Friday Free-for-all!

The weekend is almost here and spring is in the air!  Lets do our regular end of the week news round up and open topic post. Here are a few links to kick off the discussion:

The newest winter Olympic event: Foreclosure
The Cecil’s brass pole to be replaced with a glass tower
Listings start to grow again
Canada #9 on ‘quality of life’ index
Canada #6 for ‘best opportunity for capitol appreciation’
Update on Canadian credit – not good news
Toronto commercial real estate sinks
Global housing bubble comparision
Getting harder to get an Uncle Sam mortgage
Landlords getting hosed
The global debt bomb

So what are you seeing out there?  Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Rick
Rick
10 years ago

Suprafanboy, which area in Seattle did you actually live in? Visiting the Outlet mall doesn't count.

Continuous Burn
Continuous Burn
10 years ago

Ummm – superlittleboy – take a look at the stats and where the market has gone over the past few years. The market speaks for itself. Superlittleboy, why is it that you always get schooled by a couple of posters and then you retreat back to your parent's basement for a few days? Do you really think that people forget the background information that you have posted? You consistently get called out on the fact that you do not own, that you live with your parents, that you have a sub par job, and that you have no worldy experience. So please, from this point forward, never: * say you actually own * compare yourself to "basement dwelling" renters (unless you aknowledge that you are a basmemet dweller renting from your parents) * say you have a great job *… Read more »

bubbly
bubbly
10 years ago

I think that Seattle is a very nice city.

Supraboy
Supraboy
10 years ago

@Rick:

You'd take Seattle any day? Ok, see ya later, fool.

Seattle's a dump. I lived there for 2 years.

Supraboy
Supraboy
10 years ago

@Continuous Burn:

San Fran is collapsing? Oh god, you must have your head in your ass. You are so clueless. Prices are still going up.

As for those hoping for the Olympics to crash, you people are stupid. This is one of the greatest events in the world and we should all embrace whether you like it or not. All you people care about is your own interest and your pocket change hoping for a crash so you can buy a property. You know it won't happen, might as well join the party.

Rick
Rick
10 years ago

As a former resident of both cities, I have to say that Seattle is way underrated compared to Vancouver. Most Vancouverites only go to Seattle for shopping, and really have not seen the city.

Seattle is way more diverse in terms of interesting neighborhoods, housing, green space, scenery (lots and lots of waterfront), economy, culture, and people. (Vancouver is really mostly Asians).

I'd take Seattle any day.

Burnt
Burnt
10 years ago

@North Van Homeowner:

This blog seems to be fueled by seemingly academic idiots who have no sense leaving their somehow affordible bombshelters bla, bla, bla..

^^^^^^^^^^^

Isn't it ironic? If Vancouver had a way to filter out mindless hyper-dorks like this moron, the best place on earth moniker might have a little more cred.

arit
10 years ago

Hi Wilma,

Please see the little key on your keyboard , a bit to the right of "backspace", where it says "End"…

And "Home" brings you back to the top.

You can also use "Page Up" and "Page Down" instead of scrolling.

Best regards

arit

Wilma
Wilma
10 years ago

It would be nice if the last post was at the top so I didn't have to scroll through 100's of messages

patriotz
10 years ago

@vreaa: Great stuff. But take a look at what the article says, and more importantly does not say: If she continues to work until she’s 65, Ruth’s income will still fall short of her retirement goals if she continues to live in her Kitsilano home. Without paying off her mortgage, Ruth will need $59,000 a year after taxes, the planner estimates. That number would fall to $42,000 if the mortgage is paid off. This 61 year old woman will still have a mortgage on her house with payments of about $1500/month in four years? How did this happen? She was in a prime position to buy in the mid-80's and should have easily paid off the mortgage by 2000. Has she been trading up, i.e. speculating on her own residence? Or has she refinanced for living expenses? Ms. Macdonald (the… Read more »

Boombust
Boombust
10 years ago

"I think people from Vancouver see Seattle as less attractive because downtown Seattle is arguably less atrractive than DT Vancouver:

Exactly. With an ugly waterfront freeway AND the I-5.

We almost were as stupid during the 60's. I remember they were going to do the same here.

vreaa
10 years ago

Two things at VREAA

a) Vancouver RE as Cult. Great comment from 'junius' at greaterfool.ca, archived here:
http://tinyurl.com/ycpsvck

b) Kits facelift archived:
http://tinyurl.com/y9p2fb2
Comment:

BC is on the cusp of the Boomer Retirement Years. The number of people turning 65 in any given year is about to almost double. A large number of those boomers are overdependent on RE for retirement funds, and will have to sell. This will result in a significant increase in RE supply and will apply downward pressure to prices. Falling prices may in turn increase the rate of retirees cashing out, as they see their retirement funds (aka market value of home) dwindling. Here is an anecdote from a boomer, reproduced in full because of its crucial relevance to the Vancouver RE market. -vreaa

Anonymous
Anonymous
10 years ago

Lordy some of you are so out of touch with what's really going on in our real estate scene. Many of the 2-3M$ properties are owned by 30-40 something not boomers. Besides boomers can't flip their one and only homes even if they decide to flip in to their graves in advance. Open your eyes, Vancouver #1 medalion realtor is Winnie Chung again. Just because you are monolingual, you can't shut off the news in other communities.

patriotz
10 years ago

@pricedoutfornow:

But I guess a lot of these boomers are expecting to be able to sell the house and make a fortune and retire in comfort.

Oh you're absolutely right about those expectations. Remember also that a very large number of boomers have no employer pensions and little in RRSP's, so they're going to have to sell just to maintain their current lifestyles.

Just one little problem – there aren't nearly enough people in younger generations with good enough salaries to buy all those houses at the prices they expect.

rp
rp
10 years ago

#131 @shannon: "what do you guys do, or build, or manufacture in Vancouver anyhow?"

Delusion?

rp
rp
10 years ago

#122 @patriotz: +100

pricedoutfornow
pricedoutfornow
10 years ago

RE: Kits financial facelift.

I'm continually surprised at how many baby boomers have mortgages at 60 plus years of age. Anyone one else find this a bit strange? In the past, it was always desirable to pay off that mortgage, before retirement. Now it doesn't seem to be a problem for those approaching retirement to have mortgages. But I guess a lot of these boomers are expecting to be able to sell the house and make a fortune and retire in comfort. I guess we shall see in the near future is this will be the case.

realpaul
realpaul
10 years ago

#136 RA, "Oh please mommoy, buy me a lambo, I'll hold my breath and shit my bed until you buy me a car Wahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh.

What a dipshit!!!!!!!!!!!!!!!!

realpaul
realpaul
10 years ago

News on unemployment get stifled on the run up to the Oy Oy Oy, but a ray of hope for the truth seekes crept out of the Times Colonist this am showing that EI stats are still surging ahead. Double in 12 months.

http://www.timescolonist.com/technology/numbers+d

But all good news in Vanshitstain eh? ya right. Whers the effing truth? No one knows and the general pop don't seem to care.

Nope we get lost in the euphoria of MMA at the RiverRock Casino yeeeeeeeeeeeeeeeeeeeeeeehahhhhhhhhhhhhh!

Yup why not live vicariously through a punch up when the boss is on yer ass, your wife has gained fifty, the mortgage payment is strangling, some asshole just cut you off without understanding how much respect you crave inside your car lease-mobile.

But reality, no dude, thats just tooooooo wierd.

Nonymouse
Nonymouse
10 years ago

Looking at the listings post for Seattle. It seems my web browser must be off because it's showing the prices in a currency that must be English pounds.

patriotz
10 years ago

@shannon: Thanks Patriotz for sticking up for my city of Seattle:) Both cities are beautiful. I think people from Vancouver see Seattle as less attractive because downtown Seattle is arguably less atrractive than DT Vancouver, and of course that's the part of the city that visitors see the most of. Seattle is also farther from the mountains which makes it less attractive in the "big picture". But if you go down to the neighbourhood level, like in the houses posted above, I think Seattle is far more attractive. There are many more tasteful renovations of older houses and far, far, fewer of the ugly monstrosities that have infested Vancouver over the past decades. And that's before you look at the price difference. And note that mortgages are tax deductible in the US, Washington has no state income tax, and you… Read more »

stagnate
stagnate
10 years ago

seattle vs. vancouver: elasticity of demand is the key difference, if vancouver became part of the usa a 10-30% plunge would occur in short order. in a nutshell a lot of demand would be willing to flow south that isn't willing to flow east.

richasian
richasian
10 years ago

I'm just thankful there are so many loser broke ass real estate bears to pay the rent on my investments and make me rich. Keep bitching you losers!!! I need a new lambo!

blueskies
blueskies
10 years ago

Shannon:

We have BC Bud…..

apparently many Americans covet this product

makes for a robust economy

but it's hard to tell what with

the smoke and all…….

Drachen
Drachen
10 years ago

@shannon:

The problem is you couldn't convince anyone with money to move to Chilliwack, it's not a very nice place. All the smog from Vancouver blows up the valley, summers are hotter and winters are colder.

"what do you guys do, or build, or manufacture in Vancouver anyhow?"

We have 1-800-GOT-JUNK! Ha, they're way bigger than Micro… Microsquish is that the name? Something plush and furry sounding… We also have Robeez (well it's US owned now, but it WAS a locally owned company). EA, which would be a lot cooler if they weren't downsizing so dramatically right now…

Hmm that's about it I guess.