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March 30th, 2009 at 10:33 pm
I am also working for one of the big five banks. I have the same feeling just like Vanbanker. I have co-worker still think the price never went down much because they checked BC assessment. The value only slightly off. They are thinking within a couple of year, the real estate will fly again. I asked them “DO YOU BELIEVE MONEY GROWING ON TREES?”, they would say no. Then I asked them “Why do you believe money growing on your house?” The real estate is the biggest Ponzi scheme, now we are running out people so we see prices going down every where.
March 30th, 2009 at 10:10 pm
You’re using the real Madoff metric (I was using the nominal one).
March 30th, 2009 at 10:03 pm
observer Says:Reply to this comment
March 30th, 2009 at 7:48 pm
By most metrics it is probably not a good time to buy. Except the Madoff metric, which says it’s always a good time to buy, as long as you get out before it isn’t.
———————
Actually, I think the Madoff metric says:
It’s always a good time to buy, using someone else’s money, and then giving it your wife, before you get caught.
March 30th, 2009 at 9:36 pm
Anonymous, i too remember the Starbucks on Comox and Denman. Just after that one closed the big one on Davis and Denman opened. I’m guessing that it just moved to the better location.
March 30th, 2009 at 9:03 pm
1st Starbucks I saw close in Vancouver happened on Denman Street, maybe it just “moved”.
March 30th, 2009 at 8:35 pm
How is that the first starbucks ever closed in Canada? Wasn’t there 4 starbucks, one on each corner, at Robson and Thurlow? Now there are 2. What happened to the other 2? Is there a difference from an owner closing vs. Starbucks corporation closing one? Is that what they’re talking about?
March 30th, 2009 at 7:54 pm
VanBanker: There are lots of two face champions like you in the big five that’s why people are switching over their mortgage to financial finder at 3.50% 5 yr closed mortgage.I think you should bring your chair over here,FF will take care of the customer who are lining up to finish the deals.
March 30th, 2009 at 7:48 pm
By most metrics it is probably not a good time to buy. Except the Madoff metric, which says it’s always a good time to buy, as long as you get out before it isn’t.
March 30th, 2009 at 7:31 pm
I work in Finance and with people who deal in numbers all day every work day. Also, completely, inexplicably clueless about RE. I put it down to the social factors at play — the mob does not like a contrarian, and some people do not have the interest/fortitude to step away from the mob, will not even consider the math involved because they do not want to be contrarian. Period. Oy.
March 30th, 2009 at 7:29 pm
Another cruise ship line cuts back its sailings, moves to Seattle
Another cruise line is trimming its sailings from Vancouver for 2010 and more cruise lines are expected to follow suit, which could cost the area $120 million in economic losses.
Holland America, owner of the Volendam and its sister ships, is replacing 20 seven-day sailings between Vancouver and Seward, Alaska, with 10 14-day sailings between Seattle and Anchorage, the company announced Monday.
Starbucks announces first-ever Canadian closing in Richmond, B.C. – I suspect we’ll soon see the second, third, fourth and fifth-ever starbucks closings coming soon.
March 30th, 2009 at 7:12 pm
patriotz:
#39 Classic typo..”cubble” indeed LOL , should ( of course read bubble), and yes I meant to say that BC had the same dynamic as Spain in so many ways. Dependant on tourism, retirement, construction, service industry ‘purported’ lack of available land etc etc.
In many cities big and small and in country towns the sudden growth in unemployment has forced many Spanish people back into the pre bubble agricultural jobs and that has created a lot of friction because they are now forced to compete with immigrants doing farm labour jobs that Spanish abandoned. The boom time economic facade of easy tourism and service jobs has vanished like a perfumed Rennie fart into the ether, reality has set in, and it stinks.
Is this quote from the Credit Suisse analyst not eerily similar to the whole scene in Vancouver? It’s uncanny, almost word for word and blow by blow, they are experiancing exactly the same crap. It’s amazing that people here haven’t woken up and started hanging the pimps in the town square. I think the unendingly evil complicity of the local media is to blame for blinding the sheeple who continue to get suckered.
The Quote
“Credit Suisse analysts added that they believe the correction in housing prices in Spain –down 9% annual in February vs. 10.8% in January — is just beginning, and prices are still high with some banks now offering 100% financing to an individual to purchase a house if developers cut prices by 20%. “This is, in our view, a big problem. A 20% (or 30%) discount does not mean anything if the properties are overvalued by let’s say 50%,” Credit Suisse analysts said”.
I doubt the Spanish news papers and radio are spewing out ” Happy days are here, Buy Buy Buy !!!!!!
Where can I get a good Pitchfork these days?
March 30th, 2009 at 5:36 pm
Denialisrampant:
Spain, which had a very similar cubble to canada is an example which possibly shows us the furture of prices here.
Just one quibble – the correct analogy to Spain is not Canada, but just BC by itself. As are US states like Florida.
We’re world class!
March 30th, 2009 at 5:34 pm
Well finance is finance, and if the property values are dropping in many places then it’s natural that they have to drop here. I know that BC is thinking that the 2010 Olympics is going to somehow bring up everyone’s income, when what people are in for is 8% tax hikes above and already over-priced home in the metro Vancouver area. Coupled with job loss, and a credit shortage then you know like Spain and the U.K. home prices will fall but it won’t be affordable to anyone because you’ll need a sufficient amount of income to be even considered for a loan.
March 30th, 2009 at 5:27 pm
“Talked to a banker at a major leading financial institution he said that he thinks we are at a bottom and that he will be buying in the fall.”
I’m a banker myself with one of the Big Five and I’ll tell you my co-workers are very bright people and good at their jobs, but complete morons when it comes to opinions on the real estate market. Did I mention I work in real estate development finance? Sad but true.
March 30th, 2009 at 5:09 pm
Disinflation revealed in the collapsing economies of Europe. Spain, which had a very similar cubble to canada is an example which possibly shows us the furture of prices here.
Credit Suisse analysts added that they believe the correction in housing prices in Spain –down 9% annual in February vs. 10.8% in January — is just beginning, and prices are still high with some banks now offering 100% financing to an individual to purchase a house if developers cut prices by 20%. “This is, in our view, a big problem. A 20% (or 30%) discount does not mean anything if the properties are overvalued by let’s say 50%,” Credit Suisse analysts said.
To boot, they added that the average Spanish family now needs 7.2 years of combined salary to buy a house (more than 9 years in Madrid), versus the subprime threshold of 4 to 5 years in many countries and 3 years in the U.S.
the economic picture in Spain is bleak, with the economy reeling from the effects of not only a global recession, but the complete collapse of its housing market, a nearly sole driver of the economy in the past few years. The country has the worst unemployment in the euro zone, reaching 14.8% in January,
http://www.marketwatch.com/new.....5C853F7%7D
It would appear that housing has become so expensive ( like here) that no one can afford it anymore and prices ( no matter the record low % rates) are going to have to come down to historic afforadility norms. This seems to be a very scary prospect for our developers ( who lose money now) but the people who are going to benefit the most from this mislabelled ‘deflation’ is the average buyer/citizen.
March 30th, 2009 at 4:24 pm
Realty can’t be lost or stolen – insert american president well I guess they didn’t have “Eminent Domain” in FDR’s time. But truth be told prices in Vancouver have fallen, but the term “fallen” shouldn’t be used, the honest term is “corrected” as Vancouver real-estate has been overpriced for a number of years now, and will continue to correct itself.
March 30th, 2009 at 4:08 pm
Don’t forget that the previously announced layoffs at giants like Bell and Telus etc are now kicking in. The severance packages will be decimated by the tax man and a whole lot of people are going to find themselves behind the 8 ball. I’d cut the death of a thousand cuts time frame down to about 50.
http://www.itbusiness.ca/it/cl.....p?id=49358
March 30th, 2009 at 4:03 pm
Nielsen Cuts 1,600 Jobs, for those who know many market research people are working in Canada. This is additional fallout to the growing layoffs in the MSM industry. Couldn’t happen to a nicer bunch of people.
http://adage.com/article?article_id=135647
March 30th, 2009 at 3:55 pm
More layoffs and not surprisingly OUTSOURCING to the Phillipines. The minimum wage is still too high to do buisness in Canada for Convergys.
Convergys Corp. will eliminate 275 jobs at its call center in Winnipeg, Manitoba, while opening three new call centers in the Philippines.
The Canadian jobs were eliminated because the company lost a customer service contract that the Winnepeg center had been handling, according to a story in the Winnipeg Free Press. Convergys employs about 1,000 at the center, one of 13 it operates in Canada, according to the story.
In the Philippines, Convergys will open three new call centers April 1, creating 2,900 jobs, according to a Filipino television station. The centers are located in Cebu, Quezon City and Laguna.
A move by Microsoft for it’s laid off employess ” to apply for jobs in India’ was never met with much intrest. Microsoft never did clarify if they had expected thier American and canadian layoffs to apply for Indian jobs at indian wages and benefits.
Sun Making Deep Job Cuts This Week, Analysts Say
James Niccolai, IDG News Service
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Close Monday, March 30, 2009 12:20 PM PDT
Sun Microsystems will lay off several thousand workers this week in a follow-up to a restructuring plan announced a few months ago, analysts said on Monday.
The job cuts may include 25 percent to 50 percent of Sun’s customer-facing staff, including direct sales and professional services employees, according to a research note from Wedge Partners, a financial analyst company.
Such a move would make Sun more reliant on channel partners to sell its products.
Sun announced in November that it planned to lay off 15 percent to 18 percent of its workforce, or up to 6,000 employees, in an effort to reduce costs by US$700 million to $800 million annually.
In January it confirmed that it had laid off 1,300 workers as part of that plan, and the cuts this week appear to be a continuation of the same effort, said Ryan Hunter, an analyst with Wedge Partners
http://www.pcworld.com/busines.....s_say.html
March 30th, 2009 at 3:31 pm
Yeah, things are looking pretty ugly. Are we talking hundreds of people in your current layoff? Looks like we might hit the 10% unemployment in Canada too…
March 30th, 2009 at 3:29 pm
This is a big company. I work in the IT industry. The previous 2 companies I worked for had a decent size also.
My last company had 2 rounds of layoffs. They went from a size of around 60 people down to around 25 now.
March 30th, 2009 at 3:11 pm
Supraboy, just curious, what industry do you work in? Is this a big company?
Thanks,
March 30th, 2009 at 3:03 pm
Massive layoff coming at the company that I’m working at right now. Fortunately, I’m a contractor so I don’t care. I’ve worked for 3 companies in the past 3 years as a consultant and witnessed 3 layoffs already.
The question I have is that when I was going to open houses in the West Side over the weekend, why are there so many excited buyers? Where do they get their money? I’ve seen quite a few more sold signs this month than in February. Is this a dead cat bounce?
March 30th, 2009 at 1:55 pm
addendum
Bureau of Labor and Statistics now has Annual U-6 Data for Individual States. California U-6 Rate for 2008? 13.4 Percent.
March 30th, 2009 at 1:50 pm
With the new unemployment numbers coming out as well as all other stats for March the governments and real estate whores are spinning the trial balloons wildly trying to get ahead of reality. So, do you think they tell you the truth? It’s hard to understand how many people rely on these screw ups for information when they have been proven to be liars MOST of the time.
I allmost have to wonder if there is a ‘LIARS SCHOOL’ out there when you look at the history of official organizations. has anyone wondered how the RCMP can so consistently deny the truth and get away with it. Is it an ‘old boys’ collusion? It has to make a thinking person wonder.
The unemployment numbers are coming out this week and the pre fill is ugly. For example look south, why, because they actually publish information that can be extrapolated into the CDN economy due to our very similar economic model.
Finding the True Unemployment Rate: Is the Government Listening to Financial Bloggers? Bureau of Labor and Statistics now has Annual U-6 Data for Individual States. California U-6 Rate for 2008? 13.4 Percent.
“Many long time readers know that I have had issues in how the media and government report the unemployment numbers. It is sugarcoated, put in a silky dress, and has lipstick before it is dished out for everyone to eat at the happy days buffet. The good news is that recently the media has been catching on and using the wider measure of unemployment (not always), normally recognized as the U-6 data in the Bureau of Labor Statistics releases since this provides a more accurate assessment of the unemployment situation for the average person and family. That isn’t necessarily the big news. One of the main data points that I have been searching for is the U-6 data for individual states. The BLS as of March 16, 2009 now has the annual data for states including U-6.
As you are aware, the national employment figures are calculated via the Current Population Survey (CPS) that samples 60,500 eligible households. However, for state sub-samples the data can range from 600 to 4,000 households depending on what state is being surveyed. We still don’t have monthly data at the BLS regarding individual states but having the annualized data does help us arrive at a more accurate level for unemployment. What we are finding is that we are approaching Great Depression levels of unemployment.”
Unemployment numbers in Canada like CPI etc, is fudged by vested intrests and leaving a lot of Canadians perched on the edge of an information precipace.
March 30th, 2009 at 1:48 pm
19 suckerpunched Says: “… A condo is not technically ‘real estate’, it’s an ‘air space right’..”
I totally agree with this. One example may clarify the actual situation.
A medium range SFH in Port Moody, 4 beds, 2 baths, 2400sf in a 7200sf lot sells right now for 500K to 550K (of course, if you could find a buyer). That’s 69-76 $/sf for the lot and 208-229 $/sf if you consider the full cost applied to the house only. The lot is usually assessed quite higher than the house, therefore even if your house is totally destroyed the lot will retain a good proportion of the value.
A house does not have strata fees, property taxes are around 2,500$ and city services at around 650$ for a total of 3,100$. Maintenance costs may vary a lot, or course, but you have the choice of doing yourself parts of it. It is very unlikely that you will be hit with a 20-60K bill for “envelope repairs” and if it happens, you may spread the repairs in time to reduce the impact. So you may need another 2,000$ a year to keep your property in good shape.
Total ongoing costs: 5,100$/year.
Now compare it with a 1000 sf condo in Newport Village. You need to pay between 300K to 500K (low rise/high rise, 10 year old/brand new, etc.). So you pay 300 to 500 $/sf and got no lot at all. Strata fees range from 350$ (old units) to 200$ (new units), and property taxes go from 1600$ to 2000$/year. So your carrying costs may be in the range 4000-5800 $/year. This does not include any assessment.
So, what the heck do you get for 400$/sf (average) and carrying costs similar to a house 2.4 times bigger?
AIR, and not very much of it!
Holy gosh, this is expensive air!
March 30th, 2009 at 1:45 pm
CBC is cutting 800 jobs.
Othere radio stations is doing whatever they can to get some money to survive, even it is dirty money. “pay me i’ll say what you want me to say”
March 30th, 2009 at 1:38 pm
The stock market is falling? What happened to the Supraboy guarantee?
A rally does wonders for the psyche and complexion. People have short-term memories, which is good for the sanity of relationships but not for investing and many forget that only on March 9th did the S&P 500 close at a low of 676, having fallen by 56 percent from the 2007 peak. The current 20 percent market turn around is stunning. However, to base this on anything but a technical bounce and a bear market rally is false and smells of denial. The spin on the housing numbers is laughable and the new Private-Public Investment Program leaves much to be desired. Moreover, whatever happened to those stress tests? You know, the government acting as psychiatrist to the bi-polar market? Instead, the government has prescribed lithium and decided that the talk therapy is for the client’s family, and not the client. This week will show us how strong this rally really is in the face of the Case-Shiller numbers coming out, it’ll be the last few days before the end of the first quarter, and the unemployment numbers are out on Friday with another 500,000+ jobs lost on tap. Get the meds ready because it is going to be a volatile week.
March 30th, 2009 at 1:18 pm
Good thing my browser comes with a VultureBoy BS translator. Decided to put in the text to see what came out:
“Metro Vancouver Homes today are more affordable than any other time in the last three years.”
Translation: Metro Vancouver Home prices have fallen a heck of a lot over the last year.
“Mortgage rates are at an all-time low.”
Translation: Unemployment is increasing, the economy is failing and the central banks don’t know what to do.
“Could this be your time to invest in real estate?”
Translation: Now is a terrible time to invest in real estate. We are so freaking scared that all we can do is shamefully beg you to help out the industry by buying.
March 30th, 2009 at 12:47 pm
And in 2-3 years when your down payment is lost, the interst rate on the teaser or low rate mortgage goes up 2-4-6%, the bank won’t refinance because of negative equity, etc, etc, etc…..will Corus Radio write you a cheque and bail you out ?
March 30th, 2009 at 12:46 pm
And in 2-3 years when your down payment is lost, the interst rate on the teaser or low rate mortgage goes up 2-4-6%, the bank won’t refinannce because of negative equity, etc, etc, etc…..will Corus Radio write you a cheque and bail you out ?
March 30th, 2009 at 12:40 pm
Roosevelt was talking about ‘real estate’ which means property assets. A condo is not technically ‘real estate’, it’s an ‘air space right’. Floating concrete coffins are a really bad idea, and CKNW should be ashamed of themselves for this campaign of idiotic cheerleading. Who do they represent? Why the propaganda? Have they been forced to take sides? The position they’ve taken doesn’t make sense. It seems to me like a ‘Hail Mary’ desperation tactic. Are they having to suck up to thier advertisers to such an extent that they are willing to burn the listening public? It’s an incredibly stupid tact if I were asked.
March 30th, 2009 at 12:05 pm
Bilbo, thanks for the correction, I had to check but your right! That makes this all the more interesting.. Now why would they omit the “paid in full” from the middle of that Roosevelt quote hmmm?
March 30th, 2009 at 11:30 am
Canada produces about 20% of Big 3 cars.
Just reviewing a chart from MISH on California real estate prices. The same will ultimately happen in BC.
April 2007 California average price at $597,640
February 2009 California price at $247,590, down $350,050 or 58.57% in 22 months.
Those are the facts Jack! BC with all of these service, construction job economy is identical to California in many ways. Kiss good bye the price level, this dead cat bounce here in BC will be over by June.
March 30th, 2009 at 11:28 am
The quote from Roosevelt is wrong.
It’s supposed to say
“Real estate can not be lost or stolen. Nor can it be carried away. Purchased with common sense, PAID IN FULL, and managed with reasonable care it is about the safest investment in the world.”
Got it? PAID IN FULL.
March 30th, 2009 at 11:15 am
Anonymous re; 12
i didnt say the banker was going to buy on the westside, i said he told me he was likely to buy somewhere in the fall sometime.
anyways i still think lots on westside are too high, but they are selling
March 30th, 2009 at 11:14 am
Anonymous: Good Morning Everyone,
Just some anecdotal observation:
Since you’re speaking anecdotally…
In Kits, I’ve seen a lot more sold signs recently than I expected to see, for sure. But I’ve also been seeing a lot of for sale signs hanging around for extended periods of time, and I’ve seen several with ‘reduced’ stickers on them. I’m lucky I didn’t have to look the word up in a dictionary, considering how the market used to be around here. I swear real estate agents used to drive a sign into the yard, go for a coffee, slap a sold sticker on the sign, look at their watch for a minute, pull up the sign and move on to the next house.
I have no idea where the bottom is in Vancouver, but I don’t see any evidence that we’ve hit it yet.
March 30th, 2009 at 10:25 am
It bugs me that Harper has been saying Canada will put up 20% of whatever the USA props up GM/Chrysler (I note the DOW is currently plummeting b/c Obama said the “B” word. I hope they go under).
20 %! We have 30 million people and they have 300 million. My math skills may be a little fuzzy but..
Are Ontario voters really worth that much?
Enjoy your large white SUV’s America! 20% paid for by the true north strong and free..
Now get your submarines out of the arctic (you too Russia).
March 30th, 2009 at 10:18 am
#9 The market is closer to bottom now than it was at the beginning of the year. Down ~30% for building lots and contractors bidding 20% lower.
It will go down quite a bit more as the aging population need to fuel their retirement by selling their largest asset.
Since this same aging population will have all the money it is unlikely that they will be replaced by anyone affluent enough to purchase a “crazy deal” $900k lot on the westside even with construction costs down 20%
If your banker decided to buy this year (and how he’ll do it on $50k a year is another story) he’d be paying $200+ per sq/ft even with 20% off and that is double what it would have cost him to do it in 2002.
So in 2002 this same banker did not buy that building lot for $575K to build at $100 per sq/ft but now thinks it’s a good time to buy at $900k plus $200 sq/ft
If this banker did buy this year would he make anny money selling in the next 50 years? Unlikely.
Would it be cheaper than if he’d done it in 2007? Yes
Would his building costs be double that of someone who bought and built in 2002? Almost.
If the person who built in 2002 is feeling pinched financially and sells today would he be willing to accept a bigger drop? Yes since he can then by one of these “crazy deals” condo’s and still have cash in an economy where Cash is Undoubtedly King.
These wealthy aging folks have lost 20-40% on their rrsp’s, rrif, and investment accounts. The car they are driving will sell for at least 20-40% less than it would have previously (even with the crazy low prices last year due to the exchange rates) so the big asset left to sell is the house that was purchased for a fraction of what it cost today and actually costs a lot for upkeep.
The wealthy aging population sells, the median income is `$45k, the Asian markets are down harder than North America’s, Vancouver has a lot more supply coming and no new buyers entering the market.The Justice System will be reworked and some of the drty money will be taken off the table, Vancouver’s reputation takes a big hit due to property crtime, HIV, Hep C, poorest postal code in Canada being exposed to the world or Vancouver getting as much exposure as Salt Lake City or Turin and Vancouv erites realizing they were scammed into buying overpriced speculative property in order to fleece a supposedly rich foreign investor, jobs fall of a cliff with no new condos and less infrastructure leading up tot he olympcis.
Laborers who thought they were clever for buying $400k one bedrooms realizing they’ve been duped and could have rented the same unit (across from a homeless shelter at robson and cambie) for $1000.
March 30th, 2009 at 10:14 am
Happy time for everyone as Obama take over GM! Coming soon to every company. Good time to buy condo since Obama taking over everything. Just like home for rich asian where government control your life.
March 30th, 2009 at 10:12 am
Anonymous:
Question: do you guys think that we might be forming a bottom or do we still have a long way to go?
A bottom?
10 months after the market top?
With the layoff parade just getting warmed up both here and in the US?
With an avalanche of pre-sale defaults to come?
With an avalanche of foreclosures to come after that?
With the cost of ownership still way above rent?
With no US market at bottom yet after over 3 years of declines and price/income lower than Vancouver in every one of them?
I don’t think so.
March 30th, 2009 at 9:50 am
Good Morning Everyone,
Just some anecdotal observation:
Lots on westside continue to sell at quite high prices (which i wouldnt pay) even on buy streets. prices on westside are not going down as much as i thought, even on busy streets. However lots are sitting on the market much longer (on busy streets)
Talked to a banker at a major leading financial institution he said that he thinks we are at a bottom and that he will be buying in the fall.
Talked to a seasoned builder yesterday and he also thinks now is a good time to buy. However he added that prices might go down a little next year.
Talked to a framer and he said that trades are starting to compete against each other for work, so contruction cost should go down.
Question: do you guys think that we might be forming a bottom or do we still have a long way to go?
March 30th, 2009 at 9:46 am
Jason:
Well there’s another Vancouver institution (formerly the great LG-FM) that has completely pimped itself out. Imaging JB Shayne doing the voiceover for one of those ads. The mind boggles.
March 30th, 2009 at 9:27 am
These are also quite frequent on CFOX (also Corus owned).
My favorite ad (independent or REBGV funded?) is the one that states “there are some crazy deals out there”. Crazy good or crazy bad? Interesting choice of words
March 30th, 2009 at 9:16 am
Well they’ve convinced me, anyway. I just have to get my wife to buy three and I’ll be right behind her.
I hope this works out better than it did the last time we ended up on TV…
March 30th, 2009 at 8:47 am
Quatchi:
I wonder if they have considered the potential liability of providing investment advice with no disclaimers as to the inherent risks involved.
Not even developers and realtors themselves are prohibited from touting the investment potential of the properties they are selling, never mind third parties. Remember “the smart money gets in early”?
No lawsuit against these guys is going to go anywhere.
March 30th, 2009 at 8:34 am
“Real estate can not be lost or stolen. Nor can it be carried away. Purchased with common sense and managed with reasonable care it is about the safest investment in the world. ”
Franklin D Roosevelt, former US president
When FDR said this, the cost of buying a house was less than half the cost of renting. Turning renters into homeowners was part of his strategy of increasing disposable income to stimulate the economy.
The situation today, of course, is the exact opposite.
March 30th, 2009 at 8:20 am
Heard the same messages on Team 1040. Sports Radio for God’s sake.
I did a little searching online about Corus, read through their prospectus and could not find any real estate investments. There were a number of odd categories that I couldn’t figure out, but we were talking about $700K in each.
After I heard it I wrote a big long rant on here about how I am sick and tired of the MSM. They’re in it for profit, therefore can not be trusted and that is just sad.
March 30th, 2009 at 7:56 am
Corus must be worried about declining revenue from real estate advertising. I wonder if they have considered the potential liability of providing investment advice with no disclaimers as to the inherent risks involved. Since they also recieve revenue from real estate industry advertisers, there’s also no disclosure of their obvious conflict of interest.
As prices continue to decline in Metro Vancouver, it would be interesting to see if anyone is able to put a class action lawsuit together against these “public advisors”.
March 30th, 2009 at 7:19 am
First…