Friday Free-for-all!

Thus wraps up the first week of February 2010, which means it’s time to do our regular end of the week economic news round up and open topic discussion post.  Here are a few stories to kick off the weekend thread:

Global stock markets slide
Vancouver prices hit January peak
Unveiling the Fairmont Pacific Rim
Fixed or variable rate mortgage?
VREAA: Froogle Scott 3
Whistler debt woes mount
Our friend Bob in Seattle
Canadian building permits rise
They’re laughing with you, not at you
Boon or bust for the Downtown East Side

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

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[…] February 2010 · Leave a Comment VRENGD at vancouvercondo.info 5 Feb 2010 12:30 pm […]

realpaul
realpaul
10 years ago

This is really bad news for those fuck ups that swilled the climate change mantra (you know who you are). All those Liberal ploticians who tried to scam the western citizen out of thier tax dollars to shovel it into the gaping maw of the super corrupt third world have been exposed and trashed into history. The propaganda was intense, it left many actually believing the bullshit due to the heavy rotation advertising and corruption of officicials but my my, how the worm has turned.

Apparently (its official) none of it was true.

http://www.theglobeandmail.com/news/opinions/the-

realpaul
realpaul
10 years ago

The bad press is obviously riffling a few feathers at head office. The world has heard enough of what fuck ups the local dinitarioes are so the CDN governnment has begun to ban journalists from entering the country if they have negative opinions.

"Freelance reporter, Olympic critic turned back at Canadian border

By soundoff Sun, Feb 7 2010 COMMENTS(132) Soundoff

Martin Macias, an independent reporter from Chicago, was detained by officials at the Vancouver International Airport before being deported, anti-Olympic activists say. Macias was set to cover the political events during the Olympic Resistance Network's anti-Olympic convergence until Feb. 11.

Katie Mercer"

Zieg Heil Canada

pricedoutfornow
pricedoutfornow
10 years ago

@buff_butler:

"We’ve gotten a lot of press this weekend"

No doubt because the rest of the world is beginning to realize that we're NUTS!

buff_butler
buff_butler
10 years ago

Canada made it onto CR!

http://www.calculatedriskblog.com/2010/02/new-hou

We've gotten a lot of press this weekend.

pricedoutfornow
pricedoutfornow
10 years ago

"Money is growing on trees these days…the banks want to lend!”

Yeah, I'd happily lend out money too if someone else guaranteed that they'd cover the loss in case of default.

I'm getting a really bad feeling about what this year is going to bring us.

domus
domus
10 years ago

Wow! The Canadian Real estate bubble made it to the Wall Street Journal. This is just published 2 hiurs ago. http://online.wsj.com/article/SB10001424052748703… Excerpts from the article: Housing Rebound in Canada Spurs Talk of a New Bubble In Canada, nearly 40% of gross domestic product historically is generated by exports, mainly to the U.S., where economic weakness persists. To stimulate its economy, the government has focused on the domestic slice. In an effort to boost internal consumption, it has kept a key interest rate near zero—resulting in exceptionally low mortgages rates—and has offered various financial incentives and tax credits. Consumers have responded. Average home prices in Canada have risen 23% from their trough in January 2009. Home-sales volumes are up 70% over the same period. Canada's central bank and finance ministry say there isn't currently any reason for alarm. But some economists… Read more »

patriotz
10 years ago

@Frank:

The rents are tanking hard and fast, even downtown

Note that the last time nominal rents declined in any sector in Vancouver was the 1930's.

patriotz
10 years ago

@!(EconomicsDegree):

I don’t think BC can hope for this in real or nominal terms because prices are so far gone. Canada-wide, maybe there’s a better chance.

Can't happen for a Canada-wide average, and I doubt even for the median, because BC, Alberta, and Toronto amount to well over 1/2 the RE valuation in the whole country. And Ottawa and Montreal have gotten pricey lately too.

If you mean there might not be a nominal decline going forward in Thunder Bay or Trois Rivieres, yes that may well be the case.

!(EconomicsDegree)
!(EconomicsDegree)
10 years ago

@patriotz: "Because nobody is going to pay carrying costs of twice rental value … if there is no prospect of capital gains"

Even if prices don't increase it is possible, albeit unlikely, that "dumb" money can keep prices flat for a while, as long as it is a small part of the global economy. I don't think BC can hope for this in real or nominal terms because prices are so far gone. Canada-wide, maybe there's a better chance.

Personally I'd never take that bet but what choice does the government have but to try? The Fonz jumped the shark because the show was dead if he didn't.

realpaul
realpaul
10 years ago

Oh Oh, a new poll suggests that 90% of BCers think that the Provincial GOVs are lieing about the cost of the Olympics. No Duh !!!!! And it took a British journalist one day to notice "the Orwellian attempts at image control"? Was Ron Benzce and Tony Parsons too busy doing fluff for Concord Pacific. You guys do know that the time on the 'NewsHour' is for sale right? So, the local media is not telling the truth about the 'Shitty of Vanpukebucket?' Tell me it ain't so!! I had a meeting with a banker yesterday to get a jumpstart on my tax file details. he confirmed that they don't have any business that is not flogged to the CMHC, no matter what the downstroke. People who have refused to take the insurance even with 25 to 35% down are… Read more »

Frank
Frank
10 years ago

Moderator,

is there any chance you can remove the non pertinent trolling on this thread?

Frank
Frank
10 years ago

Arit this is a good point and most certainly willr eflect on the upcoming sales price. What is truly frightening, and I urge you all to call some property managers and/or landlords from the paper, craiglist etc. The rents are tanking hard and fast, even downtown, none of the sparsely furnished and overpriced olympic rentals are moving and in two weeks the already anemic demand for furnished rentals will drop 75% So now there are double the rental units available with lots and lots of new ones coming and an inverted demand curve. If you can rent a new one bedroom downtown for $1200 versus paying $1850+Strata Fees, taxes etc. now then what will happen to these fooles, er, investors when interest rates go back up to 5,6, 7, 8 % and the rent remains stagnat for a decade? If… Read more »

arit
10 years ago

Hello Dear VancouverCondoInfoites, It is with deep sorrow that I need to inform you of the upcoming cancelling of the annual Pamplona Bull Run. http://en.wikipedia.org/wiki/Running_of_the_Bulls It has been reported that this year the run has been cancelled due to the sudden migration of the bulls from their native Spain to an obscure condo blog in Vancouver. The reason for the migration of the bulls is still unknown, but our sources tell us that sudden panic has spread among the bulls, causing them to drop everything and move. Apparently, running around streets horning people in the back is no longer their main concern as they suddenly realize they might be slaves to the bank for the coming 35 years. In a last attempt to reverse their fate, they have all congregated in the blog-bear-cave trying to see how many actual bears… Read more »

!(EconomicsDegree)
!(EconomicsDegree)
10 years ago

@Anonymous: "Do you understand your own joke?"

The argument was that Chinese move here and BUY property for the "free" and QUALITY health care and education. I'm saying if that is the sole reason they BUY here, they're idiots. There are lots of other idiotic reasons for buying inflated real estate prices besides access to health care and education.

You are getting negative scores, dude.

patriotz
10 years ago

@!(EconomicsDegree):

Please explain why it is impossible to have flat nominal prices on a national basis going forward

Because nobody is going to pay carrying costs of twice rental value (even at the present rock bottom interest rates, which must eventually increase), if there is no prospect of capital gains.

How obvious can you get.

logic
logic
10 years ago

and IP ban please k thx

Anonymous
Anonymous
10 years ago

Slow down there methy don't want to peak too soon.

bestplaceonmeth
bestplaceonmeth
10 years ago

OLYMPICS!!!

WHOOOOOO!!!!

bestplaceonmeth
bestplaceonmeth
10 years ago

ONE MORE TIME!

WHOOOOOO!!!!!

bestplaceonmeth
bestplaceonmeth
10 years ago

@Believe2010:

Whoooo!! Whoooo!! Whoooo!!

logic
logic
10 years ago

anonymous, re health care costs

you really are stupid aren't you?

you are supporting "economics" argument – do you realise that?

realpaul
realpaul
10 years ago

I love how these suckers fall for the spin that Vanshithole is 'becoming a big international city'. This is straight from the kool aid jug down at propaganda central for consumption by the local idiots who don't get out much mentally or physically. This is why they say that living spaces have to go down to 270 sq ft. Bwahahhahahahaaha Guys any city that you can walk across the downtown core in twenty fucking minutes is not 'a big city with big city problems' this is spin from developers who want you to accept the idea that you have to live in a shoebox. It is spin from the shitty council to convince you that 40% more condod can be built on the same site so that they can boost revenues while screwing you because your too stupid to understand… Read more »

Believe2010
Believe2010
10 years ago