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October 31st, 2009 at 12:05 am
@John & Little.
There are a lot of landlords beginning to sit with open inventory because they’re refusing to lower their prices – those who are priced to Vancouver wage earners are coming off the market quickly, and those buildings (with savvy, usually longer term, landlords), have dropped.
I’ve been watching the West End quite a bit, especially, and a lot of places that have attempted to gentrify are dealing with increasing vacancy loss compared to 6 months ago.
October 30th, 2009 at 11:58 pm
Hey 2010_ND
Don’t hate, relocate!
I’m doing my technical interview tomorrow, I hope to have the job wrapped up by the end of the week, then it’s off to Halifax.
I am so glad to get the hell out before the Olympic shit show begins. I’ll catch Sydney Crosby running the torch in Nova Scotia and please God, he’ll be wearing tights
.
I’m so optimistic about the future. The salary is close to what I made here in BC and for the same price as a crappy Yaletown rental, I can rent the whole floor of a Victorian house with heat lights hot water electricity cable AND internet included!
Even better, the population’s projected to DEACREASE, which means less competition for good jobs, and you will never ever EVER hear the phrase “Everyone wants to live here!”
Oh, and lobster’s 4 bucks a pound.
October 30th, 2009 at 11:25 pm
west end prices are down, and there are far more vacancies then previous years -
October 30th, 2009 at 10:14 pm
The first highly successful anti-olympic protest occured in Victoria tonight. The baffoonery of the police in charge of security is just a taste of what’s in store for Vancouver. These donut gobblers have no idea how to deal with situations like this. I predict all out riots when this joke show hits Vancouver. I just hate this province so much now.
October 30th, 2009 at 10:14 pm
John, you are absolutely right. People can go on and on about the tricities area all they want, but Vancouver proper is not going down at all. Not yet.
October 30th, 2009 at 9:51 pm
@John: There’s falling rent in Tri-Cities and New West too. A year ago, new 2bd/bth condos in these areas would have asking rents from $1500-$1900. Now the norm is $1300-$1600.
BTW I understand they’ve already found grow-ops in the just-completed Plaza 88 development in New West. A friend of my Mom is panicking and trying to offload her condo ASAP. The place is ghost-towers – nobody living there is making it kinda creepy.
October 30th, 2009 at 9:33 pm
What is this about rental rates going down, I see them going up and up in Yaletown, maybe Surrey area but not downtown.
October 30th, 2009 at 8:20 pm
Correction, it is the District of Sechelt thats after the Girl Guides Camp and not the Municipality of Chilli wak wak wak . If I’ve offended anyone desperate enough to reside in that shithole I apologise.
October 30th, 2009 at 8:17 pm
There is one thing I will miss from Paul/Gavin’s stats and that is the highest overlist and underlist daily stats. Even with the so called recovery in the housing market, the variance in this particular stat has been very elevated compared to pre bubble times. It suggests the market is still very volatile despite claims that it is in recovery mode. It was kinda of like a vix meter for Vancouver RE.
October 30th, 2009 at 7:14 pm
Landlords Sweeten Pot for Renters
Problems may be on the way. Office buildings often don’t show financial strain in the early stages of a downturn because they are occupied by tenants who have signed long-term leases. As long as the tenants stay in business, their landlords can even see revenue increases because of escalation clauses in their contracts.
The pain starts hitting when leases expire…
October 30th, 2009 at 7:01 pm
http://www.thestar.com/sports/.....cle/701892
$349, in fact. Plus taxes. Buy one NOW! Quick, before HST! Olympic torch “only ever go up”!
October 30th, 2009 at 6:58 pm
And you can have one of your very own to keep, for the meagre prices of nearly $400 – direct from “pappy” IOC.
October 30th, 2009 at 6:39 pm
I think it’s fantastic that the Olympic torch looks like the biggest spliff ever assembled – it’s sooo BC.
Mayor Robertson should have put it in his mouth the second it was lit and then passed it to a startled and horrified Gordon Campbell.
http://www.flickr.com/photos/benhulse/3301150095/
October 30th, 2009 at 5:22 pm
“There are questions out there about how things go from here. ”
- questions? seems like there is NO QUESTION anbout how things are going to go.
October 30th, 2009 at 5:00 pm
“You need growth, you need a healthy financial system to have a healthy economy. There are questions out there about how things go from here. Right now the government is fueling the system with cash. That can’t last forever.”
Stocks tumble on recovery jitters, financials
October 30th, 2009 at 4:42 pm
RP – yes, we have been lied to. The blog community (esp sites such as Mish’s) have been calling this overly-positive (AKA bs) reporting all along. It saddens me, to be honest.
October 30th, 2009 at 4:11 pm
I couldn’t not post this,
First the government lies and tells us that their stats show that all is improving. This I suppose to comfort you and get you to spend spend spend, which you did.
Now, the same numbers are “surprise’ all revised ( code for it was all BS) down to show that in fact its all worse than they had let on previously. In other words ‘Manipulation”.
What does this accomplish, well they got a whole whack to sign up for mortgages and now they get to beat down the $C dollar with the ugly truth stick.
Bwahahahahahahahahahahahahahaha , we’re fucked.
http://www.financialpost.com/story.html?id=2165351
October 30th, 2009 at 4:00 pm
@chip:
the new meme is our planetary support system….
the politicians know the lumpen proletariat will demand they “DO SOMETHING!!” so a vain attempt
will be made to legislate AGW into the corner…..
the level of insanity required to believe this is simply breathtaking…..
October 30th, 2009 at 3:56 pm
Sorry thats W5 not W%
October 30th, 2009 at 3:51 pm
#28 O, I have to agree with you. The US stimulus did go out to projects across the US whereas in Canada is has been limited to routine maintenance projects in government buildings. This came out in a news release yesterday if I can find the list I’ll post it. It has about 4300 projects listed and mostly in Conservative ridings.
The vast majority of the deficit spending and new debt has gone into propping up the CHMC debacle through the back door and shorting the Canadian dollar by the BOC buying huge multi billion dollar tranches of US dollara while the US dollar was crashing.
If these guys worked for a trading house they would have made world wide news like Nick Leason did when he lost billions of pounds on the sly. Not so if you’re the government of Canada with the taxpayer willing to pay up on all losses. All this shit has piled on debt like never before onto the taxpayer.
And now the Conservatives are trying to revisit the National Energy Policy from the 1970′s Liberal playbook by sticking it to Alta and BC for ‘carbon equalization’, what bullshit. Its a Federal Government desperate for cash short and simple.
All levels of government have spent themselves into a great sucking hole. The municipal government in Chilliwack is attacking the Girl Guides Camp for a property tax penalty of over $250,000 ( which will kill the program BTW) . This is the way things are going to be from here forward. Forget about laying off the parasite brothers in law from comfy government boondoggles. Hell no, lets fuck the Girl Guides!!!!! Who ARE these people?
The fuck ups disguising themselves as ‘Health Care Professionals’ are on the CBC offffffffffensive and are now blaming the public for the vaccine shortage as too many people have been showing up for the promised vaccine. How Machiavellian can you get? It wasn’t like they didn’t see the disease blossom in Mexico and did nothing to stop the spread. Its not like they didn’t see the exponential spread of the disease through the population over the past six months while saying that it would not come to Canada. Its not like it wasn’t them that stopped the production of the vaccine in order to sell the old stock first. all these chronologies are public information and NOW THEY BLAME US??????
Only in Canada.
meanwhile at long last it looks like the public has been complaining loud enough and the RCMP is on the hot seat. One MP asked on the floor of the House yesterday
” Are the police protecting us, or do we need protection from the police?” Good one.
More people are getting on side with this issue, about time.
W% is doing a big expose’ on police violence, watch for it. We need civilian oversight in the worst way. The current crop is the dregs of an old system which is completley broken.
I suggest that as the vast majority of killings are done by the Nintendo generation cops that all weapons be taken from police under the age of 50. The current crop don’t seem to give a shit about lives saved the way the cops of old did where a duty officer wouldn’t draw his weapon over the course of an entire career.
has anyone noticed that all the public relations people from the RCMP have been replaced by younger looking women? Tring to pull something are they? As their own veteran psychologist Dr Webster said recently ” The RCMP is an ethics free universe”.
October 30th, 2009 at 3:42 pm
@blueskies:
Just curious why the federal government is even responding to a so-called economic report by the David Suzuki Foundation and Pembina Institute, two environmental groups.
What’s next, the Bank of Canada to hold a press conference on the latest missive from PETA?
October 30th, 2009 at 3:22 pm
@OlympicDisaster2010:
I’m sure they’ll make the crowd look big on the TV news. Thanks for the real story.
October 30th, 2009 at 2:21 pm
@denial: My impression is the US has spent their stimulus more broadly and deeply, whereas we have mostly put our money into propping up mortgage and housing market. We may not have had QE technically but the purchase of mortgages from banks by the government is a form of QE in my view.
October 30th, 2009 at 2:03 pm
@oneangryslav2:
But:
a) Natural gas is cleaner burning than petrolium (petrolium produces 40% more CO2).
b) The carbon footprint to extract natural gas is practically 0 compared with oil from the tar sands.
c) The bulk of all these products is sold in the United States which would not be affected by Canadian regulation.
On the whole I think it might even have a short term positive effect as more people switch to natural gas because, relative to oil it would go down in price.
October 30th, 2009 at 1:43 pm
I attended the torch rally ceremony and let me tell you it was a complete and utter joke. BC will be the laughing stock of the world by the time this disaster is over. I knew it was going to be pathetic but I just didn’t realise the extent of it until now. The really surprising part for me was just how small the crowd was.
October 30th, 2009 at 1:37 pm
Porky Flu – that’s too funny! I look forward to more unraveling of the amateurish PR/ad wonk machine that thinks it’s going to invite the world over and baffle them with BS. So typical of the half-wits that run this province and have no idea what’s happening outside the pot smoke haze of BC.
Let Amateur Hour begin!
October 30th, 2009 at 1:03 pm
Is that article on how great Vancouver condos are for real? I honestly can’t tell any more.
The author states:
“So, you can expect that at some point the roof, plumbing, elevator, windows, garage membrane, etc will all need to be replaced…”
But forgot to mention:”and you could get hit with a quarter million dollar bill out of the blue and no way to pay it since the Provincial program that used to secure the loan is now Kaput!”.
October 30th, 2009 at 1:01 pm
@Drachen: I’m not sure you’re right about that. One of the reasons BC’s coffers were spilling over the last few years was due to the royalties from natural gas deposits in the province. Since the price of natural gas (per mmBTU) has gone from a high of about $13 in July 2008 to a low of about $2.50 a few months ago, the toll on the BC government’s finances has been substantial.
October 30th, 2009 at 12:47 pm
@blueskies:
They say “western provinces” but really they just mean Alberta. They’re the only ones who would be hit significantly harder by regulation. The Conservatives are just trying to scare people into voting for them so they make the potential downside seem much more significant than it really is.
October 30th, 2009 at 12:47 pm
@davers: What the collective blood pressure of Olympics-induced landlords go up dramatically when local hotels start releasing rooms as February approaches. Landlords in Salt Lake City, Torino, Athens, and Beijing all thought that they were going to make a killing renting out their rooms/hovels/apartments at exorbitant rates. Plans didn’t work out for most.
That’s not to say that some/many landlords won’t do well. If you have a decent place in the downtown core, you’ll probably do very, or spectacularly well. But people in Burnaby, Coquitlam and Richmond hoping for 300 dollars/night for their leaky-condo era studio will get a huge dose of reality come February.
October 30th, 2009 at 12:23 pm
@Ulsterman:
While Chilliwack is insane, it wouldnt be that hard to believe that people would stay in new west for the games. If the place is by the skytrain then it is not a long journey to many of the venues.
Why anyone would pay the prices they are asking is beyond me, but I bet they give discounts off what they are asking.
October 30th, 2009 at 12:07 pm
#14 Porky Flu Thanks for posting that . The level of bullshit that is thrown at the Canadian public with the compliance of an unethical local media is sickening and has the average Canadian completley stupified and removed from the truth.
October 30th, 2009 at 12:02 pm
Talk about lies. GDP numbers continue to fall into the red yet the propaganda that the recession is officially over. How can that be? Is it a case of the Nazi model of propaganda where “if you repeat a lie often enough, people will start to believe it”?
http://www.globeinvestor.com/s.....5/GIStory/
October 30th, 2009 at 11:51 am
Oops, I just relaized I was thinking of the Finacial Post, not the Globe… never mind…
October 30th, 2009 at 11:49 am
Oh that press release makes me want to puke! Good on the Seattle Times for running their particular take on this VANOC slop.
Yalie: I too was feeling the G&M had resorted to ethical journalism, what with Diane Francis’ recent article and others reporting real substance instead of the usual re kool aid we get from the Sun etc… I wonder if their recent reversion to pablum has anything to do with their being brought back into the “Canwest Family”…
October 30th, 2009 at 11:09 am
@PorkyFlu:
this “deja vu yet” moment missed mentioning the
aircraft was an hour late in arriving
and because the flame went out somebody
had to relight it with their BIC lighter
October 30th, 2009 at 10:50 am
The propaganda is leaking out :
http://seattletimes.nwsource.c.....010_p.html
Get ready for more you dip shits.
October 30th, 2009 at 10:29 am
#9 @blueskies: Canada hasn’t done QE. Instead we got a commitment to hold interest rates low until Spring 2010, which is arguably much wiser. QE spooks the bond markets because nobody knows for sure how long it will go on or how much will be purchased or really what effect it will have. I think Mark Carney made a very good call here, and now he’s complaining about how government policy (CMHC) is feeding the real estate bubble. He’s right. The broader economy needs the bank’s low interest rates and the lower dollar that results. The housing bubble only continues because CMHC lending is out of control.
October 30th, 2009 at 10:18 am
@oneangryslav2:
Not only the rental supply I think. I suspect there will be a sales listing boom as well as many folks who have been living lean for the last year or two to make their payments in the hopes of cashing in on the post-olympic boom try to cash out.
Of course we know that the, “boom” will actually be the sound made by the Vancouver balloon after the Olympic pin is pulled out.
October 30th, 2009 at 9:40 am
Interesting thought about the rental market post Olympics. I can’t wait to have the Olympics over and done with already. Just to get that dynamic outta the RE market.
2010 should be an interesting year. With many current stimulus programs coming to their ends all over the world, it should be interesting to see what will happen with the stock markets, economies and RE.
I watched a documentary on the 1929 stock crash the other night. It was a good reminder that sometimes these things play out over many years. I have to say that there are alot of shocking similarities between 29 and today. We responded differently this time, but IMO we’re no where near to fixing the problems that caused this mess.
I wouldn’t at all be surprised if we start hearing the words “more stimulus is needed” in 2010. Insert eye roll here.
Seems to me that all the stimulus worldwide has succeeded in doing is driving up asset prices in the stock markets and RE. At least in Canada we seem to be making the debt problem worse and not better. Not sure how people are so optomistic, but hey that’s just me.
October 30th, 2009 at 9:33 am
Will climate change affect the economy?
A landmark report on the economic impact of meeting climate-change targets has run into a storm of opposition, with Western provinces calling it divisive and the federal government saying it would spell economic disaster.
“We would be extremely opposed to any kind of a carbon tax or some other kind of tax that would result in a significant wealth transfer from our province to any other province or area of the country,” said Saskatchewan Energy Minister Bill Boyd.
Federal Environment Minister Jim Prentice said there is no way Western Canadians could absorb the deep economic hit projected by the report’s environmentalist authors – the David Suzuki Foundation and the Pembina Institute.
BC, Alberta and Sask…… have not provinces?
http://tinyurl.com/yzksnjn
….stay tuned
October 30th, 2009 at 9:31 am
Bank of Japan begins to pull back
Move runs counter to government pressure
to support borrowing until economy strengthens
A split Bank of Japan began withdrawing from credit markets on Friday and said it would scrap all key funding support programs by March, resisting government pressure to support corporate borrowing until the economy strengthens.
The bank extended a low-interest loans scheme by three months, but set an expiry date for March and said it would end less-used funding measures – buying of corporate bonds and commercial paper – in December, as expected.
http://tinyurl.com/ycjbsr2
….more and more QE is toast…..
when is Canada going to step up to the plate?
October 30th, 2009 at 9:17 am
Now that the olympic flame is in Canada the real estate market is sure to reach a burning hot olympic flame induced state. If I were a condo speculator in Vancouver I would have bought 4 condos last week and sell them this week for a huge profit. Everyone wants to see the flame.
October 30th, 2009 at 7:47 am
My sis-in-law is moving here from London in early 2010 and I have advised her to wait until after the Olympics to find a rental. I’m sure the rental market will be blown wide open after the games. Even now, it’s cracking. I expect the R/E market will look quite different as well.
October 30th, 2009 at 7:24 am
“Hmmmm…. just like the market picked up 2 or 3 years after the bust in the US, right?”
Actually yes, the low end of the US market has hit a temporary bottom due to the $8000 tax credit.
Sad, isn’t it?
October 30th, 2009 at 4:46 am
It’s hilarious how many amateur landlords are halfassed planning on cashing in on olympic rentals, but not paying the small license fee to do it legit. Ifind itinteresting that the city says it would only go to the $2000 fine as a last resort, and would first send a warning letter and get an injunction to stop the rental.
Stopping the rental would cost the owner WAY more than $2000. They’d lose the income plus may be legally obliged to cover their tenant alternate lodgings, depending on their contract.
October 30th, 2009 at 12:31 am
The rental supply that’s going to be available beginning in March is going to be phenomenal.
October 29th, 2009 at 11:22 pm
Olympic delusions…
“MacKenzie said homeowners from as far away as Hope, Chilliwack, Vancouver Island, the Okanagan and Lynden, Wash. have contacted the agency wanting to list. The agency takes a 25-per-cent commission and a $250 listing fee for a full-service rental, which includes vetting the guests, tax collection, housekeeping and handing over the keys. It is keeping homeowners from cities such as Burnaby and New Westminster on a reserve list and will list them if the demand is there”
That’s right, overseas fans will pay big dollars to stay in New West and Chilliwack during the games. Once they discover these hidden gems, prices are sure to skyrocket. Hurry, contact your realtor today!
October 29th, 2009 at 10:49 pm
For a while there, I was starting to think that the Globe had actually bucked the trend of shoddy RE journalism and written a pretty good article. And then, near the end, this:
“And of course, a project initiated now would come on stream just as the market picks up again—with luck, in two or three years’ time.”
Hmmmm…. just like the market picked up 2 or 3 years after the bust in the US, right?
October 29th, 2009 at 9:40 pm
i am the first bear here