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Friday Free-for-all!

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It’s that time again. Let’s do our regular end of the week news round up and open topic discussion thread for the weekend. Here are a few recent stories that caught our eye:

–Market cools as HST bites into Vancouver prices
–The embarrassment of admitting you prefer renting
–Wealthy on paper, couple needs more real dollars
–Politicians may not make the best developers
–The era of 5% commissions may be gone soon
–TD changes their mortgages to lines of credit
–Best to buy when interest rates are dropping
–Real estate as intertwined as financial markets
–Depression 2.0
–That lovely place in the Hamptons is far cheaper now
–

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

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patriotz
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patriotz
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"Market cools as HST bites into Vancouver prices"

You mean the tax that doesn't apply to resales? Uh huh.

The media, RE industry, and "experts" will always find something to blame for falling prices other than the real cause – the excessive prices themselves. Just as they did in the US.

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6 years 8 months ago
Rocker guy
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Who is this Somerville guy anyway? And how does he figure that investing in a home will provide the same return as the stock market over a lifetime?

Seriously? Where does Sir Tsur get his grant money?

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6 years 8 months ago
paulb.
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Yesterdays:

New Listings 184

Price Changes 95

Sold Listings 136

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6 years 8 months ago
Basi - Virk
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Basi - Virk
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patriotz; Why are you up so late, school starts tomorrow.

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6 years 8 months ago
NO - LYMPICS
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NO - LYMPICS
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Las Vegas:

17.5% unemployment rate

http://www.vancouversun.com/business/fp/money/Veg…

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6 years 8 months ago
mino3
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From the renters article:

But Prof. Somerville believes the real reason that owners fare better than renters is because owning forces you to save.

“The forced saving is useful,” Prof. Somerville says. “In general, we don’t save that much in North America – and therefore something that makes us save more isn’t a bad idea.”

This forced savings myth really bugs me. Savings is defined as under-consumption or deferred consumption. It's money you earn but don't spend. It's available to you whenever you need it. A mortgage is money you're forced to spend, is not available whenever you need it (since it was never saved in the first place) therefore is the COMPLETE OPPOSITE of savings!

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6 years 8 months ago
realpaul
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Tsur Somervilles 'forced savings' argument is a delusion that has been debunked rather obviously in the current market cycle where property prices have dropped precipitously around the world. Lets not forget that prices in Canada are only temporarily supported by government interferance and not a feature of market forces. In Somervilles scenario a person puts all their eggs in one basket…borrows against it…and then proceeds to lose it all as the risk of this type of mono focus investing has the highest risk of any. Somerville and the pimps would have us believe that 'real estate never go's down' and that market forces have been indefinatley suspended from influencing the Canadian economy. He speaks like a child who's world has only seen the butterflies and bunnies in his front yard but has never ventured out past the protective gate into… Read more »
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6 years 8 months ago
NO - LYMPICS
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NO - LYMPICS
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I guess they thought it was a piece of luggage

http://communities.canada.com/theprovince/blogs/l…

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6 years 8 months ago
superduperbulltime
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Yes bear renting article describe average forenting loser perfectly. Transient retard no family no wife no kids like to rent instead of own because they are lazy loser. Look at skullboy live sucking off daddy tit in butt hole maritimes. Do you want to be that kind of loser? If you don't change life now you could end up like him.

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6 years 8 months ago
Best place on meth
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Best place on meth
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@superduperbulltime:

You're right, we should be more like Col. Russell Williams, family man, respected in the community, homeowner.

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6 years 8 months ago
jesse
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@realpaul: "‘forced savings’ argument is a delusion that has been debunked rather obviously in the current market cycle"

…except in Vancouver! Prices are barely down from their peaks. The forced savings meme is generally true, only because people generally lack the ability to save unless "forced" to do so, but yes they only "save" in net if they pay a non-inflated price in the first place. Otherwise it's "forced bizarro savings."

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6 years 8 months ago
YLTNboomerang
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Tsur and the rest of the UBC gang will always pump RE, it pays their bills:

http://www.sauder.ubc.ca/Programs/Real_Estate_Div…

UBC is the only recommended path to become an agent by RECBC:

http://www.recbc.ca/licensing/career.htm

I'm glad I graduated from SFU business, I'd be embarrassed to have gone to Sauder. For all of you who have, write to them as an alumnus and state your outrage that the RE industry has taken over your alma mater.

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6 years 8 months ago
logic
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What Tsur is saying is basically "if you are too stupid to save, buy a house".

I'll leave you to follow that logic.

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6 years 8 months ago
realpaul
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#11 J,,,are house prices 'barely down' or are they 'barely holding up'? Delving into the stats we see that fewer sales occue each month,,,this is a trend in motion. New Home sales are down 65% in all categories ( in Vanc) fewer sales and fewer listings have a tendancy to skew the headline numbers for public consumption giving the impression that all is well. Hmmmmmmm, I would bet that the new home builders are donating to the 'scrap the HST' campaign amongst other pimping groups. But as an ex – builder I can tell you that the facade won't stand the wait until the referendum next November. Builders with COC loans will be forced to liquidate…along with other normal market forces that ( death , divorce, bankruptcy, transfer) etc etc) and a new regime will create a new 'floor' where… Read more »
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6 years 8 months ago
fixie guy
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superduperbulltime sure does Canadian immigration policy proud. Who wouldn't want more of the illiterate, abusive and incapable of reasoning?

I agree with the forced savings argument in normal circumstances. What's being missed in the criticisms is the distinction between funneling money into straight consumption versus a sustainable asset. Spending on a house obviously has superior future returns than blowing it on cars and vacations. Again, in normal circumstances. If not the best possible financial return better than strippers and blow.

Of course national governments across the globe fucked even that up by overstimulating housing, turning something that has historically been a source of economic stability into a crushing liability.

Politicians: is there anything they can't fuck up for votes?

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6 years 8 months ago
HousingBust
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Hey Bulls, I thought Vancouver real estate only goes up? But how come Vancouver real estate is starting to go down?

Oh, that's right: WHAT GOES UP, MUST COME DOWN!

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6 years 8 months ago
Not much of a name..
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Home owners can't save at all. That's why the government had to continually lower the down payment requirement.

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6 years 8 months ago
MO - LYMPICS 2014
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MO - LYMPICS 2014
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Vote up if you want to see Mo-Lympics in 2014 and down if not. If Sochi can't pull it off, it comes back to Vancouver.

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6 years 8 months ago
house owner.
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@realpaul:

less sale means fewer sellers putting their properties in the market due to anticipation of future uptrend of the market;they are simply hording properties in anticipation of mass Exodus of Chinese buyers buying van RE for their children,wives,concubines,and parents.Cash is just toilet paper to them.Open your eyes Van bears pls because Van RE is solely supported by Chinese elites and wealthy commoners.Van is unlike n US.If you wanna to be a labor of those elites,you gotta pay the premium man.

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6 years 8 months ago
Best place on meth
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From Vegas to Dubai, the worldwide real estate massacre shows no signs of ending.

http://news.yahoo.com/s/time/20101022/wl_time/085…

http://news.yahoo.com/s/afp/20101022/ts_alt_afp/u…

Varun Chaudhary bought two two-bedroom residences in the Burj for about $1.5 million in 2005 even before construction began. He saw the value leap from $762 per sq. ft. to $3,811 per sq. ft. at the heights of the boom. Today, those values hover just above his purchase price. But he says he isn't worried about his investment. "These properties will recuperate faster than other properties because it's an icon, because it's only one in the world," he says. "You just have to say 'Burj Khalifa.' That's the address; you don't have to explain. It's a style statement in itself."

FEEL THE VALUE.

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6 years 8 months ago
Master-Bear-Tor
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@NO – LYMPICS:

A bear can pick up a cave pretty cheap over there. Might have to have a look. Who's with me? Leave your alligators at home.

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6 years 8 months ago
house owner.
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@NO – LYMPICS:

What does it relevant to Van city?

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6 years 8 months ago
superduperbulltime
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@Best place on meth: Problem is bear I'm serious you not. Put on thinking cap and have look in mirror bear. Think about how sad life is right now for you. It will only get worse bear.

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6 years 8 months ago
WFT?
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@Best place on meth:

Even the Burj Khalifa is cheaper than Vancouver! What a joke this city is!

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6 years 8 months ago
house owner.
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@Best place on meth:

What does it relevant to Van;Van RE still in uptrend though it slows down a little bit temporarily.Van RE is unique and strongly supported by Chinese government.

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6 years 8 months ago
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