Friday Free-for-all!
It’s the end of another week and that means it’s time for our news round up and economic open topic discussion. Here are a few links to kick off the weekend:
-BCREA: Feb sales strong despite Olympic fervor (pdf)
-Sales Inventory growing by a few hundred units a day
-Vancouver MOI still low
-Housing price reversion to trend
-Balanced budget plan about $10 billion short
-National Bank: Canada is in decent shape
-Canadian house prices on steady rise
-New mortgage provider on the block
-Buy yourself a newspaper
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So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
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March 15th, 2010 at 12:11 pm
Vancouver home resales decline rapidly MOM while they’re flat or growing in most of the rest of Canada.
http://www.vancouversun.com/bu.....story.html
We have hit the ceiling and are bouncing off.
March 15th, 2010 at 11:12 am
Yes, that’s right nutslaps! In the city’s real estate prices and fundamental imbalance. No matter what Dave said that wages have not kept pace with inflation. Rent may rise, but not in the same order of magnitude, renewable energy prices. Now buy a house is a brick tied to the ball, shut it down buildings. onehorse said: “Now purchase, you are a fool”
March 15th, 2010 at 7:10 am
@superduperbulltime: “It’s clear to me that bear despondency has peaked.”
—
The frothing at the mouth bulls really have no understanding of markets.
When the bears are despondent or even capitulate, the bulls should get scared of a market top, but they see it as some sort of victory.
—
PS Good posts re the central importance of housing in our economy, bubbly, thanks. It’s sick! The cure will be painful.
March 15th, 2010 at 12:39 am
@superduperbulltime: Despondency? This is downright entertaining now. At first I was very amused, then I was concerned, then I was very concerned, but now I’m watching it all with great interest. How high can it go, I wonder? This is better than the Olympics.
If a Vancouver special hits $10M I will smile and cheer it on. You really can’t change anyone’s mind at this point. Everything has been said. People are going to do what they’re going to do, myself included, and for that our fates are sealed. I’m simply here for the spectacle now. I think this is the biggest housing bubble in the western world, and like the Olympics, I don’t think Vancouver will disappoint.
So here’s to a great 2010. Let us hold no grudges nor say I told you so if such a time should come. I wish everyone good health.
March 14th, 2010 at 9:17 pm
It’s clear to me that bear despondency has peaked. How could it not? The real estate market continues to go up at a rapid pace and they’ve lost their chance forever.
March 14th, 2010 at 8:36 pm
Check out this old NFB documentary: CMHC deals with blight in the downtown eastside… in 1964!
http://www.youtube.com/watch?v=A2xdYUk4iAY
March 14th, 2010 at 6:11 pm
@observer:
It’s turning now. Inventory is the leading indicator and it’s even more traumatic than ‘08.
In 08 prices stopped rising in early spring I believe.
March 14th, 2010 at 5:23 pm
Thanks bubbly 67, excellent post.
@bubbly
I guess it is the voting baby-boomers who might be having a disproportionate gradient on politicians. Who knows.
But it is true: unaffordable home prices are seen as a success (sic!) rather than a serious problem.
It is insanity, but it is still going on.
March 14th, 2010 at 4:28 pm
Inspiration for Canadians: http://www.keenwalk.com.au/
Similarly, in Canada, the whole economy is now dominated by housing. High real estate prices are a priority for our governments (both, liberal and conservative) and record unaffordability is considered a success, while any decline in home prices would be considered a catastrophe.
Pure insanity.
March 14th, 2010 at 3:41 pm
Anyone want to call how high the next peak will be before the downturn? I guess that it cannot be more than 25% above the trough price in 2008 because this is the maximum of what the interest rate stimulus can provide. It is more likely to be less than that because of lingering negative macroeconomic forces. So we are pretty close to the ceiling now.
March 14th, 2010 at 2:28 pm
What I’m seeing now in the market is a increasing frenzy of activity. Buyers are excited post olympics and inventory is finally coming on line. I had clients who were here for the olympics who bought a condo btw. Lots of activity out there and I think prices are about to explode into a huge upward spiral formation.
March 14th, 2010 at 2:13 pm
China power
March 14th, 2010 at 2:12 pm
@No Longer Looking:
>>>I was just saying to the wife the other day that the one thing this town could use is another casino<<<
And real estate promoters. This town desperately needs more real estate promoters.
http://www.youtube.com/watch?v.....re=related
http://www.youtube.com/watch?v=e6DbadXSOFM
http://www.youtube.com/watch?v=37d0iampDqU
http://www.youtube.com/watch?v=CZZGXxyMsTo
March 14th, 2010 at 2:10 pm
Yesterday, in a bus, I overheard the bus driver giving a passenger advice about high end condos in Coal Harbour. This is a proof that we are not in a bubble, because only the expert insiders are talking real estate. The prices should go another 25% higher in 2010.
March 14th, 2010 at 12:38 pm
“Intrest rates expected to rise in Canada well before the US”
http://www.vancouversun.com/bu.....story.html
March 14th, 2010 at 11:36 am
Isn’t this casino replacing the Edgewater casino? It also brings lots of parking. Odd, considering how the city council purports to promote transit by increasing parking fees and reducing available parking spots. Money talks, apparently.
March 14th, 2010 at 10:21 am
@Best place on meth:
“Terrible week for the cheerleaders as listings explode.”
I’m not too sure how much you can read into that Meth. I think the Olympics put a dent in listings and now they’re just catching up for lost time.
It may or may not prove significant.
It is nice to note that sales haven’t picked up, post-Olympics but that may just be because they lag a week or two.
Still, the trend is better for a crash than 2008 when only a hail mary pass by the government saved the Real Estate bacon.
March 14th, 2010 at 9:52 am
Because, a New Casino is worth getting one’s knickers in a twist about -
This is representative of the kind of BS ‘economy’ that this city is running on.
It’s the equivalent of whoring the whole place away; of an engine running on fumes.
What’s next, a scheme whereby we use some of our taxes to buy lottery tickets?
I suspect that many of the powers-that-be in this city have secretly accepted that the only way forward is via tourism and entertainment; that they’ve given up on us ever being a base for truly productive industry.
March 14th, 2010 at 9:35 am
Why are all you getting your knickers in a twist over the casino by BC Place? It will just replace the one that is there already. Like that is news. Give it a rest. You guys must be getting really ancy just waiting for something to happen with RE.
March 14th, 2010 at 9:01 am
Does anyone know if this BC Place Casino BS needs to be voted on before it can go through?????
Jeeeez…Vancouver = HQ for gambling, drugs, prostitution…WORLD CLASS CITY ALRIGHT !
March 14th, 2010 at 7:34 am
The Trials Of Trying To Trade Your Vancouver Home For Profit
http://wp.me/pcq1o-AU
An anecdote from ‘badkitty’ at greaterfool.ca, with discussion from vreaa.
March 14th, 2010 at 3:26 am
Yet another great forum to learn about the fabulous future of Vancouver real estate.
It’s the RICH DOUCHE, POOR DOUCHE GUY!
http://rdcr-van.localspecific.com/
Hooray! Let’s sign up and go see what Donald Trump’s newest BFF has to say about throwing our money away on overpriced crap.
March 14th, 2010 at 2:48 am
Of course listings exploded – it’s March. The only question is whether sales pick up, and we really won’t know that until late April or May.
March 14th, 2010 at 2:21 am
Terrible week for the cheerleaders as listings explode.
http://agentwill.com/weekly-stats/
March 14th, 2010 at 1:12 am
Paralympics is under way. More exposure for vancouver. hope this doesnt cause another price spike in real estate. All those paralymians will realize vancouver is the best place on earth and will buy up more real estate.
March 13th, 2010 at 11:30 pm
@Anonymous:
Sucks to have bought one of the new Concord condo’s by Cooper’s park there.
This place will be very, very different whenever that Casino-rama shit is built.