raising interest rates: how fast?
The BOC is holding interest rates at a record low .25% for now, but hinting that may change soon. BC is doing some belt tightening now that the games are over, but in the rest of Canada the economy is growing surprisingly fast. So when do rates start going back up, and how fast should they be raised to reign in inflation?
The C.D. Howe institute is recommending that they be raised sharply for every rate announcement for the year after their conditional July commitment. This would mean the overnight rate would move from its current .25% to 2.0% at the end of 2011.
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March 2nd, 2010 at 9:17 am
First!!!!!!!!!!!!!!!!!!!!!!
March 2nd, 2010 at 9:23 am
Bank of Canada will act on see and saw policy by looking at Global Financial DAD.WHY BOC? Because market players over here are almost same and they can easily cross border to any side otherwise we should have follow AUS,NZ as they had increase thrice by .25 basis.
Usa housing market is in critical condition so financial dad is unable to move forward by more than .25 till end of this year.We have only four month left to cool a bit by september before the tide aquire extreme speed in 2011.
So Bank of Canada will adopt “won’t let eco touch ground” policy,Bank is only able to increase interest rates.25 for rest of this year 2010.
March 2nd, 2010 at 9:35 am
The sooner and faster the better. The Canadian dollar is going up because the economy is overheating due to cheap credit – causing the exact problem that low interest rates were supposed to avoid. We’ll get the worst of both worlds if Carney doesn’t raise rates.
March 2nd, 2010 at 9:53 am
Big time growth of economy only leads to one thing : super boom in vancouver housing market. Unless bears invent super land making machine “Vancouver real estate never go down”®.
March 2nd, 2010 at 10:07 am
superdupe:
How’s that lack of land working out for Manhattan real estate prices?
They ran out of land 150 years ago.
March 2nd, 2010 at 10:18 am
I am a huge bear but Carney will raise interest rates as little and as slowly as he can get away with. So much money has been pumped into the North American system and the result has been narrowly averting deflation. A slow increase in commodity prices (gold, crude, copper and all the soft commodities) would be the best possible thing for the country. In this environment you will get those slow but consistent rate hikes.
The real killer for the housing market remains to be the mortgage terms. When you allow so many people to have access to the housing market there will inevitably be an increase even if we see another 300 bps it would not have the same effect of 25 year, 10-20% down.
The rate hike is extremely bad for the economy especially when it’s juxstaposed to the Americans who are doing everything in there power to inflate their ridiculous debt into oblivion. They can get away with it too, since the Euro is a toilet currency and will be exposed as such over the next decade.
The big catalyst for the bottom to come out of the real estate market would be a double dip in the stock market and by extension, economy. When that happens, you’ll see what we had 16 months ago with rapid price decreases. If the double dip is coupled with rate hikes, higher taxes, less spending we will really get the party for the bears.
March 2nd, 2010 at 10:40 am
“The big catalyst for the bottom to come out of the real estate market would be a double dip in the stock market and by extension, economy.”
There is NO way we will avoid a major recession in this province. We are only behind the curve, that’s all.
March 2nd, 2010 at 11:14 am
Bye bye Greece. Let the sovereign defaults continue. I wonder how much appetite there will be for further bailouts and money printing when the specter of insolvency is knocking at the door of the developed world.
March 2nd, 2010 at 11:23 am
The foriegn press saw right through the thin veneer of Vancouvers propaganda fron and the local papers are telling you not to believe anyone but them, what a crok of shit. The fact remains that it is the local media pundits who have created the idea that ‘we’re number #1′ and ‘world class city’ campaigns etc etc when none of it was true. The advertising disguised as opinion has to stop or else …guess what???? they’re setting people up for a really big let down. The guy that cpmpared the local Olympic (thats right local!!) was spot on because we did not invite the world, we acted like greedy little kids who hadn’t learned to share. We showed zero class and no ‘goood host’ appeal whatsoever. It was all about keeping the liqour stores open and having a mass of drunks in the street for the cameras. The rest of the Olympic spirit never showed through.
http://communities.canada.com/.....fault.aspx
March 2nd, 2010 at 11:30 am
Super boom time facts:
1) GDP up 5% last quarter
2) Olympics hugely successful
3) Rich asians continue to flood in
4) No shortage of bears and other losers willing to pay mortgage of someone else
RESULT? Vancouver real estate never goes down! It continues to go up and up and up and up and up forever until all the bears leave.
March 2nd, 2010 at 11:59 am
“This budget is still going to be a belt-tightening budget,” Mr. Hansen said. “We’re starting to see the recovery settling in [but] our revenues are way down from what they were two years ago.”
Translation: it’s going to be a belt tightening for everyone who wasn’t politically connected and made a mint during the Owe-lympics. Everyone who was stupid enough to vote “yes” to having their taxes siphoned off to Gordo’s buddies who have the Sea-to-sky expansion contract, or sold the concrete for the Richmond Speed skating rink.
Hope everyone enjoyed those stupid F-ing mittens. You’re going to be paying for them for the next thirty years.
March 2nd, 2010 at 12:04 pm
@superduperbullshit: Vancouver real estate never goes down! It continues to go up and up and up and up and up forever until all the bears leave.
Leading to the biggest brain drain since the construction of the Berlin Wall!
March 2nd, 2010 at 12:23 pm
@superdupe-bullshitter:
Please Mr. Jurock, stop it – my sides are aching. You cheerleaders are so darned funny.
1) GDP up 5% last quarter – ONE TIME EVENT DUE TO INVENTORY REBUILDING IN U.S, THAT’S NOW COMPLETE.
2) Olympics hugely successful – NO EFFECT ON REAL ESTATE.
3) Rich asians continue to flood in – URBAN MYTH, NO PROOF.
4) No shortage of bears and other losers willing to pay mortgage of someone else
RESULT? Vancouver real estate never goes down! It continues to go up and up and up and up and up forever until all the bears leave.
CORRECTION, RENTERS PAYING ONLY PART OF MORTGAGES. FOOLISH SPECULATORS LOSING MONEY EVERY MONTH.
Just wondering how you expect the mortgage holders to continue collecting rent if all the bears leave?
Silly cheerleader.
March 2nd, 2010 at 12:26 pm
Character house in Dunbar-type neighbourhood:
430K – Character of this older home is evident in the spacious dining room w/original fireplace mantle, high baseboards & hardwood flrs throughout.
And some people still talk as though high tech has a future in Vancouver. What a joke.
March 2nd, 2010 at 12:47 pm
This bear went on 3 cruises last year. I am currently planing for my next 3.
March 2nd, 2010 at 12:59 pm
I live in the Arbutus area of Vancouver, my kids were often the only non-Asian kids in their high school science classes, and have noticed a very definite trend of Asians of Chinese descent moving back home. They are now citizens, with two passports, and no longer have a need to educate their children here. The big complaint I have heard from my soon-to-be ex-neighbours is that there are no business opportunies in Canada. China is the place to make money. There are many homes vacant in this neighbourhood and it appears to be an escalating trend. I do not see an influx of immigrants as in the past.
March 2nd, 2010 at 1:08 pm
Rise in housing starts forecast for 2010:
http://www.vancouversun.com/bu.....story.html
Goodbye fools. It was very impressive to see how governments and central bankers temporarily made water flow uphill, but that won’t prevent a washout.
March 2nd, 2010 at 1:11 pm
You need to buy real estate before the summer fireworks.
All those suburbanites who come to the city for the
fireworks will love it so much that they will buy condos.
You need to buy now before the fireworks or be priced out forever!
March 2nd, 2010 at 1:15 pm
@patriotz
The house is Westboro is even over-priced as the stupidity has finally gripped normally conservative Ottawa. My friends own a 4 unit building in the area that they purchased for < $400K a few years ago.
March 2nd, 2010 at 1:23 pm
@patriotz
I work in high tech and moved from Ottawa recently, so I can comment on Vancouver vs Ottawa:
- Ottawa has many more jobs and company headquarters.
- Vancouver tech jobs have dried up meanwhile Ottawa has seen some growth in jobs since the recession started.
- Ottawa tech jobs are primarily located in the nice suburb of Kanata. You can buy a 2000sqft 3bd/3bath home there for $300K with a yard, garage, and no condo fees.
- Ottawa tech jobs pay on average a little more.
- Ontario income and Ottawa property taxes are more than BC and Vancouver.
- Sens games are nearby in Kanata and cheaper.
I honestly don’t know why any company stays in Vancouver, especially in high tech. Seattle/Redmond are only a short drive away too, with higher salaries and lower costs of living.
March 2nd, 2010 at 1:25 pm
boombust: look up the word “catalyst” for me.
March 2nd, 2010 at 2:07 pm
@old kitsie:
“They [Asians] are now citizens, with two passports, and no longer have a need to educate their children here.”
@superduperbulltime:
“3) Rich asians continue to flood in”
Hmm, one is right and one is wrong, if only there were a credible source…
Wait a second, there IS! Landcor tracks property sales in BC, hmm let’s see, they say that in 2009 there was a net negative trend in offshore ownership. Which is to say that more “rich Asians” sold property in Vancouver than purchased.
Aside from which, this story is as old as bubbles, the Dutch Tulip bubble (the very first one) was partly driven in the later stages by the belief that rich French and British would see the value in tulips and swoop in to keep the market going. Didn’t happen then, won’t now.
March 2nd, 2010 at 2:18 pm
These Asians are landed immigrants, when they buy it is not offshore ownership anymore, can you get that through your head, Drachen.
March 2nd, 2010 at 2:18 pm
Bankruptcy Looms, coming soon to a theatre near you!!!
http://www.theglobeandmail.com.....le1486789/
And some say California is worse than this.
March 2nd, 2010 at 2:37 pm
21 X buffates Says:
March 2nd, 2010 at 1:25 pm
boombust: look up the word “catalyst” for me.
ReplyCurrent score: 0
You mean the word that explains the precipitating event for a change of course for something?
Easy. High prices.
Now, buggar off.
March 2nd, 2010 at 2:45 pm
I said it before and I say it again – 99.9% of all new housing units in Metrotown area in Burnaby are purchased by Asian investors/owners/flippers/speculators. The rest is Russian mafia and other/miscellaneous.
In latest news, yet another Asian dead body found in my neighborhood this morning.
March 2nd, 2010 at 2:52 pm
I heard an analyst saying that they will likely look at and should raise rates by 50 basis points in june and every announcement after that until june 2011. That’s a 4% increase by next summer.
March 2nd, 2010 at 2:53 pm
@specialfx3000: Coming to Canada (Vancouver) is known as buying a life insurance to the Rich Asians. They do not like the west because of the tax structure however they want a way out if things go bad in their country. Thats why they immigrate buy a big house and go back to Asia to make money.
March 2nd, 2010 at 3:05 pm
@White Payer:
That’s an argument for a bust, not against one. HK and other Asian markets saw a >50% bust in the late 90′s, and in the current bust Latvia and Ukraine have seen among the biggest declines. Even Moscow is shaky and only a rebound in oil prices saved the market.
Hot money gets out, fast, when the top is in.
And let us note that the supply of new condos in Burnaby is essentially unlimited. So let the idiots keep buying.
March 2nd, 2010 at 3:07 pm
The economy isn’t growing anywhere in Canada.
Quebec is our Greece…..94% debt to GDP…..I guess exporting maple syrup, fruit pickers and strippers can only support an economy for so long.
Back out the numbers from the last gasp of the housing “bubblette” then reverse the stimulus math, and we’re headed down the hill like an out of control snow boarder.
What was just counted and trumped up in the REIC paid for “media” was the numbers from the last quarter of 2009 where all the governments stimulus money, rate cuts and scare tactics pulled all the future housing demand from FTB’ers forward, as well as the people who cannot do math and spent money to get the puny HRTC.
It is all a grand fraud…….
March 2nd, 2010 at 3:10 pm
@specialfx3000:
“These Asians are landed immigrants, when they buy it is not offshore ownership anymore, can you get that through your head, Drachen.”
Rich Asians don’t take up residence here, they MIGHT buy as a vacation home or a place for their kids to stay while getting an education but they don’t like the business climate here. POOR Asians. Only 4% of Canadian immigrants use the “business immigration” (for the wealthy, entrepreneurs, artists, athletes and farm managers) method, that’s no where near enough to float this boat.
Wealthy people are generally happy with their circumstances. Happy people tend to try to keep things as they are (why fix it if it ain’t broken). It doesn’t take a master’s degree in psychology to figure that one out.
March 2nd, 2010 at 3:11 pm
@Drachen:
“POOR Asians.” Should read, “POOR Asians immigrate.”
March 2nd, 2010 at 3:17 pm
Emotion has nothing to do with rich asian activity in this town. It all comes down to investments and making money. These are something bears have no knowledge of but clearly rich asians do. For this reason “Vancouver real estate never go down!”.
March 2nd, 2010 at 3:22 pm
@taylor192:
Someone making 50K pays $855/year more in income taxes in Ontario.
http://www.walterharder.ca/T1.html
Also when you compare property taxes you should compare apples to apples, i.e. a 300K house in Kanata with a 600K house in Richmond. If you do that I think you’ll find taxes are pretty similar. Unfortunately mls.ca does not show property taxes so I can’t look them up.
Note also that townhouses are much more likely to be strata in BC as opposed to Ontario, which has many more freehold (no condo fees).
March 2nd, 2010 at 3:27 pm
Do you guys know how /where can i post some HTML containing a list of listings received from my real estate agent, He has only a couple of sales since december and most of them 5-10% down from asking price
March 2nd, 2010 at 3:32 pm
what if the government who is trying to squeeze water from rock goes after all the all the unreported income from secondary suites in Vancouver. There must be hundreds of millions of loss taxes there.
March 2nd, 2010 at 3:41 pm
@old kitsie:
“my kids were often the only non-Asian kids in their high school science classes, and have noticed a very definite trend of Asians of Chinese descent moving back home. They are now citizens, with two passports, and no longer have a need to educate their children here.”
I often meet Asians who have returned to Asia, though I would differ slightly on the reasons. Getting a passport is important but the education not so much. Many of the foreign kids at Canadian universities are those who couldn’t get into the much more competitive colleges in China, Singapore and HK. UBC is usually just a way to save face for their parents at home.
Many people also return because they can’t adjust to Vancouver: the slower pace of life, taxes and dearth of business opportunities.
March 2nd, 2010 at 3:44 pm
OT but important.
http://www.news1130.com/news/l.....-vancouver
Those temporary security cameras from the games may hang around if the VPD have their way.
March 2nd, 2010 at 3:44 pm
@asian person:
Must agree with you there. There are probably a large number of amateur landlords who have no idea that their rental income is taxable. All CRA needs to do is start address matching.
March 2nd, 2010 at 4:00 pm
To all those complaining about the “Owe-lympics”:
We have spent > $1.4B on 10,000 people in the DTES. I’d much rather spend billions for a party for all Canadians than throw money away on a party for 10,000 bums every Welfare Weds.
Then again, I did sit lower bowl for the gold medal game so I am biased
and only paid $200 over face value. Screw you scalpers.
March 2nd, 2010 at 4:06 pm
@asian person:
Pretty much everyone who bought after 2002 or so is actually losing money on an all costs included basis and is missing a writeoff if not reporting it. So still are a lot of people who bought in the mid-90′s. Also anyone who started in a loss position, and was reporting the loss, is not going to be able to suddenly stop reporting when they change to a profit position (e.g. many earlier landlords).
I wonder if that much actual rental income in aggregate is being missed. Still it’s very easy to catch. Some provinces have a renter’s tax credit which means renters actually report their landlord’s name and amount of rent.
March 2nd, 2010 at 4:09 pm
Fresh out of the budget lock-up…..
For those expecting a post-Olympics hangover budget, keep waiting. Rather than service cuts, the Province increased spending in education, health care, and on “families.”
The much vaunted property tax deferral program was actually announced last year as a two year program for those in “financial hardship.” It was extended this year indefinitely.
Details as follows:
* “Homeowners financially supporting children the age of 18 may defer property taxes until they sell”
* Program begins in May of this year (applications available before May though)
* interest charged at prime lending rate
* MUST HAVE 15% EQUITY IN THE HOME
The program targets 400,000 families, and my contacts say the program came directly from the Premier’s office (a last minute addition).
As for the downside, we still had a 2.7 billion deficit this year, a $1.7 billion for 2010/11; we will be short $113 million from the HST after we pay out all the credits; and the Province will be cutting a total of about 4000 jobs over the next few years (which started in 2009) rather than simply the 2500 or 5% of the workforce announced in last year’s budget.
The Province is devoting the entire HST revenue to the health care budget, so you draw your own conclusions on that one..
March 2nd, 2010 at 4:14 pm
also forgot about the $320 million in savings from “refocussed spending” amongst six ministries (energy, forests, land and agriculture, transportation, community development)
March 2nd, 2010 at 4:42 pm
@taylor192:
As a taxpayer, I feel the same way. Would you rather put your money into economic activity that generates a return (e.g. assets like the Convention Centre and RAV), or into a never ending black hole? By making the pie bigger, we will be able to help those in need more.
March 2nd, 2010 at 5:13 pm
@MIA: do you know how exactly they’ll spend on families?
March 2nd, 2010 at 5:21 pm
#45
Spending for families includes:
* the property tax deferral program (have to have kids)
* increase in per child K12 funding (think 8150 to about 8300)
* 26 million in childcare subsidies (childcare programs for low and moderate income families)
* 30 million for youth to participate in sports
* funding for full day kindergarten – $44 million in 2010/11, $107 million in 2011/12, $129 million in 2012/2013 – 22 million in the 2012/13 year is new funding
March 2nd, 2010 at 5:31 pm
I was listening to a spokesperson from Adecco Employment Services on CBC this morning, they’re the ones who hired people for the Olympics.
The shows host had to ask her several times how many people were hired who will now be out of work.
After much dodging she finally came up with a ballpark figure.
“Over 50,000″ was her answer.
March 2nd, 2010 at 5:35 pm
Who exactly are the DTES “freeloaders”?
“Notorious DTES landlords get tax breaks?”:
http://vancouver.24hrs.ca/News.....1-sun.html
March 2nd, 2010 at 6:14 pm
@MIA:
All provincial revenue goes into, and all spending comes out of, the same pot. Since health care spending > HST revenue they can claim all of the latter goes to the former. But it is completely meaningless. It’s like saying that all your salary from working Mondays goes to your rent.
Governments have been playing the “health care tax” game for decades but I guess people haven’t figured it out yet.
March 2nd, 2010 at 6:17 pm
@MIA:
Since we are in all likelihood at the top of the market and headed for a rapid decline, this means that virtually nobody who would be likely to want to use the program will be eligible.
March 2nd, 2010 at 6:17 pm
Dave says: “As a taxpayer, I feel the same way. Would you rather put your money into economic activity that generates a return (e.g. assets like the Convention Centre and RAV), or into a never ending black hole?”
Dave,
If you like assets that generate a return, you must hate Vancouver Real Estate. Most people that buy it get no return and just shovel money to the black hole lender.
March 2nd, 2010 at 6:26 pm
@taylor192:
The Olympics were no more a “party for all Canadians” than the Stanley Cup Playoffs or the Grey Cup Game. It’s not a party for you unless you’re inside. For everyone else, including those in Vancouver, it was just another TV event.
For Expo 86, anyone could buy a season pass for $89. That’s what I call a party.
March 2nd, 2010 at 6:30 pm
@MIA:
Even if anyone actually qualifies, it’s not spending. It’s a loan.
March 2nd, 2010 at 6:35 pm
46 – MIA:
Thanks for the budget summary.
I don’t have kids, and have no plans to have any. Can I please stop paying for other people’s choices (to have kids) please?
March 2nd, 2010 at 6:36 pm
@Anonymous:
Must agree with you there. There are probably a large number of amateur landlords who have no idea that their rental income is taxable. All CRA needs to do is start address matching.
……
Except….. that if you claim the rental income, you can also deduct your expenses, the biggest of which would be that that part of your mortgage that pays for the rental suite (but also taxes and maintenance), and there’s no way your rental income would come even close to covering your expenses in this city, so you would in fact be claiming loss. I guess that there could be some capital gains to pay in the end but considering that’s taxed at a lower rate, and I think there’s still a lifetime exemption so I doubt it would all add up to much overall tax income for the GOV in the end.
March 2nd, 2010 at 7:15 pm
@BB:
If the suite is truly secondary the whole property is covered under the principal residence exemption (not to be confused with the old lifetime capital gains exemption, now defunct).
AND you can deduct the operating loss, but you can’t claim depreciation (CCA).
But you can’t live in one suite of a 4-plex and claim the whole building as your principal residence. 3/4 of it will be subject to capital gains or losses.
March 2nd, 2010 at 7:19 pm
Re: Tax deferral program
The prov gov will be charging interest on the amount deferred. So, they are essentially giving out 2nd mortgages to those with an 85% first.
That, my friends, is a risky asset to hold. And now all BCers get to hold it thanks to the prov gov!
March 2nd, 2010 at 7:39 pm
@patriotzed:
I still have my $89 seasons pass in my possession.
That was the best party ever. It was so good I went to Expo 88 in Brisbane and Expo 92 in Seville just to experience it again and again.
March 2nd, 2010 at 7:47 pm
Canadian housing haven myth collapsing
“Having been conned by lower than market interest rates heavily set by the Central Bank of Canada, people were misled into purchasing “investments” they will not be able to afford in the future once interest rates rise.”
http://www.thecomingdepression.....ollapsing/
“I have noticed a very definite trend of Asians of Chinese descent moving back home. The big complaint from my soon-to-be ex-neighbours is that there are no business opportunities in Canada.” « Vancouver Real Estate Anecdote Archive Says:
March 2nd, 2010 at 8:14 pm
[...] old kitsie at vancouvercondo.info 2 Mar 2010 12:59 pm – “I live in the Arbutus area of Vancouver, my kids were often the only non-Asian kids in their high school science classes. I have [now] noticed a very definite trend of Asians of Chinese descent moving back home. They are now citizens, with two passports, and no longer have a need to educate their children here. The big complaint I have heard from my soon-to-be ex-neighbours is that there are no business opportunities in Canada. China is the place to make money. There are many homes vacant in this neighbourhood and it appears to be an escalating trend. I do not see an influx of immigrants as in the past.” [...]
March 2nd, 2010 at 8:30 pm
Some more number crunching, because math has never been more enjoyable now that interest rate hikes are imminent.
Based on $58,000 median household income in Vancouver using ING’s “how much can I borrow?” for 35 years (yes, 35 years – it’s what all the cool kids are doing nowadays).
Also assuming no other debts (ha ha) and a conservative $250 a month for property taxes or condo fees or both.
Prior to April 19, qualifying at 1.95% variable rate:
YOU QUALIFY FOR A MORTGAGE OF $415,270 WITH 5% DOWN!
After April 19, now having to qualify at 3.89% fixed rate:
YOU QUALIFY FOR A MORTGAGE OF $313,880 WITH 5% DOWN!
Holy foreclosure, Batman! That’s a 25% haircut off current prices!
Now let’s fast forward to the end of 2010, 4 successive 1/2 point interest rate hikes and you now need to qualify at a rate of 5.89%.
YOU QUALIFY FOR A MORTGAGE OF $244,287 WITH 5% DOWN!
That’s 41% less than 10 months ago, and we’re just getting started.
See, I told you math was fun.
Now, who wants to go out and get into a bidding war?
Buy now or be forced to pay a much, much lower price in the future!
“I work in high-tech and moved here from Ottawa recently. I honestly don’t know why any high-tech company stays in Vancouver.” « Vancouver Real Estate Anecdote Archive Says:
March 2nd, 2010 at 8:40 pm
[...] taylor192 at vancouvercondo.info 2 Mar 2010 1:23 pm – “I work in high tech and moved [to Vancouver] from Ottawa recently, so I can comment on Vancouver vs Ottawa: [...]
March 2nd, 2010 at 8:50 pm
@best_place_on_meth:
5
X best_place_on_meth Says:
March 2nd, 2010 at 10:07 am
superdupe:
How’s that lack of land working out for Manhattan real estate prices?
They ran out of land 150 years ago.
++++++++++++
Wadda ya talking about? Last time I was in NY, they were growing huge tracks of pumkins and cranberries on urban land too!!! LOL
March 2nd, 2010 at 9:01 pm
@bestplaceonmeth: thanks for the math, meth.
Informative numbers.
This is why there is likely to be a ‘threshold effect’ with interest rates.
Price drops won’t be a slow attrition; a tiny interest rate move can easily push Vancouver RE right over the edge.
Then falling prices will beget fear and more falling prices… etc, etc..
March 2nd, 2010 at 9:24 pm
@vreaa:
My pleasure, and the first interest rate hike will in effect be a whopping 2% in about 6 weeks time.
Hardly tiny.
March 2nd, 2010 at 9:24 pm
Wow, the February numbers just came in… “the benchmark price of a detached home in Metro Vancouver, an average for the typical homes sold, hit $800,796, a 1.5-per-cent jump from January and a 22.5-per-cent increase from the same month a year ago.”
http://www.vancouversun.com/bu.....story.html
March 2nd, 2010 at 9:24 pm
BS that is the funniest thing I’ve ever read on this blog..
March 2nd, 2010 at 10:18 pm
@best_place_on_meth:
47
X best_place_on_meth Says:
March 2nd, 2010 at 5:31 pm
I was listening to a spokesperson from Adecco Employment Services on CBC this morning, they’re the ones who hired people for the Olympics.
The shows host had to ask her several times how many people were hired who will now be out of work.
After much dodging she finally came up with a ballpark figure.
“Over 50,000″ was her answer.
+++++++++++++
No worries, they will just listen to what the Lieberals have been saying for the last decade and take up a trade.
March 2nd, 2010 at 10:32 pm
Hmm… a 22.5 percent price increase year-over-year? That’s funny, the latest Teranet data shows a mere 5.4% increase year-over-year in Vancouver. Yes, I know, the Teranet data is 2 months behind. So let’s compare the latest Teranet numbers to the REBGV’s numbers from 2 months ago.
December 09 year-over-year price increases in Vancouver:
Teranet: 5.4%
REBGV: 16.2%
I know who’s numbers I trust.
March 2nd, 2010 at 10:34 pm
#54 @logic: “I don’t have kids, and have no plans to have any. Can I please stop paying for other people’s choices (to have kids) please?”
Will you still feel that way when you’re 60, I wonder? My kids will be your social safety net when you’re too old to work. They’ll be paying higher taxes than you ever did. Please try to be a little considerate. BTW, this is not an endorsement of any crap in the budget.
March 2nd, 2010 at 10:43 pm
@Yalie:
True… everybody knows the REBGV numbers have been cooked for years.
March 2nd, 2010 at 10:53 pm
@bestplaceonmeth: @Dave:
I’m not saying the REBGV is being intentionally deceptive. It’s equally possible they’re just plain incompetent.
March 2nd, 2010 at 10:54 pm
@rp:
“My kids will be your social safety net when you’re too old to work.”
Social safety net, doctors, physiotherapists, all those things you’re going to need in old age. People with Logic’s attitude really piss me off, they should be paying MORE for not having kids, not less.
Try to look at the world beyond the tip of your nose Logic, there’s more to everything than the contents of your own personal bubble.
March 2nd, 2010 at 11:01 pm
@bestplaceonmeth: Are you sure that prior to April 19 CMHC approves you at 1.95% variable? You might want to check this is the case. I thought they approve people on 3 year fixed but correct me if I’m wrong. Post April 19th the difference would be from 3 year to 5 year, not variable to 5 year, not as big a change.
March 2nd, 2010 at 11:10 pm
Logic
“I don’t have kids, and have no plans to have any. Can I please stop paying for other people’s choices (to have kids) please? ”
You are paying for what you spent as a kid. Didn’t you go to school at some point in your infancy?
March 3rd, 2010 at 12:36 am
Patriotz
I agree with the Expo was a bigger party. The fair lasted for 5 months and was a party for all while the Olympics were very geared to Gordo and his douchebag friends along with IOC family. Today Vancouver is not a bargain like in 86 therefore we will not see RE appreciation like we did after the fair. I do think that tourism will get a boost. There are far too many deals in the US for any investor to choose Raincouver.
March 3rd, 2010 at 12:50 am
do people actually pay pst when they sell a used car in this province
March 3rd, 2010 at 1:11 am
Patriotz,
After watching you post on every possible subject under the sun on this blog, it is exceedingly clear that you are the eternal know it all who simply has to comment for the sake of keeping attention on yourself.
You choose to dissect elements that are not even relevant to the information I posted on RE (49,53). You find a flaw with everyone’s commentary or information, often splitting hairs when it serves no purpose.
I provided information and details on an issue that has raised questions on the blog, namely the property tax deferral programs. I gave you insights from Minister responses and press scrums, some of which will never make it print.
It is pretty clear you never get close to the political machinery, and the reasons why certain decisions are made. I will keep my information to myself next time, but thank you Logic for taking the time to express some appreciation.
March 3rd, 2010 at 2:17 am
70 RP:
I’ll be fine, but thanks for the concern. I have a very generous private pension scheme and will be able to fund my own retirement and health care (I’m retiring in a warmer country than this one).
So yes – I will still feel the same way.
March 3rd, 2010 at 2:18 am
and MIA – no problem. Keep up the good work.
Feb 2010 Benchmark House Price: $800,796 | Vancouver Condo Info Says:
March 3rd, 2010 at 3:07 am
[...] higher interest rates affect those margins. Here’s some interesting math courtesy of reader bestplaceonmeth: Based on $58,000 median household income in Vancouver using ING’s “how much can I borrow?” [...]
Post Olympic Job Losses – “The show’s host had to ask her several times how many people were hired who will now be out of work. After much dodging she finally came up with a ballpark figure. Over 50,000″ « Vancouver Real Esta Says:
March 3rd, 2010 at 7:28 am
[...] March 2010 · Leave a Comment bestplaceonmeth at vancouvercondo.info 2 Mar 2010 at 5:31 pm – “I was listening to a spokesperson from Adecco Employment Services on CBC this [...]
March 3rd, 2010 at 10:05 am
@patriotized
“It’s not a party for you unless you’re inside. For everyone else, including those in Vancouver, it was just another TV event.”
It is a shame you missed out on all the free venues, free events, free concerts, free shows, free fireworks, and just walking around enjoying the proud Canadian atmosphere. It was a party inside and out.
That said, I watch TV reports on the > $1.4B spent on the DTES. For the money, I’d rather watch the Olympics again.
March 3rd, 2010 at 10:40 am
@MIA: “Rather than service cuts, the Province increased spending in education, health care, and on ‘families.’”
Oh they did, did they? A better way to look at it is how their budget keeps up with the operating costs required to keep the status quo. Answer: it doesn’t.
The property tax deferral program is the province getting into the loan business. What sort of financial situation do you have to be in to take this kind of loan? The terms are horrible and rely on property prices increasing for these families to escape.
March 25th, 2010 at 2:38 pm
FUNDAMENTALS where are we going??? are people still immigrating in large numbers? Has the debt people have taken on gone up? for every 100.00 on average canadian owes 145.00 And the one thing no one mentions is over the next 20 years how many people turn 65 everyone will be surprised to see that statistic. So anyone who posts up up up go to Statistics canada and look at some charts it is not pretty. Who is going to support all of this