Friday Free-for-all!
It’s that time again! Time for our regular end of the week news round up and open topic economic discussion thread. Here are a few recent stories to kick off the chat:
-Does ultra-pricey Vancouver have a housing bubble?
-October new unit sales shaping up to be lowest ever
-$1 million house in Seattle vs $1 million in Vancouver
-Economist survey: Canadian real estate overvalued.
-Rennie: “We are a pre-sale city”
-Premiers TV address cost BC $240,000
-The long shadow over Canada’s housing market
-US foreclosure mess will last for years.
-In Spain your house gets foreclosed, but you still have to pay
-Dubai makes Vancouver Olympic Village look like a success
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So what are you seeing out there? Is it feeling like a good time to buy now that prices are down a few percentage points from their all time highs? Post your news links, thoughts and anecdotes here and have an excellent weekend!
November 7th, 2010 at 7:43 am
AirCare, new vehicles and False Economy:
We bought our smallest vehicle ever last year, a used 2007 model and most basic ie no power windows etc. Bought it with about 55,000 km.
Bough it from a major dealer with the whole service record which included about 400 dollar brake job
Recently the brakes started to wobble when pressure applied.
Was pissed off and called the dealer. .Got an e-mail back suggesting they need it for 2 hours to diagnose.
Then I thought..this already sounds like BS…no I'll call our mechanic.
Our mechanic stated that high probability the rotors are likely shot…and I said what ????….I have the records they were serviced before we bought it.
Our mechanic said its been his experience that the rotors for these small vehicles are basically toast on low mileage { told me some horror stories }, and we'll have to get new ones.
Now we are talking about 350 bucks for one set of tires {fronts } with only 70,000Km on the vehicle.
New vehicles are just disposable, nothing but a racket re repairs on bogus parameters like fuel economy and their increased sophistication. even our mechanic said most new vehicles quickly reach a point they are not worth fixing.
November 1st, 2010 at 2:04 am
"Housing prices do not drive quality of life."
In fact I would go farther and say it's the opposite – quality of life drives house prices. I would rather rent in a place with high house prices than buy in a place with low house prices simply because the house prices in the latter are low for a reason – no-one wants to live there.
I'm not arguing with you that house prices in vancouver are absurd, which is why they will eventually come down. And overall, of course I would rather live somewhere with medium house prices in line with wages, and for that in Canada we can go to Ottawa, Halifax, Montreal or even Toronto.
Unfortunately (for people who pin all their hopes on owning their own home) Vancouver is always going to be a little higher than elsewhere in Canada. And comparisons with the US are just plain dumb – it's a different country in so many ways (and some Canadians, and Americans, really need to come to terms with that fact instead of constantly comparing the two places as if we're the same).
November 1st, 2010 at 1:56 am
"Again – this city has THE WORST quality of life in North America for a young, hardworking professional couple looking to start a family."
Housing prices do not drive quality of life. Job security, crime rates, leisure amenities, weather and the quality of your social and family networks are what drives quality of life. I find people who think that all they need to be happy and content is a house they can call their own to be extremely shallow.
As well, what is this North America nonsense? Since when can you just lump the housing prices of two different countries into one? The UK and Germany are both in Europe but no-one compares their housing prices.
Also, as one part of a young, hardworking couple I disagree with you on another point. As with anything if you are part of a two-income professional couple and you live within your means you can have an excellent quality of life in Vancouver, as you can anywhere in the world. It's all about how you use your money.
We rent – yes, even with a child… shock horror! – and have an excellent quality of life. We live on one income and save everything from the second income. This means we have holidays, cars and possessions far below what we can afford but all it proves is that half the stuff that is marketed to us is completely unnecessary.
When prices really start crashing we'll be straight in with very low-ball offers until we get somewhere. If they don't we'll rent indefinitely and use the difference to pay our kid's college tuition and a house for cash 20 years down the line. THAT'S quality of life – not owning a "mansion" just because you think you earn enough to deserve one.
November 1st, 2010 at 1:52 am
Who gives a fuck if Chevy is better than Ford HERE?
I do, ya sock puppet.
November 1st, 2010 at 1:27 am
@175 Anonymous and all his sockpuppets
It's a real estate board. Not a commodities board, not a stock board, not an art collector's board. Who gives a fuck if Chevy is better than Ford HERE?
Go back to RET, industry shill.
November 1st, 2010 at 1:12 am
Gee, I counted approx. 50 foreclosures on this VCI topic
This is a bad neighbourhood….lots of gold and silver pimps
Not sure I want to invest here….maybe safer in Surrey with their hot cougar mayor.
November 1st, 2010 at 12:02 am
http://www.60wcordova.com/financing.php
$1500 for a one bedroom condo in DTES?
Ahahahahahahahahah!
October 31st, 2010 at 11:45 pm
#182 Jimmy,
Using "year over year" stats allows Remax to factor in last fall and the spring which spikes the stats in favour of condos. It is misleading because it doesn't tell the truth about how these stats will read over the next year.
The Re Industry has already lost all credibility. This is just another nail in the coffin.
October 31st, 2010 at 10:30 pm
With any good stats, Remax will let the public know with a positive headline:
Condominium market in Canada heating up: Re/Max
http://www.vancouversun.com/business/Condominium+…
October 31st, 2010 at 8:27 pm
@No More Gordocracies:
October 31st, 2010 at 4:20 pm
Can't believe you people are voting down "No More Gordocracies".
The guy is giving you fools the truth on gold and silver. Bunch of sad sacks out there not realizing that Gold, Silver and Copper are going to tread a lot higher.
People here sometimes are out of touch with reality. As long as the US keeps on printing money, everything especially commodities will drift a lot higher.
October 31st, 2010 at 3:18 pm
Went to an open house today in Burnaby; 3br townhouse. Price just dropped 20k and realtor seemed eager to hear anything resembling an offer. Said it's dead unless you're Vancouver west side.
October 31st, 2010 at 3:03 pm
#
176
#
No More Gordocracies Says:
October 31st, 2010 at 10:38 pm
Ok rocket scientists out there. Last chance to speak up. If not gold and silver where should a person put their money if they have some sitting in the bank getting less than 1% per year
==========================================
Fuck off ya pumpin pimp
Go pay for advertising
Put your money where the sun don't shine, evict the gerbil first
October 31st, 2010 at 3:00 pm
Yeah…4 Q ya nutzi's
October 31st, 2010 at 2:38 pm
Ok rocket scientists out there. Last chance to speak up. If not gold and silver where should a person put their money if they have some sitting in the bank getting less than 1% per year.
October 31st, 2010 at 2:37 pm
The best censorship is not read it…Quit getting your inbred family to vote others down and you up
Otherwise F#ck off and change your diapers more often.
May a sleazy realturd screw you royally.
October 31st, 2010 at 2:36 pm
Cash Sitting on the Sideline Will Find Its Way to Gold
http://www.safehaven.com/article/18761/cash-sitti…
"We are moving back to panic territory, he said. Investors are cautious and there is a lot of cash sitting on the sidelines. Let me remind you that you earn close to zero on cash and that cash will have to move somewhere."
October 31st, 2010 at 2:31 pm
SILVER HITS 25.00 AT 10 PM TONIGHT ON ITS WAY TO 30.00 BY NOV 15TH?
TAKE YOUR MONEY OUT OF THE BANKS AND BUY REAL MONEY….GOLD AND SILVER
HOME PRICES DECLINING EVERYWHERE.
THE TREND IS YOUR FRIEND
October 31st, 2010 at 2:16 pm
@ 170 jesse
Of course it might be their intent to paint VCI as the loon and tinfoil crowd. Wouldn't put it past the special cases I've seen here, on RET, and on Discover Vancouver.
October 31st, 2010 at 1:59 pm
haven't seen dave in a while
unless he is now gro-goldbug-noobish-troll
October 31st, 2010 at 12:51 pm
I'm all for getting rid of trolls with the -10 cutoff but some of the posters here (cough Dave cough) get voted down right quick. I prefer to have their comments kept around because it makes everyone else's comments look so darn good.
October 31st, 2010 at 12:48 pm
This weeks housing chart
http://tinyurl.com/265m3la
October 31st, 2010 at 12:43 pm
@Best place on meth:
Go broke retard. I'm sure you're working on it anyway.
October 31st, 2010 at 12:19 pm
@Supraboy: Bubble is bursting in Victoria and Kelowna. Good enough for me.
October 31st, 2010 at 12:11 pm
Everyday, it's all about bears screaming about housing prices being too high. So when's this so-called "bubble" going to burst? It still hasn't happened and we're about 8 months after the olympics already.
October 31st, 2010 at 9:04 am
@No More Gordocracies: #150
>>>The thread gets 4 times the amount of posts in the Friday Free for All. During the week -10 would be effective. On the weekend this is far to little and may stifle legit debate so if there is a way to raise the weekend threshold to say -20 it would be better don’t you agree?<<<
Totally disagree.
Your stupid gold pumping posts should be foreclosed at -2, 7 days a week.
October 31st, 2010 at 8:56 am
@McLovin:
"log on here to read about what is happening to Vancouver Real Estate"
What do you want to know about it? It's going down. That's all I need to know.
Meanwhile Vancouver real estate is getting cheaper for those that turned their worthless Canadian dollars in for gold and silver.
See? It's all connected.
October 31st, 2010 at 6:33 am
Gee..its " Dead " here all of a sudden …..nyuck nyuck nyuck
Oh well, off to Vancouver house owners basement suite.
PS Happy Hallowe-en everyone bwbahahahahaa
October 31st, 2010 at 2:59 am
Just so you all know….fixie guy is in on the VCI post forclosed post gig….
October 31st, 2010 at 2:53 am
Metro board passes hefty regional fee hike
http://www.bclocalnews.com/richmond_southdelta/ri…
A typical home will pay $513 to Metro Vancouver next year for regional services – an increase of $44 – despite opposition from some mayors and councillors.
The regional district's 2011 budget passed Friday, raising regional spending 5.8 per cent to $603 million.
The $33-million increase includes money to hire an additional 24 full-time staff that several directors questioned as excessive.
But the board rejected a push from some directors to cut some contentious items – including $295,000 worth of planned spending on international travel.
etc.
===========
That's OK property appreciation will more than cover this…(unless of course they get desperate and have to crank up the mill rate)
October 31st, 2010 at 2:37 am
@ Pope. Thanks, LOVE the new -10 limit. VCI is readable again.
October 31st, 2010 at 2:27 am
Yes it’s true folks, Vancouver is a world class city, ask Bill Slut, Rennie, Muir, and sometimes Don Campbell, Ozzie, and Tsur will agree as well.
The palm tree lined beaches, the Vancouver/World Stock Exchange, the record number of World Corporate Headquarters such as 3M, Boeing, Nokia, Apple, Microsoft, Intel, to name a few.
Wages are high, supply is low, we are hemmed by the Pacific Ocean to the west, USA to the south, the North Pole to the north, and the Atlantic to the east.
The Madness of the Crowds, the mania, the hype, sub-prime( oops I meant creative financing) has nothing to do with current pricing.
The Vancouver market is not a bubble; It’s a world class city.
October 31st, 2010 at 2:05 am
Are they getting the message?
http://ca.news.yahoo.com/s/yahoocanada/101028/can…
October 31st, 2010 at 1:36 am
Terrible day
The winner of the $50 Million bought it in Kits….so its likely a grow-op laundered money or yuppie scum.
Dano from Hawaii 5-0 died, and is now with McGarrett RIP
October 31st, 2010 at 1:11 am
I want to buy foreclosed VCI spots 141 – 146
Hurry there is still room for my next seminar.
Ian Watt will be honoured guest.
October 31st, 2010 at 1:09 am
RealPaul on Gold "So, I can’t see the harm in trying to educate people here. I absolutely have nothing to gain by this WHATSOEVER so it would be nice if some of the immature detractors would use their grey matter a bit or just ignore these posts so that others may benefit from them."
Everyone else does see the harm as this is a REAL ESTATE forum!!!! Save your gold talk (whether well intentioned, right, wrong, or otherwise) for forums that focus on that topic. I log on here to read about what is happening to Vancouver Real Estate and unless people start paying in gold or find gold on their properties I don't want to read about it.
Is this so hard to understand?
October 31st, 2010 at 12:17 am
# 150 No More Gordocracies Says:
October 31st, 2010 at 6:37 am
@patriotz:
“Again – this city has THE WORST quality of life in North America for a young, hardworking professional couple looking to start a family.”
Chris Olsen doesn’t help the situation with stories like last night where he shows what material things a person can buy with 50 million dollars, namely 2 17 million dollar mansions, various models of Aston Martins etc. Vancouver is a totally materialistic society, a very unbalanced one and I don’t s
=========================
I call it rubbung it in, sidways RE pimpimg.
We all know what $50 million can buy but I sure as hell wouldn't engage in conspicuous consumption,……(or precious metals).Id park RE into a custom built home built like a brick shithous with turrets and a moat. I'd buy a hummer and drive it down COV bike lanes.
I'd probably buy the Pope a couple of beers and shoot the shit for a while.
October 30th, 2010 at 11:43 pm
@specuskeptic:
IMO… it just reinforces groupthink.
October 30th, 2010 at 11:18 pm
@No More Gordocracies: "Los Angeles, one of the worlds worst places to live as far as quality of life, is considered world class."
Because it is: being world class likely involves not only the environment but who you are seen with and what sorts of events you are invited to attend. From that POV LA is a great city; you just have to ignore the nasty stuff in between the "world class" parts.
October 30th, 2010 at 10:37 pm
@patriotz:
"Again – this city has THE WORST quality of life in North America for a young, hardworking professional couple looking to start a family."
Chris Olsen doesn't help the situation with stories like last night where he shows what material things a person can buy with 50 million dollars, namely 2 17 million dollar mansions, various models of Aston Martins etc. Vancouver is a totally materialistic society, a very unbalanced one and I don't see this changing and therefore it can NEVER attain world class status although it might rank with the Monacos of the world. Monaco is not a world class city by any stretch. Per capita wealth does NOT make make a world class city, diversity does. Example, Los Angeles, one of the worlds worst places to live as far as quality of life, is considered world class. Per Capita Vancouver is far wealthier but will remain a wannabe for a long time due also to its insecurites. Does anyone here think that on the TV news in LA that there is ever a story about whether or not LA is "world class"? If we have to wonder whether or not we are….we're not.