Friday Free-for-all!
It’s the end of the week and that means it’s time for the news roundup and open-topic discussion. Here are a few stories I’ve noticed lately:
-Canada slips on oils slide
-Leading index slips most since 1982
-BC Economy: The worst is yet to come
-CMHC predicts 2009 house prices to fall in BC
-Canadian debt loads in ‘danger zone’
-Middle class squeezed in good times, what happens in recession?
-Almost 5 million in US getting jobless benefits
-What you can get for $1 million
-Americas ports clogged with foreign cars
So what are you seeing out there? Post your news, links and thoughts here and have an excellent weekend!
February 25th, 2009 at 1:21 pm
NO -LYMPICS:
#253 no-lympics, I personally of one bldg where the max rent is $265 p/m. This is a tax subsidized tax payer built co-op. The co-opsters are all well heeled ( some are quite rich and have second and third residences) types who NEVER let a single mom or disabled person in. It's a 'friends and relatives club'.
February 25th, 2009 at 10:38 am
Post # 256 patriotz
Excellent points:
Reminds one of Miemoller and WWII with the quote about not speaking up when others are taken away and then one is the only on left.
Seem to recall when Chrysler had troubles in the 1980's the others ie GM and FORD did not want to see them die. Why? Perhaps it was an economic version of Niemoller..Chrysler was an insurance policy to buffer them , and to give them a case via precedent for a bail out if need be.
Being the last man standing is more a cause for "me next"?concern than any even remote claim of victory.
February 25th, 2009 at 8:30 am
Ozzie is right inasmuch as the market bottom will be a tiny bit higher than if the Ritz were completed.
What he is ignoring, of course, is the reason why the Ritz was cancelled, which is because the RE market and general economy are headed to hell in a handbasket. Sort of like the Ford dealer cheering because the GM dealer has gone bust. Yes he's better off than if the GM dealer were still open, but the fact that the GM dealer has folded means he's headed for tough times too.
February 25th, 2009 at 7:39 am
About the Ritz being dead: I saw Bob and Ozzie on the news last night. Ozzie said this is good because it will reduce the number of condos on the market, and therefore there will be less supply and stable prices.
So, this genius, in essence just said that $1.8M-$28M luxury condominiums would have actually competed with the $250-$500K shoeboxes like the Spectrum. And that this news will reduce supply now even though the Ritz wasn't scheduled for completion until 2013.
Pure genius and the sheeple just keep eating it up.
February 25th, 2009 at 7:32 am
Observer – For those that haven't read Niall's book The Ascent of Money, it's worth the read. I think ella mentioned it earlier too, definately go read it, it's fascinating.
He predicts civil unrest in the coming while. They were just talking about this on bnn this morning. Gun sales are up and one gun manufacturer's stock is up 41% this year already and are now reporting they are out of finished inventory.
February 25th, 2009 at 7:12 am
post 244 digger
Yes I have heard those stories, especially with Vancouver co-ops. I seem to recall a while back some parties around False Creek were benefitting from outrageously low rents till they were raised.
I've even heard stories about how some live in co-ops and rent out homes they own, a real double – dip by these hypocrites.
Totally abuses the intent of the co-ops.
February 25th, 2009 at 1:31 am
Seattle, which peaked July 2007, is now back to October 2005 prices:
http://seattlebubble.com/blog/2009/02/24/case-shi…
The first US metro to peak – San Diego in November 2005 – is now back to October 2002 prices.