Friday Free-for-all!
It may be raining, but at least it’s the weekend! Let’s do our regular end of the week news roundup and discussion. Here are a few stories I’ve noticed lately:
-City council endorses lots of little condos with very little green space.
-Are you ready for higher mortgage rates?
-Put on your chicken suit and let’s have a party!
-The lifecycle of a bubble (graph)
-BC to jack up threshold on new house HST
-Playing the international real estate market
-US housing crisis hits new level
So what are you seeing out there? Post you news links, thoughts and anecdotes here and have an excellent weekend!
November 23rd, 2009 at 9:13 am
Buh bye!
November 23rd, 2009 at 3:32 am
Wow Supraboy, you really are an odd little fucker.
Wealth is money in the bank and investments that are paying you dividends dude. Most of the BMWs, mercedes and whatever are leased by trashy RIchmond kids who want to appear wealthy. You and your cheezy little banana buddies worship the appearance of wealth and desperately try to pretend you are high rollers, even if it means living in Mummy and Daddy's basement.
Christ I'm glad to be out of here and away from cheezy, Ed Hardy wearing, BMW leasing, poo flavored Dim sum eating Richmond trash.
Why the hell would I be jealous? Dude you're not getting it, are you? I come from a wealthy family. I don't particularly feel the need to prove that in any way shape or form, but it's true nonetheless.
Oh, why am I bothering? You just aren't smart enough to get it and you never will.
Thank you Supraboy, you make leaving Vancouver behind so much easier. I'll miss the mountains and Stanley Park but I really won't miss the people.
November 23rd, 2009 at 12:15 am
Millions of poles, yugoslavians, hugarians, russians, chinese, germans, cubans and north koreans know that socialism is the only path to success. That is why Canada and specifically Vancouver will always be the best place on earth people. If you look at every socialist nation you will see that real estate prices only ever go up in socialist countries. So if you are a real estate bear (capitalist pig) you'll need to move to the US. Meanwhile us socialist bulls will stay here and enjoy the workers paradise.
November 22nd, 2009 at 11:42 pm
@scullboy:
Finally you're leaving. It's about time. Hopefully, we've heard the last of you. Spew all the nonsense you want, you're officially out of here. Vancouver is better off without a cry baby jealous loser like you.
Brag all you want about Halifax, we know it's a shit town. Once your honeymoon is over with Halifax, you'll be bitching like a mofo about anything you can bitch about including the ugly hookers working at the nearest trailer park bar. People like you will never find happiness. It's all about being jealous. Instead of being jealous about the nearest Benz blasting down Robson, perhaps you should look yourself in the mirror in Halifax and ask yourself why you're a poor phuck and why others can be smart enough to accumulate wealth.
November 22nd, 2009 at 11:14 pm
And I posted it at Garth's as well, just to be absolutely sure everybody sees it!
Cheers!
November 22nd, 2009 at 10:46 pm
Stanislav
Excellent link, I allowed myself to post this remarkable list of SUCKERS:
Harper Grey LLP represents individuals and groups of pre-sale purchasers who signed contracts for major lower mainland condo projects including:
33 Pender – Vancouver
Aria 2 – Port Moody
Aura Townhomes – Surrey
Axis – Burnaby
Cosmo – Vancouver
Donovan – Vancouver
Espana – Vancouver
Esprit 2 – Burnaby
Fairmont Pacific Rim – Vancouver
First on First – Vancouver
Fitzsimmons Walk – Whistler
Ginger – Vancouver
H & H – Vancouver
INvue – Kelowna
Mariner – Vancouver
Millennium Waters – Vancouver
Patina – Vancouver
Quattro – Surrey
Silhouette – Burnaby
Sophia – Vancouver
Tangiers Townhouses – Revelstoke
The Breeze at Airdrie – Calgary
The Exchange – Vancouver
Three Harbour Green – Vancouver
TV Towers – Vancouver
Watermark – South Surrey
Watermark Beach Resort – Osoyoos
Westwood Village Edgemont – Coquitlam
Whitetale Lane – Coquitlam
Woodwards District – Vancouver
November 22nd, 2009 at 9:28 pm
Hot market is not what is seems. See this Vancouver law firm's website to get an idea of the extent of presale litigation. It will get bigger in the 2010
http://www.harpergrey.com/services-area-condo-pre…
November 22nd, 2009 at 9:01 pm
"Quebec for example has had stable prices" -Drachen
People in Quebec tend to rent more than own…would that explain the difference?
November 22nd, 2009 at 8:05 pm
update: a recent first time buyer who came here on a tourist visa, said CRA refunded him PTT even though he is a non-citizen, non-permanent resident of Canada.
November 22nd, 2009 at 7:35 pm
@jesse:
"If CMHC was the major culprit for high prices, why did the market fall off a cliff through 2008 and into 2009?"
The CMHC has been a major factor (I believe) in the making of the bubble, that does not mean it can indefinitely prevent the collapse, nor does it mean that CMHC insured mortgages ALONE are responsible for the bubble (this should be obvious as they've been available to the rest of Canada for as long as they've been available here and we clearly have a different scale of bubble from the rest of Canada, Quebec for example has had stable prices while English Canada has gone nuts.)
November 22nd, 2009 at 6:24 pm
scullboy
I'll be at the airport tonight, what time is your flight?
arit
November 22nd, 2009 at 6:06 pm
For those with weather interests (further to Jimbosan's post), here's a few handy charts on Vancouver vs. the Canadian average on a month by month basis, which makes a closer comparison to how we're actually living:
http://www.citystats.ca/city/British-Columbia/Van…
Vancouver is dry in the summer and wet in the winter.
The weather can't really be summed up in yearly terms for me, at least. I came back after years in Ontario's snow belt: the comparative brightness of reflected snow meant I never experienced the late January/early February blues in Ontario that I get here (though the addition of a D supplement has made a world of difference.)
I love Vancouver for a number of things, including the greenery, my friends and family, and the transit system: but I would happily return to Ontario *weather*. Oh, and architecture. Essentially, those elements of a geography are subjective, of course.
November 22nd, 2009 at 5:23 pm
he can't, hence BS sensor continues to go bing bing!
November 22nd, 2009 at 5:18 pm
supraboy how can you be in bangkok and richmond at the same time?
November 22nd, 2009 at 4:26 pm
@Drachen:
If CMHC was the major culprit for high prices, why did the market fall off a cliff through 2008 and into 2009? CMHC insurance cannot solve the affordability problem, only lower interest rates or lower prices can do that and the lower interest rates tank is empty.
November 22nd, 2009 at 2:09 pm
Aforementioned Vancouver Sun article is remarkable for its caution. I have archived it at VREAA as a post labelled “I read a realistic and balanced RE article in the Vancouver Sun” and taken the liberty of adding some comment.
excerpts:
“In B.C., which has the highest prices and biggest mortgages, buyers seem more confident than other Canadians that prices will continue to rise. Even if they are right it would be prudent to remain cautious.”
“Low interest rates have been a godsend for mortgage borrowers, and a curse for savers…. But interest rates can change in the blink of an eye.”
“Financial advisers warn that real estate valuations can go down, as well as up, and people should diversify their investment portfolios, especially in retirement when a house should represent no more than 25 per cent to 33 per cent of total wealth.”
“Would-be buyers should enter the market with eyes wide open and view their purchase first as a place to live, and only second as a store of wealth.”
——–
VREAA editorial comment -
1. What percentage of Vancouver owners are on target to have their house represent no more than 33% of their total net wealth by retirement? Answer: Very few. Currently, for many owners, their home value represents greater than 100% of their net worth in that the outstanding mortgage is larger than their other savings and investments. And rising RE prices have further decreased the sense of need to build savings outside of RE equity.
2. What percentage of Vancouver owners currently view their homes ‘first as a place to live, and only second as a store of wealth’? Answer: Very, very few.
November 22nd, 2009 at 2:03 pm
I'll see you at the airport tonight supraboy.
You're the janitor in the departure washroom right?
‘Real Life’ – “This week I heard this…..” « Vancouver Real Estate Anecdote Archive Says:
November 22nd, 2009 at 12:45 pm
[...] records for efficiency of story telling on VREAA. Please send your own observations. Here’s Real Life at vancouvercondo.info 21 Nov 10:43 am [...]
November 22nd, 2009 at 12:14 pm
@other ted:
Unfortunately you're right: democracy was discarded as absolutely inefficient in ancient Rome already. Inefficient unless you're using special means to manipulate the populace. Then it works … but not for populace. Then it appears government and government "friends" who benefit from this friendship. Eventually democracy leads to socialism. That's what going on in Canada and especially in the States. The target is to make everybody happy. But you understand who will pay for this "happiness", right?
Back to the blog's direction. We definitely need our Canadian Peter Schiff. Even if we know that for sure Vancouver housing bubble will bust, we need a person who will tell the truth, who has guts and clear understanding of what's going on in the country and more important where we're going.
November 22nd, 2009 at 11:14 am
Why doesn't it surprise me that Supra is in Bangkok. How's that lucrative ladyboy career working out for you dude?
Dude, I've got quite a few gay buddies, being gay myself. I'm as surprised as anyone else that I have a fan but hey…..
G'bye Supratard. I'll be thinking of you when I'm eating lobster at some…. what was it? "Multicultural restaurant?" No rat-poo H1N1 infested Richmond dum sum for me buddy. I'm not that worried about about the food but that's mainly because I'm a trained chef. Although the seafood here is good, some of the best seafood in the world (Malapeque oysters, anyone?) is found in Atlantic Canada.
Even better then the food, I can buy myself a decent home. It isn't the city you live in, it's the life you make for yourself that counts. Everyone's experience is different of course but I find Vancouver overpriced. It's a pretty town but not as laid-back as you'd think, and infested with poo flavoured dim sum eating Donald trump wannabees like Supra.
I'm glad to leave them on this coast.
As for the rest of you: Best of luck
November 22nd, 2009 at 2:00 am
@scullboys helper:
Supraboy chill out Scullboy's goal is to upset you. That’s what trolls do.
If you ignore it you won’t give it the satisfaction and it will go away.
I saw Scullboy last night and I kicked his ass, he grabbed his balls in tears. He just likes to get a rise out of people because his life is pathetic, he’s never kissed a girl, never lived on his own, most likely has a really low level tech support job, no assets, and lives in a basement suite WITH his domineering parents.
Treat it like you would the bible thumpers that approach you on the street or the jehovahs that knock on your door, keep walking don’t take the bait.
November 22nd, 2009 at 1:48 am
@scullboys helper:
You're probably using a different nickname talking to yourself, either that or you're his gay buddy. Why don't you just pack it in and move to Halifax with Scumboy. How did you kick my ass? My ass is still in one piece, no bumps or bruises. You probably kicked your dad because he asked you to pay the utility bills and you were busy jacking off on gay porns.
So Scullboy is leaving on Monday, good riddance. I'll go to the airport and say Sayonara. What's your flight number?
How does it feel to get exposed? You know I figured your attitude out. Must suck doesn't it. People like you will always be jealous of the rich, face it, they found a way to make money and you sat there on your thumbs. Wait till you find out that the harmonized tax in Nova Scotia is higher than BC, you'll be bitching at something else over there like a street corner bum by GM Place.
Better find out about their HST:
The Harmonized Sales Tax (HST) is administered by the federal government and applies to all goods and services with some exceptions. It combines the federal Goods and Services Tax (GST) of 5 per cent and Nova Scotia’s value-added tax of 8 per cent.
Go to bitch there, you fool.
November 21st, 2009 at 7:53 pm
@Im_a_retard:
"I’m also a bear for the last 3 years. What am I going to do, pretend that the world is falling around me when it obviously isn’t? Pretend that I’m some evil genius that has it figured out? I’ve been WRONG and I’m trying to understand why."
Well first off you weren't wrong (but I see you've hedged your bets and changed your right answer to the wrong one). Just because the market hasn't fallen does not mean it's fundamentally sound. Many many times in the past people have predicted doom and gloom for a bubble market and endured years of mocking until the market finally falls, it's as normal a part of the cycle as the bulls claiming "It's different this time/here."
In fact this market has been on a path that doesn't reflect market fundamentals since the CMHC has been offering mortgage insurance and I believe the only way to return to a stable real-estate market is to abolish the CMHC or at least remove their insurance mandate. If you look at the historic prices of real estate in Canada you can easily tell the time before and after CMHC intervention by the volatility of the markets. The reason things haven't fallen yet in spite of a truly ridiculous number of factors indicating a crash is simply further CMHC intervention, adjusting their minimums to 5-35 and the Cons increasing the insurance cap from 350 Bn. to 600 Bn. over two years (the explosion in CMHC insured properties during the bubble ALONE should be enough link to show how the two are intertwined).
November 21st, 2009 at 5:48 pm
@Vomitron:
You wouldn't last a week under the prior model.
November 21st, 2009 at 5:33 pm
@Jimbosan:
Jimbosan, thanks for the climate info. I was looking that up myself just recently. The one thing that I miss in the data would an indication of hours of rain. It would be possible that two places have the same total amount of rain, but one gets it in large, short bursts and the other gets it in never-ending weeks of drizzle. I don't think that data is readily available (although I know it is collected). It would be interesting to see how Vancouver compares on that score, and see if that is what contributes to the perception of the weather here.
November 21st, 2009 at 5:20 pm
Supratroll is just an ass.
Dave intentionally misinterprets data and uses suggestive language to imply what he knows isn't true. Why he does this is a good question but in all likelihood he's stealing logging into someone else's wireless network because he can't even afford cable internet. Think how low you'd have to feel to intentionally try to ruin a blog and in some cases actually confuse people into becoming economic slaves to a very expensive "asset" that will decrease in value for decades.
Google what happened in Sacramento in late 2007 and look at what's happening here now.
November 21st, 2009 at 5:14 pm
http://www.vancouversun.com/business/Homes+place+…
November 21st, 2009 at 5:13 pm
Scullboy chill out Supraboys goal is to upset you. That's what trolls do.
If you ignore it you won't give it the satisfaction and it will go away.
I saw supraboy last night and I kicked his ass, he cried. It just likes to get a rise out of people because it's life is pathetic, it's never kissed a girl, never lived on it's own, most likely has a really low level tech support job, no assets, and lives in a basement suite WITH his domineering parents.
Treat it like you would the bible thumpers that approach you on the street or the jehovahs that knock on your door, keep walking don't take the bait.
November 21st, 2009 at 5:13 pm
""Her mother told me to tase her if I needed to."
—
I think you might want to point that finger at the (retarded) mother first.
November 21st, 2009 at 5:11 pm
Usually when you have high interest rates you have high inflation. I can't see interest rates going up without inflation going up and the us gov couldn't afford to pay interest on their debt with no inflation. So, having a highly indebted asset can be an advantage in inflationary times.
November 21st, 2009 at 4:41 pm
Brave cop tases 10 year old. What a hero eh? A real hero!!
http://www.thesmokinggun.com/archive/years/2009/1…
Be proud that such heroes are being paid for this crap.
November 21st, 2009 at 4:31 pm
Wow Supra, I am impressed. I can't figure out of you're deliberately trolling or if you really are that fucking stupid.
I'm leaving Vancouver you friggin' tard. THe living room's packed with moving boxes. My flight out is Monday.
I don't hate the rich, fucktard, I come from actual money. People who own leaky condos in Yaletown aren't wealthy, by and large. They simply hold the title to a piece of property that shot up in assessed value. These people are annoying as hell when they act wealthy but they aren't actually rich.
I'd write more but I have a giant hangover from my going away party. You know, the kind of party people throw you when you're going away.
November 21st, 2009 at 3:57 pm
@Dave:
There is no indication whatsoever that human civilization has advanced in British Columbia. My point is that recent successions of migrants to British Columbia have been progressively more stupid while at the same time claiming that the previous wave of migrants is stupider and lazier than they themselves are(that is Supraboy's exact anthropological report from his private jet, or wherever he is while spending the millions he has made flipping Vancouver real estate).
I would like to remind readers that there was a successful form of property ownership in British Columbia for 10,000 years before the Europeans and Chinese arrived and transformed into stupid and lazy Canadians (according to Supraboy's study result) and henceforth made Vancouver a craps table for speculators and not a very good place to live. So, Vancouver was an ok place to live for thousands of years and suddenly Vancouver is a failed civilization where stupid and lazy Canadians compete with each other like rats in a cage for poorly constructed, mouldy condos, the air is polluted, crime is a major industry and robber-barons from the PRC with BMW SUV's run over stupid and lazy Canadians who are legally walking in the crosswalk.
Looking at Vancouver from a global perspective it has become the apparent world capital of mortgage-slavery with no real industry other than real estate speculation and crime. The standard of living for about 90% of the people in Vancouver is not very good and appears to be worsening. Could this situation in Vancouver be termed an advancement of human civilization in any terms?
I also submit that the quality of restaurants in Vancouver has not improved in 10,000 years and it would be nice to have a few more restaurant inspectors in Vancouver.
November 21st, 2009 at 1:59 pm
@Vomitron:
Every culture is guilty of unethical conduct towards other cultures. The aboriginal people that we here before Europeans were far from being ethical using today's standards. For example, the only slavery that has existed in this Province was prior to the white man. Have a look at what the Incas and Aztecs did to each other.
We are all human and we all have the same infallibilities. Those in power have historically abused those who were not in power, regardless of culture. Claiming that one group is more guilty than any other is to miss the larger point of us all being part of a single race. White people have probably done more bad things to others for the simple reason that they have been the culture with the most power for the last few centuries.
As time marches forward, our ethical conduct has gone up. This is a slow progress and we are still making strides forward. Just only 5 years ago, gays could not marry in this country and are still unable to in the majority of the world.
November 21st, 2009 at 1:39 pm
@Dave: Very sensible answer and probably correct. But it could also be that the market is starting to get fatigued from the stimulus.
November 21st, 2009 at 1:38 pm
Russia tops global fraud survey
Canada places fourth in the world in PricewaterhouseCoopers economic survey
http://www.theglobeandmail.com/report-on-business…