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December 29th, 2008 at 4:12 pm
Supra,
Thanks for that article. I am happy you posted it as we have not seen that specific type of propaganda from the Sun in almost two months.
“Jennifer Podmore Russell, Special to Westcoast Homes”
I need to find out who this lady is. I will bet 1000 dollars now with whoever that she is an interested party – aka realtor, developer, etc. Posing as a periodist.
“MPC Intelligence’s experience”
Who is MPC?
And the usual propaganda:
“The reality is, if you are looking to buy a home, there are some great deals if you act today.”
“Perhaps the greatest advice one can receive is that there is never a bad time to start building equity into a home”
“Five years from now, we will all be more disappointed with the things we didn’t do and the opportunities we didn’t take.”
Pardon me while I go puke. I’ll be back soon.
Best regards
arit
December 29th, 2008 at 4:11 pm
You snooze, you lose, better start buying real estate now guys.
LOL. Take your own advice and leverage yourself to the moon, because no one’s listening here, dirt pimp.
Did you see the printed version of that article? The ‘Homes’ section of the Sun used to run in two thick sections. The day that article was printed, it was a single page. One frickin page. Realtwhores and develuppers don’t even think the advertising will pay for itself. LOL.
Don’t like the ‘negativity’ here? Go peddle your fairy dust and sunshine to all the other The Secret readers in denial.
December 29th, 2008 at 3:22 pm
Check this out:
http://www.canada.com/vancouve.....d0&p=1
People have cash and are ready to step in and lift the markets. You snooze, you lose, better start buying real estate now guys.
December 29th, 2008 at 1:10 pm
“Who cares about the sub-agents, they’re like parasites trying to leech off others. They’re just a bunch of kids out of university with nothing else better to do in life.”
Leech off others???? What was that again about the pot and the kettle? Oh, that’s right. Sub agents leech of complete strangers and you leech off your parents…. That’s a big difference. Boy, you are a piece of work.
December 29th, 2008 at 12:56 pm
Hey Realpaul,
Who do you know personally that’s being spot checked? Is that a myth of yours? Why don’t they come and spot check me? I pay my taxes every year. So now that I’m making money off my property, Revenue Canada’s going to give me a spot check just because those fat pigs have nothing else better to do? Well bring them on since they’re using my tax dollars, perhaps they’ll spot check me and give me tax returns while they’re at it.
Who cares about the sub-agents, they’re like parasites trying to leech off others. They’re just a bunch of kids out of university with nothing else better to do in life.
December 29th, 2008 at 12:13 pm
Well you know the old saying, : A couple of dim sum queens doth not a market make”.
Arit, good calc, don’t forget to inc the prop taxes and maintenance. I’ve also been made aware that Revenue Canada is ‘trolling’ for revenue property income tax evaders. Inspectors are doing spot checks. Many ‘landlords’ are getting audited as we speak. Maybe we can forward Supra Boys rants over to them. There has been a boom in the repo business lately.
A fellow I know has suggested to me that the number of real estate sub-agents ( salespersons)is dropping like a stone. I’m trying to check into what the actual numbers are in real time.
December 29th, 2008 at 12:11 pm
Supraboy Says: “You guys are spreading too much doom and gloom here. Everything here is so one-sided.” Strange comment when you consider this little blog is a voice in the wilderness inhabited primarily by independent thinkers. You would give your opinions credibility IF you were to indicate that that MSM had for the most part if not entirely been one sided for the last five years. Maybe a quote from a letter or cooment on an MSM blog roll / comments section where you severely chastised them for their fraudulent one sided aspect would be in order. If you do that possibly your opinion is of some weight. If you cannot prove that then please STFU.
December 29th, 2008 at 11:41 am
In the late 1980s, Internet users adopted the word “troll” to denote someone who intentionally disrupts online communities. Early trolling was relatively innocuous, taking place inside of small, single-topic Usenet groups. The trolls employed what the M.I.T. professor Judith Donath calls a “pseudo-naïve” tactic, asking stupid questions and seeing who would rise to the bait. The game was to find out who would see through this stereotypical newbie behavior, and who would fall for it. As one guide to trolldom puts it, “If you don’t fall for the joke, you get to be in on it.”
December 29th, 2008 at 9:13 am
You guys are spreading too much doom and gloom here. Everything here is so one-sided. If you would pull you bear head out of the cave, you’ll see light at the end of the tunnel.
About the SOLD sign, there are private sales all the time, you don’t need SOLD signs to confirm that people are still buying. I’m sure there are real estate being sold every hour and the rich Chinese people will continue to jack the markets up. Even if they’re poor, as long as they continue to flow into Vancouver, they’ll create a healthy rental market. Population growth creates demand.
A 650k house 7 years ago is now worth easily over 1.4 million, even if I factored in a 5% drop in housing, I’ll still be up. The house I have right now is rented out for more than 3k because I rented the basement and the upper floor separately, anymore questions about that?
December 29th, 2008 at 8:53 am
Canadian retailers face a bleak 2009
December 29, 2008 8:30 AM
TORONTO – Malls across Canada teemed with shoppers this past weekend, enticed by boxing-day discounts that were even greater than usual after Christmas.
But while first impressions of Boxing Week sales are optimistic in terms of volume, the heavy discounting putting pressure on margins together with depressed demand in the forecast suggests Canadian retailers may be about to join their U.S. counterparts in what looks to be a bleak new year
December 29th, 2008 at 6:25 am
He might be a re-incarnation of John after he sold his increasingly valuable SUV collection.
=========================================================
BTW:
Still haven’t seen a single ” SOLD ” sign since the last one I mentioned a couple of weeks back.
Must be the snow and Rich Asians with summer tires on their Mercedes and BMW’s not able to attend the open houses.
December 29th, 2008 at 1:33 am
Forgot to ask something:
Supra, I forgot to ask:
If indeed you are not gaining income from your house, and you are still living with your parents, then: What is the point?
Regards,
arit
December 29th, 2008 at 1:28 am
Supraboy,
I am a bit slow, so let me see if I can recap:
7 years ago , you wanted to buy a 600K house.
You wanted to put 25% down.
In order to do that: You borrowed 125K from your parents, and 30K from somewhere else (I didn’t understand if the 30K where also borrowed or the money which was given to you by relatives).
Let’s say the 30K was your own money.
You borrowed 125 from parents, and I assume 445K from the bank for a total debt of 570 thousand dollars. That is seven years ago.
So…
If you took those 445K at 5%, for 25 years, your monthly payment would be something like $2588.15.
So you you still owe: 559008 dollars to the bank and 120000 dollars to your parents for a total of 679000 dollars.
Your monthly cost on the house if we exclude maintenance is 2588 + (asume 5000 tax / 12 ) 416 = 3004.
So if you are renting the house out for less than 3004 dollars a month, you are bleeding money. And that is without counting the money owed to mom and dad.
Bottom line: You owe 679000 dollars. That debt can be repayed by selling the house, but I wouldn’t bet on the house being worth more than 679000 when you sell it.
Debt is NOT wealth. You cannot judge other people’s wealth by the car they elase or the gold coated avalon in the Chinese restaurant.
Being in Richmond myself, I am also quite familiar with the culture. True, there are a few millioners (Peter’s mother from the martial arts class comes to mind – she bailed out a year ago, sold all her investment properties), but many are just “show”.
Best regards,
arit
December 29th, 2008 at 12:10 am
“Supraboy: Better get in before it’s too late. There are a lot of Chinese people ready to step in and scoop up all the land.”
I knew he was a closet troll, now it’s coming out.
According to a Vancouver Sun article (don’t have link), the average Chinese immigrant works, saves, and rents for an average of 5 years after moving here before buying a house. The days of uber-rich Hong Kong Chinese buying up the show is long over. The mainland PRC Chinese immigrating now have far less money; we just notice the wealthy ones.
As for Christmas crowds, so what. The recession just began here, and many people haven’t felt the pinch quite yet, but they most certainly will. Others have already pointed out articles showing people spending less and using cash and less on credit; that’s just the beginning.
December 29th, 2008 at 12:01 am
Hey realpaul, perhaps the chinese that you dealt with are the poor ones. Have you dealt with the ones throwing around 5-10 million dollars all in cash? I’ve seen a lot here in Vancouver. If you have time, go hit a chinese restaurant during lunch hours during the weekdays, they order the most expensive stuff for lunch which is outrageous. If you’re chinese, you know having shark fin soup and abalone during lunch hours are meant for the rich elite Chinese. I can assure you that there are a lot of those around in Vancouver. Where else are they going to throw their money around after stealing money out of China through corruption? They sure aren’t going to take it to a collapsing United States. In the end, I think the money is coming in to Canada and they will continue to lift the Vancouver real estate markets inflating that big bubble.
December 28th, 2008 at 11:56 pm
I had a stash of cash right after I graduated from all the red pockets from parents and relatives, then I asked my parents to borrow 120k around 7 years ago to buy a house worth around 600k. I wanted to put 25% down so I added another 30k and I had a fulltime job paying me about 55k back then. To cover the mortgage, I rented the basement and main floors separately.
To make the story short, I used my parents money to catapult myself into becoming an “artificial millionaire.” When/if this vancouver housing bubble actually does crash, I’ll refinance and use my excess cash to buy another house.
How did I manage to have the house paidoff? Well, it’s almost paidoff, I was just trying to spite a few people here.
The thing I noticed here is that there are a lot of negativity here. I was quite negative after spending 4 months from July till November in Europe, Asia and the Middle East. But when I got back and checked out the malls in the past 2 weeks, I noticed that the malls are jammed packed with people and wondered why the hell people are still out spending. It looks to me all is fine here. What I see is what I get. When I was in Barcelona for 2 months, restaurants were quite dead and the highclass boutiques were also dead. I didn’t notice it in Vancouver especially with the lineups at Coach, Tiffany and Holt Renfrew.
December 28th, 2008 at 11:52 pm
#125 Supraboy In a couple of my buisness ventures I have had licensed access to peoples credit reports. There are a lot of citizens of Chinese origin-new to Canada who haven’t got a pot to piss in, but attempt to keep up appearances. These persons are not specifically ethnic or new immigrant and are definatley not alone in this behaviour, god love them all.
I was underwriting second tier financing ( lending money ) for awhile through brokers at a local bank and I had many Oriental clients living in fancy houses, driving fancy cars and delivering newspapers at 3AM to make enough to pay me not to repo the ‘face”.
The fallacy that all Chinese are rich is certainly a stereotype and definatley false.
FYI, I built many of those McMansions in Richmond and believe me, I know how crappy they are.
December 28th, 2008 at 10:30 pm
“My paidoff house is being rented out for the next 12 months. I don’t need to live in it just because it’s paid off you fool, and I paid 650k for it 6 years ago, now worth a million. Do you want me to make myself more clear before you call me a troll?”
Yes, please do make yourself more clear. Explain to me why someone who makes 75K a year, has travelled extensively, has a fully paid off million dollar house, only spends $65 on Christmas gifts, still needs to “leech off” his parents?
December 28th, 2008 at 10:08 pm
Now,
Supraboy – I apologize for my fellow’s bears behaviour. They can get quite carnivour some time!
Understand us, we have had a very long hybernation, and we are hungry. Spring is not here yet for us, it hasn’t been for 7 years (but soon we’ll have “Spring from hell 2009″).
So let’s try again. Supraboy, welcome to the discussion. Please tell us: How did you manage to aquire paid off houses? It is our goal too, and maybe you can teach us something.
Best regards,
arit
December 28th, 2008 at 10:03 pm
Hey all,
Get off Supraboy. We thrive on different perspectives and he brings an angle we never heard here. Cool down you all. Now.
Regards,
arit
December 28th, 2008 at 8:45 pm
My paidoff house is being rented out for the next 12 months. I don’t need to live in it just because it’s paid off you fool, and I paid 650k for it 6 years ago, now worth a million. Do you want me to make myself more clear before you call me a troll?
December 28th, 2008 at 8:44 pm
Supraboy,
Thanks for your endeavor in telling the truth to those jealous bears.
December 28th, 2008 at 8:11 pm
“Isn’t it too bad you’re wishing doom and gloom while I enjoy life with a paid off house and fully modified cars.”
and
” I leech off free living from my parents and I still feel like I’m poor because I did not buy a million dollar house.”
???? jeez… at least keep it consistent, eh? you must be new to trolling.
December 28th, 2008 at 8:01 pm
I come here with a neutral perspective and you fools are all pissed because of it. Face reality, if you look around Richmond, Asians rule that place, and when you go to hockey games, GM Place is always full, if the economy was that bad, who the hell can afford a $100 ticket to get in?
December 28th, 2008 at 7:59 pm
btw, about the JDMs on my Supra, I didn’t go with JDM, I used TRD parts on my Supra and my Subaru STI is souped up with Zerosports parts. All paid by cashing, no financing or credit cards required. Isn’t it too bad you’re wishing doom and gloom while I enjoy life with a paid off house and fully modified cars.
December 28th, 2008 at 7:57 pm
“I know you’re a new troll but we’ve long ago proved that Chinese immigrants make $12/hr ,on average, and that is not enough to buy a parking space in Vancouver.
It doesn’t matter if Richmond Townhouses are offered for sale at $689k, no one will buy them until they’re back to the $240k range.
It doesn’t matter what you think, if you are to stupid to understand the basics of what’s happening in the global economy then get out there and buy! I’m sure your security job covers your JDM parts for the Supra so now all you need to do is increase your income another $3300 and you too can own your very own 1 bedroom condo!”
Why don’t you go down to Richmond and see for yourself. Chinese people are still dancing over the boat loads of money they have. They’ve taken so much money from China and now they’re all holding cash enjoying life. They don’t care about the $12/hour. It’s just to keep their lives busy while they wait for more cash to roll in.
“The local Chinese community are so far up to their eyeballs in debt that they’re scared shitless. Everything is leased and money is disappearing and nothing is selling while the prices are in the toilet and spiralling down. The diminishing wealth effect is hitting Asia hard in Asia and Asian Canadians especially. Do you think that you know something we don’t?”
Have you talked to any Chinese people in town yet? They’re all loaded and enjoying life right now. They don’t leverage, they use cash to buy up properties while you sweat on your 9-5 job trying to make ends meet because you had no balls to learn how to get rich.
December 28th, 2008 at 7:54 pm
Supraboy,
Good work Supraboy,Your info exposes bears’deformation of Van RE and super hot economy of vancouver.
December 28th, 2008 at 7:20 pm
In the late 1980s, Internet users adopted the word “troll” to denote someone who intentionally disrupts online communities. Early trolling was relatively innocuous, taking place inside of small, single-topic Usenet groups. The trolls employed what the M.I.T. professor Judith Donath calls a “pseudo-naïve” tactic, asking stupid questions and seeing who would rise to the bait. The game was to find out who would see through this stereotypical newbie behavior, and who would fall for it. As one guide to trolldom puts it, “If you don’t fall for the joke, you get to be in on it.”
December 28th, 2008 at 7:17 pm
You are correct #121.
Trolls want to upset the blogs and take them off topic.
Here’s the NY Times article about trolls and what they do:
http://www.nytimes.com/2008/08.....-t.html?hp
Ignoring them is the best way to make them go away, with mainstream media referencing these sites there’s bound to be a troll influx..
December 28th, 2008 at 7:11 pm
I know i’m probably pissing into the wind here, but is there even the slightest chance that as a community we can ignore the Supraboy’s of the world? Don’t vote them up or down – just PgDN. That’s the only way to make them go away.
December 28th, 2008 at 6:17 pm
That Realpaul guy seems to know what he is talking about. I would pay attention to his posts.
Realpaul, how about submitting an article for us? Share the burden…
Regards,
arit
December 28th, 2008 at 5:14 pm
By 2010 …
Those McMansions that the first wave of wealthy Asians bought in the post Expo 86/ mid 1980′s will begin to depreciate rapidly. They will be about 25 years old in 2010. Poorly built and outdated. A fortune to renovate. They will end up as “lot value” …and that “lot value” price looks to collapse as well. $1 Million for a Vancouver lot won’t cut it ,..except maybe the History books.
The crap the rich Asians bought in the 2000′s will be at overly inflated prices , too much supply, thus due for a major correction as well . The writing is on the wall that the last 25 years of B.C. RE was B.S.
If nothing else, the Asians may turn more into “grinders” than “inflators”, or stay at the sidelines …..either way having learned a valuable lesson.
As Confucious say..” That’s the way the RE cookie crumbles …SOL bwahahahahahahaha “.
( NOTE: why do I think of Pat Morita as “Arnold” from TV’s “Happy Days” ???)
December 28th, 2008 at 4:58 pm
#115
Real Paul:
Yeah I know. The REaltors license can be gotten in just over a month.
As I type this I have a junk mail flyer in front of me that says ” REaltors License” in “5″ count ‘em FIVE weeks !!!!!!.
If it is that easy to get…nuff said.
Why not an M.D diploma in 2 years? (Yeeesssh !)
What a lot of new bright -eyed and bushy – tailed realtors don’t realize is (depending on how much their company split is) that each license can get at least a ” few ” sales/listings….such as Granny’s estate,…. Aunt Mary’s downsize to a condo …..and Brother Bob’s divorce.
That is why turnover is so high OR why they can lure more in…due to the need for more agents after the last batch quit .
(or at least hit them up to keep the licensing facility open
If can ,DO.
If can’t, Teach.
If can’t do either THEN teach someone how to be a realtor aaahahahahahahaha)
However, in hindisght, I am glad Rennie was in it…his ” beyond Lions share” of the condo market ultimately NUKED what I always thought was a crooked, overhyped and overinflated “commodity” market to start, good frikkin riddance.
Crash and Burn….. Welcome to Condo HELL
December 28th, 2008 at 4:40 pm
#114 Supra Boy, are you drinking that Wu Pia Pi Chui? The Chinese equity market went down 70% this year. Some buisnesses such as the Power generation sector are reporting profits falling more than 80%.
The local Chinese community are so far up to their eyeballs in debt that they’re scared shitless. Everything is leased and money is disappearing and nothing is selling while the prices are in the toilet and spiralling down. The diminishing wealth effect is hitting Asia hard in Asia and Asian Canadians especially. Do you think that you know something we don’t?
December 28th, 2008 at 4:38 pm
#114 I know you’re a new troll but we’ve long ago proved that Chinese immigrants make $12/hr ,on average, and that is not enough to buy a parking space in Vancouver.
It doesn’t matter if Richmond Townhouses are offered for sale at $689k, no one will buy them until they’re back to the $240k range.
It doesn’t matter what you think, if you are to stupid to understand the basics of what’s happening in the global economy then get out there and buy! I’m sure your security job covers your JDM parts for the Supra so now all you need to do is increase your income another $3300 and you too can own your very own 1 bedroom condo!
December 28th, 2008 at 4:30 pm
#113-no lympics. A moron can get a real estate license in a couple of weeks. There is no set time for study. It’s not like a college course load or anything similar . It’s a ( the study guide for the prospective licencee) flimsy study guide the size of a half a People magazine and an idiot can get through it in an evening on the toilet.
Most tutors are guaranteeing the license in 5 weeks. “Yeeehawwww Pahhh I got me one of them thar real estate licences” I got me a real edge a muck ation Mahhhh, duh yup I do.
It is not required to have any educational/academic background whatsoever. You promise to have completed high school but a transcipt is not required. The real estate exam itself is no more than 100 multiple choice questions. You would have to have an IQ of less than 75 to fail. A chicken could peck enough right answers to pass.
Having worked in that industry as an executive I can tell you from personal experiance that these sub-agents are brute stupid in the majority. During my time I handled the arbitration for my company at the Real Estate Board. The Board members themselves are brute savages, exeptional only in their ignorance. It is a nepotistic body which has no history of intellectual pursuit. If you could meet these idiots as I have you would not be surprised in the least by the ‘goober policies’ that have originated in that crap factory.
December 28th, 2008 at 4:03 pm
When the Chinese economy reloads and rockets, the Vancouver real estate market will rocket to heaven. Better get in before it’s too late. There are a lot of Chinese people ready to step in and scoop up all the land. All you naysayers better get your hands on a property while the going is bad now.
December 28th, 2008 at 3:50 pm
Post # 105
SlEazIEsT RE pimp?
Well…philosophically speaking…
We are into the tenents of contract law.. ie “Offer and Acceptance.”
Its getting to the point I am losing patience, and concurrently exhausting my sympathy, for those that allow themselves to be hoodwinked, bamboozled ,drink the kool-aid ,so – called screwed and shafted etc. etc.
Forget the ethics and morals..this is simply a question of ” Are you that certifiably stupid to think a realtor who gets their license in say 6 months or less, is a Frikkin expert(???) .
Or because Ozzie says so……
Or Rennie sells lots of condos = he’s an “expert”. ????
Many of them have failed other careers.
Unless you can prove coercion, forgery, fraud etc…the buyers is SOL.
These people are P-R-O-M-O-T-E-R-S. like P.T. Barnum….That’s it!!!
No one likes bad news….ever heard the saying ” don’t shoot the messenger.” ???
Their JOB/ Source of income is to pump the given market…everything is forever UPbeat, ….”Here wear my rose coloured glasses, I got lots of them!!!”…”Real estate never goes down” !!!….” They don’t make any more land” …….blah blah barrf barrrrrrf BAAARRRFFFF.
If they can convince enough people of this, it becomes a self -fulfilling prophecy. Real Estate is a COMMOODITY , it is no different than any other commodity. Unless its your primary abode….don’t fall in love with it.
These purchasers are much like the parties in a car down an strange/Unfamiliar/potentially treacherous road who ignored the detour signs…or any other warning signs…their vehicle is now in free- fall over a cliff, YET they are STILL slamming their foot on the brakes??? …thinking it will help ????
Geez, what is the legal age one can enter into a contract? They had to at least have gotten through High School, haven’t they?
At least take Law 11.
They don’t seem to get it that they cut their own throats pumping up the market by outbidding each other…it sets up a big correction later when the inflationary fuel is spent.
If all else fails Look in the mirror..the blame lies therein. These are often the same types that envy Ozzie, Rennie etc. and would trade places with them in a heartbeat.
The rest of us have at least a triple digit IQ and a few of things called
—common sense,
— a long memory having seen this before(actually small correction, not seen it THIS bad before) and
– a conscience.
December 28th, 2008 at 3:19 pm
realpaul: was the link to http://www.shadowstatistics.com supposed to go to a website providing alternate canadian cpi statistics. If so, I can’t find that in the link you gave – the website seems to be a shell website.
There is such a site for the US called http://www.shadowstats.com but I’m not aware of anything similar for Canada.
December 28th, 2008 at 2:35 pm
Was it all just a big hallucination of greed and avarice that blinded an entire population. Is there someone to point a finger at for being a big fat dick-wad or was it just everybody? What do you think?
Who do you hate the most and why?
First off, I can’t ‘hate’ anyone but find it inconceivable that people cannot see the ultimate source of this bubble and crash – the central banking cartel. Without a sea of liquidity sloshing all over the planet, none of this would have happened. The real economy would have just kept chugging along at its usual (albeit, unsustainable) pace and the banksters would still be making a killing – even without creating the mother of all heists.
Anyone else: realtors, mortgage brokers, advertisers, media shills, marketing geniuses, flippers … in fact, anyone at all wanting to cash in on the frenzy was simply acting in a self-interested and some say, parasitical manner. None of this could have come to fruition without the machinations of the central banking cartel and the de-regulators.
Pointing fingers at each other is somewhat limiting when trying to see the big picture.
December 28th, 2008 at 2:30 pm
#109 Observer there are plenty of info services which hold the governments ass to the fire. One of the is http://www.shadowstatistics.com. But honestly pal, no offense, but you really aren’t up on the subject and it shows, again no offence. I’m not into teaching and this is no forum for holding a master class on economics.
Now !!!!!! I have some more suggestions for the “Who is the most reviled category”. How about
The City of vancouver Permits and Planning Dept and the Arcitects who designed ( can you give them credit as designers) the whole leaky condo mess. Why weren’t these people run out of business!!!! What a fiasco that was. When I was an AACI student ( UBC RIBC) in 1984 I wrote a paper I called “Building Tomorrows Ghettos Today” .
It was obvious to even an idiot student that these designs were built to fail. We spoke adamantly to the City Planners community and the design/development community et al at the time to no avail. These flat surface lathe buildings without peaks or runoff flashing were going to leak. Flat roofs without pitch in Vancouver ?????? Only an idiot could not surmise that these buildings would leak.
The City Planners/Engineers simply rubber stamped whatever the idiot architects submitted and it ended up causing the pop of Vancouver ( especially new buyers and retirees) a lifetime of savings ( and still is) and no one at the city or in the design community was ever held responsible!!!! It ( THE BLAME) was shifted to a few numbered companies which could not be held liable and to the buyers who paid a fortune in special assesments.
December 28th, 2008 at 1:44 pm
If cpi was underestimating actual consumer prices during the boom, they would want to overestimate actual consumer prices if there are fears of deflation to prevent a deflationary spiral. So the question would be is the cpi currently over or under estimating prices? My guess is that we are still having inflation but if your view is correct at some point they would want to overestimate prices if deflation actually happens.
They do have indices for the food, energy, shelter components too by the way, but you are right core cpi excludes these, though total cpi does include some of these. Certainly food and energy costs have gone up recently but it looks like they will be coming down.
Another possibility of course is cpi isn’t really that far off from the truth. It is difficult to tell unless they were to publish more details on how they arrived at the numbers, though one could track a constant basket of goods and maintain shadow statistics.
December 28th, 2008 at 12:28 pm
I’m with strataman on the CMHC. I expect salespeople to pump up a market, but the CMHC pisses me off. They did the exact opposite of thier stated mission to make housing more affordable and drove prices up during a bubble by introducing 40 year zero down speculator mortgages backed by taxpayers!
December 28th, 2008 at 12:11 pm
realpaul Says:
December 28th, 2008 at 11:27 am
Open Question. Who do you think is most distrusted, most reviled, sleaziest douchebag in the Vancouver Real estate Industry
I don’t know if my nominee would fit all your categories, but certainly takes the title of sleaziest, none other than:
Bill Good
2nd Prize:
BC Government
December 28th, 2008 at 11:45 am
realpaul “Who do you hate the most and why?” It would have to be CMHC as they are taxpayer funded. Bob Rennie is a good salesman nothing wrong with that, the only people to blame who got sucked in by him are the buyers. CMHC mandate is AFFORDABLE housing. All of them did everything in their power to make it UNAFFORDABLE. I’d love to see heads role there, no severance pay being a start. Take the top 25 execs and fire them and ask for immediate repay of their last 5 years wages I would say! Seizing all their personnel assets would be a good start!
December 28th, 2008 at 11:27 am
Open Question. Who do you think is most distrusted, most reviled, sleaziest douchebag in the Vancouver Real estate Industry. Was it the media for diguising their cooperation with developers without disclosing the relationship? Was it hucksters like Bob Rennie who appeared to be a robot with short loop tape.
Was it Ozzie Jurock who kept telling people to “take action” and led many to their ultimate demise like a Pied Piper. Was it the australopithecus morons REBGV, the Vanncity 40 year mortgage pimps, CMHC for delaying facts, CREA for never swaying off message that real estate would appreciate 5% a year forever?
Was it all just a big hallucination of greed and avarice that blinded an entire population. Is there someone to point a finger at for being a big fat dick-wad or was it just everybody? What do you think?
Who do you hate the most and why?
December 28th, 2008 at 11:03 am
97/96/94 No-Lympics – put even more simply, it’s the BC “we’re so far behind we think we’re ahead” syndrome. A common malady in these parts.
December 28th, 2008 at 9:52 am
“About the housing prices dropping 11-20% in 2008 in Vancouver, if you picked up a Chinese newspaper on real estate, prices are actually listed even higher. To those Chinese people, it seems like the markets are going up up up and away!!!!!!!!”
Lol! Wow! Where to begin? You know what… I’m not even going to bother.
“It’s too bad that stupidity isn’t painful.”
-Anton LaVey
December 28th, 2008 at 9:05 am
Until I see real price drops, I’m still neutral in my view.
Well, I guess that’s OK if you’re not active in the market, that means, haven’t bought in the past 5 years and don’t plan to for the next five. But waiting until you see concrete evidence in such an illiquid market as real estate can mean that you are “priced in forever”. Rear view mirrors don’t help you to stay on the road. Especially when you leave the flat highway and head into the narrow twisty roads!
December 28th, 2008 at 8:53 am
About the housing prices dropping 11-20% in 2008 in Vancouver, if you picked up a Chinese newspaper on real estate, prices are actually listed even higher. To those Chinese people, it seems like the markets are going up up up and away!!!!!!!! Until I see real price drops, I’m still neutral in my view. It still feels to me everything is fine in Vancouver. Lots of cars on the streets, people are spending, etc……