Friday Free-for-all!

It’s the end of the week and the start of a long weekend!  Lets do our regular end of the week news round up and open topic discussion thread, here are a few recent links to kick things off:

How to filter out the foreclosed comments on VCI
August stats from the REBGV
Crashcow tracks the benchmark changes from April peak
Fraser Valley market sags
Housing will be banks next sore spot
Bubble case-studies: Ireland and Canada
Yatters average nears a million again
Still lots of room in Olympic Village
Nova Scotia realtors send threatening letters to FSBOs
Huge sales drop in Victoria
US: Feeling the pressure of life ‘underwater’

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

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Harpers uber quest to gain a majority has had the government doing everything it can to cheat the hangman in spite of th e longer term destruction of the consumer economy in Canada, but….he's doing it anyway.

"Efforts to halt prices from falling sharply might keep homeowners, and hence millions of voters, happy, but it’s bad economic policy. First-time buyers would be forced to take on even more dangerously large mortgages. At the same time, if the housing market continues to swing up and down, that eventually translates into stagnation—albeit at high levels."


@Boombust: I googled the story. Isn't this just as bad as setting up a shelf company in Nigeria? "The Vander Zalms originally wanted an all-U.S. cash deal for $14.5 million with $2 million going back to a Taiwan company called IAA, which Leung represented." Not saying this is right, but Sam and a whole bunch of others also enjoyed all-expenses paid junkets. "Tan Yu was provided with VIP treatment and lunch with the Lieutenant-Governor prior to the sale" VdZ was no match negotiating his own asset and crown asset. It would seem that Gordo did a better job with BCRail and BCH. Hopefully, the next PM will not give away the Burrard Inlet. "Then they agreed to $3 million cash and the rest mortgaged. Now, Leung explained, there was to be no interest on $7 million of the mortgage for… Read more »

doug r

@patriotz: Well, there's Prop 19, which is trying to lower the prison population some.



Remember Faye Leung and that brown paper bag full o’ cash?

Not being from BC and thus not knowing about this… I just read up about it, and coincidentally, found this recent video of Faye Leung on Global News!


@VHB: The inventory graph is quite interesting this year. One would conjecture that it is the result of sellers not getting their prices and pulling their units off the market. But if we assume that's the case, it suggests (but is not proof of) that the market may be 15% investor driven (3000 or so units lower than what one might guess from a more typical graph). Either that, or 15% of the move up market has died because no FTB are buying in. Typically in a bubble the mania grows and pulls in more investors or current investors expand on their portfolios. Once the bubble reaches a peak, prices start to fall, or another possibility is that the market freezes, but prices eventually fall at the margin due to sellers who need to sell. The amazing thing about the… Read more »


From the HGTV guy:

"“I’ll even go so far as to determine the value of a property by dividing it up per bedroom, with a limit of $65,000 per bedroom,”

Read more:


Ha f**king ha. See how far that gets you in Van.


New listings for Greater Vancouver detached houses:

July, 2010: 1688

Aug, 2010: 1420

Both of these are the lowest since at least 2001.

If the Fall is going to bring some price declines, we can't repeat that kind of listing performance.


@realpaul: It looks like rp's post is being quickly voted into foreclosure. I wanted to rescue the link he posted, though, as I'm sure others will find it interesting. A 32-year-old who has never witnessed a property bust sure seems like a genius now.

fixie guy

patriotz Says: UCLA’s Chris Thorberg

No longer with them I think but still can't recommend highly enough Thornberg's 2006 Economics Roundtable speech on the California market as an example of how real economists analyze markets, in contrast to those who act as wings of the marketing department.


@Boombust: Smart asses don't deal with "brown paper bag full o’ cash". That's so primitive.

Your contact can set up a shelf company in Nigeria, and deposit M$$$ account in an Asian merchant bank on your behalf. You then show up in an Asian city to empty the account and relay it to the Nigerian company with further instructions.


@shawnchong: Both of you are ADHD.

All 3 levels are gripped with greed. Someone will have to pay for it eventually, eh! Now before I was so rudely interrupted by iPhones and iPads, ………


Ya ……maybe I should be thirteen and be looking for 'buddies' Bwahahahahahahahahahahahahahahahaha

Kids are so stupid….heres a good example of a 'real estate no brainer' from the perspective of an underage idiot.

Must be rosy to think you're smart until reality smacks you on the ass eh?

Don't hate kiddies……realpaul always knows better. I know this because I'm kicking back on the beach…..and you're not.


"Some of you constantly demonize Vanderzalm…"

And for GOOD reason.

Remember Faye Leung and that brown paper bag full o' cash?


(Say, I wonder if Lilian fought her way out of those headbands. Awfully constricting…)


"…using a credit card can be a rational choice."

LOVE those Airmiles!


@Daniel Del Ponte:

You could be my acquaintance… that would help you to start getting sense what the coffee is all about.

You must be related to Hipster Kitteh.

And if you think I don't know coffee… well… my dad was born in Jamaica, which has a mountain that is called "Blue Mountain," that has some pretty famous coffee grown on it. My mom was born in India, which provides a lot of the cheap filler beans that you probably drink in your espresso. Furthermore, Coffee Time makes an excellent brew.

What's in your hand, back at me. I have it, it's a French Press with coarse ground coffee that you love. Look again, the coffee is now Campari. Anything is possible when you are cultured and not a peasant. I'm in a condo.


oneangryslav2 Says:

September 5th, 2010 at 5:05 pm

: This moron should find a RE agent who understands the Vancouver market. How could you have foregone the opportunity to reduce the price from $1,150,000 to $1,148,888?



Sorry, a professional Realtor (TM) would have convinced the seller that the price is still too high and should reduce to a price that would sell: $888,888.88


See Realpaul, you could have conceded that using a credit card can be a rational choice, and we could be buddies.

Instead, you got all riled up, made a bunch of unfounded assertions, and generally made an ass out of yourself. Par for the course I guess.

Would it bother you to find out that someone works in private non-unionized industry, receives no aid from family or government, and attempts to provide financial security through saving and investing?


@YLTNBoomerang: This moron should find a RE agent who understands the Vancouver market. How could you have foregone the opportunity to reduce the price from $1,150,000 to $1,148,888?



“And because some workers had learners’ licences, they weren’t allowed to drive at night.”

that's either misinformation or just an excuse. you can drive at night, just not past midnight. also, i drive by that office every day at 11 pm and there has never really been anyone there at that time anyway. i guess they don't overwork people at micro$soft?


Amazing price reduction:


Dropped from $1,150,000 to $1,147,500

$2500 price reduction on a million dollar property? Really? Think that's gonna make a difference? You originally listed at $1,450,000 in 2009 and the $300K drop didn't make a difference so maybe it's just about picking the right combination of numbers, not what the market wants to pay…


Now this is what I am talking about.

kick'em out aft

Some of you constantly demonize Vanderzalm and emphasize Gordon Campbell's era. Fortunately most people are able to pick up the underlying message and read between the lines. They all grew horns commencing the second term onwards.


#174 DD, congrats on being in the minority of Canadians making an RRSP contribution…be sure to thank your parents for paying foe a better education than most. The fact is though that a minority of Canadians are barely getting by…hence all the debt. There are plenty of Marie Antoinettes in our society who are so coddled that they fail to recognize the majority situation because they don't experiance the day to day drugery of the majority…our politicians and the scum bags in the public service unions all share this pissant 'Let them eat cake' attitude…'re not here to tell us that your entitlement overshadows the reality of everyone who doesn't share your good fortune are you? Food prices going up because of visa expenses by the retailer are NOT a good thing for the majority of consumers…this is why recent… Read more »

Patiently Waiting

I pay for just about everything with one credit card. Back when I used three credit cards and two debit cards, I found it harder to keep track of my spending. So its not even for the sake of points. I just find it more convenient, that's all. I hope nobody ever raised their eyebrows when i put a litre of milk on plastic, because they had no reason to.

I also would rather just "sign here" than use a number pad that had countless random people touching it.