a SFH with a “mortgage helper” suite
would have to be considered “subprime”

I wish people would stop using the term “subprime” in reference to Canada, period. My aversion to this is based on two reasons:

1. It gives people the impression that the root cause of the US bust was not excessive prices (and by extension that excessive prices alone will not result in a bust in Canada), and that the prices would have been sustainable if lending practices had been different. The US bust would have happened even if every single homeowner had paid cash. The prices were simply not sustainable.

2. There is an organized campaign in the US to blame the bust on supposed government mandated lending to minorities, and “subprime” is used as a code phrase for this.

Using the term “subprime” for Canadian mortgages (other than those actually called “subprime” by lenders such as Xceed), or for US mortgages in any other sense than that used by the US mortgage industry lends credibility to these fallacies IMHO.

It’s all about the prices.

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22-year-old, independent gangster arrested on drug, gun charges

http://www.vancouversun.com/ne.....story.html

It’s good to see young people going into business for themselves. Kids, you don’t all need to be a corporate gangster and go to Wall St. Think of the flexible work hours and lifestyle available to a mercenary for hire. You’ll have more time to spend with the family so they’ll visit you in prison. And won’t you feel less guilty not knowing who your victims are?

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http://abbotsford.en.craigslis.....49649.html

Looks pretty nice for $1400/mo. Rented by developer. What’s the asking price? Why it’s $539,500.

http://www.idke.vancouver.com/.....e_id=59300

And property taxes? About $3500 per year probably.

http://investbc.gov.bc.ca/Comm.....nityID=493

Now I am no financial genius, but does this even cover the cost of funding? What did this lot cost? How much did it cost to build? Maybe someone can fill in an educated guess. Here it is on a map.

http://maps.google.com/maps?f=.....h&z=15

And who in their right mind would ever “invest” in this? The yield is at best 2%. What about taxes on the sale? HST? Even slightly higher interest rates?

Even if some idiot buys this, the bubble is popping this spring. There is just no way these numbers work or can work without riches falling from the sky. Somebody out there has a balance sheet. It’s game over.

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I believe that most individuals in the property management industry would describe the market as soft at best.

But you don’t have to take my word for it; just do a little empirical research, and walk around and look at all the “for rent” signs… go talk to the building managers: ask them if they think there will be upward pressure on rents this year?

Actually , the whole year (2009) was, for the most part, soft for the rental market: Two reasons mainly, first time home buyers and the unemployed.

I’m not sure where most of the bulls thought the first time buyers were coming from, but it was renters leaving their $1000 a month suites to purchase equivalent properties for $350,000…we’ll have to wait and see if works out for them.

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Buying real estate
in the best city on earth
makes Rennie happy.

Distilling wisdom
in the form of Haiku
is a waste of time.

g’night everyone

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Critical Thinking

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However, since by your own calculations the province over did the starts by about 15-20,000 houses between 2004 and 2009 I think we’ll be OK if this year is 10,000 short. It still means we’re overbuilding way into the future.

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http://www.bcrea.bc.ca/economi.....recast.pdf

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“We had 58,000 new migrants to the Province. The average household is 2.5 people. Housing demand would therefore be around 23,000 units, which means we were short almost 10,000 units for the year.”

Where did you get your stats from? According to the CMHC there were 34,321 starts in 2008 and that number was projected in September to be much higher for 2009. 23,000 units isn’t even close!

Are you sure you’re not comparing the BC migration numbers with the VANCOUVER housing starts? On purpose… Again!

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“Are you coming on to me?”

Only if you own vancouver real estate.

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————-

Are you coming on to me?

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Are you a homeowner logic? Have you ever seen a grown man naked? Do you like to watch movies about gladiators?

Did you honestly tell an anonymous person on the internet to “fuck off”?

Thats pretty big talk son. Do you kiss your mom with that mouth? (my moms dead in case you were going that route)

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——-

Browntown at work, err bridgeman, or whatever. Differnt name, same level of retardedness.

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Well done browntown, you have a new name.

Two words: fuck off.

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“Housing starts for 2009 were estimated at around 14,400 units. I’m not sure how much housing was removed from inventory, but let’s exclude that for now. We had 58,000 new migrants to the Province. The average household is 2.5 people. Housing demand would therefore be around 23,000 units, which means we were short almost 10,000 units for the year.”

Respectfully, I don’t believe the average household for immigrants is 2.5 people. Not only is it impossible (to have half a person living with you) most immigrant households are above the average. Someone has to be above average- and it’s immigrants.

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But now that I think about it, “bridgeman” that’s an odd name, someone who lives near or… under a bridge, are you hinting to everyone that you’re a troll?”

It was a hint, a jumping off point, a clue.

Yes, Drachen, I am a troll who lives under a bridge.

Actually, its a reference to the immigrants who arrived in new york. people sold them the rights to the “brooklyn bridge” giving rise to the popular saying “if you believe that, i have a bridge to sell you”

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Two words: PAID SHILLS

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No, only 700 net rental units in total including all classes of rentals (i.e. condos, houses, basement suites).

Housing starts for 2009 were estimated at around 14,400 units. I’m not sure how much housing was removed from inventory, but let’s exclude that for now. We had 58,000 new migrants to the Province. The average household is 2.5 people. Housing demand would therefore be around 23,000 units, which means we were short almost 10,000 units for the year.

So how is rent going to drop again?

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