302 Responses to “The continents most ‘severely unaffordable’ market”
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January 26th, 2009 at 4:10 pm
the bad jobs new just keeps on coming
http://business.theglobeandmai.....m_mostview
January 26th, 2009 at 4:05 pm
truthin’ advertising
Totally agree re BC forestry workers…brutal !
DHL has been on the radar screen a while…It is one of many poster’s “poster child” for the slow death of a thousand cuts(layoffs)by a big company in trouble.
If it goes in Wilmington, the whole company may implode, as they have presence all over including YVR…and I actually know a party who works for them here at YVR.
January 26th, 2009 at 4:01 pm
There is nothing in the budget for beleagered condo buyers unless you want new hardwood floors put in that is. Harper says ‘spend your way out of your problem” renovate! Hahahaha
Bad news condos dudes and dudettes
http://www.theglobeandmail.com.....itics/home
January 26th, 2009 at 3:53 pm
fake refuStuckman:
fake refugees using Canada’s weak policy
http://www.theglobeandmail.com.....ional/home
a previous poster pointed this out in an earlier string and was attacked by some bleeding heart supporter/denier. truth is out. Terrorists use our lax laws and we’re stupid enough to keep up the facade.
January 26th, 2009 at 3:38 pm
NO -LYMPICS:
The DHL (3500 layoff) story pales in comparison to the stealth depression thats been unfolding in BC over the past two years. The official numbers are total bullshit, the media is hiding facts for reasons only they can explain.
There have been 15000 forestry workers layed off in the paast 48 months alone!!! The sheep have had the wool pulled over thier eyes for reasons that history will clarify.
January 26th, 2009 at 3:34 pm
NO -LYMPICS:
A ‘FAKE’ NEWS EVENT SET UP BY THE MEDIA AND A PAYING ADVERTISER. CULPABILTY? ZERO, ETHICS?ZERO, MORALS? ZERO
Meanwhile in Richmond, BC, buyers flocked to grab condos a developer was dumping on the market after creating a fake news event. In the middle of a housing price plunge, with the central bank desperately slashing rates, traders dumping banks, manufacturing and commodities in decline, and deflation stalking the land, why would they do so?
History will wonder.
http://www.greaterfool.ca/2009/01/20/opiate/
January 26th, 2009 at 3:30 pm
What we need …
is another major global armed conflict to a) destroy built up capital, b) cause immediate and massive demand for goods and services, and c) cull the human population.
It took a world war last time and things are arguably one hell of a lot more screwed up this time vis-a-vis the distribution of wealth.
Given enough hungry and desperate people there is no telling what the downside is going to be. Canada MIGHT have a saftey net, other places most definately DON’T.
I raise the fact again there are upwards of 30,000 illegal refugees in this country. What happens when there are 60,000 or 120,000?
Do we welcome the entire world to eat at our table when we cannot feed our own?
January 26th, 2009 at 3:29 pm
Did anyone catch 60 MINUTES last night
http://www.cbsnews.com/stories.....7832.shtml
DHL is leaving the town of Wilmington Ohio, one of its main hubs, and it was the major employer.
January 26th, 2009 at 3:10 pm
This is just the initial stage of financial and economic collapse
http://theinternationalforecas.....l_Collapse
Are you cashed up with 5 years cash savings to get you through joblessness and refinancing your condo, if not , you’re screwed.
January 26th, 2009 at 3:09 pm
Bloody Monday Indeed …
There have been over 200,000 job cuts announced my major corporations in January alone.
Do realtards and other deniers assume people are as stupid as they are? A person would be downright nuts to assume a massive mortgage on a grossly overpriced lower mainland condo given the state of the world.
Renters have a huge advantage over dopey owners these days.
And there will be 500+ hot to trot millionaire condo buyers waiting to bail Vancouver taxpayers out of the Olympic Village?
A body believing that should send a resume to realtard Rennie. Stupidity loves company.
January 26th, 2009 at 3:08 pm
The sheepie’s best fiscal prophylactic “shepherd” is the banks going back to basics, tighter credit etc. That way they won’t screw themselves, because they won’t have the ability to do so.
Posters here are indicating it is FAR cheaper to rent than gamble on the Rennie, Muir and ONNI etc. B.S.
WTF do these guys think buyers will come from…most of the sheep have exposed themselves andfallen over the cliff already , so where do they think new ones will come from?
The rental rates are apparently going South…. as are the actual RE asking prices. Make the call to Rent OR Buy when the dust settles and stability starts to rear its ugly head.
Like someone has posted, if the market has lost an average $120,000, thats literally UNtaxable money in your pocket.
I love the quote also posted above about being ” priced IN forever”…..that’s like a coffin to one’s future.
Let’s think pro-actively and positively outside THAT box.
January 26th, 2009 at 3:06 pm
Vancouver is falling in the same trajectory to our US counterparts. The only thing thatt is differant is the time lag.
Welcome back to 1970′s folks, cause it looks like we’re going to fall right past the 90′s and by the time we hit the 80′s we should be just about at terminal velocity. We’re all freakin’ doomed as the angriest man in economics has said.
http://edmontonhousingbust.blo.....-here.html
January 26th, 2009 at 2:56 pm
EB:
Rental rates dowtown are tanking huge and I’ve actually visited the units for rent and they’re legit. I posted some of my findings last weekend.
January 26th, 2009 at 2:54 pm
quote from Garth Turner
All around us now is an envelope of disbelief and denial. Leading the charge, as documented in my last post, is the real estate industry, followed closely by the MSM, and then the government. These forces cling to the belief that by downplaying the reality of the situation they can ameliorate it.
How true it is. He said today in his blog that the realtards were making pronouncements to young media who were poised to eat them alive.
Has it come to that? Lie or Die, I feel very sorry for the sheeple.
January 26th, 2009 at 2:52 pm
33 obamaton Says:
January 26th, 2009 at 2:42 pm
Oh yeah toaster worth so much more than lot. Your friend good investor.
===========================================
Relativity mes amis ,relativity.
Forgot to add that the COV was foreclosing on people back then because THEY COULDN’T AFFORD TO PAY THEIR TAXES !!!
PREDICTION:
Watch that new and evolving trend happen after the July property taxes are supposed to be paid…….pages and pages of tax sales later this year.
January 26th, 2009 at 2:48 pm
EB
Our family has been landlords for over 40 years.
BTW very low vacancy rates , rent is below market rate for similar accomodations.
IMHO..a landlord starts to panic if the unit is unrented for a 2nd consecutive month.
Only way is to lower the price plus perks, but not too low or you will have people thinking its a dive and attract mostly problem types.
Negotiate when the lease runs up.No one is lowballing per se,its simply a realistic reflection of the current market the old supply(lots) vs. demand (Not lots).
The good tenants will get cherry -picked..the rest will be=___ the great unknown ??
One other poster (tenant)told us their story this weekend , got a discount form their current landlord and Win -Win for both parties. Flexibility and reality meet !
January 26th, 2009 at 2:42 pm
Oh yeah toaster worth so much more than lot. Your friend good investor.
January 26th, 2009 at 2:38 pm
I’ve been watching rental prices and it is starting to feel like there are some substantial drops out there. Anyone else getting the same idea? Not sure if it’s just a January effect though.
January 26th, 2009 at 2:31 pm
20 depressionwatch Says:
January 26th, 2009 at 1:44 pm
NO -LYMPICS:
they can have a fire sale, but will there be anyone around to buy. I envision tall blacked out junkie towers , fires lighting windows and garbage being thrown out onto the hookers on the yaletown concrete.
===============================================
Your armageddon scenario is as good as mine or anyone else’s
There are so many collateral consequences we likely haven’t even imagined yet.
BTW : The term ” fire sale” also refers to shedding of liability, sometimes at any cost.
I posted a story a while back about a guy I’d met who got married during the Depression.
He told me that for a wedding present, He was given a choice between
(i)a bare lot in South East Vancouuer or
(ii) a Toaster
Guess which one he chose?
Hint : if you guessed the lot you guessed wrong!!
January 26th, 2009 at 2:27 pm
obamaton: I already got priced out of buying any place I’d actually want to live, now I’m happy to wait until I’m priced back in. Waiting since May has already saved me $122,000 on a house.
..Oh yeah, and I can rent a place I feel like living for less than half what it would cost to buy and don’t have to pay for any of the maintenance, upkeep or taxes.
I think the more pressing concern right now is for those that have been ‘priced in forever’ and will be trying to raise a family in a rapidly depreciating 500 sq foot condo.
January 26th, 2009 at 2:20 pm
If American Express revenues are down 79% this quarter what do you think is happening at the fancy retail stores in Vancouver? These retailers are sure not buying condos or box seats at the Olympics.
http://money.cnn.com/2009/01/2.....2009012616
January 26th, 2009 at 2:20 pm
Get in now before you get priced out forever with huge obamaboom coming!
January 26th, 2009 at 2:18 pm
great headline
Bloody Monday: Over 68,000 jobs lost
January 26th, 2009 at 2:16 pm
deathspiral:
2009 will be a rude awakening for any expecting better days ahead says fund manager
http://www.marketwatch.com/new.....F40584C%7D
January 26th, 2009 at 2:11 pm
badnewsbulls:
January set to be third straight month economy has shed 500,000-plus jobs
January 26th, 2009 at 2:07 pm
http://finance.yahoo.com/news/.....36647.html
can you spell ‘tank’?
January 26th, 2009 at 2:05 pm
deathspiral:
More pink slips, pay freezes and other hits are expected to slam workers in the months ahead as companies desperately look for ways to survive.
“We’re just seeing the tip of the iceberg — the big firms,” said Rebecca Braeu, economist at John Hancock Financial Services. “There’s certainly other firms beneath them that will lay off workers as quickly or even quicker.”
Looking ahead, economists predicted a net loss of at least 2 million jobs — possibly more — this year even if President Barack Obama’s $825 billion package of increased government spending and tax cuts is enacted. Last year, the economy lost a net 2.6 million jobs, the most since 1945, though the labor force has grown significantly since then.
January 26th, 2009 at 2:03 pm
Layoff notices coming in by the minute
http://finance.yahoo.com/news/.....58822.html
January 26th, 2009 at 1:58 pm
Makes total sense. Vancouver is the best place on the planet so it should be the most unaffordable. That’s the fundamentals and crying ain’t going to change it.
January 26th, 2009 at 1:44 pm
NO -LYMPICS:
they can have a fire sale, but will there be anyone around to buy. I envision tall blacked out junkie towers , fires lighting windows and garbage being thrown out onto the hookers on the yaletown concrete.
January 26th, 2009 at 1:42 pm
Post # 16
QUOTE:
“So yes, it is like early 1931. Citigroup and Bank of America have more or less disintegrated. JP Morgan’s health is failing fast.”
While on the Internet this weekend..rumours abound that the U.S. and European banking system is INSOLVENT.
Obama and other leaders etc. are in the backrooms this week trying to fix it but at the same time not admitting it.
January 26th, 2009 at 1:40 pm
19000 layoffs at Pharma giant, you can bet the government is getting readfy for social unrest. Condoland is under siege.
http://www.marketwatch.com/new.....TNMostRead
January 26th, 2009 at 1:37 pm
My guess is the Banksters/Lenders will make their client Developers walk the plank , throw in the towel and major fire sales of stagnant RE , say about the middle of the year.
Local Gov’t want their pound of flesh Property Taxes,someone has to pay.. and this will hit big time very soon.
The mythology of RE has to be shed like a snakeskin…we are going to treat it not much differentt than time sensitive products with expiry dates.
Spring and Fall are apparently the peak RE buying seasons so they have to time this historical habit accordingly . People want to enjoy their summers, in winter it is the Xmas season.
A lot more NEWER product will be on the market soon as it moves to completion.
The longer they delay it, the more of a distraction it becomes and takes up most of their attention instead of washing their hands of these liabilities and moving forward .
January 26th, 2009 at 1:28 pm
The truth is catching up
Barack Obama inherits an economy already contracting at an annual rate of 6pc, much like the mid-Depression year of 1931 (-6.4pc), writes Ambrose Evans-Pritchard
By Ambrose Evans-Pritchard
Last Updated: 8:38AM GMT 26 Jan 2009
Comments 32 | Comment on this article
This may beat Germany (-7pc) Japan (-12pc) and Korea (-22pc) over the fourth quarter. But that merely underlines the dangers ahead as the collapse of global trade chokes the mini-boom in US exports, setting off another stage of the crisis.
The US is losing 500,000 jobs a month. Brazil lost 650,000 in December. Beijing says 10m Chinese have lost their jobs since the crunch began. Japan’s exports fell 35pc last month, year-on-year. The central bank is printing money furiously, buying bonds to prevent a relapse into deflation.
So yes, it is like early 1931. Citigroup and Bank of America have more or less disintegrated. JP Morgan’s health is failing fast. General Motors and Chrysler survive only on life-support from the US taxpayer.
January 26th, 2009 at 1:26 pm
Re Schiff:
http://globaleconomicanalysis.blogspot.com/
This blog is also ripping into some of Schiff’s theories .
De-Coupling is duly noted
QUOTE:
Schiff has been ranting about hyperinflation for years. The dollar is substantially higher now than it was at the start of 2005. His explanation for the recent rally is there is no “real demand” for dollars, it’s just deleveraging.
I agree that deleveraging is indeed happening.
But why is deleveraging happening? The answer is everyone herded into anti-dollar plays based on decoupling and hyperinflation theories that did not pan out. Those trades are now being forcibly unwound. The bulk of the carnage is likely over but the losses have been immense.
In 2001-2002 the US$ index peaked at 121. Since then there was a massive flight out of US dollars into anything else. That flight continued into 2008 even though the fundamentals were changing.
The fundamentals of China and the commodity producers were simply not very good once the US consumer threw in the towel.
Schiff simply did not see this coming.
January 26th, 2009 at 1:25 pm
Good news, The worst is yet to come.
Bad news: we’re back to 1931. Good news: it’s not 1933 yet
http://www.telegraph.co.uk/fin.....3-yet.html
January 26th, 2009 at 1:22 pm
”That’s it. For a city like ours . . . We’re at a time when everybody is looking for fundamentals and nobody has better fundamentals than downtown, for the investor or the homeowner.”
January 26th, 2009 at 1:18 pm
Mold city:
Great thinking, exactly right, after with that many bulk sales to unload who needs the competition from the yokels.
January 26th, 2009 at 1:17 pm
Trouble in China:
aka the Rich Asian myth.
http://globaleconomicanalysis.blogspot.com/
Millions of Chinese Struggle to Find Jobs
QUOTE:
In the wake of a global slowdown, Chinese export shrink, civil unrest is a worry, and unemployment is rising as noted in Xinhua says there will be more unemployment and social revolts in 2009.
State council adviser Chen Quansheng, warns that unemployment is much more serious than portrayed by the official statistics. According to Chen, so far at least 670,000 small industries have been closed, leaving 6.7 million people unemployed, but this number refers only to registered workers. But there are millions of people working in the underground economy, coming from the countryside, who are being fired and are forced to return to their villages without any unemployment benefits.
The academy of social sciences is also warning about the worrisome number of firings. In 2009, the government will have to create work for at least 33 million people, including migrants, young people seeking their first jobs, and new graduates.
The odds of China finding work for 33 million workers without printing vast amounts of money are slim.
Hot Money Outflows Exacerbate Chinese Problems
Inquiring minds are reading Monetary conditions might exacerbate the Chinese adjustment by Prof. Michael Pettis.
Synopsis: Chinese monetary policy has locked the country into a dangerously pro-cyclical trap. Hot money flowed into China and pushed the economy into overheating. Those inflows have reversed sharply, perhaps by as much as $100bn last quarter, equivalent to around 8% of Q4 GDP. These outflows are causing a credit contraction and an even sharper economic slowdown at exactly the worst possible moment.
======================
Th eproblem is “Truth is a commodity” and very tightly controlled in these Non Democratic countries.
However, the truth that does come out looks bad enough….. so the total BIG picture must be very BAD!!!
January 26th, 2009 at 12:54 pm
“If you don’t have to sell, wait until the market stabilizes,” said condo king Bob Rennie.
Now who thinks Rennie is telling his clients this? ..or maybe they HAVE to sell? I’m sure local developers wouldn’t mind if some of the competing listings disappeared for a while.
January 26th, 2009 at 12:50 pm
From Garth’s blog
Quote from realtor when asked what they thought the market was going to do:
“I’ve got two b@lls and neither one of them is crystal.”
( Hmm…I wonder what HER name was…)
=================
Garth and his blogs posters are doing a good rip job on the UDI seminar in Vancouver a few days ago on the topic of ” TRUST ” .
http://www.greaterfool.ca/2009...../#comments
QUOTE:
Like I said, everybody knows this. But not the realtors of BC, who days ago held a fib-fest and invited the media, populated as it is by young things with new condos now threatening to eat them alive.
“If you don’t have to sell, wait until the market stabilizes,” said condo king Bob Rennie.
“This is no housing recession.” Said developer Michael Audain. “This is a loss of consumer confidence.”
“While the economy will be weaker in 2009, real estate sales will be higher than in 2008,” intoned BC Real Estate Association chief economist Cameron Muir.
And because these guys are either (a) industry spokespeople, (b) developers and business leaders or (c) high-profile economists, all the words they sputter are written down, edited and then spread to the masses. And this, I would say, makes them culpable. They’re in positions of public influence.
We’ll update this post in one year
====================
I agree, hold these people accountable.
They must know they are lying, they can’t be THAT stupid, can they ?!?
January 26th, 2009 at 12:26 pm
realestatesplatter: That was Robert Schiller, not Schiff.
January 26th, 2009 at 12:12 pm
Vancouver was like California, Florida, Vegas, and Spain, Dubai global hotbeds of an artificially inflated RE market.
Summary:
The Rich Asian myth, or myth of more Rich Asians, and specuvestors believed the aforementioned.
Realturds, politicians, economists and banksters are still spewing this garbage -mythology
Sayonara dumbkopfs , the party is OVER.
Get over it so we CAN start over.
January 26th, 2009 at 12:12 pm
Global TV announced on the noon ‘news’ that the real estate and stock market would turn around by September based on an unnamed source in the Chinese astrological community. You couldn’t dream this shit up. BWAHAHAHAHA.
January 26th, 2009 at 12:04 pm
Didn’t Peter Schiff call vancouver the ‘bubbliest city on the planet”?
Is anyone shocked that this affordability report didn’t get onto the front pages our our local papers?
Avatar Bains has made ‘an invitation to treat” ,with his public pronouncement of a price guarantee, take him up on his offer and fax him an acceptance. As a corporate principal he is legally liable for his public utterances.
January 26th, 2009 at 11:46 am
If there is any doubt that Vancouver will become the biggest real estate meltdown in North America, the proof is in the pudding. Low median income, coupled by exhorborant real estate prices – go figure.
January 26th, 2009 at 11:39 am
Where is dosh?
he said vanouver had decoupled from the planet and would go up forever
January 26th, 2009 at 11:38 am
I can’t get teh hyperlink to stick but there is an article on Bloomberg.com stating housing prices fall 70% in the US in 2008.
January 26th, 2009 at 11:34 am
House prices in the US fall 70% in 2008. We’re next if history is any guide.
http://www.bloomberg.com/apps/.....refer=news
January 26th, 2009 at 11:34 am
Don’t even think of doing the “Ha ha I’m first thing”.
Somebody send this story to the media.
I’m tired of the “No need to panic” reassurances from realtors and politicians.
If there is no need to panic why do you keep telling us not to?