Friday free-for-all!
It’s the end of the work-week. You made it! Lets do our news round-up, here are a few stories I’ve noticed lately:
-Vancouver new home prices fall again
-BC Poll 2009: Majority say it’s a good time to buy
-US Poll 2007: Majority say it’s a good time to buy
-Canada 2009: Numbers exaggerate bad news. Good time to buy?
-US 2006: Numbers exaggerate bad news. Good time to buy?
-Paul goes, but the stats will carry on.
-Is Vancouver beating Toronto in the race to the bottom?
-Campbell pulls a fast one on homeowners
-Bizarre housing myths article at the Tyee
-UK: Market sours for condo kings
-Intel Czar: Economy top threat to USA
-Laid off foreigners flee collapsing Dubai economy
-Global trade collapse slams Canada
So what are you seeing out there? Post your news, links and anecdotes here and have an excellent weekend!
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February 18th, 2009 at 10:48 am
#58 fool’s uncle Says:
February 13th, 2009 at 3:37 pm
My nephew got caught up in a pre sale hype and purchased a condo in October 2007, it will complete in late 2009.
Onni’s discount sale has tipped the market to the under lying softness in consumer demand. I am currently working with clients who are considering buying a house that was initially priced at $479,000 for $350,000 and I think the price may be too high at that level.
The real test will be when the presale buyers try to close and the banks say the comparables are too low and want more money in. The banks are hoarding cash right now making it difficult for buyers.
February 18th, 2009 at 10:44 am
#58 fool’s uncle Says:
February 13th, 2009 at 3:37 pm
My nephew got caught up in a pre sale hype and purchased a condo in October 2007, it will complete in late 2009.
Lower I expect. You will also have realtors in the mix trying to eliminate the competition. I feel sorry for your nephew. He will have to close or leave a chunk of flesh behind.
February 17th, 2009 at 1:05 pm
Tech layoffs top 300,000. Unemployed numbers keep piling up. Name your sector it’s getting worse by the day. Huge numbers also coming out of Europe and Asia. BCREA Cameron Muir signals ” All Clear”. What a fool!! Local media a fools paradise.
http://layoffblog.com/2009/02/
February 17th, 2009 at 12:50 pm
Although the local news rags are not following the unemployment story snippets of information are filtering out such as
Youth on the chopping block
Younger workers are also disproportionately suffering in this downturn. The unemployment rate among 16- to 19-year-olds hit 20.8% in January. Overall, younger workers may be more likely to lose their jobs during layoffs because more experienced workers are more productive, experts say.
“Overall, I think the data are clear that younger people are almost always harder hit in an economic downturn,”
February 17th, 2009 at 11:22 am
Yesterday the Olympic Village developer suggested that ‘ the units were first class waterfront which would sell for millions even in a severe downturn”. That statement was bizarre on it’s own but now……
I see that it is now becoming politically IN correct that giving 252 units at a million plus a piece to the less fortunate is becoming a difficult sell
Oh sweet irony
Olympic Village social housing at risk after cost blowout
http://www.theprovince.com/Oly.....story.html
February 17th, 2009 at 11:17 am
Didn’t BCREA say it was a great time to buy a house. So who isn’t expecting a boom in the economy? Everyone else
B.C. should prepare itself for a recession, the provincial government announced yesterday in its speech from the throne.
Major cuts will be made to most ministries, except for health, education and social services, said Lt.-Gov. Steven Point.
“Today, we must brace for a period of recession. How deep it might be, or how long it will last, is impossible to know
February 17th, 2009 at 11:00 am
Atta boy Scullboy!
Amazing what asian culture will serve/eat with much chemical flavoring.
Thats normal food for asians.
#1 GOURMET FOOD FOR KOREANS IS SPAM-NO JOKE
Lots of nervous cats & dogs living in Richmond!
On-topic Tuesday: logic, perception, moderation | Vancouver Condo Info Says:
February 17th, 2009 at 10:07 am
[...] Comment by Declan regarding this article in the Tyee. Currently rated +54 That really was a bizarre article on the Tyee. People have said some strange things about Vancouver real estate over the last few years, but saying that supply and demand doesn’t apply to this market really takes the cake. [...]
February 17th, 2009 at 8:44 am
41 posts from NO -LYMPICS in this one thread! Maybe it’s time to get your own blog and stop cluttering up this one?
February 17th, 2009 at 8:32 am
Ah supra, you make me laugh.
Dude what’s up with your restaurant obsession? It’s a pretty friggin’ weird way to measure the economy.
People HAVE to eat, it’s the LAST thing they cut, fool. And the three busiest days of the year are New Year’s Eve, Valentine’s and Mother’s day. The margins on food services are quite thin so I assure you, those cheap ass dim sum dumps aren’t pumping zillions back into the economy. They rely on their ability to shove a great deal of *really* cheap food out the door as fast as possible. That’s why most of ‘em are cash only. Yeah, nothing says “wealth” like “we can’t afford to offer you the convienence of VISA as these prices. Plus… you know….. easier to skip out on taxes this way….”
Ever wonder why Richmond isn’t really known for its cuisine?
Me either.
I mean…. dim sum…. in a *mall*?Yeah the Asian community MUST have tons of money if it can afford to eat cheap junk… in a MALL! Jesus, it’s like eating ground rat wrapped in melamine served with bong water.
Of course I didn’t go out on Valentine’s Day. I’m a professional chef. All the “fine dine” restaurants are full, they’re pumping out sub – par meals as fast as they can and dropping the portion size. Got something left over in the fridge that’s rapidly spoiling? Come up with a special and shove it out the door!
No my dear, I stayed home and put together a fantastic little intimate Valentine’s dinner. Everyone loves a chef, after all. It’s amazing how many more heards turn when they hear “I’m a chef” then “I’m an IT geek”.
My food’s better then “fine dine” food, but thanks for asking. If you ever get tired of eating cheap junk let me know…. I can teach you how to cook real food.
February 17th, 2009 at 7:02 am
CNN this morning
State of California has laid off 20,000 (TWENTY THOUSAND) state employees.
Canadian Civil Servants best not feel too smug…it AIN’T different here…
===================
Also:
Just caught a news blip re COV Olympic Village:
The Social Housing facet of the project has increased dramatically to a cost over $70 Million from the originally projected $ 30 Million.
February 17th, 2009 at 6:54 am
re Media:
Maybe its good that the media is using the same bag of tricks. They seem to feel that there is a correlation between a major drop in sales volume to a kneejerk reaction that this will attract buyers like flies to honey.
They seem to disconnect a pattern that clearly indicates that either the pool of buyers is drying up or the only buyers left will sit on the sidelines for a while. I really wonder what mythological buyer the media and RE industry are profiling and thus targeting.
May as well get it over with…pull out all the stops. My own prediction is the next 90 days will be a real bellweather for the forseeable future.
February 17th, 2009 at 6:51 am
realpaul:
Sounds like you need more stimulation than i do. I agree with the drinking scene. Vancouver is a good fit for me, especially career wise. I can’t imagine spending the rest of my life here but ……who knows? I’ve had the travel bug and am now happy to settle down and focus on my career – i guess it comes down to life stages.
Bon voyage on your next adventure – happen you can eat pickled kangaroo in Oz.
February 17th, 2009 at 12:13 am
dboy:
#222dboy, dude, no ones saying you can’t enjoy yourself anywhere you go if you have your head on straight, sounds like you do. I prefer city life, Vancouver is not a city. Vancouver is a strip mall without the features of a city, ergo, to me it is a shithole.This is a personal POV. Some people like shit. In India you can buy cow pee to drink in soda bottles , c’est la vie. To each his/her own
Always happy to make the aquaintance of another traveller. I have been in 8 international capitals and 2 killer beach locales in the past 12 mos. Don’t get me started on food or I will start calling Vancouver a shithole again. There are street stalls in Bangkok that have richer and more complex Thai food than any Thai clone restaurant in Vancouver. I can get a gourmet French lunch packed to eat from a hole in the wall shop in the Square in Brussels which surpasses every French pretense in Vancouver. Have you ever had a steak in Argentina?
And please , don’t compare (the cafe’s , the lifestyle, the cool great neighbourhoods , markets, theatre dance, culture outings , architecture, beaches , forest parks that are accessible to the people , the night venues that are fun as opposed to drug addled drunk puking fight clubs etc etc etc) Vancouver to anywhere, unless you’re talking Prince George or Beaversbutt or some such place.
Vancouver, if you talk to many people like me is/has been a place to raise children, not a fantasy location, which is why people like me/us spend most of our time travelling.
I love it though when one of my suggested topics has so many whacko’s setting thier hair on fire.The learning process is often painful for some and amusing for others.
February 16th, 2009 at 11:46 pm
I watched the news tonight on Global (God, I’m starting to really hate this network)and saw the segment on RE and how it’s going to rally this Spring. Yah, right. If I seem a bit sarcastic, just really tired of the BS year after year from this RE Board who are supposed to provide a public service and instead are being pimped out by greedy developers and RE brokers alike. Enough is enough. What does Global think, if they actually report the truth that the end of the world will come to the citizens of BC? There will be panic in the streets and riots over the RE downturn? Hell no, many of us have been through this before, the only difference is that prices became so high, it became the biggest bubble ever and I think Cameron Muir should take out his long skinny pin and pop that bubble dammit. Cameron, you pop that bubble!!!! I dare ya.
February 16th, 2009 at 11:09 pm
Muir crunches the numbers on an investment condo and concludes…
“For both investors and home buyers, your mortgage payment would be several hundred dollars less than a year ago,” said Muir, … “As an investor, the cash flow from the rent will more closely match your mortgage payment on the property.”
Or in other words, you’ll still be losing money hand over fist.
http://www.vancouversun.com/Ho.....story.html
February 16th, 2009 at 10:28 pm
I’ll also chime in with my thoughts of Vancouver. It’s certainly not “the best place on earth” and neither is it a “shit hole.” While realpaul spent his weekend on this discussion board, I did the following:
1) Friday evening–attended a poetry reading (actually, several poetry readings) at a cafe downtown.
2) Saturday afternoon–rode my bike around the Seawall and Stanley Park
3) Saturday evening–attended a public lecture at the Vancouver Institute by a Professor who is an expert on the Middle East.
4) Sunday afternoon–Took my nephews to the Aquarium
5) Sunday evening–Watched German violinist Julia Fischer (I’m not convinced that the substance quite matches the hype) sit in with the Vancouver Symphony Orchestra at the Orpheum.
So, not London or New York, but definitely not Edmonton or Calgary either.
February 16th, 2009 at 9:19 pm
221 dboy Says:
February 16th, 2009 at 8:23 pm
I’ve been noticing a lot more sold signs lately. Any opinions?
–
No question about it. The market almost stopped for a few months due to a combination of the credit crunch plus the normal seasonal downturn due to the holidays. I’m seeing more activity at open houses and more sold signs as well.
Doesn’t mean the market is going to recover – there’s still a huge inventory out there not to mention a very severe recession. My impresssion is a lot of the sales are townhouses and condo’s.
February 16th, 2009 at 9:09 pm
I am not decoupled from head up ass. Proctologist says find my lost head u know where. Supraboy park car there too so can go for dim sum.
Happy times I tell you
February 16th, 2009 at 9:00 pm
Gordon campbell announce budget tomorrow huge stimulation time for everyone. Happy time is good time because huge deficit coming for everyone.
February 16th, 2009 at 8:49 pm
Vancouver decoupled thanks to change campaign. Condo buying still good for Vancouver because rich people need place to keep money safe from doom. Good time for everyone here in most beautiful land on planet place. Good times ahead. First post.
February 16th, 2009 at 8:44 pm
221 dboy Says:
February 16th, 2009 at 8:23 pm
I’ve been noticing a lot more sold signs lately. Any opinions?
======
Yup:
Sold signs are directly proportional to the number of greater fools still out there.
Since late November, I have seen 3 count ‘em 3 SOLD signs
February 16th, 2009 at 8:43 pm
realpaul:
Been here 16 years. I concede Vancouver was better before the Hype, but I can’t agree that this place is a shit hole. Sure, the night life is dull, but the restaurants are outstanding. Its always a matter of perspective.
The run up in housing and rental prices really bothers me, but I still love Vancouver.
I’ve lived in:
Miami, England, Scotland, Turkey, Moscow
Every city has good and bad, Vancouver is a nice place, not out of this world, but has a lot of what i need. I just wish the prices would get back to normal and we can stop wasting our time on these blogs and get out and soak up the good that Vancouver has to offer.
February 16th, 2009 at 8:23 pm
I’ve been noticing a lot more sold signs lately. Any opinions?
February 16th, 2009 at 7:28 pm
New Buisness plan for Yaletown Diva’s
Otzos put his ad on Craigslist. The website’s roommate postings nationally increased 70% to 476,045 in January 2009 from 279,389 in January 2008, spokeswoman Susan MacTavish Best says.
Mark Verge of Westside Rentals in Santa Monica, Calif., says roommate inquiries have gone up from two a month in past years to 50 a week now.
Cruz Mayfield, 19, leased his $885-a-month one-bedroom apartment three weeks ago and four days later lost his job at Best Buy.
Now, he’s trying to rent the bedroom for $350 a month and crash on the couch.
February 16th, 2009 at 7:07 pm
Feb. 16 (Bloomberg) — Toyota Motor Corp., the world’s biggest carmaker, will slash domestic production 54 percent in the current quarter as demand plunges in the U.S. and Japan.
If Toyota is this negative, why is cameron so positive. I guess cam is much smarter than everyone out there. Sure!
And OMG, no more MINI’s , BMW lays off 850 at the MINI plant. What will Yaletown aspire to now?
February 16th, 2009 at 6:46 pm
If you want to hear Cameron Muir’s view of how everything will settle and be back to normal within a few months, tune into the CKNW Audio Vault at 8:00am today. The interview with him atarts at minute:second 39:45.
http://www.cknw.com/StationShared/AudioVault.aspx
February 16th, 2009 at 6:35 pm
6:00 Global news interviews Cameron Muir, who says
” although there is no concrete evidence of a turnaround, realtors from around the Province say they “feel something happening in the spring”.
Global confirms “It’s a GREAT TIME TO BUY”, OMG, RUFKM the facts indicate a tsunami of worsening statistics and evidence of an economy in freefall.
This Muir dipshit is supposed to be a public representative! Are you kidding!!! This dipshit is nothing but a tout for the developers. I don’t doubt he’ll be leaving this job soon for another IN THE DEVELOPMENT INDUSTRY.His comments prove what a snake he is.
I sense that the developers are ‘cycling the players’ revolving through the well known cast of charcters pretending that opinions are being universally generated for the now constant TV and newspaper propaganda campaign. Every day they put another face up for public consumption to drone the same tired mantra. BUY BUY BUY BUY.
In some countries these pukes would have been taken out and shot by now.
February 16th, 2009 at 6:34 pm
Interesting suspect from US.
“Burton Jablin ”
The programming czar at Scripps Networks, which owns HGTV and other lifestyle channels, helped inflate the real estate bubble by teaching viewers how to extract value from their homes. Programs like Designed to Sell, House Hunters and My House Is Worth What? developed loyal audiences, giving the housing game glamour and gusto. Jablin didn’t act alone: shows like Flip That House (TLC) and Flip This House (A&E) also came on the scene
February 16th, 2009 at 6:30 pm
From TIME article I posted earlier
QUOTE:
600 million fund devoted to buying risky loans — he was one of its cheerleaders. Worse, Devaney knew the loans he was funding were bad for consumers. In early 2007, talking about option ARM mortgages, he told Money, “The consumer has to be an idiot to take on one of those loans, but it has been one of our best-performing investments.”
==========
The last line is a classic.
Pretty much says it all in 360 degree brutal honesty.
February 16th, 2009 at 5:54 pm
From the 60 MINUTES story:
“What went wrong?” Pelley asked Bishop.
“Well we ran out of borrowers,” he replied. “Everybody that could qualify, anybody that could fog a mirror, anybody that could just breathe, you know, and qualify at any level had basically been refinanced once, twice, three, sometimes four times.”
======
This, IMHO, pretty much sums up what will happen here. The number with the name of last greater fool will come up sooner than later…then pffffttttt goes the bubble .
February 16th, 2009 at 5:43 pm
25 People to Blame for the Financial Crisis
http://www.time.com/time/speci.....50,00.html
February 16th, 2009 at 5:29 pm
Global TV at 5:00 PM, ran a story about how real estae markets were set to recover this spring based on an interview with information supplied by …….. Thats right , a mortgage broker ( ghoul), gee really , go figure. No bullshit distance there.
says Mortgage Ghoul
1) Intrest rates are going down
2) prices are going down
3) sales value has shrunk 61%
4) Theres lots of inventory
5) theres lots of ‘pent up demand of people who have put off purchasing but may be thinking of doing so ‘in the spring’.
Get out there now before they stop making it available to the public!!!!
Has anyone else noticed that the real estae apologists are now advertising in the media in every ‘news’ segment everyday. Is this whats called ‘ a full court press’?
I would have preferred to see some balanced coverage of the massive shock wave of job losses hitting hundreds of thousands of Canadians.
the contradictions of press releases is also quite stunning, first you have the CREA and REBGV guarantee that prices will continue to fall ( and so far this phrofecy is holding up) and on the other hand , you have these bizarre independant rogue operations hiring differant writers to spin the exact opposite POV.
Ther should actually be legal consequences for publishing false and/or misleading information. The hype in the local papers today was so decietful, pleading and scurillous that it is actually sickening.
February 16th, 2009 at 5:21 pm
Global 5 PM News:
Mortgage Brokers say an upswing in parties getting pre -approval. They claim there is pent -up demand and these parties will be out there soon RE shopping ( probably lured by the “rumour” that prices are dropping).
I don’t doubt it, they haven’t bagged all the greater fools yet, at least in BC .
February 16th, 2009 at 5:00 pm
Xstrata shuts Sudbury nickel mines, cuts 686 jobs
News like this is ubiquitous on the internet and in buisness circulations. Mining and Industry is crashing in Canada. Jobs are vanishing. What is happening in the local papers like Vancouver Sun? Story after story of real estate pumping. What a disgrace.
http://www.thestar.com/Business/article/584931
February 16th, 2009 at 4:51 pm
Japans economy crashes to 35 year lows. Tens of thousands of new homeless and hundreds of thousands of jobs lost accelerates into this month.
“On Monday, the government reported that the Japanese economy shrank at its fastest rate in 35 years in the fourth quarter — at an annual pace of 12.7 percent — and shows no signs of reversing course anytime soon. It is more than triple the 3.8 percent annualized contraction in the U.S. in the same quarter.
According to the latest government estimates, released last month, some 125,000 part-time workers will lose their jobs by March. Labor officials cannot follow what happens to all those who lose their employment, but of the 45,800 who have been tracked, the government found 2,700 became homeless.
Private estimates go much higher — to upward of 400,000 new jobless by the end of next month — and say more than 30,000 of them will become homeless, nearly double the country’s nationwide homelessness figure. By the official count, the number of homeless is 16,000 and has been slightly decreasing for several years.
“This is just the beginning,” said Hitoshi Ichikawa, a ministry official in charge of labor policies. “There will be many more in coming weeks and months.”
February 16th, 2009 at 4:26 pm
Amazing baffle gab published by TYEE
1.) Supply and demand doesn’t function in the B.C. housing market.
2.) Landlords will raise rents to match ownership costs so they can break even.
3.) A drop in housing prices will drive down family incomes and widen the affordability gap.
Bwahahahahahah , my sides are splitting
February 16th, 2009 at 4:02 pm
Robert Duvall:
” Apocalype Now ” classic quote:
“I love the smell of Napalm in the morning”
VCI translation:
I love the usually “Blah” Mondays livened up with baiting trolls ,uber – rant rebuttals and the slow but subtle increasing quality of Supraboys humour.
Truly truly World clASS
February 16th, 2009 at 3:12 pm
#181
“The LAST thing this town needs is a ‘booming economy’. We know where that leads.”
You must be kidding me, a booming economy means everyone’s going to get a share of the wealth. You probably enjoy living under the bridge, how did you manage to get internet access? Did you pull off your pants for a loonie in the middle of robson?
February 16th, 2009 at 2:53 pm
World Of Trouble (60 MINUTES)
http://www.cbsnews.com/video/watch/?id=4803928n
(CBS) How did the mortgage industry destroy itself and set off an economic collapse that ruined the finances of millions of Americans? Executives tend to hold themselves blameless, saying that no one could have seen the disaster coming.
Well, judge for yourself after you hear the story of Paul Bishop, who worked at the nation’s second largest savings and loan. World Savings Bank was among the industry’s most admired mortgage lenders. But Bishop says the kind of lending practices he saw were leading to a world of trouble that would ultimately result in billions in losses and a federal investigation.
What does Paul Bishop say he told executives at World Savings, three years before the crash?
“We’re breaking the law, okay? We’re breaking the law. You know we’re breaking the law. I know we’re breaking the law. What the hell do you think is going on here? You know, you’re granting too many people loans who simply can’t qualify,” Bishop told 60 Minutes correspondent Scott Pelley.
Bishop’s story is a rare inside look at forces that tore the economy apart, as seen by a plain-spoken loan salesman who is now suing World Savings, claiming that he was fired for telling executives what they didn’t want to hear.
“I definitely talked to him about Enron. I said, ‘We’re sitting on an Enron.’ This is…bigger than Enron. I mean, we’re doing four billion a month in loans. If housing drops, housing value drops, people start to default, you know? This is a nightmare. These people will not survive it,” Bishop told Pelley.
=================================================
BTW: One can either watch the video or read the transcripts .
February 16th, 2009 at 2:11 pm
Real Retard Paul Says&Jobs needed for Canadians Says:
Boy, now I’m getting ganged up on by my evil doppelganger and his alter ego, no fair!
February 16th, 2009 at 1:29 pm
Skye:
Cool if the trolls would bug out, for sure.
February 16th, 2009 at 1:23 pm
This is quickly reaching the intellectual level of the average Youtube comments section…
February 16th, 2009 at 12:48 pm
Stop saying bad things realpaul , I hate you. I’m getting really really angry and I’m going to hold my breath and tell my mom on you and everything. Just shut up….please.