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July 30th, 2010 at 12:42 pm
@ Yalie
I cycle through there regularly. Concrete ghost town.
July 30th, 2010 at 12:41 pm
Good rentals to be had throughout the states.
http://www.huffingtonpost.com/.....65437.html
More heft for the P/R ratio argument perhaps?
July 30th, 2010 at 12:36 pm
Another CREA forecast.
http://www.cbc.ca/canada/briti.....ecast.html
Paul the Octopus can make predictions better than these clowns.
They practically poop out a revision on a monthly basis.
July 30th, 2010 at 12:31 pm
By the way, will we get end of month numbers for July by tonight? Or we shall wait until tomorrow (Saturday)?
Developers must be close to starting their major discount offensive: they are not moving any stocks!
I am excited, the show is about to begin.
July 30th, 2010 at 12:31 pm
this ones for realpaul
http://www.theglobeandmail.com.....le1656662/
July 30th, 2010 at 12:14 pm
Below is an excerpt from Paulson’s article on the Wall Street Journal. I am still clapping my hands!
A significant root cause of the crisis was the combined weight of government policies promoting homeownership; these are apparent in the housing GSEs, the Federal Housing Administration (FHA), the Federal Home Loan Banks, the federal tax deduction for mortgage interest and various state programs. Homeownership was overstimulated to the point that it was unsustainable and dangerous to the broader economy.
The GSEs, now placed in conservatorship, and the FHA still provide a massive subsidy to our housing market, touching more than nine out of 10 new mortgages. When the housing market is clearly recovering — and it is still far from robust — we must have the fortitude to create a more level playing field between housing and other productive investments.
Fannie Mae and Freddie Mac should not be allowed to revert to their old form, crowding out private competition and putting taxpayers on the hook for failure while shareholders benefit from success. Reform should address the systemic risk they pose and should wean our mortgage finance system from its dependence on these institutions.
July 30th, 2010 at 12:12 pm
Loved the Paulson article about scaling back Fannie Mae and Freddie Mac. As he stresses, those agencies are the root causes of the problems in the housing market.
When are we going to see a high profile banker/politician in Canada writing a similar piece about CMHC on the Globe and Mail?
Without the CMHC the real estate market would not have gone through its mad parabolic appreciation we have seen over the past 2 decades. Food for thought.
Abolish the CMHC, let your MPs know.
July 30th, 2010 at 12:06 pm
The Olympic Village is officially empty:
http://www.theglobeandmail.com.....le1655195/
Rennie, please slash the prices on these units while there’s still time so I don’t have to pay for this for the next several decades – like Montreal taxpayers did.
July 30th, 2010 at 12:01 pm
@Dave:
“wages up bigtime”
Another reason to raise interest rates further. Higher rates = lower real estate prices.
July 30th, 2010 at 11:56 am
@jesse:
My realtor gave the same lame excuse in the spring of 2008. “Weather is too good, nobody wants to come to open houses or make offers!”
When people want to buy, they buy, Rain or shine.
July 30th, 2010 at 11:35 am
So many reasons why U.S. real estate prices will continue to fall and here’s another.
Rate of home ownership falling and expected to continue that trend for years to come.
http://finance.yahoo.com/real-.....estate-buy
Falling demand, lower prices.
July 30th, 2010 at 11:24 am
@“A-Sharp” Accountant:
Thanks A-Sharp for the link.
@raggedyrenter:
I get it now Ragedyrenter. Guess I don’t watch enough TV and totally missed that joke. After watching the clip, that’s pretty funny.
July 30th, 2010 at 11:03 am
@oneangryslav2:
Seems like there are lots of lurkers in Coquitlam – their place is near Mundy Park. They had tons of showings, literally lineups at open houses, but they were asking way too much and were unwilling to reduce the price and sell for “less than it’s worth”.
@patriotz:
Yes they were both going to buy another place, bigger and better of course. Not sure what you mean by no net difference though? What if they sold to an FTB? The condo was within FTB prices, the house not so much at nearly 3/4 of a million.
July 30th, 2010 at 11:02 am
Got me there. Don’t watch TV and haven’t seen the Old Spice ad. Have seen envy marketing used ad nauseum for years though.
July 30th, 2010 at 10:49 am
@Dave: “People with skills who are not in demand are having trouble getting back into the workforce.”
Definitely. A 3%+ growth in wages with unemployment high is a concern. The longer people remain unemployed the more and more difficult it is for them to find decent paying work.
Let’s hope the wage growth is sustainable as the governments cut back on spending. If it is, we’ll be seeing unemployment creep lower and higher interest rates through 2011. Certainly a good and necessary sign for the economy’s health in general.
July 30th, 2010 at 10:43 am
@patriotz:
Huh? What do you mean by no difference?
July 30th, 2010 at 10:41 am
@Anonymous:
Why? They target inflation and it remains low. Wages are outgrowing inflation, which is a good thing.
What the data shows is a split in the employment market. Those with jobs and skills (i.e. most people) continue to experience a strong job market. People with skills who are not in demand are having trouble getting back into the workforce.
July 30th, 2010 at 10:40 am
@oneangryslav2:
They certainly were last year!
Sales are extremely slow right now based on recent history. Blaming the weather is a cop out for the Realtor and seller’s inability to understand the market.
July 30th, 2010 at 10:38 am
@Cherry Pick Like U: those East Side numbers are weird – sales are down 40% MOM, the MOI is over 10, yet prices rise? Must be a sales mix thing, I’ll be interested to see the benchmark.
July 30th, 2010 at 10:38 am
@Anonymous:
Having a place to live is a basic human need, but owning RE is no need at all.
Forgetting the difference is what got us into this mess.
July 30th, 2010 at 10:37 am
@patriotz:
It also means for people in this situation, delistings mean lower future sales.
July 30th, 2010 at 10:36 am
@exx:
As I’ve written before, my sister listed her home in Coquitlam about 6 weeks ago. She’s had about ten or so showings and three Sunday open houses, but no offer yet. She has noticed listings in the same neighbourhood expiring and not being re-listed (maybe she’s in the same neighbourhood as your friends), which is good for her as there is less competition.
Oh, and the realtor suggests that the lack of an offer thus far due to a combination of the price being too high (which it probably is, by about 25,000) and the great weather. “Nobody wants to buy a house when the weather is good!” Except aren’t the highest sales’ volumes seen during the summer?
July 30th, 2010 at 10:35 am
@raggedyrenter: Nicely done, too funny. Fixie guy, you obviously missed the joke, and/or haven’t seen the Old Spice commercial. “I’m on a high horse”, hahaha.
July 30th, 2010 at 10:20 am
Yes indeed, the hand is quicker than the eye.
The issue then becomes that of semantics, the great minds are directed to focus as to whether 39.99% drop would be a crash of a mere correction.
What is forgotten is that housing (a basic human need) is turned into a casino bet.
Bubbles are destructive particularly to families.
Please don’t give the merchants of RE porn an audience.
July 30th, 2010 at 10:19 am
Listening to Big Slut on 98 this am while driving. A caller reminded us that the last study of municipal salaries was commissioned by the Van Sun in 2005. At that time the number of parasites making more than 100,000 p/a was 5500. That number has ballooned ( up 21% just this year). He was a reporter who said it was easier to call the governor of California than to get information on government salaries these days. Apparently the very touchy subject is causing a protocol of extreme secrecy to be enacted in all government departments. The egregious nature of the spiralling costs is something the government wants to keep from the public.
Multiply the municipal parasites times all ‘civic workers’ in the trough for outrageous salaries and benefits and even an idiot will quickly surmise that it is the outrageous nature of compensation that is keeping the citizens from receiving the benefit of their taxation.
July 30th, 2010 at 10:16 am
Sorry raggedyrenter, that was a joke? Difficult to catch with something that incoherent and witless. Your manipulative, irrelevant and likewise incoherent complaint though sounds oddly familiar. From RET perhaps? There’s much Horton in your style.
July 30th, 2010 at 10:15 am
@exx:
So why did they list the properties in the first place? What would they have done if they had sold? If the answer is “bought another property”, it’s no net difference to the market either way.
July 30th, 2010 at 10:08 am
@Dave:
Looks like the BOC will have to keep raising then…
July 30th, 2010 at 10:05 am
@fixie guy
what’s wrong with the joke?
I’m as bearish as they come and the vibe I’ve been getting from those who owned aren’t that much different from the Old Spice Guy commercials. What’s wrong with lampooning the whole situation?
July 30th, 2010 at 10:03 am
Wages are up big time…
http://www.vancouversun.com/bu.....story.html
July 30th, 2010 at 9:57 am
From my vantage point the market looks pretty flat. Somewhat typical of summertime I suppose. I have heard of a number of people who were unable to sell their places for what they wanted so they’ve decided to take them off the market and try to rent them out, probably look at relisting later this year or Spring of 2011.
Also a condo building near my hood that has 3 units for sale currently, 2 of which have been up for months. This is newsworthy because of the fact that units typically sold within a month out of that building over the last 4 years. I haven’t seen a place last that long on the market before, let alone 3 of them. They could go anytime, but it’s still worth noting.
Once again the slow moving oceanliner of a market continues to chug along neither up nor down, but pretty stagnant all around.
July 30th, 2010 at 9:53 am
@raggedyrenter
LOL, too funny.
I read yesterday Old Spice sales are up over 100% since the commercials first aired. It’s funny what good marketing can do…
July 30th, 2010 at 9:48 am
Have a good long weekend all!!! I am salivating at the idea of next week’s foul smelling RE sales numbers. Two months in a row should get things rolling pretty good. This also will be the one month anniversary of the HST woohoo!!!
July 30th, 2010 at 9:43 am
@raggedyrenter
LOL. That was awesome.
July 30th, 2010 at 9:38 am
I’ve been waiting for one of these Port Moody highrises (Sahalee) to reduce under $300K. Finally happened, #1709 651 Nootka reduced from $338K to $299K. #609 is still asking $329K… good luck! These 2 bed 2 bath 750sqft condos are literally shoeboxes with no closets. Anyway, thought I’d post that because in summer ’08 I viewed #809, listed for $349K, and jokingly told the Realtor I might consider $250. She called me back and said I could have it for $300K – I passed. She actually called me back earlier this year to tell me I “missed the boat” back then, but it was still a great time to buy despite prices being higher…
Also both my friends in Coquitlam have let their listings expire after 4 months and 0 offers. One of them has decided to try selling in the fall or next year when the market “picks up”, the others own a house and are refinancing to fix it up and then either try again or just not sell at all.
July 30th, 2010 at 9:37 am
@realpaul:
ROFL
July 30th, 2010 at 9:32 am
I was wondering what the smell was yesterday.
I kept checking my shoes, as was everyone else.
July 30th, 2010 at 9:16 am
@raggedyrenter: What exactly do you gain by being an asshole? Again, it is people like you and realpaul that make me think the world is a wonderful place.
July 30th, 2010 at 9:14 am
@specialfx3000: Congratulations on your searingly deep analytic prowess.
July 30th, 2010 at 9:13 am
@realpaul: I hope you don’t have a machine gun and see you go ballistic.
July 30th, 2010 at 9:12 am
From the same site as “West Van slide”, East Van rise it appears: http://www.yattermatters.com/n.....more-19173
July 30th, 2010 at 9:01 am
Paulson:
Um, you left something out Hank. You know, that guy you used to work for? Do the words “ownership society” ring a bell?
http://www.youtube.com/watch?v=kNqQx7sjoS8
Note that the B-word is nowhere in this article.
July 30th, 2010 at 9:01 am
“Multiply the face of this laughing hyena…”
Hmm, I wonder if it is in league with the imperialist running dog or the paper tiger?
July 30th, 2010 at 8:44 am
Wonder why there are no text books in the schools or why the childrens hospital is desperate for life saving equipment? Wonder why there is an extreme shortage of hospice services for greaving parents or care homes for the elderly? BC residents die in the drafty hallways of unstaffed hospitals because the ones that are there already take over 90% of the Health Ministry budget into wages and poutrageous pensions. Where do the billions in tax dollars go?
Multiply the face of this laughing hyena by the thousands of similarily outlandish compensated parasites sucking of the majority of revenue into their gluttonous vortex. Talk about ‘a pig in the trough’.
http://www.vancouversun.com/bu.....story.html
July 30th, 2010 at 8:35 am
“I don’t usually to respond to trolls but WTF is this realturd trying to say?”
It’s playing on local low self-esteem to cajole potential suckers into committing to generation long debt servitude for wood frame trash, what else?
July 30th, 2010 at 8:10 am
@”A-Sharp” Accountant
It’s funnier the other way around. Thx for the link. Not everyone realize the awesomeness of Isaiah.
July 30th, 2010 at 8:05 am
@specialfx3000:
http://www.youtube.com/watch?v=owGykVbfgUE
this may help
July 30th, 2010 at 8:03 am
@raggedyrenter:
I suppose a similar monologue could be crafted in which a renter invites an owner to compare lifestyle and monthly extra spending money.
July 30th, 2010 at 7:53 am
@raggedyrenter:
I don’t usually to respond to trolls but WTF is this realturd trying to say?
No wonder dumb buyers just sign the papers as no one understands the $hit coming out of this guy’s mouth. Did he get high riding a horse? Wierdo.
July 30th, 2010 at 7:43 am
Hello, renters, look at your place, now back to my place, now back at your place, now back to my place. Sadly, your place isn’t my place, but if you stop paying rent and buy a house, your place could be like mine. Look down, back up, where are you? You’re on a building with a condo you could own. What’s in your hard, back at me, I have it, it’s an oyster with two presale contracts to that thing you love. Look again, the contracts are now diamonds. Anything s possible when you buy a place and not renting. I’m on a high horse.