Friday Free-for-all!
It’s the end of the week, so lets do our economic news round up and open topic discussion. Here are a few stories I’ve noticed lately:
-September new home prices up more than expected
-Canada vs. USA – the new realty
-Putting all your retirement money into your house?
-Home improvement stores fear end of tax credit
-Metro builders ease off discounts in hot market
-Olympic rental scams on the rise
-Canadians are slaves to credit
-Canada Line on track to lose millions over next 15 years
-Conference Board: BC to get gold in 2010.
-The Conference Board prediction from 2008 is here.
-Critics blast condo / stadium mix
-Limp demand will create weak Canadian market
-The carry trade and ‘bubble like conditions’
-only 5% of Americans plan to buy a home in 2010
So what are you seeing out there? A boom reborn or a double dip recession? Post your news links, thoughts and anecdotes here and have an excellent weekend!
“A guy just bought a house with a mortgage and was checking with his friends if the bank would lend him another $6K for CHMC insurance” « Vancouver Real Estate Anecdote Archive Says:
November 16th, 2009 at 9:29 am
[...] November 2009 · Leave a Comment This from Anonymous at vancouvercondo.info 15 Nov 2009 10:13 pm [...]
November 16th, 2009 at 4:27 am
Hey it worked for real estate, you really can't blame them for trying. It must be raining idiots!
November 16th, 2009 at 1:43 am
@Arit No they did not line up for a few dollars of discount. But what hit me was the goods are on craiglist asking 150% and 70% above the purchase prices.
http://vancouver.en.craigslist.ca/van/sys/1467243…
Eee pc 8g 701sd brand new – $250 (Vancouver/Burnaby)
= asking 150% more
http://vancouver.en.craigslist.ca/rds/ele/1466914…
BRAND NEW Sony VAIO VGN-FW340DW – $850 (SURREY)
= asking 70% more
November 16th, 2009 at 1:19 am
@Supraboy:
"I don’t think"
Exactly.
November 16th, 2009 at 12:05 am
Potential for a very hard landing in China as stimulus lending hits 140% of GDP. Fine to ramp up the factories but at the end of the day there has to be customers for the product. The big parasite has had its day in a world that can't carry it anymore. The saying go's that a rising tide floats all ships. China did nothing but clamber on the riseing economies of the west and now has nothing to sustain itself as the tide is going out. Superpower my ass.
Ha ha ha
http://www.telegraph.co.uk/finance/comment/ambros…
November 16th, 2009 at 12:02 am
There are so many bears here, it goes to show you that the RE market will continue to rise. Until there's a flood of bulls on bullboards and a swarm of buyers lining up for condos, I don't think we're even close to topping out on RE in Vancouver.
November 15th, 2009 at 11:51 pm
^^ retard
November 15th, 2009 at 11:45 pm
@Chilled:
Yeah but, yeah but, Chilled, don't diss this guy(?)cos he deserves respect man, now that he's an "owner". You are clearly just a bitter renter. It 5 years he will own 15 properties and be the talk of all the cool cocktail parties.
November 15th, 2009 at 10:59 pm
http://vancouver.en.craigslist.ca/van/roo/1467856…
Tooooo Funny!!!!!
November 15th, 2009 at 10:13 pm
@91 Thanks for the video. LOL a masserati show – are those cars 50% too!
I was at Daiso $2 shop to buy toilet brushes and brooms all @$2-$3 each. And I overhead a conversation. A guy just bought a house with a mortgage and was checking with his friends if the bank would lend him another $6K for CHMC insurance.
November 15th, 2009 at 7:53 pm
"Fleck" does it again…this could apply here as well for those of us who believe that monetary policy (and the bubblacious consequences) will echo the U.S.
Arrogant Fed hasn't learned a thing
November 15th, 2009 at 7:21 pm
@flip_this: Hi flip_this: that's a very good question. In normal times mortgage rates are set equal to the interest on long-term (usually 10 to 30 years) bonds, plus a premium which compensates for transaction costs and other middle-man costs. Notice: the premium usually goes up as your risk-category goes up. So, in normal times, if you have low down-payment your premium goes up. However we are not in normal times: CMHC is allowing high-risk people (with very little downpayment) to have access to really low premiums. This means that these guys get mortgage rates close to the 10-to-30 years bonds rates, which are still rock bottom (although slowly rising).
CMHC is basically interefering with the market for pricing risk: it buys all the extra risk associated to these guys, so that they have access to the same low rates as people with big downpayments (sometimes even, ironically, to better rates, since their mortgages are insured by CMHC, the full faith of the Canadian Governement itself!)
So, the question you have to ask yourself is: are you a taxpayer? If you are, you are carrying the mortgage costs of hundreds of thousands of high-risk Canadians who are jumping on the RE bandwagon.
You have been informed.
November 15th, 2009 at 6:58 pm
Hi bdk,
Sorry, off topic, but no, it's not just "film while you’re driving"…
I am about to release BeMeBlackBox for the Android operating system, a paid app for your vehicle.
What it does is simple: It continuously records and deletes video from a windshield mounted phone. When you crash, or when you press the Save button, it saves the last X seconds, and the previous video file just in case. You can set the length of the video file. If selected, it will also upload the file automatically to YouTube.
So my test files are in YouTube, that is what you were seeing.
Regards