Friday Free-for-all!

It’s the end of the week, so let’s do our end of the week news round up and open topic discussion! Here are a few stories I’ve noticed lately to kick off the conversation:

Mortgage rate rush helps push up august prices
Our moment on the world stage
-Tories: Election would kill home reno tax credit
Budgeting is tricky business
Translink need mo’ money
No Olympic gold for real estate speculators
From “Best Place” to “One of the great places”?
Geitner: More global stimuli needed
The forced savings plan that didn’t work

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have the best long weekend on earth!

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NO -LYMPICS
NO -LYMPICS
11 years ago

#156 patriotzed

Fully aware of Schreck's political background .

I agree with many of your points in general.

However, Schreck does lay out some facts, and I agree with his point that the HST will place displace the tax burden onto the average taxpayers.

I still don't agree with the HST, perhpas its an admission by Campbell we have a bubble and they are making a pre-emptive strike now for more revenue, as the HST will attack the RE market.

patriotzed
patriotzed
11 years ago

NO -LYMPICS: How to Detect Budget Bamboozling When BC’s Finance Minister rolls out his numbers and claims Tuesday, keep these facts in mind. By David Schreck, 31 Aug 2009 I respect Schreck's knowledge of health care economics (in which he has extensive experience) but frankly I have to write off anything else he says as partisan posturing (he's a former NDP MLA). As I have said before I think the HST is both necessary and overdue. And – surprise – Schreck has had nothing to say about BC's #1 economic issue, the housing bubble which is the root cause of BC's uncompetitiveness and indebtedness. Funny that everyone can blame the collapse of the US housing bubble for the current economic crisis but can't recognize our home-grown version. Bottom line is that I don't have much respect for anyone calling himself… Read more »

kool
kool
11 years ago

wow… get rich 101.. how to make $160,000 in 4 months during Olympics 🙂

http://vancouver.en.craigslist.ca/van/apa/1363443

"Cost is based on per night basis of $100 per bedroom for 11 bedrooms for 151 days total period from Nov 1 till end of March CDN for the entire house …………… "

Anonymous
Anonymous
11 years ago

From Garth's blog
http://www.deepcove-homes.com/listing/V780317.htm

1br listed at $999,999, steal of the year if you ask me … supraboy why don't you add this to your portfolio of investment homes?

realpaul
realpaul
11 years ago

!(EconomicsDegree):

#151, too bad you have nothing to offer the discussion then.

NO -LYMPICS
NO -LYMPICS
11 years ago

Economics and economists

"Give me a one-handed economist! All my economists say, 'on the one hand…on the other."

Attributed to Harry S. Truman (1884 – 1972)

!(EconomicsDegree)
!(EconomicsDegree)
11 years ago

"Speaking for myself, while they are intellectually intriguing, in many ways they are a bit too abstract for those of us without Economics degrees etc."

I would be surprised if there were more than a couple of economics degrees among readers here, and likely zero amongst the posters.

NO -LYMPICS
NO -LYMPICS
11 years ago

#145 realpaul:

Never give them credit for having the brains to actively draft such a plot.

The insidiousness of these socialists is they do it by default….they screw things up so royally it ends up the same result passively.

Its like ICBC…a success ?

No, the private sector can't trust Gov't and has no assurances it wouldn't happen again if they tried.

Look at this Weekend's Vancouver Sun, (6)huge BC mines primed and ready to go for years, but still lots of red tape to go, rooted back to the NDP B.S. in the 1990's.

NO -LYMPICS
NO -LYMPICS
11 years ago

Re: all the Economics debates on VCI Speaking for myself, while they are intellectually intriguing, in many ways they are a bit too abstract for those of us without Economics degrees etc. and not germaine to the main points re Real Estate. There is little if any transparency in Gov't , especially when the " private " Federal Reserve and Bank of Canada is involved. RE on a global scale has been used to prime the economic pump and all associated sectors. The model (Plan A)used was that prices will continue to rise , so everybody wins. That model lasted until the complex financing schemes like derivatives had their Black Swan moment and imploded Goldman Sachs has been accussed of double -dipping, both shorting the market and then getting bailout funds. The low interest rates are not inflating the bubble… Read more »

Boombust
Boombust
11 years ago

'These socialist pricks won’t be happy until we’re all living in communal longhouses sharing the shithouse with the pigs."

INGSOC for all!

realpaul
realpaul
11 years ago

asp:

PS asp, Johns work clearly details an accelerating M3 expecting to top 17% in 2010. Some countries are even worse off with current supply at 50% and more ( russia for ex). The charts are disconcerting and difficult unless you know what they mean. So here is a literal explanation by your own source.

I think its several pages into the argument before he gets into your topic.

http://www.shadowstats.com/article/issue-number-4

realpaul
realpaul
11 years ago

NO -LYMPICS:

These socialist pricks won't be happy until we're all living in communal longhouses sharing the shithouse with the pigs.

NO -LYMPICS
NO -LYMPICS
11 years ago

How to Detect Budget Bamboozling When BC's Finance Minister rolls out his numbers and claims Tuesday, keep these facts in mind. By David Schreck, 31 Aug 2009, http://thetyee.ca/Opinion/2009/08/31/BudgetBamboo… QUOTES HST sales job reveals extent of poverty Median family income is the level at which half of all families have lower income and half have higher income. For all families, all ages and all types, median family income in B.C. in 2006 was $62,600; for families with the oldest member being over age 65, median income was only $21,900. According to the government's HST website, "Low income families and individuals will receive an annual B.C. HST Credit of $230 for individuals with income up to $20,000 and $230 per family member for families with incomes up to $25,000, paid quarterly with the GST credit." So how many people are so poor… Read more »

realpaul
realpaul
11 years ago

asp: #137 asp, sorry but if I believed the BOC 'official' numbers my bread, milk, eggs, gas, booze,heating, insurance, utilities , meat , taxes, laundry soap ( can you believe how much laundry soap has gone up!!!) etc etc ad nauseum would have only increased by the 'stated' numbers by 1.2% and not doubled and tripled ( in some cases) the way they have. I also believe Campbell that the HST will be a job creator (in 5 to 10 years), bring down prices on the retail level) like the government has decided ( not) to do with liqour prices. And further if the government says it will not pass on the 'savings' then what sort of follow up do we expect from the retailers? Will it be a replay of what they told us would happen when prices were… Read more »

NO -LYMPICS
NO -LYMPICS
11 years ago

Annie Leibovitz reportedly set to lose life’s work over unpaid bills. http://www.3am.co.uk/annie-leibovitz-reportedly-s… Celebrity photographer Annie Leibovitz is close to losing the copyright to all her famous images – due to heavy debts. The snapper will lose her entire life's work if she doesn't pay back a whopping $24m loan by tomorrow. Art Capital Group (ACG), which consolidated all her existing loans in September 2008, is suing Leibovitz claiming that she breached the contract by refusing to allow real estate experts into her homes to appraise their value, and by blocking ACG from selling her photographs. Leibovitz, 59, put up her three historic Greenwich Village townhouses, an upstate NY property and her extensive photographic portfolio as collateral to secure the loan – which was reportedly taken out to pay off her mounting debts. Court records show that she piled up years… Read more »

PorkyFlu
PorkyFlu
11 years ago

What we saw this weekend was a preview of what's going to happen this winter. It rained again pretty much all weekend except for this afternoon just in time for everyone to be home getting ready for work and school tomorrow instead of enjoying the weather. Meanwhile during the rain everyone was out looking at condos and homes and many many were sold. There is nothing to do during the rain but look at homes and condos and buy them. That's how it goes in this town.

NO -LYMPICS
NO -LYMPICS
11 years ago

Prediction: Re COV and Vision party: Remember when the NDP got elected to office in the early 1970's? Dave Barrett was on record as saying they felt their win was a fluke and that they had best use their 3 years in office to fulfill their political agendas, and subsequently passed legislation at a record pace. I can see Vision doing the same thing, and COV taxpayers watch out….the difference being that the grief will be concentrated in COV, and in the form of much higher taxes given they, as a Local Gov't cannot run a deficit. Watch out for Mayor Gregor's Green ideas…they will want to leave some sort of "Vision" legacy. This will be on top of the current fiascos ie the Olympic Village and the true Olympic costs, which in my view are not transparent YET. BTW:… Read more »

NO -LYMPICS
NO -LYMPICS
11 years ago

Re Mayor Robertson QUOTE: Mayor Robertson, a kind of social activist-capitalist hybrid, is determined to build for the city a new "brand." Vancouver will be the world's "greenest city," he promises. There is a business principle involved, he says. "We will gain enormous economic advantage by owning that brand, in terms of attracting investment and economic activity," says the Mayor. What better way to launch the green dream than by planting vegetables on city land? And why had no one thought of it before? "There was some flack, because it happened so quickly," concedes the Mayor, sitting for an interview this week inside City Hall. His spacious, wood-paneled office is a stone's toss from the veggie patch. "It turned out there actually didn't need to be a long process. There wasn't a big consultation required." ================ The problem with these… Read more »

NO -LYMPICS
NO -LYMPICS
11 years ago

Didn't the BC Gov't buy up a bunch of SRO's in Vancouver with the vision of renovating them for the poor and homeless? Now with the budget and its admitted ballooning Provincial deficits, I highly doubt these will be ready in time, let alone high on the priority list. Re COV Vision party ? Geoff Meggs went to Torino: http://thetyee.ca/Opinion/2009/08/31/TorinoOlympi… " Geoff Meggs, a Vancouver city councilor, visited Torino while in Italy on vacation. The cost of his internal train ticket and a lunch for his host (no wine) — about $200 — will be charged to his council travel budget ". I think Vision will betray its own constituents so as not to arouse the citizenry, they want the Olympics to go off without a hitch. They are in bed with the Liberals, much like Ex-Mayor/future Premier Harcourt STFU… Read more »

asp
11 years ago

I don't know where the commenter's above are getting their numbers on USA M3 money supply, but the figures I can find are nowhere near 13%. http://www.shadowstats.com/alternate_data/money-s

Meanwhile, in our own nest:

Money Supply (M3) in Canada

2004: 860,201

2005: 943,546

2006: 1,013,552

2007: 1,123,871

2008: 1,258,260

2009: 1,294,279

(June)

So we have a less than 3% increase in the money supply during the last year or so. In the previous years, during the credit bubble, the money supply was increasing at more then 10% a year. This seems to indicate that the private market has more willingness to risk high inflation than the government does.

* Latest data from: http://www.bankofcanada.ca/en/bfsgen.html

NO -LYMPICS
NO -LYMPICS
11 years ago

#134 realpaul: Why do the politicians always choose to report the bad news or tell part of the truth on the weekends when no one is around to hear? ======== It's an old trick, oft noted by the more " feet to the fire " media. However, thanks for the numbers…I didn't realize BC was that vulnerable. It's not like we have any flexibility to ramp up some economic sector to make up for what we lost. How can we compete with other areas in which they are suffering to? Look at the summer 2009 , Campbell unleashed both the HST and the Budget….before Labour Day….why not wait till everyone is back from holidays and in town? Now that the bad news is out, people attention span is now onto other things. All the info I read states this is… Read more »

realpaul
realpaul
11 years ago

Hey, didn't the "little retarded boy mayor" Greggy, and , his cynical rabid pack of assholes aka Vision Vancouver run on a one platform campaign to 'fix the homeless problem' by 2015? Wasn't that the main issue that Vanshitzone needed covered? Well, it's covered alright!!!! Bwahahahahahaha, with bullshit that is!!!! Olympic Village screw up Homeless ticketing campaign fiasco – the bicycle bridge flop Now the Green City gambit Talk about teflon in reverse, the shit just sticks to this guy like flies on the fresh floppy of Shitty Hall. http://www.nationalpost.com/news/story.html?id=19… So, whats happened to the homeless. They are still there and growing in number from what I have seen. Is all this other shit just mis direction? Didn't the arrest by ticketing campaign work Greggy poo? Is the Shitty council looking for an issue they can sell to a gullible… Read more »

realpaul
realpaul
11 years ago

Why do the politicians always choose to report the bad news or tell part of the truth on the weekends when no one is around to hear? Hansen admits " Return to recession a distinct possibility. Expert says " 5 to 10 year slowdown in BC economy " No direction after Olympic glimmer" "Unemployment will continue to grow" " No hope for forestry" The list goes on. "This new-found pragmatism stems from the rot in the B.C. economy, the deadwood underpinnings that were easily obscured during the province's prolonged expansion. The hard reversal in B.C.'s fortunes is severe and, in some of the worst ways, its woes resemble those of the United States. It's suffering from the after effects of an expansion that was too reliant on a hot real estate market and consumer spending and characterized by soaring imports… Read more »

Listings down Brownt
Listings down Brownt
11 years ago

LISTINGS DOWN PRICES UP

One of OUR DJ friend at OIL CENTRE reversed the trcak to few months back giving affordability index a $6 boost for week while best indication already advanced and Vancouver real estate listings in core area down to 8,456 only and price in attached category posted year over year gain in lots of gvrd areas My Heart goes boom boom success. Now we are going to experience Recovery Part-2 despite the success of recovery one,It’s no longer even a requirement,why? Because most of the peaks are temporarily on hold intentinally.Between Every single bear is adviced that if you are buying a principle residence look no further just jump in to say FIRST because hey Vancouver real estate,Virtually poised to constantly go up.

upsidedownman
upsidedownman
11 years ago

¡suʍoʇuʍoɹq uɐɥʇ ɹǝɥdıɔǝp oʇ ɹǝısɐǝ ǝɹɐ sʇuǝɯɯoɔ ʎɯ