Friday Free for All!

We’ve reached the end of another work week, so that means it’s time to do our news round-up and open topic discussion.  Last week Dave beat me to the free-for-all post and to his credit he managed to find a batch of positive or at least ‘less negative’ news stories.  This week I’m back in the drivers seat and that means old-testament style bad news mixed in with the good…  Seems it’s still a lot easier to find the bad news.  Here are some stories that have come to my attention this week:

March home sales surge from last month, down over the year
-Vanoc: economic downturn means no profit for 2010
West Van: A good place to go through foreclosure?
Holborn re-evaluate Ritz project
Job seekers swarm to Atlantic provinces
Unemployment hits men hardest
Carney warns of too much stimuli
GMAC gambles on riskier borrowers
Savvy: Leveraging equity in a falling asset
Madoff mansion loses close to $2 million

So what are you seeing out there?  Post your economic news, links and anecdotes here and have an excellent weekend!

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Patiently Waiting
Patiently Waiting
11 years ago

"Nor are hardened criminals the only victims. An attack on one gangster’s car killed a 24-year-old man hired to fit it with a new stereo. In February, Nicole Alemy, 23, the wife of another gangster, was gunned down in her white Cadillac – with her four-year-old son in the back seat."

Was that guy really fitting a new stereo? Maybe he was. Or maybe he was fitting new armored plating or new places to hide guns. I'm sorry, but I have to wonder about people who do business with gangsters (especially working on their vehicles).

Nicole Alemy certainly was not innocent, but the child was. The upside is maybe the child will now be raised away from the life of crime.

Vansanity
Vansanity
11 years ago

http://www.vancouversun.com/news/sees+cent+surge+

http://www.bloomberg.com/apps/news?pid=20601082&a

So, they're still adding to the glut? This is going to be worse than a lot of us thought.

other ted
other ted
11 years ago

ulsterman check out this link
http://www.rsc.org/AboutUs/Campaigns/maintainings
it is about falling standards in science from the 1960's to today. the article is about the UK, but don't assume this is just their problem. There was more written about this months ago. This article highlights how chemistry has been dumbed down. This is what is happening in all developed countries. We have lowered standards to claim some perverse form of success where everyone gets an A and everyone passes. The same is happening here.

patriotz
11 years ago

Anonymous:

Same concept, rent or lease is pretty much the same.

No it is not. Leasing is short-term ownership. The lessee takes on all the risks and responsibilities of an owner. This is true whether you are leasing a car, or take leasehold ownership of RE.

Renting is paying for the use of a capital asset without taking on any of the risks or responsibilities of ownership such as capital loss, idleness (lack of use or rental income), depreciation, or maintenance. That's why it's more expensive than buying.

Goldman Sucks
Goldman Sucks
11 years ago

The UK puts Vancouver on the map LOL "From heaven to hell: 18 die as drugs war rages on streets of Vancouver" From heaven to hell: 18 die as drugs war rages on streets of Vancouver The Canadian city has been named the best place in the world to live. But those halcyon days are over By Paul Rodgers Sunday, 5 April 2009 Vancouver's streets are now a battlefield for rival gangs, armed with automatic weapons, seeking dominance in the city's booming illegal drugs trade. There have been 50 shootings there in the past three months Vancouver's streets are now a battlefield for rival gangs, armed with automatic weapons, seeking dominance in the city's booming illegal drugs trade. There have been 50 shootings there in the past three months Once upon a very recent time, Vancouver had a clean, safe… Read more »

other ted
other ted
11 years ago

Ulsterman I wasn't comparing it to other systems. Just an observation. There is no critical thinking. Anyone can graduate from highschool or university. I have been through the system, plus I live here. We have a population that is way too arrogant and ignorant. We always trash americans.

But I can tell you I have met more intelligent americans than Canadians. In the workplace I find professionalism is none existant in this country, while I have found the opposite to be true with american colleagues.

Vansanity
Vansanity
11 years ago

And back to reality:

http://www.vancouversun.com/travel/Rising+number+

"VANCOUVER — The number of real estate sales may have bounced back in March compared to February, but they are still well below levels of a year ago, and so are prices. What is clearly up, however, is the number of condominium developers seeking creditor protection or going into receivership."

Get a grip trolls! We've heard it all before and we don't give a flying f**k about your opinion.

Ulsterman
11 years ago

other ted: "Lets face it the education system in this country is a joke.From elementary school through our universities." The exact opposite is true Other Ted. A couple of points – to make this assertion you need to have indepth knowledge of many other education systems throughout the world. Otherwise you become just like the other twit who claim BC is the Best Place on Earth when the only other place they've ever been is Cancun and a one month Eurorailing trip back in '97. I a little knowledge of the Canadian education system and one thing that has surprised me is that the Canadian system is admired and emmulated throughout the world. Ours is one of the few to focus on critical thinking skills and not just rote learning. There are problems with our system, but it is certainly… Read more »

Suguar
Suguar
11 years ago

patriotz:

In reference to rentals in Van right now…I have been watching Craigs List very closely as my lease is up end of May. It is my observation that there are far fewer rentals available over this past two months than there were last November. In Nov/Dec, I had shortlisted 55 rental opps (Coal Harbor, Yaletown, Kits, Fairview) and was able to negotiate. As I am looking at the market again, I see comparable rentals down from $2500-2800 pm in Nov to $2000-$2200 today, BUT the pickings are slim and the landlords are not in a negotiating mood. Is there somewhere else I should be looking? I am looking for min 1000 sq feet, would like to pay $1500 pm…and I am a working professional who is a dream tenant and leaves a very light/minimal footprint.

yaletowngirl
yaletowngirl
11 years ago

read on:

#131, not even smart trolling either. At least try to entertain if you're going to troll, c'mon.

read on
read on
11 years ago

and out come the trolls…

bearmuncher
bearmuncher
11 years ago

You bears are still in denial and it makes me sick. The real estate market is resuming it's rightful upward swing as spring has arrived. If a first time buyer takes your fool hardy moldy basement suite advice and doesn't buy soon they will be priced out forever just like you. It's a shame. It's a shame that a whole generation of first time buyers have been fooled by real estate bears into rental servitude.

Supraboy
Supraboy
11 years ago

#125 "It makes you wonder if the RE industry is trying any way it can to pump up sales…like yesterday on CBC radio they said that presale condo lines had reappeared in Vancouver, how many of these people were hired to stand in line? It’s certainly not logical to go and stand in line to buy one of these not-yet built units, and meanwhile there are how many units for sale in Vancouver?? Makes no sense to me." I would believe that CBC radio was pumping, but if you go to open houses and condo sales, somehow, you see a lot of rich Asians driving around with their Mercedes and BMWs as if nothing had happened to the global economy. It is quite ridiculous to see the sheer number of 2-3 million dollar homes listed in the west side of… Read more »

Anonymous
Anonymous
11 years ago

patriotz,

What you said in #2 is true. But its the same for leasing a car. I have no intent in buying out the residual. It makes more sense to lease it and give it back to the dealer. Same concept, rent or lease is pretty much the same.

Goldman Sucks
Goldman Sucks
11 years ago
globaltvliars
globaltvliars
11 years ago

" Finally" Global TV has a new line of Bullshit. It wasn't working to trot out the sluts, whores and talking heads to proclaim the Real Estate market in a fine state of unadultered health, so they jumped ahead and admit that there ( pretending to be current) had been a 'bit of a problem' and have now proclaimed the recession in real estate dead. Hooray !! What a giant farce. The King is Dead, Long live the King!!!!! Someone is going to go postal and fire bomb or do a shooting rampage at the the media offices if this keeps up. Someone is going to feel so pissed off at having lost everything because he trusted the MSM and he's going to start to look for the upside down justice that people who are driven insane by circumstance often… Read more »

pricedoutfornow
pricedoutfornow
11 years ago

It makes you wonder if the RE industry is trying any way it can to pump up sales…like yesterday on CBC radio they said that presale condo lines had reappeared in Vancouver, how many of these people were hired to stand in line? It's certainly not logical to go and stand in line to buy one of these not-yet built units, and meanwhile there are how many units for sale in Vancouver?? Makes no sense to me.

Globaltv today proclaimed that the "housing market in Vancouver has recovered…finally!" Whaddya mean finally…it's been less than a year since the peak! lol…"finally"….you ain't seen nothing yet baby!

other ted
other ted
11 years ago

Observer I don't think so. In fact just as this boom was beginning I was watching a program on tv about mortgage fraud. I think it was W5 can't remember this was around 2003. They featured a guy in edmonton who would flip one house back and forth between his friend then get a mortgage on it. Then he bailed. Apparently that kind of scam was common. And at that point the banks didn't even bother phoning the police.

observer
observer
11 years ago

Is there any oversight in preventing companies from selling their own properties to themselves in order to produce sales numbers and setting price precedents?

factcracker
factcracker
11 years ago

Hohohohoh hehehehehehe Bwahahahahahahaha what a pleasent weekend for me. Terrorists, world wide communist conspiricies, Machiavellian local politics, Pluto, Uranus ( I mean how many years does a guy have to wait to fit Uranus into a joke?), Surrey jokes, people setting thier hair on fire over rips and digs about where they live, some seriously bent out of shape, better than two trips to the loony bin, just classic guys, thanks.

Some people take themselves Waaaaaaaaaaay to seriously BTW.

Anonymous
Anonymous
11 years ago

Please stop feeding the trolls. They will only come back for more. Best for everyone to just ignore them.

jesse
11 years ago

other ted: "Lets face it the education system in this country is a joke.From elementary school through our universities.

Schools main objective is to get students to conform to social issues rather than think independantly"

Thanks for the laugh on a Sunday morning. 😆

other ted
other ted
11 years ago

I haven't read most of the threads on what started the BCTF discussion. But I have to agree the BCTF spends too much time on social engineering and less on teaching. Lets face it the education system in this country is a joke.From elementary school through our universities.

Schools main objective is to get students to conform to social issues rather than think independantly.

read on
read on
11 years ago

what exactly do you mean by "university entrance equivalency"?

which university? and what are the %s in other areas?

Ulsterman
11 years ago

factcracker:

Factcracker said: "The BCTF is a political organization of secret social engineers and really doesn’t give a crap about your childs future as an individual."

I can vouch for Factcrackers expose. I have attended some of the secret BCTF meetings. Just like in Roald Dahl's The Witches, once inside the meeting room we barred the doors and took off our secret masks we use to make the ordinary parents and students believe we are human. Then we plotted how to brainwash the kids into becoming NDP droids. After the tea break we focused on plain old run of the mill world domination.