Friday Free-for-all!

Hey! It’s the end of another work week!  Lets do our regular weekend news roundup and open topic economic discussion post.  Here are a few recent stories to kick off the chat:

Vancouver shifts taxes from business to residence
Booming RE market good news for economy
Crack Shack or Mansion II – the sequel
Ei benefits flat in February
If mortgage rates rise does the sky fall?
Consumer confidence at 2 year high
IMF upgrades canadian economic outlook
BOC: Loonie, housing to drag on economy
Calgary gets a new parking lot
Garry Mar: buyers now forced into 5 year fixed rates
FSBO wants CREA protected from competition bureau
Canadian banks want return to reform basics
How to sell in a buyers market

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

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hmmhmm
Guest
hmmhmm

Happy Friday all!

OT right off the bat!

We’re looking for any advice from those who have moved from Vancouver to Victoria

Specifically, any solid recommendations (or crappy reviews) for movers and storage units in Victoria. We're leaving a 585 sqft 1 bdrm in yaletown so we don't have very much stuff. Any idea what we should expect cost wise?

Thanks and have a nice weekend!

gogogo inventory!

Limey
Guest
Limey

Listings are coming up nicely, and we're starting to see shavings off prices here and there, but we need a little more mainstream attention to get the sheep really rattled into absolute panic. I think everyone should be doing their bit to help this landslide.

How about billposters? A range of T-shirts? I'm happy to put the artwork together – shall we have a slogan suggestion and then get some printed up. I'm pretty sure everyone here would buy one. Maybe with the VCI website on the back?

Thoughts people.

patriotz
Member

@Limey:

Great idea, I've started this thread on the forum 🙂

http://vancouvercondo.info/forum/topic/poster-t-s

Wreckonomics
Guest
Wreckonomics

The new version of Crack Shack or Mansion is even more difficult than the original. I only got 12 out of 16.

And here I thought I was a real estate pro. 🙁

M-
Member

I got 15/16 on Crack Shack or Mansion II. Evidently, I've got what it takes to understand true real estate value!

paulb
Member

@M-:

Same here, blew it on the BOC question:)

nonymouse
Guest
nonymouse

Crack shack 2 nice work!

Loved it . Will part 3 be in 3d?

davers
Guest
davers

15/16 on the new one, the one hidden behind trees got me.

Love the disclaimer at the end of the second link. "we're not telling you to buy RE, but it is good for the economy…"

Strataman
Guest
Strataman

"The expected Olympic effect turned out to be more of a little league effect, at least in these figures."

Read more: http://www.financialpost.com/news-sectors/economy

Sorta what I thought, little league is a very apt description for the "Best Place on Earth! It's great our City Mayor is involved in the Little League!

specialfx3000
Member
specialfx3000

Dream crackshack in Vancouver: $1,000,000+

Years for real value of crackshack to start dropping: .25

Years for real value of crackshack to recoup value: 15

Years to pay off crackshack: 35

Unexpected reno cost needed days after moving in: $50,000

Jobs required to make mortgage payments: 2.5

Number of Kraft dinners the next 12 months: 300

Having your prized possession featured on crackshackormansion and possibly archieved for many more years of reminder and torture: priceless

vreaa
Member

David Rosenberg – “Every penny of economic activity, in real terms since this recovery began, has occurred thanks to the housing sector.”

Really good Canadian RE comments in today's 'Coffee with Dave'

Excerpts here:
http://wp.me/pcq1o-M0

"With all of the real growth in the economy since last summer being derived from the residential real estate market, it’s legitimate to ask: who exactly will be picking up the baton?" -Rosenberg

crashcow
Member

@vreaa: Funny, I was trying to post the same article…to summarize:

What has been the principal factor underpinning the impressive Canadian economic revival? One word: Housing. Based on our statistical work, we actually find that every penny of Real GDP since this recovery began has occurred thanks to the housing sector.

What caused this real estate surge in Canada? Record low interest rates and easing of CHMC rules. This has escalated homeownership rates, mortgage debt ratios and many home price valuation metrics in Canada to the same stretched levels the US had back at their peak.

But now, without the crutch of massive government support, the complexion of the Canadian housing market is about to change.

Absinthe
Member
Absinthe

Ow! I also got only 12/16 on the new Crack Shack or Mansion.

They've added some rather cutting (bubble popping?) observations.

Kite towards moon
Guest
Kite towards moon

Inflation drops to 1.4 per cent

Interest rates to remain low,Mortgage rates will go down going forward.Housing appreciation round 2 most likely to begun from may 1st 2010,Inventory will reverse back on may 1st after expiry and sold out clearance.Executive seeing strong growth for Vancouver.Vancouverboom2 round2.

specialfx3000
Member
specialfx3000

I would like to thank PaulB and Inventory for their tremendous efforts in providing timely updates.

By the way, guys, I was wondering if those numbers can be posted in a forum thread instead?

Reason is that many of us are addicted to those numbers and sometimes gets difficult filtering other posts when we are in need to satisfy the addiction immediately. Sometimes frustrating to scroll thru many posts only to realize you haven't posted anything recently 🙂

I know, the downside to this proposal is that you will not get those wonderful high scores on the posts. But you know we all love those numbers so regardless of the scores, they are very much appreciated.

realpaul
Guest
realpaul

Volcanic eruption coming in the Vancouver RE market. How can listings AND prices be rising at the same time. Oh I see, the federal government has de coupled the market from reality. I can die happy now that I have seen everything. Oh look, theres a pig flying past the window, a whole herd, amazing.

http://www.vancouversun.com/Resale+home+listings+

rubberduckie
Guest
rubberduckie

I think to help get the panic rolling, someone should create a simple graph that scales down to a small size, and we all use it as our Facebook photo.

anonymous
Guest
anonymous

all the bullz and realtors are out in force over at realestatetalks… the site is completely useless now.

drowned out in bull jibberish.

"it's different in Vancouver".

bears dont even bother posting anymore.

haha.

Summer
Guest
Summer

@realpaul

RE: Vancouver real estate: "Spaceball 1 has gone to plaid."

bhtbg
Guest
bhtbg

Does anyone have any statistics that relates the number of listings on the market to the number of unit available for resale. Certainly the number of units available for resale has increased significantly over the last 5 years. So rather than talk about absolute numbers, can we have this percentage. I think that would be valuable data.

Thanks!

Gordon C.
Guest
Gordon C.
Qualitative and Quantitative Tests So much of what we hear is spin today. I thought I would put a list together of words and phrases that quite a few people both pro and con on real estate use. Things that have no clear definition and can not be measured, but sound really good and informative. Things that are quoted by both sides of the argument to support their point of view. Perhaps others would like to add to the list. Pent-up demand or conversely over supply Bubble or demand driven downturn Real Estate is over valued or is it just too expensive Sub Prime – would that be an American or Canadian definition? Misplaced consumer confidence? Economical fundamentals – depends on which one's you use to support your argument Fundamental value or I will pick a number and if you… Read more »
Vancouver Movers
Guest

@hmmhmm I'm obviously being biased here (because I work for them) but check out Great Canadian Van Lines on the web.

crashcow
Member

Mr Housing Bubble t-shirt for $14 after taxes & shipping:
http://www.t-shirthumor.com/Merchant2/products/hb

I just bought one and it should arrive just in time for the 20K party. Get yours now or be priced out forever. If you buy three and husba buy three, free shipping!

wreckonomics
Member

The T-shirt and poster thread in the forum is pretty entertaining, it inspired me to try my hand at creating one – it's pretty rough at this point, but I like the idea:

http://vancouvercondo.info/forum/topic.php?id=35#

CH
Guest
Vancouver Sun Article If mortgage rates rise, does the sky fall? <a href="http://www.vancouversun.com/opinion/mortgage+rates+rise+does+fall/2937331/story.html&quot; rel="nofollow"&gt <a href="http://;http://www.vancouversun.com/opinion/mortgage+rates+rise+does+fall/2937331/story.html” target=”_blank”>;http://www.vancouversun.com/opinion/mortgage+rates+rise+does+fall/2937331/story.html "Meanwhile, that sound you hear is the clack of calculators determining just how much room homeowners will have left in their reconstituted budgets to do things like, oh, say, eat. In our part of the world, where a recent Conference Board of Canada report found that 67 per cent of Metro Vancouver households already "struggle with the high cost of housing," and devote 30 per cent or more of all income to shelter, the wiggle room would be, I estimate, diddly plus squat. I know it will be in mine." I think the author (pmcmartin@vancouversun.com) got his figures backwards b/c there was the article last week that stated Vancovuer residents spend the highest percentage of their income on housing than anyone else in… Read more »