Friday Free For All!
It’s Friday! Let’s do our end of the week news round up and open-topic discussion. Here are a few stories I’ve noticed lately:
-Vancouver house market jumps in June
-Americans now saving more than Canadians
-First time buyers can handle rates up to 4%
-Canadians falling behind on credit payments
-Province headline still says Van prices up 16%
-Housing recovery expected to be tepid
-Recession about to hit BC businesses?
-US Jobless rate hits 26 year high
-Manhattan home prices plunge
-California runs out of money
-Air Canada union threatens olympic strike
-Canadian jobless benefits below average
-Wealth in stocks, not real estate, key to consumer spending
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
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July 7th, 2009 at 10:16 am
patriotzed: It’s even worst than that. A guy with 5 drunk driving convictions and several accidents would be put in jail but the guy who ruins the economy by using our currency to feed the RE bubble gets further encouragement from the government and banks.
July 7th, 2009 at 3:07 am
observer:
This is yet another indication that CMHC does not provide insurance in the true sense at all. CHMC charges the same premiums everywhere in Canada, all the time. It’s like an auto insurer charging the same premiums to a guy with 5 drunk driving convictions and several major accidents and a little old lady (and before someone gets smart, no ICBC does not charge these people the same).
CMHC’s de facto mandate today is simply to pump as much capital into the RE industry as possible. Go to their website and look at their board of directors and you’ll see why this is no surprise.
July 6th, 2009 at 5:38 pm
patriotzed: If the CMHC were smart, they would increase their premiums for BC properties due to the bubble risk, just like bad drivers need to pay more for their car insurance.
July 6th, 2009 at 5:28 pm
#101 this is a blog about condos
condo means shared ownership, which means neighbours regardless of whether you rent or own. thanks for trolling
July 6th, 2009 at 5:18 pm
Somewhat unrelated…but I was in the lovely vacation-y area of Semiahmoo this weekend. There seemed to be a lot of for sale signage…
So I went to Trulia. There are a total of 657 residences for sale. Then I checked the census and the Blaine area constitutes 1496 in total households. 657 out of 1496 – 44% !! WOW.
Guess the second home thing for Seattlelites and Vancouverites is off. Possibly some good summer rentals to be had! Good for me so I can get out of my half a mill box in the sky.
July 6th, 2009 at 3:56 pm
I’d rather buy when rates are at 10% than at 3%. The prices will drop to keep the monthly payment in the same range and there is less chance of rates doubling over the course of the loan.
July 6th, 2009 at 3:45 pm
Word to all you over educated underpaid vancouver rental people, from a so called blogg trogg.
Does it make you’all feel better to cut down the city you live in and call home.
I’m sure any of you could afford to buy a home in any other city in Canada!
Have you ever been invited to a barbeque in Van with the outdoor speakers blasting good tunes, hottub/pool maybe,neighbors are guests, well behaved adult social gathering.
Then you go home to your stinky,smokey/curry/noisey apt, that is a $great deal? C’mon, get real!
If you could afford to buy a detached home in The Lower Mainland, without being financially stretched, who wouldn’t.
LIFE IS TOO SHORT TO LIVE IN A STINKY RENTAL APT/CONDO LISTENING TO YOUR NEIGHBORS NASTY NOISES!
Yes, waiting for RE prices to come down in Van is a financially smart idea, but when prices bottom out interest rates will be maxed out.
You will never see 1998 home prices at 4-5% int rates.
Vancouver RE has always been $$$ more than the rest of Canada!
So, my question to buyers waiting?
You will either be unemployed, or have to deal with 10%+ interest rates when RE prices enter your realm.
Good luck buying a home here!
It just doesn’t matter.