Friday Free-for-all!
Alright! The end of the week means it’s time to do our weekly economic news roundup and open topic discussion. Here are a few recent stories I’ve noticed:
-New mortgage rules to create short term boom?
-Danielle Park on new mortgage rules (video)
-Record household debt not a crisis
-Your bubble is my debt burden
-Canada not immune to downward housing pressure
-Inflation rate jumps to 1.9% in January
-US Jobless claims unexpectedly jump
-Interest rates still headed higher
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So what are you seeing out there? Post your news links, thoughts and anecdotes here and have a golden weekend!
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February 22nd, 2010 at 1:21 pm
at duru
“For the woodward family… if you are not in the rush don;t move, i actually heard that the ad was 1250/month for a 2 bedroom.”
thanks, we decided to wait. I think 1,280 was for a handful of subsidized suites. still not quite sure. we just decided living downtown wasn’t for us, though looked good on paper.
February 22nd, 2010 at 1:17 pm
at Arwen
“Is Woodward’s BC Housing? At $1400 for a 2 bedroom, with BC Housing policies, a family would need to make at least $50400/year to qualify to live there.”
Yeah, they did a check to make sure we earned more than that…well, a little more than that actually. .It’s not for minimum wage earners was my point. Reading on here, you get the impression it is for very poor people.
We didn’t take it by the way.
February 22nd, 2010 at 10:11 am
@Maggie Chipman:
“so many that even Bill Good couldn’t make it jive.”
I know I make mistakes too, but that word is a pet peeve of mine. It’s “jibe” not “jive” you’re looking for.
Jive is a type of music, dancing or joking.
Jibe is a sailing term for cutting back and forth across the wind or (to quote dictionary.com) “to be in harmony or accord; agree: The report does not quite jibe with the commissioner’s observations.”
February 22nd, 2010 at 9:52 am
I was listening to the CBC this morning when the announcer started talking about the visit BC ads you see during the Olympic coverage. I thought he was going to gush about the scenery, but he wanted to know why the celebs who were saying “you’ve gotta be here” seemed not to be in the pictures.
February 22nd, 2010 at 9:18 am
Good news!
Economists: Recovery is firmly on track
http://money.cnn.com/2010/02/2...../index.htm
However, it took me less than 2 minutes to dig up what the same economists were saying in 2005.
There Is No Housing Bubble in the USA
Housing Activity Will Remain At High Levels In 2005 And Beyond
http://www.nabe.com/publib/be/0502/smith.html
It’s always good to start a Monday morning with some humor.
February 22nd, 2010 at 8:37 am
This blog is for naggers,losers, out of money people, who missed the RE train.
Go Vancouver Real Estate……GO Vancouver… condo RE….
February 22nd, 2010 at 7:44 am
@Anon:
Weather here is pretty awesome! It hasn’t been cold in the least. It’s overcast today but the cloud cover in the Maritimes is much higher then in Vancouver so you don’t get that closed in feeling. It never feels quite as chilly and damp here in the winters. I think there’s less humidity. There’s a little snow on the ground but not much.
Yesterday my friend, her cousin and their kids came over for a togobbaning party. I live next to this enormous hill that’s great for sledding. All the neighborhood kids come. The hill is so terrifyingly steep only kids are foolish enough to try and conquer it.
Since I’m still adjusting to life here, there are all kinds of things I notice are different from life in Vancouver. Once of the things I notice is there seem to be a lot more children and families living downtown. That’s just an annecdote though, not a data point.
@SupraLady:
I’d comment on the “I love consulting to bigwigs”, but I’m trying to restrain myself to one post per thread implying you’re a dirty whore.
That being said, which is it: Are you not working and spending tond of money, or are you making tons of money working? If you’re going to lie you need to be consistent, otherwise we’ll know you’re lying.
I have to admit you make me laugh, you’re so transparently phony.
February 22nd, 2010 at 4:18 am
@oneangryslav2:
I’m not a lawyer, but my understanding is that the seller of RE has an obligation to disclose only extraordinary problems such as being a former grow op or drug lab, or environmental hazards on site.
It’s the buyer’s responsibility to look into ordinary maintenance problems.
February 22nd, 2010 at 4:08 am
@arit:
Appallingly badly written article. The reporter does not understand the difference between renting and leasing. The latter is ownership over a limited term rather than unlimited as with freehold. Leasehold owners have all the responsibilities of freehold owners.
The article even repeatedly calls the lessor the “landlord”.
February 22nd, 2010 at 12:44 am
I was DT most of the day today these Olympic games are meant for the rich and IOC family members. For the vast majority there isn’t much just tons of people who will watch any lame performance or lineup for hours for a 100ft zip line or to be able to act like a CTV anchor. Way too many people doing way too little. Stay home and watch it on your plasma. We have to pay for this party that loser Gordo and his drinking buddies are enjoying. The Traffic Nazis should take a chill pill. I was at the Bay and there were idiots in line to buy the way overpriced Olympic stuff all coralled in like animals being led to a slaughter. I guess all that credit card debt will come in just in time for the overblown Owelympic hangover bill. And we can all weep together.
February 22nd, 2010 at 12:37 am
Supraboy,
That’s really mature of you to use my signature and try to use my nick. I don’t appreciate it. Play clean. I have never harrased you on this site, show the same respect.
Regards
arit
February 22nd, 2010 at 12:24 am
Anyways, enough of my bickering. I’m going to worry about real estate after the Olympics. Let’s hope Canada wins hockey gold so we can all celebrate together regardless of which side we are on.
Regards
arit
February 21st, 2010 at 11:47 pm
“Leasehold deal leaves homeowners facing huge repair bill”
…the Beckets are facing the shocking prospect of becoming homeless after being handed an out-of-the-blue home repair bill of $47,000.
http://www.bclocalnews.com/ric.....07942.html
Ouch, ouch….
But I don’t understand why they complain? The house is theirs, even if it’s a lease, no? How does it work?
If the same thing happened in my complex (which is perfectly maintained by Metro Vancouver), I would not have to pay a dime.
Regards
arit
February 21st, 2010 at 11:15 pm
The whole story doesn’t make sense…..just too many inconsistencies; so many that even Bill Good couldn’t make it jive.
Flaherty would not make new rules based on the Vancouver market alone, so does this mean he sees a bubble in the rest of the country, where prices are half of what they are in Vancouver?
Does that then mean Vancouver’s Bubble is a Bubble gone Wild, and the pop will be even more spectacular?
And what about the new mortgage rules as it relates to investors? How would the 20% down affect the investors? Aren’t they supposed to be super rich who buy cash? And just how many of these super rich immigrants are there?
Why aren’t they buying up businesses, the commercial real estate is in the dumps.
The market is supported by overextended illiterate working stiffs, being fleeced by the creative writers who call themselves mortgage brokers.
We have subprime, greed, and stupidity just like the USA, the tide will eventually go out, and we will see just how many were swimming in their underwear.
February 21st, 2010 at 11:09 pm
anyway, fuck the olympics, i’m spending my time renting myself out to IOC bigwigs (I love consulting to big wigs). scullboy is one of my clients, although his “tip” is small, unlike the IOC guys. so, more “consluting” for me and then I can buy 3 more condos and rent them to your poor rentas!
February 21st, 2010 at 10:50 pm
@jesse: And loser don’t feel shame despite followers are being priced out month over month and year over year.Only an idiot can run this bearship in Vancouver,There is no professor to nail it down even Robert Shiller put his hands up,Garth Turner an idiot writer of the book owe 45% of R.E. value to every single bear on the board but posters are not accountable because if R.E ever goes 2% down in next decades they will be right even if bulls go mortgage free.
February 21st, 2010 at 10:41 pm
scullboy, how’s the weather?
February 21st, 2010 at 10:38 pm
follow up… this is the answer from:
Membership Committee Charles Square charles.square@hotmail.com
I’m afraid we don’t have any openings at the moment. We are currently accepting applications only for three bedroom suites (you would qualify with your child) or two bedroom subsidized suites (for which your household income must be below $37,000). If you wish to make either of these applications, go to our web page at chf.bc.ca and print out an application, then mail it to us. If you are going to do this, I also suggest you attend our next orientation session which is on Sunday, March 14 at 2:00 pm. Our address is 1555 Charles St. We give priority to applicants who have attended one of these meetings, which are held twice a year.
You can see updates on our waiting list and the dates for futre orientations on the website. Good luck
Morna McLeod
for Membership
February 21st, 2010 at 10:35 pm
@scullboy: Scumboy staying up late in Halifax to watch the Swedes and the Finns play. How sad, if you stayed in Vancouver, you’d see what’s going on in town. The atmosphere here is unreal. There are over 100,000 people packing downtown everyday. You’re missing out sucka.
February 21st, 2010 at 10:32 pm
@What’s to debate?: What a fool. Americans care more about college sports than the olympics and that’s well know. You must be living in a box. College football is a greater draw in the US than the world cup of soccer. Why don’t you go down there while the World Cup is on? I bet you they’ll be showing baseball highlights instead of the world cup. Pull your head out of your arse and get with the program.
February 21st, 2010 at 10:30 pm
@jesse:
You think so? And if it was a Norway vs Belarus finals, you think people would pay $1000 for that game? I wouldn’t even pay $50.
February 21st, 2010 at 10:24 pm
We pay 10% of our monthly income on rent. 65% into savings. If we bought a comperable place, we would likely spend 65-75% on interest from the mortgage.
It really isn’t that difficult to understand, there is no debate when it comes to rent vs. buy with those figures.
I don’t get why people on both sides of this issue get so caught up in it. If you’re making money buying, good on you! If you’re saving money renting, good on you too! What’s with the attitudes? I just can’t wrap my head around that.
Anyway, went to the US this weekend. Had a blast! It may shock some people who read this but it was sunny and warm in Seattle too! Crazy, I know. Another mind blower – No one there gave two shits about the Olympics. Not one local commented on it when we chatted and they learned we’re from here. Not one tv at any place of business we went to had it on. ESPN isn’t covering it, and that’s what was on. Lots of college b-ball.
It was like a different world versus what the hype machine continues to cram down my throat on the daily. It was refreshing to get a perspective from foreigners that have better things to think about or discuss than Vancouver.
If a city or its populous could be given a psychological screening, my money is on Vancouver being declared a narcissist.
February 21st, 2010 at 10:22 pm
For the woodward family… if you are not in the rush don;t move, i actually heard that the ad was 1250/month for a 2 bedroom.
We are moving in metrotown next week on a 1000 sqft apt, renovated for 1200 (new hardwood floor, new dishwasher), and i bet in the spring/winter the pressure will be on for the rental market. We looked for 2 months but we were constrainted to move, so my advice.. wait!
PS i have sent applications for co-ops in vancouver and burnaby and couple of them answered, but unfortunately one was too late. We were accepted also for a townhouse coop in new west, but CMHC raised the rent from 1100 to 1300 in 3 years for this 3 bedroom townhouse.
February 21st, 2010 at 10:18 pm
@supraladyboy:
Of course you don’t need the money. You already told us you’re living in Daddy’s basement, rent free. I’d guess mummy is still doing your laundry and cooking rat-poo dim sum.
I’m sure you’ve given up work. I mean honestly… how much wear and tear can can your poor knees take, plus getting all those coconut oil and God – knows- what else stains out of the ol’ Japanese schoolgirl outfit and the Hello Kitty panties has gotta be a LOT of work.
Does your mom ever ask why there are so many protein stains on that schoolgirl skirt? Or how you come across a grand?
That one was just… too…easy.
February 21st, 2010 at 10:10 pm
@bjorn: VHB-Freako-Jesse have been sitting on theories since 2004
Well go out and buy then. Theorists don’t care about reality until it happens.
February 21st, 2010 at 10:07 pm
“I’m willing to fork up $1000 max.”
Gold medal hockey ticket prices only go up. Sorry about your luck, Supraboy.
February 21st, 2010 at 9:57 pm
@Working guy: The game was awesome. I enjoyed the fact that Canada lost so they’ll need to take out the Russians in the quarterfinals. I’m hoping for a Swiss vs Czech Gold medal game so I can get in cheap. btw, anyone selling extra tickets for the Gold medal game? I’m willing to fork up $1000 max.
February 21st, 2010 at 9:55 pm
@pricedoutfornow:
I’m a consultant (not telling you what), but I’ve turned down businesses to watch the olympics. Screw work. I don’t need the extra money and it’s more important to enjoy the olympics while it’s here. Once in a lifetime unless you decide to fly to Sochi in 2014. I know real estate agents who would pass on their clients to their assistants to deal with. Unless someone wants to write an offer, the assistants does all the dirty work. And they schedule their appointments around the olympic schedule so they don’t miss a thing.