Below is my Housing Starts chart updated with the preliminary October data as released by the CMHC. Note that the latest figures are typically revised several times over the following months, but there appears to be a clear downtrend forming in the national numbers, while BC & Vancouver continues to stay near their post-recovery high.
This post was submitted by Starving Artist.
Click here to view all comments chronologically
on Big banks facing home credit risk@RE Lurker: Nope. Your deposits in a credit union in BC are actually better insured than in a bank. Each on Big banks facing home credit riskUS ratings agencies are pretty credible. Not. That said, it's startling how many groups in the past few months are on Big banks facing home credit risk@RE Lurker: http://www.cudicbc.ca/ http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/96141_00 All BC credit unions are insured. Furthermore, unlike CDIC, there isn't a $100,000 limit. 
on Big banks facing home credit risk--- #5 @rp1: #1 @jesse: “Banks, on a relative basis, are well protected.” And credit unions, at least where I on Big banks facing home credit risk'Morning, all. A couple of $100k reductions in my East 'Van neighbourhood: This bunker just went from $989k to $899k.
November 13th, 2010 at 2:14 pm
@Best place on meth:
Good link, I'm sharing.
November 10th, 2010 at 11:53 pm
Alleged smuggler linked to estate with chemicals
http://www.bclocalnews.com/richmond_southdelta/ri…
An alleged smuggling tycoon currently battling to stay in Canada was a recent owner of the farm property on Gilbert Road where Mounties last week discovered a cache of chemical precursors believed to be destined for the manufacture of illegal drugs.
Lai Cheong Sing, also known as Lai Changxing, purchased the 1.5-acre Fraserwind estate in 2008, but RCMP Const. Michael McLaughlin, spokesperson for the federal RCMP, told The Richmond Review Lai isn’t currently facing any charges.
The federal government has been trying to deport Lai for the better part of a decade.
Lai is alleged to have been the brains behind a $10 billion smuggling operation involving cigarettes and motor vehicles in Xiamen, China, as well as allegations he was involved in bribery, fraud and tax evasion.
========================
See we don't have people smart enough to pull off these capers.
we have to import them, legally or illegaly.
However,I'm sure it's just an anomaly, surely this one simply slipped through the cracks and the system will try much harder next time.
( Barrrfff )
November 10th, 2010 at 11:18 pm
@realpaul:
We should welcome our Chinese friends and sign a military alliance treaty with China against future American aggression.
Van should be a ideal place for China Navy in time of War with USA.Horse Shoe Bay is the ideal place.
November 10th, 2010 at 8:52 pm
@Archie Bunker:
BC has already had a former mayor of Surrey as premier.
Guess who?
November 10th, 2010 at 6:51 pm
US home price declines similar to Great Depression
Good discussion about what it means to us here in Canada
http://financialinsights.wordpress.com/2010/11/10/rate-of-us-home-price-decline-parallels-great-depression/
Vancouver will be ground zero! Look at the decline from the peak in places like Miami, Orlando, Riverside, and Phoenix. All nicer places than Vancouver and ALL have fallen 50 PERCENT from their peaks with no end in sight. Enjoy the ride down you crazy bulls!
November 10th, 2010 at 4:52 pm
@4SlicesofCheese: @4SlicesofCheese:
Maintenance fee $420 on a 528k unit that rents for 1900. That place should be advertised as "a great high risk, half million dollar investment with a lower yield than a GIC"
November 10th, 2010 at 4:16 pm
Sorry off topic but I was browsing thru MLS and I could not get over this agents description. Here it is unedited..
"wellcome to woowards building,Gas Town newest landmark with 2,5,10 years warranty. The Woodwords with the most fantastic amenities in town the W 43 Club with a full gym and 360 dgress views plus media room hot tub,outdoor lounge the suit itself is 975 sqf feature 2 bedrooms 2 bathrooms gourmate kitchen with stainless steel apliances and stone couter to and design doors and tiles it is rented to a very god tenant for $1900.00 monthly with one year lease thisdays banks ppay you almost no interest why dont you buy this apartment and make money from your money with the secure investment "
V853721
If this was my property I would be pretty pissed. This has to be a joke?
November 10th, 2010 at 2:58 pm
@Anonymous: "Lower risk borrowers seldom get a proportionally lower interest rate on a credit card"
That's because 1) most people don't ask, and 2) if you have a good credit score chances are bills are paid off in full every month. The interest rate is close to irrelevant.
November 10th, 2010 at 2:54 pm
@Starving Artist: "Outside of Vancouver, the BC housing industry tells a different story"
Word. The province ex Vancouver is going to have significant employment issues in the next year or so. Guess where all the provincial government spending is going to be targeted?
November 10th, 2010 at 2:53 pm
Ontario's hospital patients will just have to wait as the unions suck up more of the Provinces health care budget. Premier agrees that 'MRI's can wait'. Like unions cunts everywhere… the public can fuck off and die…..they'll get their 'raise' and the patients can die in the hall.
http://fullcomment.nationalpost.com/2010/11/10/mc…
November 10th, 2010 at 2:27 pm
Heres an advance from the G20 meetings. Canada has cleared the way for open Chinese investments after years of acrimony over 'human rights'.
Lets hope theres a net benefit to Canada and not just a ton of cash pouring into the real estate markets.
"China gives green light to invest in Canada
Take the "Gone Fishing" sign down from the window. Canada is open for business again.
Aweekafter the Harper government blocked BHP Billiton's bid for PotashCorp.,Finance Minister Jim Flaherty announced Wednesday in a pressrelease that China's government has cleared that way for some of the country's investors to plow as much money as they want into Canada.
Chinamaintainssomething called the Qualified Domestic InstitutionalInvestor Program,which determines which money managers get to investoutside China, andwhere. China's banking, securities and insuranceregulators all mustagree before the institutions and investors theyregulate can investabroad. On Wednesday, Mr. Flaherty saidthat the insuranceregulator gave the green light to Canada, matchingearlier decisions bythe banking and securities authorities.
Chinese insurance companies have more than $106-billion to invest, Finance said in a press release.
ForMr.Flaherty, the agreement represents a victory won through leg workandface time. Over the last couple of years, the Harper government hastakena totally different approach with China, dropping the publiccomplaintsabout the country's human rights record, and insteadfocusing on buildingtrade-and-investment links.
"WhenI was there in January 2007, wehad some discussions about some issues,and there was not a lot ofprogress right after that," Mr. Flahertysaid in an interview afterarriving in Seoul for the Group of 20 Summit. "This year has been quite different…It is indicative of an increasingly positive relationship."
And, Mr. Minister, what is the, er, net benefit to Canada?
"More investment," Mr. Flaherty said. "We are open for investment, despite that one particular investment that was disallowed."
November 10th, 2010 at 1:07 pm
Superduperbulltime
Your mother knocked on my door and said $100 bucks
I told her no, I don't charge women.
November 10th, 2010 at 1:05 pm
Also see on news that UBCs dirty secret exposed….too many Asian students.
However, ya all know UBC stands for University of a BIllion Ch _ _ _ __ _
If I run for Premier…I'm gonnna tax those professors…too many Asians students is a taxable benefit.
Any idiot can teach them, most of them have equivalent of a Bachelors degree by Grade 7.
November 10th, 2010 at 12:39 pm
@Archie Bunker:
Watts is thrilled that Surrey lost the "car theft capital of the world" title to Guadalajara this year.
Also, crystal meth production has dropped to 14.7 metric tonnes per year thanks to her.
Let's get her fitted for some red mittens and make her premier.
November 10th, 2010 at 12:24 pm
See on the news Dianne Watts is touted as Campbell's replacement.
#1 I hope she asks her old man's permission first.
# 2 I don't think she's ready yet,… too many things still to do in Surrey, like making going to school legal…raisng the legal drinking age to 10….stuff like that.
November 10th, 2010 at 11:56 am
@realpaul:
Smart move by Obama. The mortgage interest deduction in the US is probably the stupidest and most economically damaging tax entitlement in the Western world. He is calling the Republicans' bluff – no way will they approve it.
Nor will the Repubs go near reducing Social Security entitlements. Something to do with old white people.
November 10th, 2010 at 11:43 am
Greetings Anonymous
Pass the doob, or better yet hang on real tight and not to your woody. After 10 years of cheap money this is it. Ireland (sp) 8% interest rate hit. Yeah yeah it's fu**ng different here BS. Get a grip our banks have off loaded to CMHC and our esteemed Reform party. Debt at ultra high levels…who is # 3 behind Greece. Ontario per capita higher than Cali.
Good Luck Dude.
November 10th, 2010 at 11:33 am
As requested, here is the chart with Vancouver excluded from the BC starts numbers.
http://vancouvercondo.info/forum/topic/starts-dat…
Outside of Vancouver, the BC housing industry tells a different story…..
November 10th, 2010 at 11:27 am
@Dirt Dog:
It's time to take your pycho medicine man.
November 10th, 2010 at 11:27 am
@McLovin, "WHAT THE F@CK happened to personal responsibility???? … If you teach your kids one thing, its take responsibility for your actions. That’s it."
McLovin, I don't know very much at all about "postmodernism", but I am told this is the Age we are living in. Some summary concepts are included in a Wikipedia article, a portion of which I quote below:
"Whereas modernism (we've left this behind) was primarily concerned with principles such as identity, unity, authority, and certainty, postmodernism (the current Age) is often associated with difference, plurality, textuality, and skepticism."
I think basically it sums to "your truth is not my truth", "if it feels good, do it", "anything goes if it works for you" and "who am I to say what's right for you?"
This affects every aspect of living, including the pursuit of easy wealth, an attitude which, imho, accounts for the current RE bubble.
November 10th, 2010 at 11:22 am
Obama's new 'austerity plan' ( so soon after the election too…go figure…you'd think he got hos democratic ass kicked or sumpin') includes the provision for the mortgage deduction on real estate to disappear…….Think you've seen prices fall in the US up till now…just wait until all speculation is dumped.
http://www.msnbc.msn.com/id/40111714
November 10th, 2010 at 11:14 am
29 years in real estate and my office is dead the North Shore is dead. Tons, and I mean tons of new projects on Marine Drive, priced at below re-sale levels.
Everything ready to kick in next year. I think we are going for the big 50% decrease in values (prices). But WTF do I know having been through 3 of these before.
Hang on Bitches…Dirt Dog
November 10th, 2010 at 11:07 am
@Canadian Wiggler:
Cool! 68% in Phoenix have negative equity.
I hope Vancouver gets to 90% when the dust settles.
November 10th, 2010 at 10:55 am
@SquareNinja:
NO,NO,NO,why Van are exempt from real estate depression world wide?
Are U blind or stupid ? Most of those house,apartments,and multi-million dollars are bought out mostly by Chinese. That is the only reason man.
November 10th, 2010 at 10:41 am
New Listings 186
Price Changes 56
Sold Listings 100
November 10th, 2010 at 10:36 am
#46 L…so what you're saying is that CDN institutions are worse off than in the UK….and we're closer to collapse than we ever imagined? I guess the next 'logical ' question is ……how much more can the CDN taxpayer afford to piss away on these overpaid flunkies? Don't the local unions already steal 95% of the education budget leaving nothing for the kids as it is?
The Brits hit the wall with all the freebies, slushfunding, easy money unionists. overpaid civil servants and giveaways in the social system….what we are seeing there is the future of Canada.
We are running a huge national debt and deficit…taxes ( direct and indirect) are closing in on 90%. My question is…"what will be the catalyst that sends Canadians to the barricades?" We've seen what the breaking points have been in Europe…what will it be here…not when.
BTW…did you all note the conviction of the guy in China who outed the tainted baby milk scandal…he got two years for saving hundreds of thousands of infants lives. The Chinese gov says he was guilty of 'causing a disturbance'!!!!! I have to assume that someone high up in the communist party lost a lot of money speculating on the Melamine they were cutting the milk formula with. We didn't hear anything about the convictions of the guilty parties who owned the factories churning out the poison. China………..our future leaders…….world class assholes more like.
November 10th, 2010 at 10:33 am
@pricedoutfornow: Priced Out For Now: You hit the nail on the head. It's when you actually stop and think about our strange little blog world here and the odd numbers that we have become numbed by that you realize how preposterous the entire LM house scene is.
800k condo here, 1.2m Burnaby suburban house there, 700k East Van ShitShacks everywhere!
I wonder what it's like to live somewhere where homes are…wait for it…just places ordinary, employed people buy, pay for and live in. A basic house isn't a small lottery win.
Remember the days when winning ONE MILLION DOLLARS!! seemed like lots of money? Of course i wouldn't turn my nose up at it, but in our weird part of the world it would pay for a Vancouver SFH mortgage free and you would just carry on living like an ordinary joe. That's weird.
November 10th, 2010 at 10:15 am
@patriotz:
Maybe they wouldn't have such losses if they didn't hand out credit cards in the bottom of Fruit Loops boxes.
I've known people who max out one card and simply get another instead of paying off the first. Over and over.
November 10th, 2010 at 9:48 am
@Archie Bunker:
No, that's her younger sister (apprentice) that arrived recently, bought a new condo and now has to pay mortgage. She does good job too but still superduperbulltime mom is unbeatable.
November 10th, 2010 at 9:17 am
@Anonymous:
Not getting back the money that they loaned to the credit card holder. Kinda thought that was obvious.
November 10th, 2010 at 9:13 am
@53…you sign up for an airmiles card…it doesn't matter how you pay.
November 10th, 2010 at 9:08 am
@SD92129:
When panhandlers ask me for money I tell them "you're richer than you think" and keep walking.
November 10th, 2010 at 8:55 am
@D. Bone:
Good one. The more you spend, the richer you feel. Somebody has to use that as an ad campaign.
November 10th, 2010 at 8:39 am
Nah…sorry…..the banks are getting a free ride courtesy of our elected officials.
The only long term beneficiaries are those with bank stock etc.
The sytems is so F*cked up it needs an enema, maybe so do bankster apologists.
November 10th, 2010 at 8:32 am
@McLovin:
….Who cares about your rate? If you don’t like it, use cash…….
If you can explain to me how to collect airline points using cash, I'm in! After all, I’m earning more on points these days than I am on any of my investments. Now, if I could just book a flight……
November 10th, 2010 at 8:10 am
#36 –
"What sort of losses? The banks have no liability for fraud losses whatsoever, the merchant always suffers.
Also, there’s very little range (almost zero) in the rates given to customers with different credit scores. Lower risk borrowers seldom get a proportionally lower interest rate on a credit card."
Who cares about your rate? If you don't like it, use cash. I am so sick and tired of this entitlement! If you don't pay your mortgage it the banks fault they tricked you into taking the money. Credit Card rate too high? Banks fault they shouldn't have approved you.
WHAT THE F@CK happened to personal responsibility???? Everybody wants to blame someone else, everyone wants a bailout. This attitude is not what made North America strong. This attitude is why we are in this mess.
If you teach your kids one thing, its take responsibility for your actions. That's it.
November 10th, 2010 at 8:08 am
superduperbulltime
Is this how your mother pays your basement suite rent?
Does it include HST?
http://vancouver.en.craigslist.ca/van/ers/2053402…