Archive for June, 2009

Paul of Green Gables

Tuesday, June 30th, 2009

Regular readers will recognize the name Paul Boenisch as the North Vancouver realtor who provided daily market stats on his blog.  As many of you know, Paul and his family moved to to the other coast recently, and he now has a new blog focusing on the Prince Edward Island real estate market.

It’s an interesting contrast to our market- check out the average sales price chart he’s posted that covers the last four years.  They started 2006 with an average residential sales price of $120k, and peaked just above $160k.

Mould risk at Olympic Village?

Monday, June 29th, 2009

Little posted a link to this Province newspaper story over the weekend. Subcontractors at the Vancouver Olympic Village are accused of taking shortcuts in its construction, including not insulating all in wall pipes.  This brings a risk of mould problems 3 or 4 years down the road:

During the meeting, Loftus says, Jasper was shown photos of the uninsulated pipes in various buildings on the site and said he would get back to the insulators union, but Loftus said he’s still waiting. A second visit to the site weeks after the meeting found the drywall still in place with the pipes now hidden behind it.

“I don’t think they can fix it on time,” Loftus said. “They would have to take the walls down, inspect all the piping and then do it right. It would certainly be cheaper to do it now rather than later, but I’m guessing it would cost millions.

“And if they found mould, it would be even worse.”

Ballem said she wasn’t told about any specific problems with the construction of the Olympic Village, only that a union had some concerns about quality control.

“This is the first I’ve heard of this,” Ballem said when contacted by The Province. “If the concerns are true — and I have no evidence of whether they are or not — and they not being paid attention to, that’s a concern for the city.”

Friday Free-for-all!

Thursday, June 25th, 2009

It’s the end of the work week, so let’s do our weekend round up and open topic discussion post.  Here are a few stories I’ve noticed lately:

-Our foresty industry worlds worst performer in 2008
-Real estate market tanking or taking off?
-Riding the real estate roller coaster
-Pamela Anderson: Real estate investment mogul
-Millionaires club sees record drop
-No limit for absurd Realtor ads
-Canadian banks edge won’t last long
-Canadian payrolls continue to decline
-Unemployed? More like Funemployed!

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

Frommers: Vancouver is an over-rated city

Wednesday, June 24th, 2009

Juraj sent in this link to a suprisingly negative travel review of Vancouver by a Frommers travel guide writer.  I’m just going to quote the whole paragraph so that no one can accuse me of taking parts out of context and making it appear worse than it is:

Vancouver. “Blandcouver” looks great on TV, where it often masquerades as other, more interesting cities. This Canadian metropolis is indeed like many other places, just duller. I actually heard a Vancouverite call their city “diverse” and “cosmopolitan” when what they mean is “we have some Chinese people as well as the Anglo-Canadians.” Anyone who thinks Vancouver is cosmopolitan has never been south or east of Portland. Most of Vancouver’s other attributes, meanwhile, are seen in better form in either Portland, Seattle, or San Francisco. Spend your time in Victoria instead, or Whistler, or, heck, Nanaimo. If you insist upon going, try our much more enthusiastic destination guide.

Renters happier than owners?

Tuesday, June 23rd, 2009

Pani sent in the link to this article at the Wall Street Journal blogs about a recent study claiming that not only are renters happier than owners, they’re also less fat.

The average homeowner, however, consistently derives more pain (but no more joy) from their house and home,” writes Grace Wong Bucchianeri, an assistant professor at Wharton.

The report says that homeowners spend, on average, less time on leisure than those who don’t own homes. And the average homeowner is around 12 pounds heavier that those who rent.

The basis for the research comes from a survey of women in Franklin County, Ohio, which includes Columbus, the state capitol and Ohio’s largest city. And, interestingly, the research took place in 2005–so the recent drop-off in home prices wasn’t an issue.

The study controls for factors including household income, housing quality and health to draw it’s conclusion.  The full paper is available as a PDF on the Wharton School of Business website.

Leaky condo loans dry up

Monday, June 22nd, 2009

From the boom/bust irony department: It appears that the slow down in hectic condo construction means less money to fund the leaky condo repair loan program from the Homeowner Protection Office.  It’s apparently gotten so bad that the HPO is no longer funding leaky condo repair loans.

…Soloshy added that some residents are having extra problems because the HPO has not officially turned them down, but instead is keeping their applications in limbo.

She said this makes it difficult to re-approach other lenders, who will generally consider helping only after someone has been officially turned down by the HPO.

“I had a lot of difficulty proving to the military that HPO wasn’t returning my calls,” Barnes said of getting his military distress loan.

“All I needed was something saying they had run out of funding,” he said. “They wouldn’t even get back to me regarding that.”

Friday FREEEE for ALL!!

Thursday, June 18th, 2009

I’d like to get a jump-start on the weekend.. Any objections?  Ok Then, lets kick off the open topic discussion a little early this week.  Thanks to everyone who’s posted links here, I’d thank you all individually, but that would take extra time, effort and space.  You know who you are.  Here’s a few gems I’ve noticed this week:

-The Best Realtor Ads EVAR!
-Leaky Condo owners spittin’ mad about stalled loans
-You just bought $21.9 Million more worth of Olympic Village
-Bad neighbors get $15,000 fine
-Could we please have a proper house price index?
-Nanaimo Realtor: No better time to buy than now
-Annual inflation rate falls again
-Low Rates? Buy another condo!
-BC folks dig that recreational property
-A recession spawned baby boom?
-Carney: Currency intervention an option
-Bailout Costs vs. Big Historical Events (graphic)
-50 US cities discover land-making machine

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

Province: Vancouver prices up 16% YOY

Tuesday, June 16th, 2009

Here’s a fascinating bit of info for those of you that have been surprised by the spring bounce in the Vancouver real estate market.  The Province is reporting that house prices in Vancouver have jumped an astounding 16% since last May!

..Or at least their headline is.  Those that read the article may be dissapointed by the actual number:

The average house price for the city and surrounding area was $583,674, down 6.6 per cent from a year earlier.

Nationally, the housing market continued to rebound in May with a fourth consecutive increase in monthly sales, the association said. The Ottawa-based group said the average sale price of a home sold through the multiple listing service reached a record of $319,757.

That’s up 0.4 per cent from May 2008, when the previous record was set. The association said the market is now returning to what it called “pre-recession levels” of activity.

It’s a very bouncy spring bounce indeed.

Hat-tip to Beau for finding this gem.

Jameson House buyers want out

Monday, June 15th, 2009

The recent court ruling that enforces Jameson House presales agreements, despite a delayed completion date of May 2011 has some buyers angry and looking to launch an appeal:

“It was called a fairness hearing and I found it to be extremely unfair,” said Becker. “All the rights went to the developer,” she said.

Meanwhile, the real estate market and construction costs have dropped significantly, allowing the developer to use 2007 dollars to build for less in 2009.

“The developer could come out making a profit out of this,” said George Gregory, the lawyer acting for the condo buyers.

Story at the CTV website.

Friday Free-for-all!

Thursday, June 11th, 2009

It’s time for the weekender open-topic discussion!  Here are a few stories I’ve noticed lately:

-Jameson House wins court approval to restart project
-Richmond is lower mainlands hottest market
-Real estate is not a religion
-Harper: Effects of recession beginning to ease
-Carney: Recovery still has a long way to go
-World Bank: Global economy to see steeper contraction
-Does the federal funds rate affect mortgage rates?
-USA: The landscaper is foreclosing
-20 largest bankruptcies in history (graphic)

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