Friday Free-for-all!
Hey! It’s the end of another winter work-week. That means it’s time to do our regular end of the week economic news round-up and open topic discussion. Here are a few links to kick off the conversation:
-Bureaucrats to ration homebuying in 2010?
-BOC rates prompt housing boom bubble talk
-Carney cautions borrowers to be ‘prudent’
-BOC: rising debt threatens market stability
-Vancouverites camp out to buy a condo
-Portrait of a Vancouver Realtor
-Floating high on a delicate housing bubble
-Property tax may take a leap
-BOC warns of debt peril
-Why didn’t Canada’s market pop?
-Japan compared to USA and Canada
-US Homeowners lost $5.9 Trillion since 2006
-Bubble concerns over low rates? Here’s an idea
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
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December 15th, 2009 at 7:01 pm
#65
Takes 0 balls to be a bear
No balls means do nothing because DOOM WILL COME TO ALL!
Takes HARD BALLS to be a Bull in any market!
No risk No gain!
Bulls will thrive in any market because they know.
Run away bears, run away!from everything!
December 14th, 2009 at 3:58 pm
63 see 61
Everryone here will ignore you.
December 14th, 2009 at 3:57 pm
#61 see #63
Everryone here will ignore you.
December 14th, 2009 at 11:06 am
Worth the read: Study shows cleaners more valuable than bankers.
http://news.bbc.co.uk/2/hi/bus.....89.stm?lsf
December 14th, 2009 at 10:42 am
Hey Supra:
I think the real question is: Why aren’t YOU loading up on houses?
C’mon big boy, put your balls (and money) where your mouth is. It’s one thing to sit in Mummy and Daddy’s basement and type whilst waking to photoshopped Rennie porn. It’s quite another to pony up.
If you don’t have the balls to get in the game yourself maybe it’s time to STFU.
December 13th, 2009 at 11:51 pm
Supraboy makes a point about people who have no balls. i know tonnes who own houses. i know tonnes who know the market will crash yet won’t sell. I guess it takes balls to be a bear sometimes
December 13th, 2009 at 11:33 pm
“If the banks are willing to lend, why not jump in and load up on houses”
—-
Because… oh f**k it, I’m not going to bother. Enjoy your trolling life.
December 13th, 2009 at 11:03 pm
@other ted:
She doesn’t need to answer you on people with low wages bidding on crack houses. The point is people have money and gutts to bid on the houses. Just because you have no balls to take risks in life, don’t call them crack houses. And just because people have low wages, that doesn’t mean they haven’t saved money.If the banks are willing to lend, why not jump in and load up on houses?
December 13th, 2009 at 10:54 pm
Patriotz
I am not pumping Van RE. I know Van has had it’s share of ups and downs but while the oil is flowing along with the money Alberta looks like a good place but when the well runs dry they stop and see the dry dusty plain and get the hell out of dodge. A great example is Ft Mcmurray what a hell hole but when there is money to be made even hell can be tolerable.
December 13th, 2009 at 10:49 pm
Why Was the Subprime Market in Canada Smaller?
Geez, could it be because Canada is 1/10 the population of the U.S.?
Give your heads a shake, it’s not like anyone on this blog is actually stupid enough to think the market is going to do anything except tank really hard.
Trolls think it’s funny to act stupid and write dumb things ,for their own amusement, but none of them have been able to express a literate, coherent, or plausible scenario.
December 13th, 2009 at 9:06 pm
if her dad was there and not her manager or pimp, then I predict the latter.
December 13th, 2009 at 8:28 pm
vultureboy funny you mentioned that, I was with my dad at one of his open houses. it was busier than i expected. one guy was sure in a panic to put a bid in on behalf of his daughter. When i heard the amount they were pre aproved for, i thought she makes a lot or we are in big trouble.
December 13th, 2009 at 7:53 pm
Open houses this weekend were perhaps the slowest I’ve seen. Realtors sure looked bored. Maybe just the season, but, hey, nice to have some elbow space as we toured the ‘hood
December 13th, 2009 at 3:00 pm
The woman on the plane next to me today was from Ontario. She informed me the economy rebounded, and how did she know real estate has rebounded. When I mentioned that interest rates have dropped creating or adding to the existing bubbles across the country, she quoted almost word for word the article that was posted(can’t remember what rag it was from and what economist) how canadians are more conservative in real estate than americans. Of course she had no answer why people with low wages are bidding on crack houses over a million dollars in vancouver.
December 13th, 2009 at 1:40 pm
@Disbelief:
Like Vancouver isn’t? Where were you in ’82?
Is Real Estate The ONLY Sector In The Economy That Is Red Hot? « Vancouver Real Estate Anecdote Archive Says:
December 13th, 2009 at 1:28 pm
[...] trade indicator in the same way that the Baltic Dry Index indicates international trade. This from joycer at vancouvercondo.info 12 Dec 2009 10:44 pm [...]
December 13th, 2009 at 1:00 pm
Interest rates are low but banks balk at refinancing
http://www.nytimes.com/2009/12.....r=1&hp
What do people think? Will the fed continue to buy MBS (already in trillions) after March? If not, will mortgage rates rise?
Calculated risk says this program only lowered mortgage rates a little bit (0.5% or so). Others say more, to the tune of 1%. My take is it lowered rates much greater than this because during the crisis the spread between MBS and treasuries were diverging greatly. So one can say by preventing a total collapse of the MBS market, this did have a bigger effect than 1% reduction.
On the other hand, people buying in the US now are getting in at low rates and lowered prices which makes the sustainability of future MBS’s better.
While in Canada, getting a two year heads up on things to come allowed us to circumvent a drop in housing prices and reinflate it. But it seems it is simply a matter of not burning the candle at one end, only to have it burn at the other. Namely, our homeowners are now in the situation US homeowners were in two years ago, buying at inflated prices and teaser rates. When the bond yields rise, we will get the drop in prices that should have happened last year.
Question is really when will rates rise? If feds stop MBS purchases, this might cause a little spike but probably they will intervene again if things get out of hand. So it looks like the time will be when true recovery happens. But if true recovery doesn’t take foot soon, we’ll likely get a second dip in asset markets across the board, with rates and inflation staying low (so RE will drop not due to low rates but withdrawal of investors).
My guess is during the second dip, the fed will not have the firepower to lower rates even further so the asset deflation will be more permanent, which is good because it will mean the true economy can finally sprout from the ashes.
December 13th, 2009 at 12:00 pm
Sorry for speaking down to the Albertans but if there is no Ocean then it’s not a place I want to spend much time in. I have lived in Vancouver minutes from the ocean all my life. This probably distorts my perception of beauty. Flat arid landscape IMHO is not attractive in the slightest. The fact remains that both Alberta towns are boom and bust and will continue as such for the forseeable future.
December 13th, 2009 at 10:10 am
@crabman:
Should have known. Well there’s another double top to lead into a bust in the near future. Idiocy knows no borders.
December 13th, 2009 at 7:25 am
@patriotz: Those Calgary stats are out of date. Since the beginning of the year, prices are up 11%.
http://www.creb.com/public/sel.....istics.php