ’09
http://www.google.com/hostedne.....Oa-YQm4twQ
The decline is going to be significant, but it’s not going to be a freefall,” Tal said
Sory Tal, you are wrong again, it will be a freefall.
Tal does not have a good forcasting record, he is Muir Lite.
December 26th, 2008 at 11:30 am
More good things to think about
http://www.boston.com/business.....s_its.html
It appears that there is no bottom in sight. Look out belowwwwwwwwwwwwwwwwwwwwwww !!!!!!!!
December 26th, 2008 at 11:27 am
think you’re safe?, think again
http://news.cnet.com/8301-13505_3-10128880-16.html
December 26th, 2008 at 11:26 am
If only the REBGV had the power of a Communist state behind them. Instead of ads in the newspaper, they could use loudspeakers to make us bears abandon our apartments to buy condos.
http://www.liveleak.com/view?i=68f_1230314812
December 26th, 2008 at 11:26 am
speaking of India, the recession in the west is spreading.
http://www.thaindian.com/newsp.....35296.html
December 26th, 2008 at 11:21 am
Post # 34:
So…are you telling me Mexicans speak French ? LOL
We can’t afford any more of this Bombardier white elephant, hopefully it will go broke so we can switch to more cost effective technology. Just curious if Transit may be overwhelmed by people who can’t afford their vehicles. Buses and LRT trump the Bombardier crap we bought.
Post # 35
Unless mistaken, Japanese firms have thinner margins and rely on Volume. Hence, if THEY are hooped, there is another dead canary in the global economy mine.
Was also reading about Jaguar and Land Rover…the Indian company that bought them from Ford is asking the Brit Gov’t for bailout $$$$. I think luxury items like Jags and Land Rovers are toast.
Also saw on CNN that Lottery revenues are down in the US. This was previously viewed as recession proof…yet also a tax on the poor. I sense this will be a trend all over…and moreso an indication re how bad things are getting. The vicious circle is Gov’t itself got too hooked on Gaming Revenue to fund many Gov’t programs, and these programs will suffer.
PS Should we send out a search party for Al Gore?
He sure has STFU….his ilk/ type only crawls out from under a rock when the $un is $hining… gee what a coincidence.
December 26th, 2008 at 11:16 am
BTW, thanks for the 100 grand but I think I’ll save much much more by waiting. This is not ‘value’ being lost , it is just ‘froth’ being swept off the bubble top.
FYI: Don’t count on China for help. Ex; Power Industry profits down 84%!!!!
http://www.bloomberg.com/apps/.....refer=home
December 26th, 2008 at 10:52 am
http://news.yahoo.com/s/ap/200.....an_economy
The worlds second largest economy is in free fall, with factory output plummeting 8.1% !!! . This shows how the economic Tsunami is growing in ferocity.
I voted for a price adjustment of more than 50%. I have experianced recessions first hand. Mass job loss is being under-reported, the government is months behind in it’s honesty.
If you have a service industry job you’re most likely toast. Jobs in every other sector will follow. It doesn’t matter if you’re a junior lawyer, retailer, entomologist or delivery driver. Construction jobs will be lost in the tens of thousands. This is not idle speculation, it is what actually happened in the three preceeding recessions of the 60′s , 70′s and 80′s.
Expect the worst, and be happy if you don’t end up on a street corner with a shopping cart. If you don’t have at least three years of cash savings chances are you’ll lose your shelter, owned or rented. Don’t believe it?, go to the archives of the Vancouver Sun and check out the goings on for the bitter winter of 82/83.
December 26th, 2008 at 10:24 am
NO-LYMPICS: TransLink is buying more Bombardier SkyTrain cars. Bombardier’s building them in their Mexican plant.
December 26th, 2008 at 10:08 am
I’m amazed. Bullish realtors and flippers will hang their hats on anything.
Now the are looking for inflation to be their hero.
They live in this fantasy world in which it is believed politicians can successfully engineer inflation just enough to get them out of this pit, but so much as to cause higher mortgage rates.
My predictions for 2009 is a lesson they will never forget:
1) Governments won’t be able to engineer a recovery
2) The metric which work now, won’t work in the future, as rent revenues will be going down
December 26th, 2008 at 9:24 am
Article:
Japan’s industrial output plunges
http://news.bbc.co.uk/2/hi/asi.....799908.stm
There is no sense re-inventing the wheel…..
Simply observes the solutions tried elsewhere. As many have noted…Japan has been trying for years, but still can’t seem to find a way to dig itself out of an economic hole.
The rest of the world has now caught up to Japan (???)
What I foresee is much like that theoretical question many of us were asked in High School about the raft with survivors, decisions have to be made re: who stays and who to toss over.
Example: Auto Industry
Unsold car inventories pile up…yet soon they will be looking at next years model.
Regardless, The Feds won’t let the auto industry crash, there are thousands of auto workers aka VOTES in Eastern Canada…those hordes of union members feeling they have a right of entitlement to exhorbitant wages,pensions and benefits will be a force to be reckoned with, rightly or WRONGLY .
There will be band – aid solutions all over, but I think a lot will be tossed overboard, (if they were ever let on in the first place ).
Re BC
The Feds and the BC Gov’t will focus on where the bandaids will best embellish the 2010 Olympics. The fact that we have a major economic crisis one year before the Olympics could make 2010 stand out amongst all others…the IOC may be in for a rude awakening on the global front re bid cities and ” No thanks ” attitudes.
Alberta: ? = Ouch
Lots of oil…too much invested in the Tar Sands, but will have to keep oil flows going to derive revenue. Can foresee a lot of secondary industry (ie plastics manufacturers)shutting down
Quebec: Not sure what they do there…..mostly Bombardier? How much more Bombardier crap can BC absorb for the useless SkyTrain ?
Maritime Premier Danny Williams will not flip to “have not” status to milk the Feds more….likes to have it both ways even when Oil was doing just fine
Thats politics !!!
December 26th, 2008 at 9:15 am
True inflation affects wages as well as asset value, and I see no chance of that happening.
good point ac:
as we slip into recession wages will not
be going up for the vast majority of income earners…. anything else is wishful thinking.
December 26th, 2008 at 8:28 am
Flip This:
That article doesn’t work for me for a few reasons. He glosses over a few VERY key points. WHY didn’t Japan manage to inflate it’s way out of trouble? They sure tried.
Canada is not the States, and our debt levels are not unmanageable. High and troublesome for sure, about time we had a good recession to clear some of the deadwood out of the system, but we aren’t in an impossible situation like they are. (Vancouver RE not included in that assessment. Canada overall is OK, here will crash hard.) The hyperinflation he thinks will happen, could easily leave Canadian dollar alone. Our recession is inevitable, with the currency and economic effects that implies, but not necessarily high inflation here.
The problem is not in “printing” the money, it is in getting into the economy without spooking debt holders into calling everything they can. Remember, far too much of the debt is in short term instruments. You think you’ve seen forced liquidation already?
Although he explicitly denies being a goldbug, everything I’ve seen from FSU ends up with goldbug talking points.
Going back to the original premise, remember that for many years all the players in the game, that is individual small investors, advisors, banks and other financial institutions, companies themselves (with regards to their stock price), etc, etc.
All were playing to the same outcome, a rise in asset values. Everyone wanted everyone else to accept that the current value was correct, and could be used as the base for tomorrows gains. When the TSX has an up day, everyone cheers and congratulates one another for a job well done. With everything rising together, everyone is happy, and that pesky little detail of real wages creeping down in terms of “real” dollars”, and plummeting in terms of asset values? Well, we told you to buy before you’re priced out forever!
True inflation affects wages as well as asset value, and I see no chance of that happening. Monetary injection that merely supports asset value, I don’t think can be sustained. At some point soon, the boomers are supposed to start liquidating their “vast wealth”, to turn their delayed consumption into real consumption in their golden years. You do the math. Asset prices fall, in relationship to consumption prices, and vice versa.
Inflation works just fine in principle to reduce debt levels, but does nothing to increase wealth. Deflation and debt default also clears out the debt overhang, but again, doesn’t increase wealth. Either just brings a balance back between asset values and consumption prices. Don’t be too quick to dismiss the possibility. Either, of course, moves wealth around, and destroys paper wealth. Those with real wealth, who are sensibly position, do MUCH better in deflation than inflation. Those are the same ones who have much of the financial clout to move markets.
Why are the central banks so terrified of deflation, if it is really so easy to deal with?
Your linked FSU article is pretty short on facts, and long on rhetoric. Compare that to what Mish, Denniger, Ritholtz, Roubini all have to say on the subject.
All that said, I’d still rather have my money in gold than leveraged Vancouver RE! Better yet, liquid and ready to jump the right way. The right way is still to be determined. All I’m sure of is this is not a little blip, and we get back to “normal” any day now.
My 5 cents. (Inflation everywhere!)
December 26th, 2008 at 2:04 am
flip this, you made me smile by including gold and 40 year mortgages into the same category. Seriously?
December 26th, 2008 at 1:51 am
Anon:
To clarify my point: I agree that in the case of inflation nominal prices on the houses will inevitably go up following the rise in the overall price level. However, as previous historical precedents demonstrated, inflation rapidly destroys credit. It happens not only because lending rates are usually one step ahead of the inflation, but also because the willingness to assume debt is greatly diminished. When you are borrowing at 50% or 100% monthly rates (extreme case of hyperinflation, but valid as an illustration nonetheless) there is a huge risk which hinges on the estimation of future inflation. What if inflation rate abates for a month or two, from let’s say estimated 75% to just 25% monthly? In this case the borrower in just two months will have to pay in interest payments (in inflation adjusted money) amount bigger then their principal. Similar considerations apply to the lenders: their biggest fear is to underestimate the rate of inflation. In the extreme case of hyperinflation, lending and borrowing becomes so risky that the whole banking industry moves into domain of loan sharks.
But closer to the point. Given a hypothetical situation where inflation is rampant, credit is absent, economy is in the shithole, I think that the real estate prices will suffer (in inflation adjusted terms). This is because the real estate will only be purchased for cash, and people on average tend not to have that much cash in bad economic conditions.
So, is real estate a good inflation hedge? If it is a principal residence with 5% or better yet 0% down, locked at 6% for ten years, then it probably is. At current RE prices however, I would rather call it a speculation — because in the absence of significant inflation such property will not break even, i.e. renting is cheaper then owning.
I think that inflation is very likely to occur, both in the US and in Canada, but my conviction is not strong enough yet to act on it, and by action I mean drastic things like buying physical gold and assuming a 40 year mortgage.
BTW here is an interesting article on inflation vs. deflation question: http://www.financialsense.com/...../1203.html
(The Value of Money, BY JAIME E. CARRASCO CFP)
December 26th, 2008 at 1:37 am
One last point on the printing money topic, because it is a good one: Don’t forget what they’ve been printing money for. It’s not to filter down to buyers to increase demand. No, it’s to bailout some of the cornerstones of the economy, it’s a survival tactic. Don’t expect banks to lend as they have in years past. You won’t see subprimes again for example, or zero down mortgages. The money is filling a large void already. That is to say, it is already in debt.
December 26th, 2008 at 1:25 am
Print money = Deficit. That cash is a bond, a promise, nothing more. Ya, we’re already there.
Fractional Reserving is a major part of the problem which led to this bubble, and all previous bubbles, and all future bubbles. It’s designed that way. Winners and losers, just be on the right end (ie. don’t piss money away on overvalued assets) and you should be just fine.
Regardless of that, a recession changes everything. So much so that printing money, lowering rates, devaluing your currency, won’t lead to another spending spree. It’s hard to phathom because things have gone so good for all for the last 8 years.
What we’re in for, we might never see again in our lifetime, at least not to this magnitude. It’s not “doom and gloom”, life goes on, the economy will struggle along and we’ll likely be better off a decade or two from now for it. If the right changes start now that is.
December 25th, 2008 at 9:38 pm
To everybody who voted #3 down: you have no idea what’s coming (even if it might not be coming in 2009). It’s tough to appreciate it unless you lived through it like “flip this #17″ has. The poll was about price. “Price” is a relative measure that defines how two things relate to each other in terms of value. One of these things happens to be fiat money. Even worse, it is money produced by fractional reserve banking. If our economy can uncontrollably produce too much houses and silly condos what’s to stop the same economy from producing too much money? Last time I checked, creating houses involved lots of actual work and physical assets like land and materials while creating money was a simple database transaction…
December 25th, 2008 at 7:35 pm
Really Thompson? Too bad your crappy phd is not recognized here. And now you’re trying to fool us with a fool’s wisdom.
December 25th, 2008 at 5:14 pm
The only thing i know for sure is that Gadwin will post too many times for someone with an IQ of 93.
December 25th, 2008 at 5:09 pm
Re Strata:
It could or should work well in theory…(just like any democracy could or should, in theory.)
However, its the reflection of those that own a stake in the entire strata. If every unit is owned by resident owners , AND they have a good Strata Council Executive great .
My Armaggedon view is 1/3- 1/2 empty buildings, or too many specuvestors ,,……foreclosures…contingency fees paid(?), warranty terms and conditions complied with (?), due diligence to be on top of things…good property management companies…etc . etc.
In bad economic times I can see a lot of this going down the proverbial toilet. IMHO…Yaletown and area will be brutal, especially when the nearby Olympic Village opens, and the WoodWards site as well
December 25th, 2008 at 4:03 pm
There’s nothing really wrong with current strata system. Strata are not perfectly run, just like government and corporations are not perfectely run. I can see SFH in west side dropping further than condos, simply because the price/rent ratio is A LOT more out of whack, and densification won’t happen for at least a few more decades–when the imaginary rich asians don’t arrive after Olympics, the only thing justifying price would be rent equivalent. SFH command a higher price/rent ratio, but not that much higher than condos.
December 25th, 2008 at 2:19 pm
NO -LYMPICS Says: “Stratas will be a disaster….and a predictable one.” I agree the whole strata law system is incompatible with democracy. It would be the equivalent of all the Vancouver City Councilors owning large portions of real estate. If the mayor owned 10 blocks of a certain area would he be allowed to vote on improvements to that area? Guess what if your a strata council member the MORE you own the MORE you decide what is done and what is kept (in-camera). In my experience ALL major building deficiencies are kept OUT of the minutes because it would NEGATIVELY affect property prices. My suggestion to condo buyers; Ask for a copy of the minutes or alternatively support an up and coming fiction writer and tell him what you want written. Then buy it based on that! Same thing exactly except the latter means your contributing something to the arts!
December 25th, 2008 at 2:18 pm
#3 Anon,
I would think that “Not drop at all” would cover the price increase case.
December 25th, 2008 at 2:05 pm
Stratas will be a disaster….and a predictable one. Every time I read Tony Giouventu, and moreso recently ,I get more concerns justified.
Condos will be the equivalent of the pet rock fad.
People will migrate to SFH homes, that market will become more stable… relatively speaking…one is master of one’s own domain.
ALSO:
Vancouver will be the worst RE investment across the board, I can smell the fiscal black hole the 2010 Olympics (and especially the Olympic Village ) will become.
If the Feds didn’t bailout Montreal re: the 1976 Olympics…which just recently paid it off…forget 2010 cap in hand. Also a Left -leaning Council aka traditionally ” tax and spend” just exacerbates it.
December 25th, 2008 at 2:02 pm
Anon in post #3 brings up an interesting point. I also think that high inflation or even hyperinflation is a valid possibility. The most notable proponents of this view include Jim Rogers and Marc Faber. Their basic premise is that US assumed an unsustainable amount of debt and will inflate its way out of it, one way or another. I don’t see what can prevent US Government from doing exactly that. After all printing money is cheap.
Having lived through the hyperinflation in Russia in the early 90s I remember that there was no consumer credit period, and at the same time GDP in USD terms was down something like 50%. Most transactions involving realestate property were conducted in cash, in USD, which was called “the hard currency.” I wonder what will be the hard currency for the North Amercan version of this inflation scenario?
It is quite clear that in the case of hyperinflation people holding the biggest possible mortgage with the smallest possible downpayment, and people holding some sort of “hard currency” will be somewhat better off. Real estate owners will be practically mortgage free, and renters will be in a less favorable situation having to pay rent indexed to the rate of inflation. I suspect however that the government will keep rent controls lagging the rate of inflation.
December 25th, 2008 at 1:58 pm
Merry Christmas from a happy, rich renter! I spent a few dollars over the last few months upgrading my accommodations so it looks like I pay a lot more than I do! I’m as snug as a bug in a rug, and I don’t bat an eyelash if someone drops a mug on my antique fir floors.
December 25th, 2008 at 1:22 pm
I voted for under 40% drop this year, some will hold out till 2010. After that we will hit my expected 70% drop. Commercial strata is collapsing fast. I have two prime spots in Yaletown which I am instructed to put in moth balls. I know they employ a total of 9 people. Small potatoes but that is only what I happen to deal with, and I only look after three commercial strata systems.
December 25th, 2008 at 12:48 pm
Two predictions from me:
- 2009 will be the year we start to see a large number of foreclosures hitting the market in Vancouver.
- we will see a few developers hit the panic button and auction off their remaining inventory.
December 25th, 2008 at 12:34 pm
Merry Xmas to all!
My guts feeling is:
- a 30% chance to loose my job, this is probably the 1st layoff in my life.
- a higher chance that vancouver jobless rate escalating to more than 10%.
- so the vancouver RE should be hit 30%.
Like an ant to prepare for winter, I have buffered enough cash for this to happen. So be enjoying the Xmas and the New Year.
December 25th, 2008 at 11:41 am
Matt:
I work for the feds – our negotiated pay package was rolled back to 1.5 percent a year (we were originally told 3.5 for 09 and 2.5 for 2010! Otherwise my job is safe (i’m a cop)
I guess, we should n’t complain given what the private sector could be facing.
I think next year will see a fall in Vancouver RE of between 15-25 percent by this time next year.
Happy new year – don’t drink and drive
December 25th, 2008 at 8:46 am
Predicting?
No thanks.
Too chaotic and confusing.
Bubble is over, natural forces will take over.
Just hope the human misery can be limited, few are even discussing such collateral damage which is often the far more important consideration.
December 25th, 2008 at 8:26 am
Merry Christmas Bitter Bubblehead Renters!
Here is my Christmas card to you and I hope it doesn’t get as bad in Canada as it is now in the U.S. All I want for Christmas is a return to fundamentals, but I don’t want to see innocent children suffer.
http://www.youtube.com/watch?v=meKdy8JS2-Q
December 25th, 2008 at 6:50 am
It’s working! I’m gone! I ate up 11 monthly maintenance payments on a 1 bedroom. Guess their landscaping and painting budgets will suffer. I am going to change my loggin ID to Stratatechy, too many people think I am a Property Manager!
. I wouldn’t go there be a really big demotion in wages. Have a great Christmas all!
December 25th, 2008 at 6:30 am
goddamn
I need to learn a trade.
December 25th, 2008 at 6:24 am
Matt; “How many of you think you’ll be employed through 2009 and what sector are you employed in?”
Wonder why buyers look at Granite Counter Tops? MY Christmas eve would have paid for more than a few! Say 10?
Well I will be because I am work rebuilding PLC panels in an elevator room so the residents have elevator service when they get up. How in the hell they can afford $500.00 / hr is beyond me! New Tower 2.5 years old!
December 25th, 2008 at 6:16 am
How many of you think you’ll be employed through 2009 and what sector are you employed in?
December 25th, 2008 at 6:00 am
Search downtown 110 out of 273 vacant
http://www.uniqueaccommodations.com/
By end of December look for 50% 1 outa 2
December 25th, 2008 at 5:57 am
http://www.uniqueaccommodations.com/
40% vacancy rate in prime time skiing season!! HAHAHA yah right I’ll just rent it out till spring!
December 25th, 2008 at 1:29 am
The poll should have included an option for growing real estate prices. This could happen if central banks inject too much money into the global financial system which suddenly starts flowing creating massive inflation and shortage of everything. I personally don’t think this is a likely scenario for 2009 but can’t exclude it either. In this scenario real housing price would go down, but nominal would be up.
December 25th, 2008 at 12:03 am
Merry Christmas. I am surprised that it is dropping as fast as it is. I do believe the drop from peak to trough will be at minimum 50% I voted below 50% for 2009 but am expecting carnage. Being back for the holidays I am surprised at the change in perception in most people I met. With the exception of a few real estate die hards in my family most people are joining us bulls. I think 6 months in we will start seeing huge drops which will further accelerate things as people will finally figure out that the last one to sell will get nothing.
December 24th, 2008 at 11:52 pm
Happy holidays Bears and Bulls! 104K lost by the Bulls, ouch!!
I’ll be conservative and guess a 15% to 20% drop in the benchmark in 2009. Not to worry though, because all in all, the Vancouver SFH benchmark will drop 50% from its peak in May 2008!!
Buh bye Specuvestors!