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Friday Free-for-all!

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29 Comments

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!

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read on

err, 28 – he corrected himself in 16…. reading is good

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patriotzed

Umm:

15, you cannot deduct rental losses from your other income ie)employment or other investment.

Yes you can and I have done it (in the 80's, not lately – taking a small operating loss at 12% interest is something entirely different from taking a loss at 4% interest).

A revenue property is the same as any other investment and subject to the same rules. You can deduct interest paid to buy stocks from your other income, for example.

One exception – you cannot however use capital cost allowance (aka depreciation) to create or increase a loss on a rental property. The loss must exist without CCA.

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dboy

dboywahhh:

I'm not insecure, just tired of this troll, who has nothing of value to offer. I am not about to get into any debate about policing, that's not why i come on here.

I also question who dboywahhh is – is that you realpaul?

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Vancouverite

Shortfall to own investment RE in Vancouver!

Min Morg rates,lowest ever, property values WILL decline over the next $??$? years!

Buy now or forever be priced out of the Van market!

BULLSHITT!!!!!!!!!!!

WAIT TIME IS ON YOUR SIDE SAVE NOW FOR YOUR DOWNPAY ON YOUR MORTG.

BUY, when, sorry, BUY WHEN YOU CAN AFFORD THE HOME YOU WANT WHEN YOU CAN!

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oneangryslav

dboy: Just send an e-mail to the blog administrator. I was also going to post a note asking the person in question what his contribution had to do with real estate. Like all professions, there are good cops and there are bad cops.

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Vancondobear

Franco:

The Chinese population in Vancouver is approx equal on a percentage basis to that of San Francisco.

Please explain why they are not holding up that market if that is your premise….

And PLEASE do not say something like "Because Vancouver is better!"

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dboy

Does anyone know how to lodge a formal complaint on here? I am a serving rcmp officer and find realpaul's comments offensive and completely detached from real estate.

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Franco

Hi you miserable Bears are still in consistent denial hah!!

Has Van RE been flopped like US?

Has Van RE been abandoned ?

Has Van RE been in whatever negatively as you expected?

It seems you guys are still in some sort of mental delusion;should have a psychiatric assessment done early.

Vancouver RE will never end up like US because its 600000 PLUs Chinese population can sustain it alone.

Whining liked a miserable lazy child, can't lead you to a house. Stop spending senseless in beer and weed and start saving for your future,otherwise you will be left homeless or paying 1000 plus for a tiny bedroom in balmoral hostel on Hasting street.

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dboy

realpaul:

You having a serious mental problem – get a life….This is supposed to be a site about real estate ….

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Umm

15, correction, yes you can.

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Umm

15, you cannot deduct rental losses from your other income ie)employment or other investment.

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oneangryslav

The latest Dilbert is a classic, and will receive almost universal approval from the netizens of this blog. Check it out:

http://dilbert.com/strips/comic/2009-06-26/

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Little

Wow. All I can say

http://www.theprovince.com/Business/Village+could…

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Vancondobear

I also found another one in Kits for approx $1.4MM boasting annual rental revenue of $60k.

House in even worse shape.

What a deal! 😉

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patriotzed

Vancondobear:

PS Thinking is may be some rental income tax to pay along with this also…but I am too lazy to calculate.

Quite the opposite, because you are paying out of your pocket to cover the shortfall between the rent and the interest, taxes, etc. you get a loss which you can deduct from your other income.

Isn't that great? Better buy now! I've also got an ostrich farm which will give you the same writeoff. Sound good?

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Anonymous

Vancondobear: $80K gross on $1.5MM is a egregiously poor investment, even by Vancouver standards. Cash machine is right, only it's cash going out, not going in 😆

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Vancondobear

OK So there is a "Kitsilano Cash Machine"!!!! listed for sale (1957 West 1st) for a meager $1,498,000. Hhhmmmmm. For fun I did a back of the envelope. The seller claims the property garners a whopping $80k gross per annum in rental revenue. And prop taxes are $4500/yr. Let's estimate abt $6000/yr in maintenance and upkeep. Damn those tempermental $350 bucks a pop garbage disposals…plus someone needs to mow the lawn etc and I already have a job. So that leaves net of approx $70k/yr. Now – moving to the mortgage with $150k down – you are looking at approx $105,000 per annum in mortgage payments. I would need to make an extra $55k/yr in my real job to keep this baby afloat. This seems more like a slot machine than a cash machine! PS Thinking is may be some… Read more »

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Boombust

Surreyreal. Or, is it surreal?

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RennieWhereRU?

Pam and Courtnell (not a popular guy on the Sunshine Coast!) cant be this stupid, I gather one last grab at publicity to flog some pre-sales to meet financing requirement. Vanabanker may know, what is pre-sale requirement now for construction financing?

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Hovering

crap..

I take that back

we're # 2

Calgary is down 13.3%

oh well.. it was fun while it lasted.. Maybe we can catch them !

THE GREATEST PLACE ON EARTH for a real estate meltdown..

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Hovering

On the Teranet site

http://www.housepriceindex.ca

If you go to "Communiques" and click on the June 2009 report there are some interesting charts that show the Vancouver Index (calculated using sale prices of homes sold more than once during an observed period – I think..) is down %11.9 from the peak of June 2008 and still falling like a rock.

oh and we're #1 ! Yeah! Finally..

Thanks to Teranet for patiently explaining to me where to find this info.

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Hovering

http://www2.macleans.ca/2009/06/26/dont-believe-t…

Don't believe the Hype

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rp

I nearly barfed when I read "funemployed". Such black humour. How many young families are deeply in debt ?

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oneangryslav

oneangryslav: Related to my earlier post, I've found the story to which I referred. It is from late April of 2008, so just over a year ago (it seems so much longer, somehow!). Here's the full quote, from Dorothy Piotrowski (a fellow Slav, but unlike my, she is not angry–but delusional):

Dorothy Piotrowski has a different motive. She is looking for a low-priced property, something in the $200,000 to $250,000 range, that she can quickly rent out to earn income. “I have two children that I want to put through college. I figure you can’t lose with real estate,”

Here's the link: http://archives.chicagotribune.com/2008/apr/28/bu…

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Rado@freemarkets.ca

"Investors" Buying up Homes With Their Credit Cards

Since the collapse of the U.S. housing market, desperate sellers have been dropping prices. Prices are sometimes so low that Americans are snatching the deals up with their credit cards.

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