BMO cuts rates “great time to buy”
The ‘increasingly wobbly’ Canadian housing market is getting a boost from the Bank of Montreal with a mortgage rate cut and aggressive news release.
“It’s a great time to buy a home,” Martin Nel, a senior BMO official, said in news release announcing the change. He added that people who take advantage of the offer will benefit.
“If ever there was a time to buy, it is now,” Mr. Nel said.
The move which takes effect Thursday brings the bank’s key five-year rate to 3.59%, down from 3.79%, making it one of the lowest five-year rates ever offered by a Canadian bank, says industry newsletter Canadian Mortgage Trends.
But some experts are already scratching their heads because of the aggressive tone of the announcement as well as the timing, given the recent spate of warnings about the uncertain state of the market, including one earlier this week from the Canadian Centre for Policy alternatives predicting an imminent collapse.
When the big banks make mortgage rate changes they generally just disclose the new numbers without commenting on housing market conditions. If pressed, bank officials are usually quick to explain that the change in these consumer lending rates are merely a function of fluctuations in their own borrowing costs.
“It’s a bit puzzling to me,” John Andrew, a professor at Queen’s University’s School of Urban and Regional Planning, said of the BMO announcement. “Perhaps they are concerned that the number of new customers will fall off precipitously.”
And why would they care about a drop off in new customers? Ah, here it is later in the article:
September 2nd, 2010 at 12:38 am
CHMC – HOUSING MARKET OUTLOOK
Third Quarter 2010
http://preview.tinyurl.com/3ypymt5
http://preview.tinyurl.com/385qszu
September 2nd, 2010 at 1:12 am
BMO is dropping because other lenders already dropped. Maybe it’s just marketing but maybe amongst the big5, BMO has the most to lose if prices fall…
Besides, variable is where it’s at boyeeee
September 2nd, 2010 at 5:41 am
Does pricey Vancouver have a U.S.-like housing bubble?
http://blogs.marketwatch.com/c.....ce-bubble/
“A comparison of housing market policies in Canada versus the U.S., however,” MacGee adds, “suggests that there is little likelihood of a U.S.-style surge in foreclosures or a collapse of house prices in Canada.”
If you are a Bill Slut, a Rennie, or a Muir, you can be excused for saying something like that, but this MacGee is an associate professor of economics at the University of Western Ontario.
I guess just as we have our Village Idiot Tsur, Ontario has MacGee.
September 2nd, 2010 at 7:27 am
http://www.theglobeandmail.com.....ernational
September 2nd, 2010 at 7:33 am
The HST bombshell is why Campbell isn’t on the road ‘selling the benefits’ of the HST. They knew it was nothing but a cash grab from the beginning…..but…the cynical bastards also knew it would screw people over for at LEAST five years before it settled into the mix and the economy could absorb the extra taxation….that was the best case scenario….the reality is that businesses are closing and unemployment is skyroketing at a time we can ill afford it. All for a billion dollars from the Fed to hide their incompetance……assholes.
REEEEECCCCAAAAALLLLLLLLLLLLLLL !!!!!!!!!
http://www.vancouversun.com/ne.....story.html
September 2nd, 2010 at 7:38 am
And once more, reading this story is like deja-vu all over again for me. Its like 2007 in San Francisco and the US for that matter. Once it was clear the bubble was pretty much on its way to popping, all of the major real estate industry publications and industry reps began running shrill pieces with that exact same type of language: ” Now its a GREAT time to buy a home!”
Only problem is that it backfired. Of course everyone soon realized that it was actually a BAD time to buy a home and thus not many people did. Their next campaign was sort of a lame attempt to indicate that while as a whole, the US was having housing troubles, not all markets were the same. Thus the new tagline became more like :”Every area is different”. I assume this was meant to make prospective buyers feel that their area was “special” and different from everywhere else.
The latest ads I’ve seen go something like this: ” yes, there have been problems in the housing market… but over the long term, buying a house has been a good investment.” Then its accompanied by happy videos of happy families running around their yard with a dog or kids.
September 2nd, 2010 at 7:57 am
Baby this all that you want
When you’ll be lyin’ here on Robson
you’ll findin’ it hard to believe
you’re in heaven
And love is all that you need
And you found it there in your heart
It isn’t too hard to see
you’re in heaven,heaven
wow ooo ooooo
*North 5 Vancouver BC*
**♥☆**♥☆**♥☆**♥☆******
*YOU GOTTA BE HERE*
September 2nd, 2010 at 8:16 am
So the ‘best time’ to buy a house is when prices are at record highs and interest rates are at record lows and you can’t lock in to those rates for the life of the loan?
Interesting.
Short BMO?
September 2nd, 2010 at 8:29 am
Right now, only the good stuff is moving albeit much more slowly. Quality and location are becoming increasingly more important. All the other crap is just sitting there and dying on the vine, going moldy etc and may continue to do so for months/years. There are still plenty of buyers out there flush with cash willing to “cherry pick”, so this may not change anytime soon. The buyers in the low to mid end of the range who need to leverage themselves to the hilt in order to make a purchase have pretty disappeared, however, given the new mortgage reg’s and apparent shift in the RE markets, economic/political uncertainty etc.
September 2nd, 2010 at 8:48 am
Lots of crap out there alright.
Each time I drive by a house that has a ‘for sale’ sign and the house appears about fall apart any minute, a broken fence, and an ugly yard, I wonder what the seller was thinking? Worst, why would anyone even bother seeing the rest of the ugliness given all the choices out there.
Ya, bulls will say but you’re paying the hundreds of thousands of dollars for the lot. (the house is practically free).
You know what, why don’t you bulldoze that POS, clear out the debris and we can negotiate a selling price for the lot. The so-called ‘free house’ is basically garbage that comes with the lot.
September 2nd, 2010 at 8:57 am
I am sicked and tired with those bear shrill.Whenever, those one-ball bear scream in high pitch sound, Vancouver house price gone up another 16% moderately as usual since 2009. We can hold on our properties with rental income which made us sitting at home leisurely without having a job.Wanna give you a 40% discount firewood sale? Hollo anybody home!;is your one-track stupid brain ok! Remember pay your rent on time or u will get a hard kick on your ass while your empties bottle and belongings are being tossed on Hasting street. Don’t forget to remove your Safeway shopping carts.
September 2nd, 2010 at 8:59 am
You know what, why don’t you bulldoze that POS, clear out the debris and we can negotiate a selling price for the lot. The so-called ‘free house’ is basically garbage that comes with the lot.
Believe it or not, that’s exactly what they do out here in Silicon Valley. Some POS in Palo Alto- as in a small 2 bedroom home lived in by a little’ ole’ lady for 60+ years will sell for a million bucks only to be torn down with a multi-million dollar Mcmansion built on top. Incredible.
September 2nd, 2010 at 9:15 am
@ ts561rs, common here as well. Some of the full-lot monstrosities being dumped into lovely heritage neighbourhoods (gold awnings?) make you wonder how many orthodontists and trips to Disney some city hall employees need.
September 2nd, 2010 at 9:15 am
Hollo anybody home!;is your one-track stupid brain ok! Remember pay your rent on time or u will get a hard kick on your ass while your empties bottle and belongings are being tossed on Hasting street. Don’t forget to remove your Safeway shopping carts.
Not sure what that’s supposed to mean.If it means people that rent are financially dumb then I’m not sure if I agree. Even now, if you were to buy a house in the San Francisco area your mortgage would probably be around $5,500 a month. On the other hand my rent is $1,200 and has been for years. I make a fairly decent income and thus save around 50% of my take-home pay. Since the housing bust hit us several years ago those counting on their home’s appreciation have gained nothing but still have a huge mortgage payment on a house often times worth less than what they paid. On the other hand I continue to save and will buy a house for cash in another state and city.
Its not a black and white argument. I know many who also overpay for rent because they HAVE to live in some hoity-toity area.
September 2nd, 2010 at 9:21 am
Got my first real mortgage
Back in the summer of 69
The interest made my ears bleed
Was the summer of 69
Me and some guys from school
Were male nurses and we tried real hard
Jimmy quit, Jody got foreclosed
Shoulda known we’d never buy Van
Oh when I look back now
That summer seemed to last forever
And if I had the choice
Yeah, I’d wanna be there
Those were the best days of my life
*North 5 Vancouver BC*
**♥☆**♥☆**♥☆**♥☆******
*YOU GOTTA BE HERE*
September 2nd, 2010 at 9:29 am
Remember that realtor-owned listing at 1439 HOWE ST?
Realtor.ca has it at $749000K
http://www.realtor.ca/Property.....y=25433645
But the realtor’s own website still shows $759,900.
http://www.paulinejones.net/properties.html
Is she raising the price or is she so out to lunch that she could not even keep her own listing up to date?
Another interesting note on her website “Attention Investors: Leased out until August 2010.”
But I though the unit has been vacant?
September 2nd, 2010 at 9:30 am
94 sales yesterday. Oh oh. That’ll translate to 2068 sales for Sept which is down 40% compared to 2009. I know, one day doesn’t mean anything, but it’s fun to start the projections.
September 2nd, 2010 at 9:32 am
Oh my God.
Inventory keeps dropping and dropping. It is 412 as we speak. I believe its main purpose on this blog was to scare everyone that an inventory explosion is happening.
*** GOOD LUCK ***
It has been predicted spring will be a crazy time for home buying. Even at this low rates, soon there will be no home to buy and prices have nowhere but up !
September 2nd, 2010 at 9:50 am
@specialfx3000:
She is even more cracked out:
“best price for new quality construction at $669.00 per sq.ft.!” Umm, the listing says 1194 sqft on her site, $669 x 1194 = $798.76, she’s actually at $627/sqft. It looks like that is her only listing too??? I wonder it if is leased out to herself?
Boy, I better hire a real estate agent like the commercial says, all that math is too tough for me, better let the experts do it.
September 2nd, 2010 at 9:56 am
@specialfx3000:
Here is her craigslist ad:
http://vancouver.en.craigslist.....99220.html
Doesn’t mention anywhere “oh, BTW, it is for sale so you will have to allow viewings and may get kicked out if a miracle occurs and it sells”
September 2nd, 2010 at 10:07 am
@Anonymous:
Why would someone pay $2950 for an overpriced townhouse when there is an overpriced larger apartment in the same building for $2650:
http://vancouver.en.craigslist.....52088.html
I think a realistic rent for a place like this is $2200
September 2nd, 2010 at 10:20 am
Let’s be honest….the guy from BMO is some middle management schmuck who was picked up by a number of media sources. I am sure the top brass and the real economists within BMO (though they also are conflicted and limited in what they can say) are shuddering. I hear they are having a house party tonight in Vancouver with the BMO schmuck, Tsur – real estate never goes down in Vancouver as we have a shortage of land- Sommerville, Cameron – I get paid by a bunch of real estate agents to tell you everything will be ok – Muir and Bob – have I got a deal for you at the OV – Rennie. All covered by the real estate pumpers from the Vancouver Sun.
September 2nd, 2010 at 10:21 am
REBGV has released stats! Dumb Bears will not like reading them.
September 2nd, 2010 at 10:24 am
@House:
Although variable aren’t falling, a drop in the 5 year means it is easier to qualify people for juicy variable rate mortgages, because everyone(*) needs to qualify for the 5 year.
September 2nd, 2010 at 10:28 am
http://www.cbc.ca/canada/briti.....ennie.html
September 2nd, 2010 at 10:36 am
FV down the drain, hooooooooo hooooooooooo
http://fvreb.bc.ca/statistics/Package%20201008.pdf
(Surrey, BC) – Fraser Valley buyers and sellers continued to take a holiday from the real estate market in
August with the region’s Multiple Listing Service (MLS®) showing a decrease in sales, new listings and
overall inventory compared to July.
The Fraser Valley Real Estate Board (FVREB) processed 997 sales on its MLS® in August, a decrease of
44 per cent compared to the 1,786 sales during the same month last year and 9 per cent fewer than in July,
however 10 per cent more than the 910 sales in August 2008.
Deanna Horn, FVREB President, explains, “In August, sellers in the Fraser Valley took as much of a
break as buyers.
“Even with our slowdown in sales, we’re seeing inventory edge lower. Since May, we’ve seen our
volume of active listings decrease by 10 per cent.”
The Fraser Valley Board posted 11 per cent fewer new listings in August compared to the previous
month, the fourth month in a row of declining new inventory. At the end of August, the total active
inventory was 10,287, 5 per cent less than in July, however still 14.5 per cent more than the selection
available in August 2009.
Horn adds, “Our selection of homes is healthy, interest rates remain historically low and prices are
moderating, which represent excellent conditions for buyers. We’re currently seeing residential prices
edge down month-over-month, but remain 4.7 per cent higher than they were a year ago.”
The benchmark price for Fraser Valley detached homes in August was $510,107, down 0.1 per cent
compared to July and 5.4 per cent higher compared to $483,839 in August 2009.
The benchmark price of Fraser Valley townhouses in August was $324,485, a 0.4 per cent decrease
compared to July and a 4.5 per cent increase compared to August 2009 when it was $310,389. The
benchmark price of apartments decreased by 1.9 per cent from July and increased 1.5 per cent year-overyear
going from $236,146 in August 2009 to $239,659 in August 2010.
September 2nd, 2010 at 10:39 am
Re: 1439 Howe St
This one definitely takes the cake. With low monthly fees, convenient location next to the auto body shop, a front row view of transit buses rumbling by at 75 km/hr+ as they merge onto the Granville Br onramp and the soothing sounds of dumpster divers and shopping carts with broken wheels, what’s not to like?
This isn’t this first time I’ve seen $/sq ft and price info not updated in a timely fashion. $669 implies a listing price of $798k, which was what it used to be listed for. Leased until Aug? Say what? Isn’t it Sept now?
September 2nd, 2010 at 10:40 am
Sorry, this should have been posted under name ‘bullwhip29′
Re: 1439 Howe St
This one definitely takes the cake. With low monthly fees, convenient location next to the auto body shop, a front row view of transit buses rumbling by at 75 km/hr+ as they merge onto the Granville Br onramp and the soothing sounds of dumpster divers and shopping carts with broken wheels, what’s not to like?
This isn’t this first time I’ve seen $/sq ft and price info not updated in a timely fashion. $669 implies a listing price of $798k, which was what it used to be listed for. Leased until Aug? Say what? Isn’t it Sept now?
September 2nd, 2010 at 10:41 am
So…. just out of curiosity, some of you are talking about “variable rates loans” At the peak of our bubble we had something called Adjustable rate mortgages, or ARM loans. These had an initial low interest rate, only to balloon after a given time. These were very common from 2003-2006. Then they began to reset sometime in 2007 and that is when things got really nasty. “Variable rate” I assume works in much the same way?
September 2nd, 2010 at 10:54 am
@ts561rs:
Not quite.
Our variable rate doesn’t have an automatic reset higher, it floats according to the Bank of Canada overnight rate which is currently 0.75% after 2 increases in the last 3 months from 0.25%
September 2nd, 2010 at 10:57 am
@paulb fan:
Nice spin from the Fraser Valley board with “buyers and sellers continued to take a holiday from the real estate market”
A holiday! That sounds so pleasant.
Everyone loves a holiday, don’t they?
September 2nd, 2010 at 11:11 am
Bear big problem for scenario on horizon. Builder stop building in last few months as inventory of resale house drop as well. Fast forward next spring time no new construction happen, resale listing down and buyer come out of hibernation to find nothing for sale. What is buyer to do? Answer bear is bid up price of house and you lose again bear. Go cry bear. Go cry in macaroni salad.
September 2nd, 2010 at 11:16 am
@Best place on meth:
Not quite, it floats according to the lender’s prime rate which generally follows changes in the BoC rate. But the lender can set any prime rate it wants, any time it wants.
Competitive pressures mean that lenders’ prime rates will generally track each other but there is nothing stopping the lenders from increasing prime for reasons other than a change in the BoC rate – like they want to increase their lending spread because more loans are defaulting. Also at the end of term of the floating rate mortgage there is nothing stopping the lender from changing the rate from prime to prime+1 or whatever.
September 2nd, 2010 at 11:21 am
REBGV Stats link please
September 2nd, 2010 at 11:29 am
Mayor Gregor on CBC this am;
Gregor Craigie: “It must not be very nice to hear the Canadian Centre for Policy Alternatives talk about a bubble in this market. There is a big real-estate bubble.”
Gregor Robertson: “There is. You know, Vancouver is a popular place. A lot of people want to be here. We have incredible properties like the Olympic Village, which are world class, but we’re not immune to the global recession and the impact that has on real estate. We hopefully don’t suffer the same depth of challenge and hopefully we get through it smoother.”
September 2nd, 2010 at 11:36 am
Here’s link to the August stats. Look at page three, the graph titled 10-year trend. We seem to be at the beginning of a downtrend just like in 2008.
http://www.rebgv.org/sites/def.....st2010.pdf
September 2nd, 2010 at 11:42 am
There is an error on the median prices for aug and july 2010. In essence, the numbers are same (error in cut&paste probably)
September 2nd, 2010 at 11:44 am
The mainstream “wisdom” is that real estate is the path to wealth. We know that the homeownership rate is around 70% in Canada and 67% in the US. Could then some wealthy home owner explain this:
source
And these numbers are from the good times before real estate and the stock market have crashed! Today, it is likely that even less people can expect any inheritance.
September 2nd, 2010 at 11:46 am
http://www.vancouversun.com/bu.....l#Comments
Vancouver sun talks price drops.
September 2nd, 2010 at 11:52 am
My favourite part about the recent daily stats is when the sales are lower than the price changes. Building up listings is great and all, but now it’s time to slash and burn.
Regarding the article, buyers may be taking a holiday but I’m pretty sure that’s not what sellers are doing. Unless the author’s definition of a holiday involves staying home, nursing an ulcer and swearing a lot.
September 2nd, 2010 at 12:01 pm
re: The REBGV release for August.
“Canada remains an attractive destination for foreign buyers…”
Anyone know anyone who has sold to anyone just off the boat?
September 2nd, 2010 at 12:05 pm
Here is a quote from the Van Sun article:
“The benchmark price, an average for typical homes sold, was down almost three per cent in most of Metro Vancouver hitting $576,597 in August compared with a peak of $593,419 in April, the Real Estate Board of Greater Vancouver said.”
Read more: http://www.vancouversun.com/bu.....z0yOt3USl2
September 2nd, 2010 at 12:06 pm
House prices in the FV is down by 6.5% MOM! From july to aug. This is average price across all of FV.
On a side note, over the past month, I’ve had 2 realtors knock on my door asking if we wanna sell and “move up” lol…
And got a call from RBC asking if we want to buy a house and take out a mortgage with them! ROFL…. Could this be a sign of thing to come? I bet it is!
September 2nd, 2010 at 12:13 pm
RE rebgv stats
Perhaps the drop in the number of listings is only indicative of increasing # of cancellations, not an increase in sales (which were DOWN for the 4th consecutive month). Obviously, the MSM will take the active listings data and run with it. Hey, everyone’s got to eat, right? The reality is that listings are still up 50% since the beginning of the year.
The # listings and sales quickly ramped in spring/early summer for all the reasons that have been discussed numerous times already. I know many people that gave up and took their places off the market recently as things quieted down and this may explain why active listings and sales are dropping at the same time. I am betting this will change now that summer is over (an excuse that may get used to explain lack of sales activity).
September 2nd, 2010 at 12:34 pm
@paulb fan:
Nice spin from the Fraser Valley board with “buyers and sellers continued to take a holiday from the real estate market”
A holiday! That sounds so pleasant.
Everyone loves a holiday, don’t they?
————-
LOL. Your granny is dead Johnny, she’s just on “holiday”…
September 2nd, 2010 at 12:35 pm
* is not **
September 2nd, 2010 at 12:35 pm
“Buyers and Sellers take a holiday”……..what crapola…what spin….what sludge from the realwhores as we dredge the bottom of the barrel of opinion. Talk about morally bankrupt.
Why are prices falling at a time of fewer sales and declining inventory? Maybe because the game is up and they’ve run out of suckers……no more ‘pent up demand’ to throw rock bottom intrest rates at…….there is simply not enough warm bodies who can play the pyramid game any more…simple…not holiday….scam over…done…baked…..’yer outa there pimpo’.
Everyday we get a new desperate spin….”its a great time to buy’….’average price is back up’…..rates are back down to zero…….everyone wants to live here….world class……no more land….we’re all gonna die…. (whoops got carried away, thats only for the skin cancer crowd whenever the sun breaks out), whales…..best place in the world…..its differant here….never go down……its going to be OK…………….
Man its a good thing some of have time to think for ourselves, I feel like we’re getting both barrels from the bullshit cannon these days.
September 2nd, 2010 at 12:39 pm
@bullwhip29:
Bet you a dollar most sellers are in the wait-and-see mode. Everyone thinks it’s 2008 again and it’s all going to go away and RE in Vancouver will be again the way to riches foreva!
Except it won’t!
September 2nd, 2010 at 12:43 pm
@Jimbo:
Is that average house price down 6.5% or median. Average doesn’t mean a whole lot, what was the median or benchmark price?
September 2nd, 2010 at 12:43 pm
@realpaul:
Not just a bullshit cannon – check out the chemtrails this morning? – they were MASSIVE! They do it every time any bad news hits the presses – it’s koolaid for the masses in condensed, airborne form.
Free antidepressants anyone?
And I am not kidding or being sarcastic, I really mean it.
September 2nd, 2010 at 12:56 pm
Hey Bears, don’t get too excited by faulty stats. Someone at GVREB is already mentally on vacation. Median prices are identical for July 2010 and Aug 2010 in all cases. Ctrl+C and Ctrl+V error.
Besides look like ‘crash’ has stalled. Prices very flat over summer, maybe bitter bear not take vacation because can’t get shifts covered at McDonald’s but most people not thinking about buying/selling in Summer. Let’s see what Fall brings.
September 2nd, 2010 at 1:00 pm
@ giggling “Bet you a dollar most sellers are in the wait-and-see mode…”
That’s basically what I said. I’ll bet you two dollars most buyers are in wait-and-see mode…
September 2nd, 2010 at 1:12 pm
Antidepressant chem trails? Where? I need to find one and breathe in deeply!
Where’s the eye roll button on this thing?
September 2nd, 2010 at 1:20 pm
August stats are out! Here is a summary of the total dollar and percent benchmark price changes since the April peak:
Greater Vancouver Overall: ($16,345), -3%
Detached
Greater Vancouver: ($25,210), -3%
Burnaby: ($12,349), 2%
Coquitlam: ($35,903), -7%
Maple Ridge: ($16,265), -5%
New Westminster: $15,787, -4%
North Vancouver: ($25,144), -6%
Pitt Meadows: ($35,701), 4%
Port Coquitlam: ($41,644), -7%
Port Moody: ($22,623), 2%
Richmond: ($30,681), -2%
South Delta: ($33,313), 1%
Vancouver East: ($24,106), -2%
Vancouver West: ($65,455), -2%
West Vancouver: ($47,714), -1%
Attached
Greater Vancouver: ($11,404), -3%
Burnaby: $1,600, -1%
Coquitlam: ($20,671), -3%
Maple Ridge & Pitt Meadows: ($5,622), -5%
North Vancouver: ($24,280), -6%
Port Coquitlam: ($840), 0%
Port Moody: ($23,999), -5%
Richmond: $2,606, 0%
South Delta: ($2,982), -3%
Vancouver East: ($44,540), -2%
Vancouver West: ($32,473), -3%
Apartment
Greater Vancouver: ($9,900), -3%
Burnaby: ($5,891), -1%
Coquitlam: $1,374 -2%
Maple Ridge & Pitt Meadows: ($4,851), -4%
New Westminster: ($9,850), -1%
North Vancouver: ($7,810), -2%
Port Coquitlam: ($2,088), -1%
Port Moody: ($1,096), -4%
Richmond: $513, 0%
South Delta: ($7,476), -2%
Vancouver East: ($15,962), -4%
Vancouver West: ($15,766), -4%
West Vancouver: ($86,844), -16%
September 2nd, 2010 at 1:21 pm
@realpaul:
I wonder if realtors have an excuse calendar?
September 2nd, 2010 at 1:34 pm
** Fixed a calc error. Please ignore my last post **
Here is a summary of the total dollar and percent benchmark price changes from the April peak to August:
Greater Vancouver Overall: ($16,822), -3%
Detached
Greater Vancouver: ($23,327), -3%
Burnaby: $18,911, 2%
Coquitlam: ($47,742), -7%
Maple Ridge: ($24,453), -5%
New Westminster: ($23,720), -4%
North Vancouver: ($58,907), -6%
Pitt Meadows: $21,900, 4%
Port Coquitlam: ($41,726), -7%
Port Moody: $18,380, 2%
Richmond: ($15,633), -2%
South Delta: $9,650, 1%
Vancouver East: ($18,031), -2%
Vancouver West: ($34,089), -2%
West Vancouver: ($10,365), -1%
Attached
Greater Vancouver: ($12,888), -3%
Burnaby: ($4,987), -1%
Coquitlam: ($13,843), -3%
Maple Ridge & Pitt Meadows: ($16,232), -5%
North Vancouver: ($38,698), -6%
Port Coquitlam: ($118), 0%
Port Moody: ($18,921), -5%
Richmond: ($2,343), 0%
South Delta: ($14,337), -3%
Vancouver East: ($10,389), -2%
Vancouver West: ($26,917), -3%
Apartment
Greater Vancouver: ($11,811), -3%
Burnaby: ($3,802), -1%
Coquitlam: ($6,510), -2%
Maple Ridge & Pitt Meadows: ($9,368), -4%
New Westminster: ($3,264), -1%
North Vancouver: ($8,123), -2%
Port Coquitlam: ($2,331), -1%
Port Moody: ($12,688), -4%
Richmond: ($535), 0%
South Delta: ($8,469), -2%
Vancouver East: ($13,569), -4%
Vancouver West: ($20,882), -4%
West Vancouver: ($117,571), -16%
September 2nd, 2010 at 1:35 pm
CBC’s also carrying the 3% down since April story…
http://www.cbc.ca/canada/briti.....rices.html
September 2nd, 2010 at 1:45 pm
The idiots at the real estate board still haven’t fixed their numbers.
It must be like a thousand monkeys at a thousand typewriters over there.
These are the “professionals” that we can’t live without?
September 2nd, 2010 at 1:50 pm
@Best place on meth:
The monkeys are incapable of multi-tasking. They are currently too busy bashing Bears on internet forums like VCI.
September 2nd, 2010 at 1:50 pm
ts562rs
I trust you read my late post (#148) on yesterday’s topic concerning property taxes in Austin TX.
September 2nd, 2010 at 1:51 pm
All the talk about what “type” of listings and how they’re real or not looks for naught. Prices are the same as 6 months ago and the MOI is still highly negatively correlated.
3 month moving average of MOI has passed 6, which means price drops are probable in the fall. All this with historically low rates.
September 2nd, 2010 at 2:17 pm
@specialfx3000:
Yeah well, if they put as much effort into checking their stats as they do figuring out what kind of spin to put on the release they might not look like such a bunch of amateurs.
September 2nd, 2010 at 2:18 pm
@crashcow: Are you sure that’s correct? West van apartment benchmark price is down almost $120k in four months?!?
How can that be?
September 2nd, 2010 at 2:20 pm
I know everyone here hates realtors, mortgage brokers, banks, politicians, developers, contractors, anyone associated with real estate sales, development or marketing BUT I’m here to just say they’re salesmen. Plain and simple, if you’ve ever worked in sales you know that its your job to put that rosey spin on everything, within reason of course, you stretch the truth, use stats in your favor and away you go. Don’t blame them for being good at sales, blame the people that fall for their bullshit. If someone takes a salesmen’s word on something than it serves them right when things go wrong. It’s called due dilligence and its something no one seems to practice anymore, at least not when it comes to buying real estate… tv’s on the other hand, hell ya, they do all their research but real estate… naahhh… what’s the point, it’ll never go down.
Don’t hate me.
September 2nd, 2010 at 2:23 pm
@Meat Robot: It’s the word ‘roll’ with a : symbol at start and end:
The chemtrail conspiracy must be pretty busy- the papers tend to only print bad news since that’s what sells.
September 2nd, 2010 at 2:26 pm
@Vansanity: I completely agree. What are salespeople supposed to do if not sell stuff?
I blame the sucker buyers who believe the get rich quick dreams for getting into financial trouble. It’s their own fault, no sympathy from me.
September 2nd, 2010 at 2:27 pm
Aside from the median price/cut&paste error (anyone know if this was corrected?), there appear to be other issues with how some of the data has been reported and/or presented. No wonder everyone finds this confusing.
* CBC and Vanc Sun unnecessarily(?) emphasize drops of 2.8% and “almost” 3% respectively from the April high, however, the month over month drop is less than 1/10th of 1%. Aug was a repeat of July and therefore not newsworthy. Folks, you did not get a better deal in Aug than you would have gotten in July.
* the MLS Housing Price Index chart/data and the REBGV Ave Price graph do not seem to tell the same story. The latter seems to indicate detached home prices have almost rebounded to April highs while MLS HPI data says prices are down 2.8% from high (and up slightly from July), which is consistent with everything else I’ve read.
What’s known is that sales have been declining for 4 consecutive months while prices have dipped only slightly. Unless “something” gives (ie. we start to see significant price drops or some new, idiotic home buyer stimulus is rolled out), the only thing I see changing is the # of listings, which should start to trend back up.
September 2nd, 2010 at 2:29 pm
Here’s a realtor pretty much lying regarding the townhouse at 1439 Howe Street:
I replied to the craigslist rental ad and asked if they had any plans to sell the unit as I am looking for stability. Here it the response:
“Hi XXXX,
We want to rent the townhouse on a 1 year lease. However, we are planning to sell it longer term.
Are you interested in renting or purchasing?
Regards,
Pauline & Doug Jones
604-228-XXXX”
I added the “XXXX” for privacy. I expect amateur landlords to bend the truth but when a Realtor tells you they are planning on selling it longer term after they have had it on and off the market 2 years with it currently ON THE MARKET, and listed in her name, well, pretty unscrupulous….I wonder if the real estate board would be interested? I know I wouldn’t trust her to sell my dogs house!!!
September 2nd, 2010 at 2:30 pm
@Pete:
They hardly ever print any bad news about Vancouver RE! And even if they did, we would not know it, because papers that actually do count are all in mandarin and cantonese!!!
September 2nd, 2010 at 2:32 pm
“I know everyone here hates realtors, mortgage brokers, banks, politicians, developers, contractors, anyone associated with real estate sales, development or marketing BUT I’m here to just say they’re salesmen.”
Realtors aren’t hated, liars are.
September 2nd, 2010 at 2:32 pm
I for one don’t ‘hate’ any of the people you mentioned…I do however depise liars, cheats, pimps, double dealers, self serving parasites and several other varieties of varmint. It is obvious that the public has been sold a bill of goods for which there is no historical precedent to the pre planned screwing that many trusting members of the public will pay early for the rest of their lives. The pimps chose exactly thae wrong course for the economy by choosing to pump real estate like there was no tomorrow…we all agree now that the economy is in far worse shape had they chosen to do anything else other than what they’ve done. In the course of this government induced fiasco we had the parasites pile in ( banks, agents, brokers etc) and disregard any moral or ethical standing in the pursuit of unmitigated greed. If the public is reacting with ‘hatred’ it is well deserved.
Even the freaking Rusky’s are up on the game….don’t expect any ‘rich dumb foriegners’ to flock in and save the day. The turkey can’t fly….and all the lies and flowery prognostications in the world from the cast of fucking pimps (well known locally and nationally after banding together on a week long circle jerk in the media) cab save Canada from whats coming.
http://english.pravda.ru/busin.....s_sales-0/
September 2nd, 2010 at 2:39 pm
Only the FORECLOSURES on this blog are worth reading !
September 2nd, 2010 at 2:48 pm
@bullwhip29:
Is that all you see? Listing don’t exist in a vacuum. If listings start going up, but you don’t see sales going up with them, what do you see happening to ask and bid prices?
September 2nd, 2010 at 2:55 pm
brainsail,
Yes- Taxes in Austin are dependent on the district. So I suppose I should have been more specific. That still seems like a high rate. May parents own a pretty decent place in Tennessee and pay less than $1,000 a year in property taxes. In fact, most other Southeastern states have low property taxes. TX is pretty high. Your $400,000 house might as well be a $700,000 place in San Francisco. We plan on moving there and there is no way I plan on buying anything remotely close to that price. $150,000-$200,000 is more like it. I simply can’t imagine being on the hook for $8,000-$10,000 every single year.
But my point was that with such high property taxes, it puts a brake on how high prices will go simply because there is a recognition of that consequence. Many people we talked to in Austin when we visited actually mentioned wanting to have their property values DOWNGRADED for taxes alone.
September 2nd, 2010 at 3:11 pm
@ Devore
A lot of sellers are sitting on the fence waiting (or hoping) for another surge in RE. There is no volume because there are no buyers right now. Three of my neighbors simply pulled their listings last month. Although this supply appears to have vanished off the market, I know these people are lurking behind the scenes, bags packed and ready to go with their fingers cocked and ready to hit sell button at the drop of a hat. # listings will start to trend back up once it becomes more apparent that the market has indeed shifted. You’re right, listings won’t just sit there in a “vacuum” and pricing will inevitably succumb to the forces of gravity. Ditto these comments for the equity markets, which are in just as dicey a predicament…everyone that wants out of that crap hasn’t gotten out yet.
September 2nd, 2010 at 3:39 pm
come on bears, relax, there are no chemtrails.
Bears always complaining that the media is only pumping RE. Well today’s article in Sun quotes the drop from the peak in Apr 2.8%, not the month to month which is flat. They will print whatever sounds the most exciting either up or down. They want to sell papers bears. Either way, not much to talk about bears, this market is clearly not ‘crashing’. Just because bears want crash doesn’t mean it’s coming.
September 2nd, 2010 at 3:46 pm
@ts561rs: In Vancouver, property taxes are calculated differently and are a function not of the absolute, but the relative value of one’s property. If property values double, property taxes do not, as a rule, double. I tried to explain this to my brother but he didn’t understand, so I’ll try to set out a hypothetical example here and copy and paste this to him in an e-mail. Oh, and please let me know if I’ve made any mistakes.
Assume that a city has only two residences–Wong and Chan (we are in Vancouver).
Wong’s 1BR shack is valued at 500K.
Chan’s 3BR tear-down is valued at 1500K. (this is Vancouver)
The philosopher-kings at City Hall need $10K to run this hypothetical city. So there is 10K of revenue needed for 2000K of assessed value, meaning that the city will set a levy rate of $5 per 1K of assessed value. Thus, Wong pays $2500 in property taxes that year and Chan pays $7500.
The next year, the real estate bubble continues to inflate and the assessed value of the two homes are:
Wong–$600K
Chan–$1900K
Let’s assume that the city wants to show it is fiscally responsible and decides not to increase spending. Thus, it needs $10K this year to finance its business.
Now, they have to raise $10K in property tax from a total assessed value of 2500K. As a result, they’ll set the new levy rate at $4 per $1000 of assessed property value.
So, the two homeowners pay the following property tax:
Wong: 600*4=$2400
Chan: 1900*4=$7600
Thus, Chan’s tax has gone up and Wong’s has gone down due to the change in the respective values of their properties, even though the assessed value of each property was higher than the year before. Of course, that’s because the city decided to forestall any spending increases. If you look at the city website, you’ll notice that for much of the 2000s, the levy rate did decrease in Vancouver.
For residences a total levy (per $1000 of assessed value):
http://vancouver.ca/fs/budgetS.....s_2010.htm
2000–6.28192
2001–6.40384
2002–6.62104
2003–6.61411
2004–6.33573
2005–5.98922
2006–5.63853
2007–4.98817
2008–4.31141
2009–4.22573
2010–4.21377
Now, what happens if the City of Vancouver bears the brunt (to the tune of hundreds of millions of dollars) of the financial fiasco that is the Olympic Village? Well see increases mill rates (and property taxes) even as property values decline. People will wonder why they have to pay more property tax when “my house is worth 15% leas this year than last.”
September 2nd, 2010 at 4:06 pm
@oneangryslav2:
Very well explained.
Can you teach the REBGV how to compile stats?
September 2nd, 2010 at 4:12 pm
Bears depressed today. Crash not happen.
Dumb Bears. At this rate it will take you 20 years to buy house but by then you not get financing for being too old.
Dumb Bears.
September 2nd, 2010 at 4:16 pm
August turned out to be a pretty steady month. I think this bodes well for a stable Fall market.
September 2nd, 2010 at 4:17 pm
ts562rs
Doesn’t CA have a state income tax of 9 % for incomes over $50K$. If we lived there and had to pay 9% on a $90K income plus property taxes equates to alot more than we have to pay here. I think that because we only pay a total of $8.4K is a bargin. TX is one of 7 states that doesn’t have a state income tax. I hope I am not missing something here.
http://swz.salary.com/salarywi.....te_ca.html
Challenging the county’s appraisal to recent comps is stupid game you have to play here every couple years. I have had ours reduced everytime. Most people do not bother. Google TCAD for Travis Count Appraisal District and you will arrive at a site that you can compare your neighbors’ tax rates.
$200K will buy you alot of house here. We paid $180K (2600SF finished and 800SF unfinished)in 1994 and it’s worth about $400K now. House prices did not bubble here and just followed basic inflation so it is a safe place these days to own a house. Good luck!
September 2nd, 2010 at 4:34 pm
“…and pay less than $1,000 a year in property taxes. In fact, most other Southeastern states have low property taxes.”
I guess that’s why they have such a rotten school system.
September 2nd, 2010 at 4:39 pm
@BadNewsBears:
I totally agree. Where’s that “CRASH” that the bears have been chanting for the past 3 years? The prices have recently stalled waiting for the next big load of cash from China to pile right in. September’s going to become rosy as they come over to do some real estate shopping right before their National Day.
September 2nd, 2010 at 5:13 pm
@brainsail:
I was thinking the same thing. California’s state income tax kicks in on income of $7100 and hits 9.55% for income over $46,000. There’s also the wonderfully named Metal Health Services Tax that takes another 1% on income over $1 million.
California also has the highest state sales tax in the US, topping out at 10.75% with local taxes included, while in Texas it tops out at just over 8% with local included.
California’s corporate income tax is over 8% while it is zero in Texas.
And what does all this tax get you? Despite spending half of its budget on education, California’s school test scores are lower than those in Texas.
September 2nd, 2010 at 5:27 pm
New Listings 190
Price Changes 83
Sold Listings 106
September 2nd, 2010 at 5:27 pm
Interesting how people on this site are geting suckered into discussing RE and taxes in the US…
Why? Because this newcomer doesn’t know squat about the market here. Therefore, it is INCUMBENT upon us to talk about what he knows, which is US real estate.
This is a Vancouver site, Bub.
If you want to talk about California, etc. go to “The Housing Bubble”.
September 2nd, 2010 at 5:27 pm
@Anonymous: “They hardly ever print any bad news about Vancouver RE! And even if they did, we would not know it, because papers that actually do count are all in mandarin and cantonese!!!”
You’re the only idiot who reads papers in “cantonese”.
Are you missing this junket that Gregor Robertson plus >50 delegates leave this Saturday for Beijing, Shejiachua, Baoding, Shanghai, Tianjin, Quangzhou and HK. His mission is to woo Chinese investors to set up business and build factories in Metro Vancouver.
2010-09-02
http://news.singtao.ca/vancouv.....04690.html
September 2nd, 2010 at 5:31 pm
@Vansanity:
Don’t assume.
I respect PaulB for his integrity and honesty. And I’m grateful to xxx and Inventory for their useful stats and info.
September 2nd, 2010 at 5:49 pm
brainsail,
Yes, our income tax is extremely high here. But I guess the point I’m making is that compared to other similarly priced states in that region, TX has really high property taxes. The average income in Austin is also a lot less than that in the Bay Area, thus if you make say- 50k per year and yet live in an Austin house you paid maybe $75,000 for a few years back yet now have to cough up the taxable amount for its current value of $200,000, you see the problem: Your taxes go UP over time versus your income, which as seen nationally has stayed the same for 20 years. Therein lies the problem that you could potentially be priced out of your home if it went up enough in value, which they don’t tend to do there for that exact same reason: There’s only so much people will pay for a house if they know of this property tax. Personally I think it works well to keep prices under control. Even though Austin is a semi-desirable, cool little city, its still well within reason for many people, especially younger folks like me.
That said… we’re moving there exactly because you can in fact get a really nice, decent, and maybe even historically interesting home for $150,000-$200,000. That would get you zilch out where we live now. I can’t wait to get out of here
Boombust, TN schools were ranked around #13 last time I checked. California’s was 47th. CA has way, way way more rich people and a huge economy. They used to have the best schools in the country. Now they have the worst.
As far as an American being on here, well all I can say is that the news stories I see coming out of Canada, the chatter on here between people denying the bubble, and so on all smells like a bubble pop like anyday. Its not a question of WILL it happen. Its GOING to happen. We down here lived through it and are still living through it.
I find it interesting reading this blog because it is just like reading the tons of California bubble blogs “back in the day”. So take it from someone who’s lived through the tell-tale signs. The market in Vancouver is going to pop and condos will tank first- just like those here in San Francisco. In fact, many are still sitting empty. Some never got finished. yet during the boom people were on waiting lists to get in, happy to shell out $800,000 for a tiny 1 bedroom loft. Now they might sell for $350k or less.
September 2nd, 2010 at 6:00 pm
I like ts562rs’s posts because he’s like a time traveler.
But of course, we can all “time travel” if we want to by visiting some of the US housing bubble blog archives on the net.
Oh, oops, sorry, I forgot we are different here!
September 2nd, 2010 at 6:10 pm
Days elapsed so far 2
Days remaining 19
Average Sales this month 100
Average Listings this month 190
Projected Sales 2100
Projected New Listings 3980
Projected sell/list 52.8%
September 2nd, 2010 at 6:13 pm
Bwahahahahahahahahahahahahahahahahahaa…..Little Lord Puff & Stuff wooing the Chinese to build factories in Vancouver…..thats too funny…oh my sides hurt. A competative factory wage in Beijing that builds that crap that we find in a Wallmart is a shade under $300 CDN per month. Oh and might I add…..we ran out of land in Vancouver decades ago according to the most recent expert analysis from our friend Tsur Somerville.
Commom sense talk about why this can never happen in Canada goes something like this:
http://fullcomment.nationalpos.....in-unions/
The truth is the Miss Moonbeam and the Vision Weasels are going on a slo bucket junket. The Chinese secret service will have him measured before he lands and the bum boys will be a knockin’ on the hotel room door for little Lord G-Man Mayor of Never never land. We know who’s going to get greased up on this trip and they ain’t talking factory business here……juicy juicy backtory business more like it eh G-Man.
September 2nd, 2010 at 6:14 pm
Bwahahahahahahahahahahahahahahahahahaa…..Little Lord Puff & Stuff wooing the Chinese to build factories in Vancouver…..thats too funny…oh my sides hurt. A competative factory wage in Beijing that builds that crap that we find in a Wallmart is a shade under $300 CDN per month. Oh and might I add…..we ran out of land in Vancouver decades ago according to the most recent expert analysis from our friend Tsur Somerville.
Commom sense talk about why this can never happen in Canada goes something like this:
http://fullcomment.nationalpos.....in-unions/
The truth is the Miss Moonbeam and the Vision Weasels are going on a slop bucket junket. The Chinese secret service will have him measured before he lands and the bum boys will be a knockin’ on the hotel room door for little Lord G-Man Mayor of Never never land. We know who’s going to get greased up on this trip and they ain’t talking factory business here……juicy juicy backtory business more like it eh G-Man.
September 2nd, 2010 at 6:26 pm
@ts562rs:
Ignore the unfriendly posters here. While I’m not sure about your reasoning regarding San Fran prices and property tax, you provide a fresh perspective.
I have thought about moving to both San Fran and Austin. I decided against the latter because it’s too isolated from my social networks and will put off the former until the state works through their fiscal problems. Though this might never happen.
September 2nd, 2010 at 6:27 pm
More discussion on the news tonight about a “possible bubble” and who do they trot out again to correct that silly notion?
That’s right, Dch. Sommerville.
According to him there is no chance of real estate collapsing unless one of these events takes place:
1. A massive rise in interest rates.
2. A collapse of Western economies.
Naturally, nobody at Global asked him why neither of these events happened 4 years ago in the U.S. or 20 years ago in Japan.
September 2nd, 2010 at 6:54 pm
“Naturally, nobody at Global asked him why neither of these events happened 4 years ago in the U.S.”
And, naturally, they trotted out that a-hole, Michael Campbell, with pursed lip and furrowed brow, talking to Deb Hope on Global’s early News about what terrific shape this province is in.
HOWEVER, according to some who listened to Bill Good’s show yesterday re: local RE, most call-ins were decidedly downbeat about RE prospects here depite a “talker-upper” guest.
So, I suppose Campbell and his a-hole friends can try all they like, but they’re not going to reverse a trend in motion.
September 2nd, 2010 at 7:03 pm
Not a bad start.
14 new listings today alone from my VOW auto-update.
September 2nd, 2010 at 7:06 pm
This in today…
“Awesome 3 bedroom rancher w/walkout daylight basement in a quiet C-D-S location. Upstairs feats 3 bdrm, incl large master bdrm w/3 pc ensuite, cozy wood fireplace, large deck overlooking fully fenced yard which backs onto Poco trail & mini-greenbelt. Downstairs you will love the self-contained 1 bedroom basement suite, w/separate entry, shared laundry & lots of recent upgrades. Also included in the asking price is a $20,000 decorating allowance to cover cost of some needed upgrades, contact your realtor for more info.”
Hmm…a suite in the basement AND 20K kicked in for paint and what-not.
This would have had an initial list price FAR HIGHER a few short months ago.
SSB? Comments?
September 2nd, 2010 at 7:08 pm
Silly me. It’s 489K.
September 2nd, 2010 at 7:17 pm
@Best place on meth: what a clown. Nice fro too.
September 2nd, 2010 at 7:24 pm
Found an interesting deal, if anyone has a thing for recreational property.
MLS 105793 (Summerland)
Property is in foreclosure (whoohoo!more to come I’m sure!) $85k, a spacious 378sq feet (bring your family-uh ya!) and you can only use it 180 days a year (mostly in the winter). Oh you have to cough up strata fees of over $200/month, property taxes of about $2000 and realtor warns “Current financials do not offer cash flow. Monthly fees of $264/month are payable and currently not covered by any income.”
Interesting that this property hasn’t been snapped up by “investors”-sign of the times?? Also, similar units NOT in foreclosure are listed for $159k+….good luck with that…there are at least 20 units in the same complex for sale.
Okanagan=Florida North
September 2nd, 2010 at 7:38 pm
BAM there you go speculators BAM
http://vancouver.en.craigslist.....73382.html
LOL The real value of Vancouver housing.
September 2nd, 2010 at 7:46 pm
Am I missing something?
It’s a co-op, isn’t it?
September 2nd, 2010 at 8:10 pm
ts562rs
I think I have an answer that will lead to closure on this subject. The difference between property tax rates and the different states is simply a correlation between median house prices and household income. Compare CA and TX on this interactive map.
http://articles.moneycentral.m.....eRank.aspx
CA has a median house price of $467K vs. TX at $127K. CA has a median household income of $82K vs. TX at $64K. The percentage of household income applied to property taxes is the same for both states at 3.5%. This is I believe to be an apples to apples comparison except for the state income tax issues.
Sorry this subject has nothing to do with Vancouver.
September 2nd, 2010 at 8:11 pm
contruction is crashing!!!
http://www.vancouversun.com/ne.....story.html
September 2nd, 2010 at 8:30 pm
This unit at King Edward Village just sold for $420K, a sizable haircut off the asking price of $469K.
http://www.mls.ca/propertyDeta.....1324083974
The other Village people will not be pleased, especially this guy
http://www.mls.ca/propertyDeta.....=331140104
This guy
http://www.mls.ca/propertyDeta.....=843192451
And this guy
http://www.mls.ca/propertyDeta.....1237267946
September 2nd, 2010 at 8:39 pm
@Boombust: Michael Campbell does not allow anyone to say negative stuff about BC real estate, family rules. He’s the biggest joke on the investment scene here. When has Garth Turner ever been on his show ? Never,case closed. Only Ozzie the pumper is allowed on with his so called hot properties in tim-buk-two where your car gets the tires stolen on a weekly basis.
September 2nd, 2010 at 8:43 pm
@Anonymous:
Oh, those clever Chinese! First gun powder, now newspapers that speak to you! No wonder they’re taking over the world.
September 2nd, 2010 at 8:57 pm
@VHB:
Projecting September stats from a whole 2 days? Hmm.
September 2nd, 2010 at 9:13 pm
@Anonymous: VHB is just doing some interesting math. Math that ought to interest supposed economists like Tsur. It isn’t of interest to him, however, because our Scandinavian friend would rather shill for the real estate industry than tell the truth. He does not want to be associated with having caused a stampede, which he knows damn well the truth, out of his mouth, would cause.
September 2nd, 2010 at 9:19 pm
“August stats are out! Here is a summary of the total dollar and percent benchmark price changes since the April peak:..”
Nice numbers. I am curious.. anyone know what the MOM percent change is in the benchmarks? The stats release always mentions YOY changes.
September 2nd, 2010 at 9:22 pm
@Anonymous: Yup. Take it for what it is–a linear projection. And note, this is a projection not a prediction.
September 2nd, 2010 at 9:45 pm
@specialfx3000: Isn’t an agent supposed to disclose they are also the owner of the property being sold?
September 2nd, 2010 at 10:59 pm
Its hilarious to have read through the pimps fully coordinated press of the past few days that they think that if they all bellow about ‘how everythings going to be OK’ that this bullshit can stop the ship of fools from crashing.
The numbers supporting the negative trend are heavily against them, the economy is against them, the circumstances are against them…but they seem to think that if they all pull together and get you and I to look the other way that nothing bad can happen…..’because they say so’…….too funny.
How will they disguise all the underwater owners of the past six months…in three months time…these stats are obviously growing….will they dream up another excuse by then?….is this campaign all about buying time for the whores to extricate themselves????????….before the complete collapse tumbles down mainstreet.
The lies and false information that is being spun out of the media by desperate representaives of the desperate stake holders is precedent setting…never before have we seen so many lie to such a degree….it is only by knowing that the information is being diseminated by the spokesmen for the sales organizations that have the most to lose do you get a clear picture of how nasty and insidious the ad campaign of the real estate whores is…….a direct attack on the well being of unsuspecting Canadians…..a pox on all their houses.
September 2nd, 2010 at 11:57 pm
Watch out Rennie, noticed Simon Coutts on Global again, he had trouble selling bikes and fixing flats but now has his eye on being the new condo king!
Proof that if at first you don’t succeed you can always be a real estate salesman.
September 3rd, 2010 at 7:36 am
Debt just got a little more expensive as the real world of treasury auctions is not a happy place to be these days.
http://www.financialpost.com/n.....story.html
How long can governments keep buying their own paper????
Meanwhile the double dip in housing is here……even give away money programs can’t turn back the tide. The Canadian government can’t afford anymore giveaways for sure….. I know there has been some anecdotal information that banks are shying away from HELOCS and telling prospective buyers to seek alternative lenders…is it a quiet revulsion of even the slightest risk that has them turning away the CHMC fees they would recieve for passing along the 95% mortgage app????
http://www.financialpost.com/n.....story.html
All is not well in the real world……you wouldn’t know that by listening to the pimps…good thing you’ve got a brain eh?