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November 19th, 2009 at 10:40 am
“This house sold in 1996 for $32,000, 1998 for $105,000, 2003 for $140,000, and in 2005 for $208,000. Now in foreclosure, yours for $54,400.”
-Greaterfool, talking about a house in Compton California.
’cause nobody wants to live in sunny California right? Too much SUN, give me Vancouver rain any day!
November 19th, 2009 at 10:33 am
@Franco:
“As long wealthy Chinese and hard working Chinese locals who keep supporting the RE market, the chance for a correction,even minor one,is like winning a Max Lotto.”
Actually, Landcor says that more homes are being sold by foreigners right now than are being purchased by foreigners. So the whole argument of the rich foreigners saving the market is a total myth. Aside from which, this idea has been around since the very first recorded bubble. It wasn’t true then and it’s not true now.
November 19th, 2009 at 10:19 am
@scullboy:
You sound really bitter. Why don’t you just get you just leave this city? Your four letter word antics are useless. It goes to show how uneducated your are.
November 19th, 2009 at 10:07 am
VANCOUVER (NEWS1130) – New York, London, Paris, Tokyo…and now Vancouver. The Lion King–the Broadway musical–is coming to the Queen Elizabeth Theatre for four weeks next summer. Opening night is July 15th.
Disney’s The Lion King is into its second sold-out decade in New York and has won dozens of awards, including Best Musical. Tickets go on sale in March from $26-$98, plus service charges.
See Vancouver is World Class after all
November 19th, 2009 at 6:56 am
This is the best time make an investment in real estate market. Prices are all time low; mortgage rate is all time low. What else you need to think before investing. Inventory is short in some of the regions but even that is not a problem and buyers are moving to invest in real estate sector. This is the high time for real investment.
November 19th, 2009 at 4:24 am
Coming soon to Vancouver. You’ll have more than just pleasant memories of your old condo.
http://news.bbc.co.uk/2/hi/business/8366949.stm
November 19th, 2009 at 4:16 am
I think the fact that I didn’t verbally sodomlize Franco for his last posting should be proof enough that i’m not, in fact, racist.
November 19th, 2009 at 3:53 am
Doug Casey, an investment letter writer and entrepreneur, had a very interesting thing to say about Vancouver real estate (he says it in the context of describing the state of real estate in the US and how Americans should look globally in their search for real estate investments)[emphasis mine]:
http://www.caseyresearch.com/displayCwc.php?e=true
Doug: Let’s look at the various regions of the world. For people in the U.S., Canada is the easiest place to move to, and I do think Canada will fare much better than the U.S. in the Greater Depression. But that doesn’t mean I want anything to do with Canadian real estate now. It’s far from cheap – in fact, Vancouver real estate has become some of the most expensive in the world today. If I owned anything in Vancouver right now, I’d be hitting the bid.
November 19th, 2009 at 3:51 am
BTW here is BC Rail CEO Kevin Mahoney’s email: mahoneyk@bcrp.ca
Let him know what you think.
November 19th, 2009 at 3:38 am
All over BC, more folks than ever line up for a few measly cans of food to get them through another cold, hungry week. And the government lets this shit happen:
http://www.vancouversun.com/bu.....story.html
The things I’d like to do to some people…
Anyhow, back on topic.
November 19th, 2009 at 1:57 am
scullboy
“Sure you can argue it’s pointless but really, haven’t we all said everything there is to say? Doesn’t the whole argument feel pretty fucking pointless??”
Yes, yes indeed. The talk is just that, talk. We all said what we had to say here and the sides are clear. Now we need to sit down, relax and wait to see who is right and who is poor.
Just don’t get a heart attack, OK?
regards
arit
November 19th, 2009 at 1:50 am
@Sandy:
As long wealthy Chinese and hard working Chinese locals who keep supporting the RE market, the chance for a correction,even minor one,is like winning a Max Lotto.
November 19th, 2009 at 1:32 am
Hey Arit,
I tried for years to offer a rational argument fir what was going on in van both here and on the old vhb blog.
Know where it gets you with the shatv’s and supratards of the world? Nowhere.
So now I like to think of myself as the unrestricted id of Vancouver bears everywhere. Every time a guy like supratard opens his mouth to lick the window that is Vancouver real estate I just offer a counteropinion in the nastiest terms possible.
Sure you can argue it’s pointless but really, haven’t we all said everything there is to say? Doesn’t the whole argument feel pretty fucking pointless??
November 19th, 2009 at 1:17 am
Supratard,
Listening to you prattle on about real estate is like listening to a Catholic priest give advice about heterosexual sex.
What other ostensibly rational transaction do people partake of joy or bitterness? Only in real estate do we see fucktards like you ascribe emotions to transactions.
That kind of think is the hallmark of a rank amateur. In your case I do mean rank. I can smell the rat-poo dim sum from here.
So why don’t you fuck off down to mummy and daddy’s basement and see how many of those die cast action figures and Ciban cigars you can jam in your rectum before you require medical attention? I’m sure the rest of us will appreciate the peace and quiet.
November 19th, 2009 at 12:45 am
Hi Supra,
Of course you have been here a while, I know. When will the SHTF? I do not know. Maybe when the government stops interfering with the market. If they stop.
Under my command? LOL No, I do not command anything. Thank GOD I am NOT in the army anymore! Under my request, yes. But I have a gut feeling you will dissapear from here if things turn out to be the way we bears believe.
I did not sense any bitterness in Celica’s response, but then again, a am a bitter renter too, right.
And I admit: I need another washroom. One is not enough when you are the man of four women!!!
Regards
arit
November 19th, 2009 at 12:18 am
@arit:
I’ve been around here for awhile as you know. When will your so called SHTF occur? And why should I continue to stick around under your command?
As for Celicaman, he sold his house 4 yrs ago and he’s been on the sidelines. That explains his bitterness.
November 18th, 2009 at 11:49 pm
Celicaman
How do you account for a case of a bank closure if the deposit is in a bank?
and offtopic a bit…
Which was the best year for the Celica? I claim 1994! Downhill from there LOL.
Pike’s Peak(!!!) Gentlemen, here is someone who knows what he is talking about, please listen to him.
Best regards
arit
November 18th, 2009 at 11:46 pm
Hey Chuck, thanks for answering a question nobody fucking asked.
I’d say “I’m not a racist” but what’s the point? Every racist on the planet says that.
What I will say is I’m fucking sick of hearing “all the rich (insert ethnic group) comin into Vancouver who are affecting home prices” when that’s just plain bullshit.
Also sick of the knee jerk “most immigrants are hard working taxpayers so how dare you impugn them with your damned calumny “. I’m using big words on purpose to confound Supratard.
I personally know several immigrants connected with the seedier parts of the Vancouver demimonde. Rest assured there are a lot and I mean a LOT of connections between here and Asia involving drugs, human trafficing, And laundered money. If you want to be all PC and pretend it’s not true then that’s your deal. It’s pretty hard to ignore when the people involved are TELLING YOU HOW THEY SCAM THE SYSTEM.
Likewise I personally know people who are scamming the refugee system. There are lawyers in this country who know exactly what story to cook up for the refugee board. I know this because I went through it with an ex boyfriend. I witnessed the scam from
start to finish. You can’t tell me it doesn’t happen, I fucking witnessed it.
So yeah call me a fucking racist if you like but I’m really only reporting the facts as I’ve personally seen them.
This country needs to be a lot smarter about what’s happening within it’s own borders and people need to stop being so knee jerk PC.
November 18th, 2009 at 11:46 pm
Celicaman said he’s taking money out of the bank. Think about it guys, that guy is obviously beyond stupid if he thinks he can stop inflation with his $1000 worth of savings or less. Even if Warren Buffett took out all his money and parked it in his garage, do you think he can stop inflation?
November 18th, 2009 at 11:44 pm
Supraboy,
Unlike our over-emotional friend scullboy I actually welcome you here, no pun intended. You bring a contrary opinion and that is welcome (maybe just tone down the insults a tiny bit). I respectfully disagree with your assesment of the current situation, but we can still chat.
My only request to you (and I know that is futile, but I want this for the record), is to ask you to STAY here when (if?) the tables are turned. I personally want to know what happens to people like you when the SHTF.
Best regards
arit
November 18th, 2009 at 11:37 pm
Poor little boy, you assume so much…I was wise enough to sell my house and buy a nice pile of gold 4 years ago…I’ve been seeing new highs on a daily basis, son. Put that in your coffee-can tailpipe and smoke it.
Child, Supras are for drifters, Celicas are for Pike’s Peak-class climbers. Be silent and you can learn much from a Jedi-like master.
November 18th, 2009 at 11:34 pm
@Boon Duck:
Celicaman, thanks for keeping inflation down. All those who buy real estate are not as smart as us on the sidelines.
Are you exaggerating? You’ve missed a +20% rise in the past 3 years sitting on the sidelines, keep on sitting there where you belong for your stupidity. People posting here are getting more and more stupid and the jealousy index got quite a bit higher.
November 18th, 2009 at 11:31 pm
@CelicaMan:
“Little loser boys and trolls will be left holding their little tools, bears, just grit your teeth and be patient.
My strategy lately has been to remove the excess cash from my savings account (after paying rent and bills), and put it into my safety deposit box. This prevents the bank from leveraging it up and loaning it out. I figure if they aren’t going to be prudent about whom they give loans, nor give me a reasonable return for my risk, why should I allow them to use it as they see fit? ”
haha…..talk about stupid. Stupid 101. If you can’t afford to buy a house, at least put the money to work in the stock markets. Now I know why you stupid bears are crying over why people are rich. Those who agree with your strategy are either stupid, or they are pretending that you are smart while they’re putting their money to work. People like you deserve to rent for the rest of your life.
November 18th, 2009 at 11:19 pm
All governments may be irresponsible but some are less irresponsible than others. Australia seems to be in this camp in that they actually started to raise rates.
November 18th, 2009 at 11:15 pm
@observer: responsible and government are mutually exclusive terms
November 18th, 2009 at 11:12 pm
@CelicaMan: You could buy bonds of more responsible governments (though admittedly, I’m not exactly sure how to do this, except perhaps through some specialized etf’s).
November 18th, 2009 at 11:09 pm
Celicaman, thanks for keeping inflation down. All those who buy real estate are not as smart as us on the sidelines.
November 18th, 2009 at 10:53 pm
Little loser boys and trolls will be left holding their little tools, bears, just grit your teeth and be patient.
My strategy lately has been to remove the excess cash from my savings account (after paying rent and bills), and put it into my safety deposit box. This prevents the bank from leveraging it up and loaning it out. I figure if they aren’t going to be prudent about whom they give loans, nor give me a reasonable return for my risk, why should I allow them to use it as they see fit?
November 18th, 2009 at 9:54 pm
On the Oct 22nd Friday “Free for All” a reference was made to Murray Dobbin’s piece “Why Canada’s Housing Bubble Will Burst” on the Tyee. Mr Dobbin mentioned David LePoidevin’s letter to his clients. Why do you think this letter http://www.nbfinancial.com/web.....009-09.pdf has been removed from Mr LePoidevin’s National Bank Financial website http://www.nbfinancial.com/en/......php?gr=3?
Hmmmmmm
November 18th, 2009 at 9:35 pm
@Chuck:
Nah, he’s just a potty mouth.
Or potty fingers.
Something like that.
“I’m single and have a salary that is in the high five-figures, which puts me up in the top 20% of households in Vancouver, yet I can’t afford to purchase a SFH in East Vancouver.” « Vancouver Real Estate Anecdote Archive Says:
November 18th, 2009 at 8:46 pm
[...] November 2009 · Leave a Comment This from oneangryslav2 at vancouvercondo.info 18 Nov 2009 11:42 am [...]
“I’m single and have a salary that in the high five-figures, which puts me up in the top 20% of households in Vancouver, yet I can’t afford to purchase a SFH in East Vancouver.” « Vancouver Real Estate Anecdote Archive Says:
November 18th, 2009 at 8:44 pm
[...] November 2009 · Leave a Comment This from oneangryslav2 at vancouvercondo.info 18 Nov 2009 11:42 am [...]
November 18th, 2009 at 8:18 pm
Vancouver council endorses high-density plan to develop former Expo lands
http://www.vancouversun.com/ne.....story.html
Looks like more development along northeast false creek.
More condos: This is good, the greater the supply the better. Forget the park space, just cram as many units in there as you can.
New civic plaza: Not so good. Smells like a hidden bailout of Millenium. Taxpayer money to erecting facilities which aren’t really needed in order to increase the value of the real estate in the area. Do we really need to move the art museum and library to this location (at least that was one of the proposals if I remember correctly)? Tough luck to those city staff to be laid off. Tough luck to the cramped user’s of translink services.
November 18th, 2009 at 7:57 pm
scullboy = racist
November 18th, 2009 at 7:41 pm
This piece of news from Bloomberg links up quite nicely qith the discussion we had about CMHC and unsafe lending in Canada (keep in mind that CMHC is funding a much larger share of new loans in Canada than the FHA does in the US!:
“The Federal Housing Administration, the agency that insures home purchases made with down payments as small as 3.5 percent, may create another lending crisis, Toll Brothers Inc. Chief Executive Officer Robert Toll said.
“Yesterday’s subprime is today’s FHA,” Toll said today at a New York conference for builders sponsored by UBS AG. “It’s a definite train wreck and the flag will go up in the next couple of months: Bail us out. Give us more money.” Toll Brothers is largest U.S. luxury homes builder.
The FHA’s insurance reserve ratio fell to 0.53 percent, the lowest level in history, and more steps are needed to shore up the agency that guarantees one of every five single family loans, Housing and Urban Development Secretary Shaun Donovan said Nov. 12.
While the insurance fund’s capital ratio is at an all-time low, Donovan said those who say FHA is the next subprime- mortgage crisis are “dead wrong.” The quality of the loans FHA insures is “actually very good,” Donovan said.”
The discussion of these news at this blog is even more interesting:
http://tinyurl.com/yamb2zc
Basically, all these new loans which are guaranteed by FHA seem to experience huge default rates (surprise, surprise) and they are worse than old junk subprime! But the Canadian government and central bank still think we should let CMHC bankroll the excesses. This will end up in tears for many and huge bust of the RE bubble! Vancouver, look out below….
November 18th, 2009 at 7:31 pm
@observer
*claps hands*
November 18th, 2009 at 7:30 pm
@observer
November 18th, 2009 at 7:14 pm
Buyer’s have choice now. Buy the tulip for $1,000 and hope it increases in value to $1,100 and doesn’t drop much below $1,000 or wait until the tulip costs $5. Clearly, you shouldn’t be buying the tulip at $1,000. However, it seems like many people or investors are doing it, and it is being made cheaper because it only costs $4.37 a month in payments, a real bargain. So it seems.
November 18th, 2009 at 6:11 pm
I’ve got news for Clunkerboy or anyone else with a condescending attitude toward bears. I can buy a place in Vancouver easily but I’m still a bear. I just don’t see good value in RE right now and I’m in a position which allows me to wait. I’m sure there are a lot of other bears (lurkers and posters) who are in the same position.
November 18th, 2009 at 5:24 pm
@2010SuperBoomTime: What about the curling? I was told they would all be rushing here because of the curling.
… Well, that and the rain.
November 18th, 2009 at 5:03 pm
Once the Olympic games begin the rushing sound you will hear will be rich asians and europeans running into the streets to buy condos in Vancouver. Every other porsche driver will be a rich asian or european businessman who enjoys figure skating and 500 sq ft apartments in multicultural cities.
November 18th, 2009 at 4:22 pm
Drachen,
I would but I ran out of obscentites.
November 18th, 2009 at 4:11 pm
Scullboy, there’s no need to be coy, you can tell us how you really feel.
November 18th, 2009 at 3:27 pm
I love you Supratard. I really do.
YOU are the true voice of the Vancouver bull. You stand in line at a restaurant and somehow think that gives you insight onto the food and beverege industry. You live in your parents’ basement and yet you think because they managed to pay off their mortgage that makes you Donald Trump. You see a few leased cars around and somehow that makes you a high roller.
I come from money you dumb fuck. Unlike you and the rest of the Richmond crowd I’m not vulgar about it. My family have been in this country a he’ll of a lot longer then you and your nouveau riche, wanna be wealthy family. Unlike you I actually owned property and sold at a profit.
God I hate you and every fucking idiot in this town like you. I’m so fucking glad to be moving to a city where the metrics actually make sense. I’m especially glad to be moving to a city where nobody thinks rich Asians somehow keep the city and it’s economy afloat.
You make me laugh, you really do. You can’t seem to see the warning signs and you continually make braying, jackass sounds. You aren’t a high roller you ficking idiot. You are an idiot wannabe poser and before too much longer you, your stupid ficking family, your stupid fucking friends and your entire wretched fucking community are going to discover the difference between the apoearance of wealth and real wealth.
Now put the ball gag back in your fucking mouth and jam that G.I. Joe action figure back up your ass. I’ll flip you a quarter when you go down with the ship you shabby, third rate excuse for a citizen.
November 18th, 2009 at 3:02 pm
Hang in there bears. Fundamentals and facts are on your side.
Most people I am talking to at the moment around the city are bearish as well. I know lots who want to buy but are holding off to buy until prices come down. Like you, they are waiting for all the listings to come on after the Olympics as well and are expecting prices to start dropping.
Realtors, bankers and architects I speak to are also increasingly bearish. Overvalued is the word they most commonly use.
Stay strong!
November 18th, 2009 at 2:18 pm
54 oneangryslav2
Thanks :
I’ve still been around, but at times finding myself getting jaded by the system to the point of tuning out. The world is going down the toilet.
November 18th, 2009 at 1:44 pm
@NO- LYMPICS: Welcome back. Where have you been? And, to answer your question regarding Strataman, no he has not.
November 18th, 2009 at 1:36 pm
BTW…has STRATAMAN posted his expose’ on problems with new buildings(based on his experience and expertise)?
November 18th, 2009 at 1:33 pm
Re Pets:
Be upfront with your potential landlord re pets….most ads for rentals will state whether pets are allowed.
In addition, and I posted this waaayy back several months ago, but I couldn’t find a single insurance company that would cover ANY damage caused by pets. That’s one reason many landlords don’t want pets, or should be aware of. It’s not a prejudice per se, its an insurance/liability matter.
November 18th, 2009 at 1:33 pm
@rubberduckie:
I hear you on the cat issue! We just moved into a place (with my partners cat) that originally was no pets. In their add they never mentioned pets, we never brought it up until we sat down to sign the lease and they had the “no pets” box ticked to which we replied “we have a cat, at no time did you say no pets or did you specify this in your listing. The specuvestor looked at his wife, whispered in her ear, then crossed out and initialled the no pets clause.
It’s easy for the landlord to say no pets on the phone, but once they have the forms filled out and are sitting in front of you, they can smell your money and will be suddenly very flexible to get you in their unit than risk at least another month of lost rent. Our place is $2K/month; with us moving in they don’t suffer the opportunity cost of one month lost rent and can hold us to at least our security deposit if the cat goes crazy – show me a cat (or an owner that will let a cat) do $4K of damage to an apartment!!!