Friday Free-for-all!
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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Anonymous Says:
June 25th, 2009 at 10:41 pm
More Projects on Hold.
More jobs lost.
Less immigration
Low wages
Hurry Up!
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other ted Says:
June 25th, 2009 at 11:05 pm
who would think the last of the greater fools might literally be pamela anderson. If she gets her way she might go from rags to riches to rags. Who on earth is going to by a luxury condo in ladysmith.
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oneangryslav Says:
June 26th, 2009 at 12:46 am
But, they’re not making any more land in Ladysmith, and if the condos have stainless steel appliances, I may buy myself 3 or 4. After all you can never lose with real estate.
By the way, that reminds me of an article I read about 2 years ago in the Chicago Tribune, the subject of which was one of those new-fangled (at least at the time) “foreclosure tours” that an enterprising (or plagiarizing) Chicago-land realtor had begun.
So the premise was to load a whole bunch of people onto a bus and drive them to see a whole bunch of foreclosed properties, with the hope that at least one of these idiots would be stupid enough to catch a falling knife. (By the way, I’d love to see a follow-up story on the fate of these budding RE geniuses.) Anyway, the part of the story that I’ll always remember is a quote from a woman who had this pearl of wisdom:
“…after all, you can’t lose with real estate!”
You %&^^*$# moron! You’re on a foreclosure tour!! The reason that you’re on this bus is because a lot of idiots had just done what you claim was impossible!
Ah, good times…
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patriotzed Says:
June 26th, 2009 at 8:53 am
other ted:
Who on earth is going to by a luxury condo in ladysmith.
People who can’t afford one in Nanaimo, of course.
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Rado@freemarkets.ca Says:
June 26th, 2009 at 9:07 am
“Investors” Buying up Homes With Their Credit Cards
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oneangryslav Says:
June 26th, 2009 at 11:12 am
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):
Here’s the link: http://archives.chicagotribune.....tour-apr28
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rp Says:
June 26th, 2009 at 2:13 pm
I nearly barfed when I read “funemployed”. Such black humour. How many young families are deeply in debt ?
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Hovering Says:
June 26th, 2009 at 2:14 pm
http://www2.macleans.ca/2009/0.....sing-hype/
Don’t believe the Hype
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Hovering Says:
June 26th, 2009 at 2:21 pm
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 Says:
June 26th, 2009 at 2:24 pm
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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RennieWhereRU? Says:
June 26th, 2009 at 7:04 pm
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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Boombust Says:
June 26th, 2009 at 7:06 pm
Surreyreal. Or, is it surreal?
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Vancondobear Says:
June 27th, 2009 at 7:46 pm
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 rental income tax to pay along with this also…but I am too lazy to calculate.
PS#2 The house is very ugly as a bonus.
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Anonymous Says:
June 27th, 2009 at 9:52 pm
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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patriotzed Says:
June 28th, 2009 at 8:47 am
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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Vancondobear Says:
June 28th, 2009 at 9:10 am
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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Little Says:
June 28th, 2009 at 12:03 pm
Wow. All I can say
http://www.theprovince.com/Bus.....story.html
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oneangryslav Says:
June 28th, 2009 at 2:00 pm
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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Umm Says:
June 28th, 2009 at 5:27 pm
15, you cannot deduct rental losses from your other income ie)employment or other investment.
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Umm Says:
June 28th, 2009 at 5:30 pm
15, correction, yes you can.
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dboy Says:
June 28th, 2009 at 5:40 pm
realpaul:
You having a serious mental problem – get a life….This is supposed to be a site about real estate ….
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Franco Says:
June 28th, 2009 at 5:42 pm
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 Says:
June 28th, 2009 at 5:44 pm
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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Vancondobear Says:
June 28th, 2009 at 5:59 pm
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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oneangryslav Says:
June 28th, 2009 at 6:49 pm
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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Vancouverite Says:
June 28th, 2009 at 7:04 pm
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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dboy Says:
June 28th, 2009 at 9:09 pm
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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patriotzed Says:
June 28th, 2009 at 9:11 pm
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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read on Says:
June 28th, 2009 at 10:25 pm
err, 28 – he corrected himself in 16…. reading is good