Friday Free-for-all!

The end of the week is here and that means it’s time for another Friday Free-for-all! Here are a few recent links to kick off the chat:

New Home construction rises in February
Richmond Realtor under investigation for misconduct
Vancouver can’t boost Canada into most overpriced country list
73% of Canadians say they’re ready for housing market collapse
We’re getting a head office. A real head office!!
-Get rich off of goofy superstitions
Loonie roars to 3 year high
How to go from billionaire to broke
Gold coast real estate market leaps into free-fall
China’s richest man spends about $20 a day
Equity markets have a rough week

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

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metalhead
Member
metalhead

Not great unemployment numbers today.

Abby over 10% now. Van at 8.1%.

btw, watch out for that tsunami!

Wear your rubber boots if you're in Richmond. 🙂

VHB
Member
VHB

@metalhead: Unemployment rate jumped from 8.2 to 8.8 for BC. But, what really matters is what proportion of people have jobs–employment rate. Employment rate up from 59.9 to 60.1. The unemployment rate jump was just a shuffling of people from 'out of the labour force' to 'looking for work'. Those are just two different ways to not have a job. Employment rate is a much better indicator.

victoria
Member
victoria

New Homes

Who are buying all these new homes if 70% of Canadians own property?????

patriotz
Member

@Victoria:

Who are buying all these new homes if 70% of Canadians own property?????

People who already own a house or condo. The real question is who is going to buy their old properties.

specialfx3000
Member
specialfx3000

My thoughts are with the people in Japan but let this remind us of the risk that we are standing on.

Attn: Richmond home owners.

Call a realtor to list your home while the 'tsunami' of HAM is still horny over your city. Sell your 'quake-sand' pit before a 'flood' of others list theirs. If you've got a big mortgage, now is a good time to get out before going 'underwater.' Give your head a 'shake' if you think those 8's on your address will keep this train from derailing.

crashcow
Member

http://www.smh.com.au/opinion/society-and-culture

Property prices down 24% since '08. Dublin? Las Vegas? No, try Noosa Heads. Contrary to popular belief, not only is it possible for Australian housing prices to fall substantially but, in glamorous Noosa Heads on Queensland’s Sunshine Coast, they already have.

registered
Member
registered

@2 VHB: The numbers were also helped by part time increases though. Labour force grew, full time fell slightly.

http://www.statcan.gc.ca/subjects-sujets/labour-t

logic
Guest
logic

guys, the 'tsunami' jokes are pretty poor taste.

just saying.

jesse
Member

@crashcow: "in glamorous Noosa Heads on Queensland’s Sunshine Coast, they already have"

Vacation towns always seem to lead distress. Talk to people who received their assessments on the Gulf Islands or in the Shushwap for this effect in full play a bit closer to Vancouver.

jesse
Member

@VHB: "Employment rate is a much better indicator."

How many people classified as being employed are self-employed?

Best place on meth
Member
Best place on meth

BC's unemployment rate is awful and getting much worse every month.

It's now far worse than any other province outside the maritimes.

If this is how it looks during a real estate boom, how will it look in a real estate bust?

Quake II
Guest
Quake II

guys, the ‘tsunami’ jokes are pretty poor taste.

just saying.

**

Well, one good tsunami over here and all of our HAM problems would be solved. And the last "price increase zone" in the lower mainland would be eliminated. Realtors would have nothing to point to – literally.

If Richmond was gone, I don't think that anyone would lament its loss.

PS – I actually work in Richmond but my office has rubber rafts as part of its earth quake survival kit (yes, staff actually demanded it).

Statsy
Guest
Statsy

How many people classified as being employed are self-employed?

****

Exactly, how many self-employed grow op operators, in residence "masseuses," gang bangers, drug traffickers are there?

I think that when you factor these job classifications in, our employment rates are actually might higher 🙂

Joshua
Member
Joshua

Yep, the tsunami jokes are in poor taste. But the reality check still remains – this should serve as a stark reminder for anyone buying property in Richmond. If we get our own "The Big One", Richmond is toast. Liquefaction, tsunami, you name it – gonzo.

mohican
Member

@Best place on meth:

Actually, outside of Vancouver, Richmond, and perhaps some of the immediate suburbs, there is no real estate boom.

If you take a trip or just look outside your immediate neighbourhood, you would see that the entire rest of the province and over half the Lower Mainland is already into a real estate slump.

EG – The FVREB shows a 3 year benchmark price change of -0.5

Look at any other real estate board in the province, besides the REBGV, and you will see the same thing.

The real esate bust is already here, just not in Van West or Richmond yet.

Anonymouse
Guest
Anonymouse

@Joshua:

"Yep, the tsunami jokes are in poor taste. But the reality check still remains – this should serve as a stark reminder for anyone buying property in Richmond. If we get our own “The Big One”, Richmond is toast. Liquefaction, tsunami, you name it – gonzo."

There's only a very low chance Richmond would see a tsunami, but don't take my word for it : http://www.richmond.ca/safety/prepare/city/hazard

paradox
Guest
paradox

China richest man on $20 a day ?

What kind of BS reporting is that?

They want us to beleive that this guy became a billionaire by selling juicies with his tricicle!

What the article does not say, is that all trademarks and investment from Danone were confiscated by the chinese comunist court and given to this party aparatchik.

China has not been playing by the rules for a long time and it will not, unless constrained to do so.

I remember while working in China, a chinese executive once told me that whereas in the west lying can be procecuted as crime, in China is only a negotiation strategy.

Time to wake up to the communist peril disgused in sheep's skin.

paradox
Guest
paradox

"Actually, outside of Vancouver, Richmond, and perhaps some of the immediate suburbs, there is no real estate boom."

I dont know about other areas, but i follow mostly White Rock and I can say that RE is hot hot here. Sold stickers everywhere.

A property I visited in Marine drive, listed at 3.2million went with multiple offers above sale price. I was the only white guy during the showing, all others chinese decent (approx 12 people.)

The location was nice, but the house a complete tear down.

Also some other listings I follow in 2+ million range have actually increased their asking price by 2 to 400k lately.

An ocean park bluff property listed at 2.99million for the last year, did not slell,is back on the market at 3.4million.

Strange times indeed!

Curiosity
Guest
Curiosity
As we all know, the mortgage rules will be changing on March 18th. The 35 year amortization period changing to 30 years to name a few. We also hear news about all these rich asians from mainland china buying up all the real estate in Vancouver. Now, if there were so many rich asians buying up properties, then Flaherty's new rule changes won't even put a dent in the market. These rich asians don't need to borrow, so who cares if you reduce the amortization by five years. The truth is, the bulk of the buyers are the average joe's who are suckered into the news and hype that they will get priced out if they don't buy now. It's these suckers that are out bidding one another and borrowing so much that they won't be able to pay off… Read more »
registered
Member
registered

@16 Anonymouse Says:"There’s only a very low chance Richmond would see a tsunami, but don’t take my word for it…

I'd like to see last month's official municipal position on that part of Japan currently sweeping out to sea.

mattymatt
Guest
mattymatt

Attn. 18 paradox

I guess there is going to be a lot of bankrupt Chinese Canadians in the near future!

VHB
Member
VHB

VW SFH inventory now at 491 on realtylink.org. Should hit 500 this weekend.

In the other two spring schwings we've had recently, we didn't hit 500 until April 3rd (2010) and April 6th (2008). So, we're about 3 weeks ahead of pace for those years.

I get the HAM anecdotes. I've seen the open house attendees too, and the houses selling over list. I believe that. But why the hell is SFH inventory still growing with leaps and bounds in VW, then? Is HAM only buying kerrisdale now or something? Bidding wars in Kerrisdale; languishing listings elsewhere in VW? I don't get it.

Stikine
Guest
Stikine

These rich asians don’t need to borrow, so who cares if you reduce the amortization by five years.

***

While the rich overseas Asians don't need to borrow, they ARE still borrowing according to my bank and realtor sources. They are borrowing because our laws allow them to, because the banks still want their business, and because they are smart enough to know that they are speculating with taxpayer money, not their own. If shit hits the fan, and prices drop, or they need to move, it will be Canadian taxpayers on the hook. This is another reason to oppose HAM.

And don't follow the technical interpretations of who is allowed to borrow, and for how much, and with what % down – the buyers are skirting all of these "rules."

Anonymous
Guest
Anonymous

@Stikine:

And don’t follow the technical interpretations of who is allowed to borrow, and for how much, and with what % down – the buyers are skirting all of these “rules.”

I think you have that wrong…it's the banks that are skirting the rules.

chris
Guest
chris

VHB:

VW is not selling because Asian Women are afriad of driving that tiny bridge. No Joke, I have one of them at home.

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