Comments on: CMHC predicts 2010 rebound and building boom

By: mukesh

mukesh — Wed, 30 Dec 2009 20:22:04 +0000

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By: space889

space889 — Sat, 07 Nov 2009 01:14:53 +0000

@No Longer Looking: Hi, I know it's a myth and I constantly tell my wife and friends who are thinking about buying a condo. So that was meant to be tongue in cheek. However many people I know do think that way, especially from mainland China as apparently the condo there (or the equivalent of) don't actually have as many enforceable rules as here. As my wife puts it, in China if you don't like how your neighbor lives? Move because it's your problem! I find that there is a serious lack of education about condo living and what your obligations are and what happens if things go wrong. It's really unfortunate.

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By: logic

logic — Fri, 06 Nov 2009 07:57:12 +0000

Err, did that math. Worth very little to me. Worth more was: [1] not having to worry about potential negative equity [2] being free to relocate if i wish [3] Being able to stick my stuff in storage and go travelling for 6 months whenever I feel like it. etc.

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By: rainyday5000

rainyday5000 — Fri, 06 Nov 2009 04:32:44 +0000

Cashisking, isn't your wife a realtor? Considering your bearish outlook, it must make for some interesting dinner table conversation. I agree that there are good realtors worth their fees, but they sure are hard to find.

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By: Boombust

Boombust — Fri, 06 Nov 2009 02:55:32 +0000

Boombust, (comment 84) "Would it be possible for you to post some or all of your letter? Maybe too if it is publicly posted that will help get a reply. Interesting that you haven’t received one yet … it’s been a couple of weeks, right?" Sorry chum. Didn't keep it.

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By: ave

ave — Fri, 06 Nov 2009 02:54:09 +0000

...then ask yourself what value you would place on not being able to be evicted for "landlord renovations", and being able to upgrade the place as you see fit. Then subtract what you think the value is for being able to bail on it with a month's notice. Then add a premium for not having to read this blog and obsess over housing for the rest of your life.

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By: oneangryslav2

oneangryslav2 — Fri, 06 Nov 2009 02:36:58 +0000

@logic: Exactly. Everyone should do themselves a favour and complete the following activity. Look up at a typical East Vancouver bungalow on the MLS. Then, go to your favourite mortgage calculator and calculate how much your monthly mortage will be at various interest rates. Then, go onto the Craigslist rentals section and look for houses/apartments/condos that are renting for the various mortgage paymenst you calculatd in the prior step. Now, for your homework question, ask yourself, "is the quality of shelter that I would get by renting better/worse/about the same as that East Van bungalow." I think most of us know the answer to that question.

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By: logic

logic — Fri, 06 Nov 2009 02:10:42 +0000

"If the rates goes up in 5 years and I can’t afford it then I will sell and at worst break-even." --------- If rates go up, people can afford to borrow less. So they will have less to spend on a property. Hence you will get lower offers than they would have made if rates were low. So, do that math on that one.

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By: logic

logic — Fri, 06 Nov 2009 02:06:57 +0000

"Plus it will be newer than the 30 years old rental apartment I’m in right now. A" --------------------- Err, with the number of new condos (granite a SS appliances and all) on offer at the moment, odds are your "rented" place will be newer than their "owned" place.

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By: No Longer Looking

No Longer Looking — Fri, 06 Nov 2009 00:58:41 +0000

@space889: "Also renting you have to obey other people’s rules but not owning!" That's another myth. You're always answering to someone. Whether its the condo board, the municipality, the taxman etc.

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By: space889

space889 — Fri, 06 Nov 2009 00:36:24 +0000

@gvrdpropertyowner:
What I have heard from friends, friends of my wife, etc is basically who cares if the interest rates rise? If I can afford the mortgage payments now then it’s better to own now than renting because you “own” the place and can do what you feel like. Plus it will be newer than the 30 years old rental apartment I’m in right now. Also renting you have to obey other people’s rules but not owning! If the rates goes up in 5 years and I can’t afford it then I will sell and at worst break-even. This is the type of thinking from accountants, engineers, marketing, finance, etc, etc, etc. They figure there will always be someone who can afford to buy it and will buy it so they suffer no loss (ie. house sale proceeds at least equal to outstanding mortgage amount).

My response was ignoring all else, someone who can afford the higher payments probably makes more $$ than you or at least wealthier. So why would a wealthier person not purchase a better place more suited for his wealth/higher income and instead a used condo from you, a poorer person, at a higher price than you bought it at? Given that the cost of owning the place can be viewed as the monthly mortgage payment, strata fee, insurance, tax, etc. Also if a lot of people in your income bracket bought similar places and need to sell, why do you think there are enough higher income people around to buy these places? Since the general rule is that the higher up on the income/wealth ladder, the fewer people there are.

oh well….in the end it’s their choices, no need to be a super spoil sport full of negativism right?

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By: cik

cik — Fri, 06 Nov 2009 00:24:05 +0000

Sorry I thought you would figure it out Private schools = higher fees for better service ... you don't have to believe it ... you don't have to pay for it ... if I don't feel I'm getting my money's worth I DON'T have to send them ie pay for it Do you honestly believe they are equal? WOW If I owned a property could I sell by myself or are all for sale by owner transactions done between people who don't have realtors. Furthermore there is a whole section in the Chapters near me that is devoted to selling your house by yourself - fuckin book whores?!? Why are they allowed to charge money if it's not possible.

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By: realpaul

realpaul — Fri, 06 Nov 2009 00:16:04 +0000

Woops, slow down RP , my bad, no censorship of comments today, my machinery must have blinked for a minute. Solly all.

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By: realpaul

realpaul — Fri, 06 Nov 2009 00:14:27 +0000

#98 I seem to be getting censored again. My responses to your string are hitting too close to the bone. But I couldn't stop posting this from garths comments Here’s another herd mentality for ya. Regular healthy people trying to jump the queue lining up for H1N1 vaccines. How many people die every year from heart disease? Yet I see no line ups at the gym.

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By: realpaul

realpaul — Fri, 06 Nov 2009 00:07:50 +0000

#96, N911, I saw a Labour Council announcement flash by earlier today that suggested unemployment numbers tommorrow will be UGLY. Wait for the fun.

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By: realpaul

realpaul — Fri, 06 Nov 2009 00:01:53 +0000

#94 CIK, I don't get the private school connection or charity assoc in any of that as it relates to the incompetance of real whores generally? Are you saying that you feel that you deserve or are more worthy of a better quality real whore than the rest of us because of your personal foibles? Fact is that the Real Whore Board itself disagrees with you. It is their assertion that the qualifications of all real whores are homogeneous and that they are all as competant as another. So....it sort of blows the lid off the 'you get what you pay for ' argument. i have to disagree with you strongly on the point of 'voting with your wallet' assertion. Voting is synonymous with freedom of choice. The Whore Council has not allowed free competition into the market. Only then will we see who's truly competant and who is not.

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By: cashisking

cashisking — Thu, 05 Nov 2009 23:23:10 +0000

gork #95 Well then your not dealing with a competent person ... Look all I'm saying is do your homework ... when I bought my first place 15 years ago I didn't have a realtor and found the place myself. I negotiated the fee and took into the consideration that the realtor was probably biased in favour of the vendor ... I was o.k. with that but you get what you pay for. I've worked very hard to get where I am and I charge a lot of money for my services. If you don't like it find someone else. Even though I am in NOT a realtor people shouldn't be telling them what there service is worth with anything other than THEIR wallet.

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By: Supraboy

Supraboy — Thu, 05 Nov 2009 23:12:52 +0000

@Disbelief: You think I'm worried about my job going south? My properties are rented out and the suckers are paying off the mortgages for me. If you took economics 101, you'd learn a few tricks or two about how to build assets.

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By: Nero911

Nero911 — Thu, 05 Nov 2009 23:05:39 +0000

Employment Quality in Canada Detiorating – worst in BC (jobs quality index down a whopping 8%)

http://www.canadianbusiness.co....._7_cnw_cnw

See the PDF report linked to in the article, courtesy CIBCWM

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By: gork

gork — Thu, 05 Nov 2009 22:08:07 +0000

#93 and in some profession 99% are rotten. Agree with RP on #89's "if you want to save money and roll the dice". That's realtor fear mongering at it's best. Without realtor you can still have a building inspector, lawyer, ect. 89, what's the true value you get from the realtor, how does he/she make up for their money? I frequently get newsletters from a few realtors i contacted in the past >2years back when trying to get more info on a property listed. First, it's annoying to get this spam, second, isn't it funny that they all think (at any given time) I should buy right now, great opportunities ect ect... However this reminds me of the worst part, when i called them waaay back for more info on properties they were simply not in a position to provide it (but always had a friend that could arrange for a mortgage). Asked for a floorplan with measurements, which i think is pretty basic when buying a house or condo, and i have not seen one for any of my inquiries. hm.

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By: cashisking

cashisking — Thu, 05 Nov 2009 21:39:02 +0000

All I was saying is you pay for what you get ... you don't have to pay and you don't have to get. Does it bother you that my kids go to private school? Does it bother you I have my suits tailored? I also have ski boots custom fit for my kids and my daughter's saddle was custom made? On the other hand ... I volunteer for several boards/charities ... I spent three days at Whistler helping my landlord install/build at my rental so I could get a break on the rent. I've coached or managed umpteen (word?) teams. Cut the personal crap it demeans your argument.

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By: logic

logic — Thu, 05 Nov 2009 21:14:11 +0000

what 91 said. There are good and bad eggs in every profession.

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By: realpaul

realpaul — Thu, 05 Nov 2009 20:50:42 +0000

#89 CIK, I gotta go with Anon #91 on this call. A whore is a whore, it doesn’t matter where they buy their makeup. I don’t have a ‘Pretty Woman’ complex when it comes to money. Theres nothing colder than a whores heart, which is exactly why yours keeps calling you. Its not because your a valued friend its because you represent a buck. Give it a shake, there you see, is it a bit clearer?

These parasites are commissioned salespersons. They get payed nothing to coddle you or act in your best interests. You are being groomed for a shearing.

Using the term ‘professional’ and ‘real estate agent’ in the same sentence is just funny. Lets keep proper credentials unsullied by the wannabe’s and the malcontents.

Trusting builders hmmmmmmmmmmmm. The work is entirely subbed out these days. No one on the money team ever visits the sight, thats a fact. When you’re working with specific types of builders only your lawyer can you trust. Certain types of builders think anyone outside their family group is sandwich meat. If you hire a builder for a 2.5 mill project you should also have an independant project manager to keep him in check. Trust no one who’s family will insist he or they have gone to live in another country the minute anything goes wrong.

Trusting a building? Read the minutes. Read the papers. Get drunk until that stupid idea gets out of your head. Trust what again?

A real whore who has to pay their own bills during a downturn? So whats the point? How long does ethical behaviour stand up when push comes to shove.

We saw a good example of that when all the hockety players got vaccinated in secret before the need worthy like the ambulance people and sick children. Ethics means nothing to people who are under pressure, thats just life in the big city.

The ‘rolling the dice’ comment sounds like it comes straight from the real whores ‘scare the client’ playbook. Are you a realwhore ( or is your signifigant other) who stands to lose substantially when a level playing feild is introduced to the marketplace?

Fact is, real whores are a dime a dozen at the best of times and not worth more than an hourly rate. If the name is too strong please suggest another. How about “Dim Sum Queens”? Or did BUM Rennie already grab that one?

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By: DEFAULT NAME

DEFAULT NAME — Thu, 05 Nov 2009 20:05:52 +0000

@ cashisking #89 Not everyone is a chef. Some simply serve burgers. Your average barista at Starbucks knows nothing about espresso - they merely push buttons. My best friend's dad was a shoe salesman on the Island long time ago and because he knew everything about shoes he managed to support a family on his salary. Have you been to a shoe store lately? Have you asked staff ANY questions, not just about shoes? I could go on.... but you get my point. Thare are WAY fewer realtors than Realwhores these days and you can bet on it.

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By: cashisking

cashisking — Thu, 05 Nov 2009 19:49:25 +0000

ps Realpaul ... I usually do enjoy your rants but I think your offside on this one. pps I'm a bear ... I sold my house two years ago and have been renting ever since ... my realtor calls me even though she/he knows I won't buy to tell me about houses I should take a look at ... I also bug him/her when I see something I'm curious about ... the bulders and tradespeople she/he has a relationship with have worked on friends and families places and are worth their weight in gold. ppps calling them real whores is actually off side

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