Friday Free-for-fall!

It’s Friday Free-for-all time, and boy is it starting to feel like autumn here in Vancouver.  Equity markets certainly spent Thursday falling, should we expect to see a seasonal downturn in BC housing markets as well?  This is the place to discuss anything related to real estate and the economy.. Here are a few stories I’ve noticed lately to kick off the conversation:

Coldwell Banker: Canadian real estate a world ‘bargain’
BC real estate returning to a sellers market?
Vancouver population growth comparison
Stocks tumble on economic doubts
IMF: Canada to lead global recovery
Economic rebound could be slow in BC
Lets pay people to buy houses!
Auto sales crash after losing clunker cash
Finding a new ‘normal’ for the global economy

So what are you seeing out there?  Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Time for Real Travel
Time for Real Travel
10 years ago

107 BB and RP. Same old, same old travel places. RP, sounds like all your exotic travels took place when you were already working in SE Asia. So big deal if you traveled in your back yard when you were younger. Its like a Vancouverite bragging about seeing the glaciers at Banff, the Grand Canyon, or the wilderness of Alaska to someone in Istanbul. It sounds exotic, but anyone here were would shrug it off. Come back and tell me when you have been charged by a Silverback gorilla in Rwanda, flown a plane solo through the Andes, escaped a rebel attack in the Congo, or hunted big game with Masai warrior. Those are just a few of my real travel adventures. Save real traveling to the big boys, and keep your childhood "adventures" and European tourist wandering rants to… Read more »

Franco
Franco
10 years ago

Bears are once more got shit thrown on their face again.

Find one more job to offset the rent hike.

No Longer Looking
No Longer Looking
10 years ago

@other ted: Marijuana costs the same now as it did 20 years ago. Yes, I mean the nominal value. At least, here in BC.

Carioca Canuck
Carioca Canuck
10 years ago

Patriotzed……

Apartments get turned into condos, and vice versa on occasion……Boardwalk REIT buys anything in those two categories that makes sense and fits their business model. Either an entire condo complex, or an multi-unit apartment building. But you got my point about the numbers not making sense for the biggest landlord in Canada to not want to acquire any more real estate at this time……I seriously doubt John Q.Public will though…..

FWIW this very salient news tidbit had a small C/C sized placement buried on the 5 or 6th page of the Calgary Heralds business section last week….and never made it to the TV stations owned by Canwest. Imagine 'dat.

realpaul
realpaul
10 years ago

@Boombust:

Call the burn unit.

Anonymous
Anonymous
10 years ago

Isn't there a forum at Frommers for this crap?

Boombust
Boombust
10 years ago

Yep. I was right. You're an A-hole.

read on
read on
10 years ago

boom and rp – we don't care which of you has a bigger dick, ok….

realpaul
realpaul
10 years ago

@Boombust: Been there done that when jumping off for most interesting areas. Ever sailed the South China Sea across to the Spratley Group and ridden turtles the size of a Volkswagon? you can't backpack there though or fly in? Trekked Borneo yet up the Kuching River by canoe? What about the Xingu River, or did you ever float down the Negro in a dugout? Been to the North Pole Yet. Trekked Nepal? How about that 4 day ride from Mumbai to Chennai? Freaking Awesome . Horseback across Afghanistan ? Tiruchirapalli? Don't give me your Lonely Planet Backpacker crap. Do some real travelling. Don't make me tell you about landing on Kata Beach before Phuket was discoveredby tourists. Or what BKK was like before the backpackers got there. Any idiot can buy a discount ticket, a guide book and go where… Read more »

Boombust
Boombust
10 years ago

"But please feel free to loose your slings and arrows." -rp

Aw shuddup.

Ever been in the Hagia Sophia in Istanbul?

I have.

Floated in the Dead Sea?

I have.

Been to Wat Po?

I have.

So there. Now get lost.

Boombust
Boombust
10 years ago

"At least with good furniture that lasts a lifetime"

Who wants furniture to hang around THAT long?

Lilypad
Lilypad
10 years ago

@realpaul: Because I know. And it's because people buy the junk like what you sold that we don't have more quality tradespeople in Canada. Quality vs quantity. You choose.

patriotz
10 years ago

@other ted:

On Garth’s site there is a poster who keeps mentioning the grow op premiun in Vancouver. There could be some truth that grow ops add to the average income in the city.

So why aren't rents higher?

It's the fundamentals, stupid.

read on
read on
10 years ago

hey RP, glad you enjoyed St Mary Redcliffe. Bristol is a great city. Most of the church (not cathedral, as it isn't an episcopal seat) is 15th, but yes, the site is earlier.

realpaul
realpaul
10 years ago

@Lilypad: #97 Lily, how do you know that custom work is being done in Canada? We have so few trained craftsmen in this country that it would be difficult to manufacture furniture of any quality in sufficient quantity to make it profitable as an enterprise. So whats the bottom line. Maybe people are paying way too much for crap made in China or Indonesia (where they also have a huge furniture manufacturing industry) or perhaps even Egypt, and its being marked up to rediculous prices for Canadian suckers. Let me give an example. When I was a kid I was in the import buisness. One of the items I handled was womens fashions. I manufactured dresses in Indonesia for distribution to boutiques here in Canada and elsewhere. One simple dress which would cost me under $5 dollars landed ( simple… Read more »

realpaul
realpaul
10 years ago

@Boombust: #95 BB, this isn't the only blog I haunt nor am I a stranger to old cathedrals. Travelling was the catalyst to starting my first business. There are few places I haven't been and places I still lust after. Quite frankly I can't get enough,it's become like blood and oxygen ; I recommend it to everyone. For one thing access to a diversity of information opens your mind and really helps one cut through the bullshit streamed through the media to local populations due to geographic isolation. For another, its life affirming and fresh. I have a lot of fun travelling and it seems to make life have the appearance of being worth living. I keep in mind that this was the same thing Sitting Bull said when he was asked why he drank so much. Life is what… Read more »

other ted
other ted
10 years ago

On Garth's site there is a poster who keeps mentioning the grow op premiun in Vancouver. There could be some truth that grow ops add to the average income in the city. But I doubt enought to justify these ridiculous prices. Now that is an industry I know nothing about, but if everyone has a grow op shouldn't the drugs become worthless as supply is abundand. Or are there that many pot heads in the US that happen to be rich?

other ted
other ted
10 years ago

okay I expect with all the bad news out there that crash 2.0 is around the corner in the stock market. When this happens I wonder how it will shake up the real estate industy. Everyone talks about the rebound in real estate these last few months but the stock market has not done so bad. Lets see what happens next month. I predict October will be the beginning of a trend downwards. It may not be evident right away.

Lilypad
Lilypad
10 years ago

@Boombust: CHEAP is the word. Disposable is another. At least with good furniture that lasts a lifetime you don't have to replace it every few years because the finish is peeling off (veneer) or it's disintegrating from moisture (mdf). Oh, well we have to keep those chinese factories busy, eh? Why hire Canadians to do good custom work when we can buy cheap sh*t from China?

Arwen
Arwen
10 years ago

@scullboy: I had a friend go for vacation in Toronto – she was born and bred here. I lived in Ontario for a number of years. She commented on how cheap things were, how much there was to do, how gorgeous the architecture was.

And for the first time since getting here, I thought: damn. This city is more money than it is worth for so much more than housing. I even *like* snow.

My only issue is that my friends and family are all here. Now, if we did a mass relocation of, hm hm, 60 people, I'd be out of here in a jiff. Sadly, it's unlikely to happen.

So, we'll rent. For now.

Boombust
Boombust
10 years ago

You know something, realpaul?

For someone who's touring around Europe, you sure spend a lot of time on this blog instead of visiting old cathedrals.

Boombust
Boombust
10 years ago

"Well, IKEA is NOT exactly the same quality as custom furniture"

Well, la di da.

A lot of it looks good and it's CHEAP!

realpaul
realpaul
10 years ago

@patriotz: #91 P, the mania we are witnessing right now will go down in a future 'McKay' compendium ala 'Extraordinary delusions and the Madness of Crowds' as one the all time greats. We are watching the circus parade by without getting the most out of the entertainment value. Consumer idiocy is, after all, the greatest show on earth. Feel free to laugh until you puke. Its not often we get a front row seat to history. I have my popcorn bucket filled and a bag of confetti at the ready for when the Christians ( real estate bag holders)begin to stampede out of the (Pacific) Coliseum and realise the doors are barred and the lions are very hungry ( it is announced that its over) and the Emperor has no clothes. I can hear the screams now. How delightful. #91,… Read more »

Lilypad
Lilypad
10 years ago

@realpaul: Well, IKEA is NOT exactly the same quality as custom furniture — sorta like comparing MacDs to Feenie's burgers http://www.flickr.com/photos/yusheng/2034185469/ OMG!

patriotz
10 years ago

@realpaul:

“One in four American mortgages that are “under water”, meaning they are worth more than the home itself, are in California.

In a few years you will be able to substitute "Canadian" for "American", "BC" for "California", and quite possibly "one in two" for "one in four".