How are your math skills?
From the Globe and Mail: How Canada scores in math skills across the country.
The two booming neighborhoods in Vancouver show a remarkable discrepancy in math skills. The West side ranks highly, but surprisingly Richmond ranks very low in math skills.
March 6th, 2011 at 8:13 pm 1
lack of math skills may
explain some of the
bullish irrationality in
regards to YVR REIC
Like or Dislike:
0 
0
March 6th, 2011 at 9:58 pm 2
#1 @blueskies:
People who think rationally tend to go the most insane. Issac Newton made a bunch of money on the South Seas bubble, got out early, and saw friends make far more. He plunged back in and lost everything. How many people have capitulated to the Vancouver bubble? I think everyone would, given enough time. Prices here have been very high for five years. Blame the government or the Bank of Canada, we all know what happened, but this is now "normal". People are borrowing against their houses for their children's down payment. This is seen as very low risk. We have an economy built on real estate and perpetual super low interest rates. Will Carney oblige? His actions so far indicate that he will.
We are really doing many of the same things as China. The United States and Japan are the only two countries I see where people aren't still bingeing on debt. They have problems, but ours will be bigger if we don't stop this madness soon.
Like or Dislike:
0 
0
March 6th, 2011 at 11:52 pm 3
If you go to the source data it shows that immigrants performed far worse than citizens across all categories.
So two facts to chew on:
1) The test is supposed to assess the ability of respondents to work in a modern economy
2) Our immigration policy is supposed to increase the number of people here who can work in our modern economy
Conclusion? Our immigration policy sucks?
Like or Dislike:
0 
0
March 7th, 2011 at 12:13 am 4
Richmond home prices skyrocket
Home prices in Richmond have reached a new high, the Real Estate Board of Greater Vancouver reports.
Over the past year, the price for detached homes in the Vancouver suburb has climbed 20 per cent, or about $215,000, the board said.
The median price for a detached home in the Garden City is now hovering just above the $1-million mark, up from $885,000 just six months ago and $879,000 one year ago.
http://www.cbc.ca/news/canada/british-columbia/st…
Patsy Hui, a Richmond real estate agent, said although it is "such a lovely place," it's not the inherent beauty of Richmond that's driving prices: It's the investors.
"All kinds of people, but mostly people originated from mainland China," Hui said. The prices may seem high to us, she added, but present a "real deal from a world point of view."
Like or Dislike:
0 
0
March 7th, 2011 at 12:32 am 5
@chip:
Only 17% of immigrants enter the country on skilled worker visas. The rest are investor class or family class. So a high rate of innumeracy is no surprise with such a misguided policy.
Like or Dislike:
0 
0
March 7th, 2011 at 12:47 am 6
@2 rp1: Newton was brilliant but not exactly what today would be called stable. And it's pretty harsh to hold someone to account for investing in the first real bubble when the concept of banks was so new the paint was still wet.
Today, however, people are sucked into a bubble that started as the last one -dot.com – was still unraveling. Harshness is warranted.
Like or Dislike:
0 
0
March 7th, 2011 at 1:01 am 7
Dont blame the kids or immigrants for the poor results.
Our school system sucks.
Most teachers dont give a dam about your kids education. Their main concern is their unionized salary.
How often does your kid come with homework from school?
Never, it is too stressful for the kid, too much work for the teachers, there is always some expert to rationalise anything.
Why teachers hate standartized testing?
If you have kids going to public school and go regulary to the meetings, you already know how rotten our school system is.
Like or Dislike:
0 
0
March 7th, 2011 at 1:06 am 8
@Anonymous: "“All kinds of people, but mostly people originated from mainland China,” Hui said. "
Originated from Mainland China? So are they locals or foreigners?
Like or Dislike:
0 
0
March 7th, 2011 at 1:06 am 9
What's up with Richmond?
I thought the Chinese were great at math.
Like or Dislike:
0 
0
March 7th, 2011 at 1:11 am 10
so, yeah, Richmond prices shoot up 20% in 6 months, but it has NOTHING to do with foreign investment.
I'm all for the fact that the MSM spin facts, and that realtors are scum. However, if you continue to stick your head in the sand and pretend that the wealthy rich asian myth is a myth, you're delusional.
We need to accept it's real and then demand that our leaders take action to curb it, as they did in Australia.
Tax the hell out of speculators, so at least we are getting something out of it.
Like or Dislike:
0 
0
March 7th, 2011 at 1:12 am 11
I think people can do the math. It is just simple logic they are missing. Like where is the next greater fool going to come from? Not correlating the decline in interest rates and easy credit with the rise in Real Estate and then thinking what happens when both trends reverse.
There is a big difference between a Real Estate bubble and other bubbles such as the South Seas. In Real Estate most of the investment money is borrowed. You lose more than everything. You lose everything and then some. At least with the South Seas bubble, etc most people only lost the money they invested. With Real Estate it will be much worse as people lose money they don't have.
Like or Dislike:
0 
0
March 7th, 2011 at 1:21 am 12
Where would there be "insufficient data" for some of the city's most populated areas?
Like or Dislike:
0 
0
March 7th, 2011 at 1:22 am 13
@cgh:
"Only 17% of immigrants enter the country on skilled worker visas. The rest are investor class or family class. "
Or they obtained Permanent Residence before entering Canada.
Like or Dislike:
0 
0
March 7th, 2011 at 1:26 am 14
@patient renter: "We need to accept it’s real and then demand that our leaders take action to curb it, as they did in Australia."
Yeah the Australian government took "heavy" steps to curb foreign investment — they successfully deflected about 70 foreigners from buying over 9 months.
And with that butterfly flap, Australia's property prices are starting to fall.
Like or Dislike:
0 
0
March 7th, 2011 at 1:53 am 15
@patient renter:
Asian speculators driving the Vancouver market? That is crazy speculation! It can't be true. It's really white people wearing asian masks with false Chinese accents and passports buying all the houses. CHMC is happy to ante up 1.2 million to one of these mask wearing white people as they buy a crack house in Richmond.
I can't believe that people on this board still subscribe to the myth that the majority of current demand in Richmond and the west side is locally driven. I agree, we need to write/call our MPs and MLAs and get something done about this. However, nothing will happen. There are too many people with their hand in the pot making a killing for anything to happen here. Self interest will rule.
Like or Dislike:
0 
0
March 7th, 2011 at 1:54 am 16
@paradox: True of so many. Like: "Most bankers don't give a damn about the economy. They just care about their million dollar bonuses."
"Realtors don't give a damn about [oh, do I have to pick only one?!] They just care about their commission."
True mensches, who are in their profession mainly for the love of their customers and their field, are rare. So I find teacher hating bewildering. Lots of people in lots of professional streams are there, in large part, for a middle class salary! How many of my dentists have loved teeth passionately, I want to know? And yet the vast majority of the teachers in my kids schools have been motivated, caring people. Which is more than I can say, frankly, for pretty much any other class of business person I've met.
I had a friend encourage me to take up teaching recently, during a career change, and researching it? There's no way I would stomach the work, the kids, and their emotional parents for what teachers make. I came out of my undergrad making more than a first year teacher makes and my salary is only capped by my ambition.
Like or Dislike:
0 
0
March 7th, 2011 at 1:54 am 17
don't understand why paradox comment was voted down when it is true. Quality of education in Richmond school sucks based on my experience with my 2 elementary kids. No homework, lots of playing time in playground and gym and less time studying. The math they teach to my grade 5 kid last year was the math I had when I was grade 2-3 in Asia. I had to teach my son more advanced Math at home to compensate.
Like or Dislike:
0 
0
March 7th, 2011 at 2:04 am 18
@14 jesse Says: "Yeah the Australian government took “heavy” steps to curb foreign investment…"
Expect the same here, 'concern theater' portrayed with ineffectual and easily avoided regulation. Harper's too focused on picking the perfect shade of 'evile' red for the next Ignatieff attack ad.
Like or Dislike:
0 
0
March 7th, 2011 at 2:10 am 19
@Jesse….what was I saying about head in the sand?
@900K crackhouse..I agree, the problem is the people with power are all home owners. What interest do they have in extinguishing the easiest winfall ever known.
Like or Dislike:
0 
0
March 7th, 2011 at 2:10 am 20
@LY: There is more than one leap of faith in Paradox's post.
One, that today's poor adult literacy in Richmond is result of bad schooling. Two, that most Richmond school system graduates have remained in Richmond.
To mention nothing of the ad hominem on the teaching profession. Our system of teaching may not be ideal, it certainly isn't for everyone, and there are definitely bad apples in the bunch, like any other. Blame teacher's union for bad teachers remaining in the system, blame administrators for setting an embarrassing, populist, politically correct curriculum with no benchmark tests. Painting all teachers with the same brush does not accomplish anything.
Like or Dislike:
0 
0
March 7th, 2011 at 2:11 am 21
@chip:
Absolutely not.
The immigration policy is to achieve two things.
1. bringing in "investor" class (basic head tax)
2. bringing in people who will take the jobs that Canadians aren't willing to do.
Like or Dislike:
0 
0
March 7th, 2011 at 2:15 am 22
The title of the Globe&Mail article is
"How Canada scores in *math* skills across the country"
But their caption is
"Green on the maps indicate areas with high levels of *financial* literacy"
So, which is it math skills, or financial literacy?
Like or Dislike:
0 
0
March 7th, 2011 at 2:15 am 23
It doesn't matter where you come from or your nationality.
Irrationality does not discriminate.
A ponzi scheme is still a ponzi scheme regardless in the entrants
are local or foreign.
The rich asian buying with all cash is simply hoping that another
rich asian comes along a pays more later.
Like or Dislike:
0 
0
March 7th, 2011 at 2:18 am 24
@Absinthe:
I'm not going to bash teachers, they do a good job that is stressful. HOWEVER let's not kid ourselves, they get 3 MONTHS vacation a year, yes 3 months. So please don't say average or middle pay. Pro rate their salary to 12 months and they make $100k a year. My wife is/was a teacher. If it is such a bad hardship profession then why is it impossible to get a teaching job? How many teachers do you know that actually leave the profession? pretty much none.
If I could get a job that paid me $60-$70k a year with 3 months off, great pensions and benefits I would snatch anyone's arm off to get it, and so would anyone else.
Like or Dislike:
0 
0
March 7th, 2011 at 2:22 am 25
Damann
Forgot one major point. Before you start prorating, figure out how many hours are these teachers work during the months they are?
Like or Dislike:
0 
0
March 7th, 2011 at 2:24 am 26
@patient renter: Definitely.
According to CanEquity The average online loan application in Vancouver is 272k. That barely covers the 222k increase in prices in Van West in the last three months. Canadians taking out mortgages are not the average buyer of these places. Even carrying over a boatload of equity from the previous house, you still can't make the numbers work.
Like or Dislike:
0 
0
March 7th, 2011 at 2:24 am 27
@DaMann: You can. Be a teacher!
Like or Dislike:
0 
0
March 7th, 2011 at 2:30 am 28
@26 AG Sage: Interesting average age for mortgage borrowers. 38 certainly blows the 'Boomer' myth out of the water. And 14% no down? But the CMHC says that's impossible!
Like or Dislike:
0 
0
March 7th, 2011 at 2:33 am 29
paradox.
Smoke crack much?
Like or Dislike:
0 
0
March 7th, 2011 at 2:36 am 30
@The Leak:
You mean their 9-3 work days? Oh right the prep time, so that takes them to what? 9-5. Still shy of a NORMAL work day for everyone else. Yes they have the odd meeting and parent teacher interviews, in the private sector I don't know anyone who doesn't have to put in a fair amount of 10 – 12 hour days. Teachers need to work a year in the private sector ( or what I like to call the real world) to get a grip on their hard life style. My daughter had 4 days off in February alone, the shortest month of the year.
Absinthe
You actually ever tried to become a teacher, not just look into it? It's impossible. There is a reason for that. Anyone can get the education, but try to get a job. There are none. There is a reason for that. No one ever leaves.
I'm not really bashing teachers, I bash the whining teachers who claim they are poor hard done by. Don't forget my wife IS a teacher but not currently working. She is the first to tell you they have absolutely no clue how good they got it.
Anyways, back to RE
Like or Dislike:
0 
0
March 7th, 2011 at 2:43 am 31
@900kCrackHouse:
Someone with Asian features, a foreign accent, or even a Chinese passport, can be a local resident.
BTW how do you know what passports home buyers have?
Like or Dislike:
0 
0
March 7th, 2011 at 2:44 am 32
Damann. I get to work at 8 am and leave the school at about 5 or 6 PM everyday. I mark late in the evenings every night of the week. Currently, I work 4 days a week. I'm off with my kids on Monday while my wife works, but for at least 4 hours today I'll mark and prep. I am currently in the middle of report card writing. I'm burnt and can't wait until spring break. I love working with kids, but have seriously contemplated the career path I've chosen. You can make blanket statements about any profession, but to say we're all living the gravy train is pure idiocy.
Like or Dislike:
0 
0
March 7th, 2011 at 2:45 am 33
Oh little bears….
Are you finally learning that the Hawt Asian Money is real? And that it has a profound impact on Vancouver's real estate (or should I say Richmond in particular)?
You now have some of that "hard data" that you like….
When poster's first posted about HAM, the bears here tried to call them racist and discounted its impact…
When the MSM noted the impact of HAM, you shifted to questioning the strength of HAM and its relative impact…
And now that it is VERY CLEAR that it has a HUGE impact, what are you going to do now?
Its too late little bears…you failed to account for ANOTHER variable keeping the market afloat…enjoy another decade on the sidelines…
Like or Dislike:
0 
0
March 7th, 2011 at 2:46 am 34
@900kCrackHouse:
I can’t believe that people on this board still subscribe to the myth that the majority of current demand in Richmond and the west side is locally driven.
Someone with Asian features, a foreign accent, or even a Chinese passport, can be a local resident.
BTW how do you know what passports home buyers have?
*******
Hahah – still trying to deny the impact….god you guys are such losers
Like or Dislike:
0 
0
March 7th, 2011 at 2:51 am 35
PS. I work in the private sector. A private school. Why? Because I needed full-time work for being a family guy. Subbing for 3 years or so before landing something more permanent just wasn't acceptable for me. I am not a fan of public sector unions in general, but I am thankful they exist because their working standards keep the private school system (somewhat) honest. Don't get me started on FSA (Standardized testing), what I've seen with it and the spin the Fraser Institute puts on it for the newspapers. I could write a book in it's abuses.
Like or Dislike:
0 
0
March 7th, 2011 at 2:52 am 36
Someone with Asian features, a foreign accent, or even a Chinese passport, can be a local resident.
***
Sorry, if they have a CHINESE passport, they are not a contributing local resident, no matter how you want to cast it.
Now if they have a CANADIAN passport, and ONLY a Canadian passport, then they can be considered a contributing local resident, regardless of features and accents.
Time to make people choose folks.
I would hate to see a war break out where Canada had to fight. I think it would be surprising how many people would shirk away from defending "their' country, and would scurry back home after abandoning their passports of convenience.
I left the Canadian Forces because I got tired of defending a country where the majority of new arrivals have no love of, affiliation with, or dedication to the cultural norms and values of their "host" country.
Like or Dislike:
0 
0
March 7th, 2011 at 2:53 am 37
@cgh:
That's nonsense, in 2009 over 50% were economic immigrants(skilled or investor, the latter being much smaller than the former) and about 25% were family class.
Note that accompanying spouses and children of economic immigrants are counted under that class, not family class. I think that's fair for comparing categories as one would expect them to have comparable skills and education (present or future) to the principal applicant.
http://www.cic.gc.ca/english/resources/statistics…
Like or Dislike:
0 
0
March 7th, 2011 at 2:55 am 38
@Vancouver First:
Do you have any idea how many Canadian residents hold a foreign passport (including yours truly)? How can you say they are not "contributing local residents"?
Like or Dislike:
0 
0
March 7th, 2011 at 2:56 am 39
That’s nonsense, in 2009 over 50% were economic immigrants(skilled or investor, the latter being much smaller than the former) and about 25% were family class.
****
In 2010, of the 280,000 immigrants, 125,000 were family class, making them almost 44% of arrivals.
Like or Dislike:
0 
0
March 7th, 2011 at 2:59 am 40
ps. Before I get hammered with comments, I see I made a few grammatical errors. I'm feeling just a bit heated by the teacher debate and didn't do a good job proofing my work
Like or Dislike:
0 
0
March 7th, 2011 at 3:02 am 41
@The Leak:
Who said Gravy train? You just listed off your hours that I work regularly. 8-6 is a pretty standard work ( 9-5 was gone long ago bar unions) week before any extra time is put in. You don't think anyone else gets burned out? But here is the difference, you get 2 weeks spring break to recoup. Then after that 2 months, and then after that 2 weeks for xmas. I can't even imagine how many sick days you guys get. Most people get 2 maybe 3 weeks off for the whole YEAR! Don't talk to me about burn out, people burn out all over the place.
Look, I will say it again, teachers do a good job, and teaching kids can be stressful, I just have no time for the "we are so hard done by and burnt out and under paid profession" It's bloody tiring. Like I said earlier, let's look at the stats on how many people leave the profession, I could probably count them on one hand, there is a reason for that.
Sorry if it sounds like bashing, not meant to be, you guys do a good job.
Like or Dislike:
0 
0
March 7th, 2011 at 3:02 am 42
Note that accompanying spouses and children of economic immigrants are counted under that class, not family class. I think that’s fair for comparing categories as one would expect them to have comparable skills and education (present or future) to the principal applicant.
******
Do you really think that the dependents of economic immigrants have the same comparable skills and education to the principal applicant?
Holy extrapolation and projection batman!
Just because someone has an engineering degree and can speak English does not mean that their husband or wife will, let alone their children. People do marry from different socio-economic backgrounds, and many immigrants come from male dominated societies where the man is the bread earner and the only bread earner. Odds are good that their wife does not have the same skills, education, and language abilities as the principal applicant.
No, I thinks it fair to include dependents of economic immigrants in the "family class"
Like or Dislike:
0 
0
March 7th, 2011 at 3:18 am 43
Can we please stop that discussion about teachers? It reminds me of what happens in Winsconsin. The Governer lowered tax for corporations, then put the balme on civil servants for the state being broke. Corporations and banks are ripping us off by all means, feeding us crap food, and we are wasting our time bashing teachers (and next nurses, firefighters, etc)???
Back to real estate please.
Like or Dislike:
0 
0
March 7th, 2011 at 3:32 am 44
Who cares who has what passport? That just starts the slippery slope to irrelevant xenophobia.
What's important is how much foreign $$$$ is arriving to Van (not local incomes) and being invested in RE. Does anybody have some good numbers around that? Probably not, that's why the debate rages on. Funny to watch the bears slowly conceding that there might be an impact.
Like or Dislike:
0 
0
March 7th, 2011 at 3:32 am 45
Damann. I know you aren't bashing, but I generally don't see teachers complaining about what they do or don't have. I see the union doing it, but they don't speak for everyone. The only other time I see it is on these forums when a teacher steps up and defends their profession.
Bottom line. The grass always seems greener on the other side. We can all have what others have if we ant it bad enough, me included.
Like or Dislike:
0 
0
March 7th, 2011 at 3:32 am 46
Transitioning from education back to real estate:
Anyone catch the 60 Minutes episode where they talk about school buses picking up children from motels and other temporary housing because their parents lost their home? Not to mention the impact of an event/situation like that can have on the structure of a family and the children.
People really should keep a larger safety margin in terms of their finances. So anyone about to overleveraging themselves, think about what could happen to your kids.
Sure, its different here, but in case prices do correct, are you prepared to handle higher interest rates, lower equity, loss of income, etc.?
Like or Dislike:
0 
0
March 7th, 2011 at 3:35 am 47
@Vancouver First:
"Sorry, if they have a CHINESE passport, they are not a contributing local resident, no matter how you want to cast it. "
Nonsense. Carrying a foreign passport doesn't exempt you from paying taxes.
Like or Dislike:
0 
0
March 7th, 2011 at 3:36 am 48
@The Leak: "I could write a book in it’s abuses"
What private school do you teach at anyways?
Like or Dislike:
0 
0
March 7th, 2011 at 3:39 am 49
@The Leak:
"I’m burnt and can’t wait until spring break."
At least you get a spring break.
Like or Dislike:
0 
0
March 7th, 2011 at 3:49 am 50
@Troll:
If foreign capital played any significant role in supporting RE prices in metro Vancouver the RE industry wouldn't be having fits over CMHC reducing the maximum amort for mortgage insurance to 30 years. Indeed the RE industry wouldn't care whether CMHC was insuring mortgages at all.
Every available statistic on mortgage and household debt indicates that RE prices are being supported by domestic borrowing.
Like or Dislike:
0 
0
March 7th, 2011 at 3:52 am 51
Anonymouse.
I'll take it
Like or Dislike:
0 
0
March 7th, 2011 at 3:58 am 52
@Troll: "Does anybody have some good numbers around that? Probably not"
Nope but I have some good numbers that debt levels have increased significantly in the past 2 years. The Joneses are trying to keep up with the Wangs.
We also have good #s on how many immigrants are coming into the city every year, and we have a pretty good understanding on how many of those are the breadwinners. How much money is required to keep Richmond and the West Side prices high forever? Not that much. But… how about the entire metropolitan area? We're talking tens of billions of dollars per year minimum. Region-wide… it's just not going to happen.
Typical Troll. Throw out FUD and provide no numbers or analysis of your own, instead claiming that since the numbers can't be measured they must be really fricking big: just look at the anecdotal evidence.
Like or Dislike:
0 
0
March 7th, 2011 at 4:04 am 53
@Troll:
Your trolling is getting tiring. No "bear" (I like how you paint everyone with the same wide brush) has ever denied foreign money "has no impact". The only thing funny here is watching you trot out this same line over and over like it matters.
Like or Dislike:
0 
0
March 7th, 2011 at 4:09 am 54
@Troll:
Without any hard numbers, it's all anecdotal evidence. I think most bears would like to see the numbers before proclaiming that is the case. Until then, keep piling on debt.
Like or Dislike:
0 
0
March 7th, 2011 at 4:25 am 55
We do indeed have precise numbers on foreign buyers from helicopter-boy, Cam Good.
According to Cam, rich Chinese are coming "by planeloads" and he has personally sold 500 units in the past 2 months.
There you have it, hard evidence.
Like or Dislike:
0 
0
March 7th, 2011 at 5:01 am 56
Back wreakanomics's OP, those math skill #s are interesting but does anyone know what sort of test was administered? If it was a contextual math test, geared towards conducting regular duties in the local economy, it's no surprise that immigrant communities would lag. But when it comes do doing math on real estate transactions, calculating monthly mortgage payments and arranging financing, not some garbage OECD test geared towards tasks that might actually produce "value" in any other economy, I think the Vancouver area would rank well into the green.
Like or Dislike:
0 
0
March 7th, 2011 at 5:13 am 57
@painted turtle:
"The Governer lowered tax for corporations, then put the balme on civil servants for the state being broke. "
I don't know where you get your info but Wisconsin has a $137 billion shortfall, and corporations historically only contribute 7% of all revenue, so you have what is commonly called a gaping hole in your argument. Basically, the governor has asked state workers to start contributing to their pensions and health insurance (about 6% and 12% respectively) which would bring them in line with national averages.
According to the Pew Foundation, Wisconsin has the fourth-largest unfunded pension liability in the country. America is broke. Fix it now or fix it later. Either way the gravy train is over.
Like or Dislike:
0 
0
March 7th, 2011 at 5:14 am 58
Sorry, that's million not billion. Hard to keep track these days.
Like or Dislike:
0 
0
March 7th, 2011 at 5:22 am 59
@SD92129: "Sure, its different here, but in case prices do correct, are you prepared to handle higher interest rates, lower equity, loss of income, etc.?"
Everyone is prepared for that. It's called a government bailout.
Like or Dislike:
0 
0
March 7th, 2011 at 5:24 am 60
@58 chip: $137 Mill? So they're going to set working rights back a century for what amounts to less than $25 per resident? And that's good?
Like or Dislike:
0 
0
March 7th, 2011 at 5:24 am 61
Cam just leaked this video, he's even been working overtime the poor guy ! Note the fairy dust.
http://www.youtube.com/watch?v=lHg9hWYPghY&fe…
Like or Dislike:
0 
0
March 7th, 2011 at 5:26 am 62
Teaching is a shitty profession. You get paid next to nothing. You end up renting a basement suite after 5 years of university. You have to deal with the badly raised brats in your class. Why would anyone want to do it?
On top of that, you get flack from the right wingers.
Like or Dislike:
0 
0
March 7th, 2011 at 5:28 am 63
@patient renter:
Well why did the same thing happen in Saskatoon? Do the rich asians love that place too?
Like or Dislike:
0 
0
March 7th, 2011 at 5:29 am 64
@chip: i was just about to say that according to the math skills map, you must live in the DTES or Richmond. I realize that you made, and corrected, a simple mistake but it is truly astonishing how innumerate many of our fellow Canadians are.
As for the Wisconsin situation, the budget would have been balanced had the new Governor not decreased corporate taxes. The unions had agreed to wage cuts and to increase their members' pension obligations, but the current crisis is the result of the Governor wanting to eliminate collective bargaining. (To be honest, I'm not sure if he only wants to eliminate it for public unions or for all unions).
By the way, the budget deficit currently sits at about one-half-of-one percent of Wisconsin GDP.
Like or Dislike:
0 
0
March 7th, 2011 at 5:31 am 65
I have been doing some research on who is buying those multimillion houses here and can only come with 2 categories of people:
One category is the people who never had a million dollars on their account and have no idea as to what it represents. Usually those people represent the majority that goes for the cheap credit and does not care about the value.
The other category is people who got their millions the eazy way and dont mind paying cash without any understanding of value.
They both have in common a complete disregard for value.
In other anecdotal news, my friend from the building industry tell that the big ticket RE deals going on are almost exclusivly between chinese buyers. Most of them are cash deals and most of the construction jobs are done on a cash basis only with them.
So,not only are those real estate buyers killing the local life style by buying and keeping empty RE here, they are also fueling the black economy and avoiding paying any taxes.
There is a reason that in cities like Paris and others in Europe, if you keep your house empty for more than 6 months I beleive , squatters can move in and take possesion of it and you definitly loose your house.
We should make a law like that here, people not living here, have no business in buying and keeping empty condos and houses when we have so many homeless.
I hope the homeless people get organised and start targeting empty houses and condos by occupying them. Time for BC to start a RE revolution…
Like or Dislike:
0 
0
March 7th, 2011 at 5:41 am 66
@patriotz: @patriotz:
"in 2009 over 50% were economic immigrants(skilled or investor, the latter being much smaller than the former)"
No, that's not correct. The broad category of "economic immigrant" actually includes four visa types, not two:
1. Federal skilled
2. Self-employed
3. Entrepreneurial
4. Investor
My post said "skilled worker" specifically, not all economic immigrants.
The stats for the individual visa types are not available to the general public. My info is actually a few years old now, so the 17% number probably undershoots for 2009 somewhat. It's still smaller than you'd think though – economic migrants should ideally be in the great majority of all non-refugees, or so you'd think.
Like or Dislike:
0 
0
March 7th, 2011 at 5:42 am 67
America isn't broke. There's plenty of wealth there, but its being hoarded by the ultra wealthy. 400 people in the US control as much as 50% of the wealth in the US. 400 people control more wealth than 150 million people. Mind boggling.
Broke, indeed. phhhh.
Like or Dislike:
0 
0
March 7th, 2011 at 5:50 am 68
If foreign capital played any significant role in supporting RE prices in metro Vancouver the RE industry wouldn’t be having fits over CMHC reducing the maximum amort for mortgage insurance to 30 years. Indeed the RE industry wouldn’t care whether CMHC was insuring mortgages at all.
Every available statistic on mortgage and household debt indicates that RE prices are being supported by domestic borrowing.
****
Buddy, why are you such an ardent opposer of the impact of HAM?
What, a 20% increase in Richmond in six months doesn't show the impact of foreign buying? Gee, did anywhere else see those gains? Nope, just a community known for HAM.
You are like the ivory tower professor who provides technical commentary on how things should be, not how they are.
You are very good at using google to bring out technical definitions of rules and regulations, but you fail to see, and/or acknowledge, that there are large loopholes that get abused every day in such areas as taxation and immigration.
Like or Dislike:
0 
0
March 7th, 2011 at 5:50 am 69
Some math here… Last year I bought a brand new fully loaded Volvo (recently bought by HAM)
It is a modest 6 ft wide and 16 feet long, and cost me $54k cash all in.
I just realized it works out to about $575/ft, less than your average downtown concrete strata lot. Maybe it's because it lacks granite and stainless appliances, and cmhc financing.
Like or Dislike:
0 
0
March 7th, 2011 at 5:58 am 70
@paradox: This type of "cash" deal is often people with large savings who are looking for private equity investments. I don't know if they're local or foreign but I know a lot of "normal" and "local" people with large nuts looking to boost it through these schemes. Partnering with a developer or other like-minded investor to invest in property, on the surface, looks to produce good returns. It's similar to what happens in China: not all investments are funded by financing through banks. I think Vancouver is experiencing similar off-label financing deals. It's hard to know how much of the $ is being used for holding and occupying and how much is being used to punt to the next investor.
Point is, some (arguably most if not all) of the "cash" deals are financing in disguise.
Like or Dislike:
0 
0
March 7th, 2011 at 6:18 am 71
@Beyond Technicals:
He said Metro Vancouver. Remove Richmond and the Westside and things in Van are not red hot. Is there some HAM effect in Richmond and Westside? Sure, does it affect the big picture of the entire lower mainland? I don't think so.
Richmond is like watching a slow train wreck happen. $1 million median price for a house in Ditchmond? hahhaahahah, house of cards for sure. It's just a big casino there right now. Those prices in Richmond make the Westside look like an absolute bargain. What a joke.
Like or Dislike:
0 
0
March 7th, 2011 at 6:25 am 72
@DaMann:
Richmond is a big casino, and everyone's invited.
http://www.bclocalnews.com/richmond_southdelta/ri…
Like or Dislike:
0 
0
March 7th, 2011 at 6:27 am 73
@Beyond Technicals:
I said there is no evidence that offshore money is moving prices in metro Vancouver and you haven't given any. In fact you really haven't given any evidence it has been moving prices in Richmond for that matter.
I have also said that there may be some impact in the West Side, which has been unaffordable to almost everyone for decades, and Richmond, where I doubt any of us would want to live even if it were affordable.
Like or Dislike:
0 
0
March 7th, 2011 at 6:34 am 74
@Preppy:
"Everyone is prepared for that. It’s called a government bailout."
I hope the bailout that you speak of will be different from the bailout they got in the US? And by "everyone", I presume you mean more than just the banks, insurance companies (AIG) and corporations like big auto.
Like or Dislike:
0 
0
March 7th, 2011 at 6:36 am 75
@paradox:
People are homeless because of personal problems. Real rents are lower than decades ago which means the available supply of housing is higher.
People should be able to leave their houses empty if they want to. The best way to discourage this is to make it more expensive, i.e. raise property taxes for everyone and rebate the surtax to owner-occupiers and landlords.
And levying a capital gains surtax would also discourage owners from leaving dwellings vacant for speculative reasons.
Won't be implemented by government of course because it makes too much sense.
Like or Dislike:
0 
0
March 7th, 2011 at 6:45 am 76
@Renting:
I hope you do understand that the leverage was present even then – they borrowed money to play the game.
Like or Dislike:
0 
0
March 7th, 2011 at 7:02 am 77
@Beyond Technicals:
What you are failing to see is that the metro Vancouver RE market, and that in every other overvalued Canadian metro, would collapse overnight if the government stopped guaranteeing mortgages. That's the only thing they all have in common.
If the excessive prices would not be possible without government backing, then government backing must be held to be the root cause.
Like or Dislike:
0 
0
March 7th, 2011 at 7:05 am 78
CBC: Richmond Realtor under investigation for alleged scam
For someone living in Richmond, Mr. Davis seems to understand the math pretty darn well.
What say you: is Mr. Davis a money grubbing greedbag or a victimized victim?
Like or Dislike:
0 
0
March 7th, 2011 at 7:27 am 79
@jesse:
"instead signed a deal with Wang that allowed him to represent the buyer and the seller on both sides of the deal."
Can a realtor do this? One would assume that this is not ethical, as a realtor is hired to represent one side of the transaction and get the best deal for that side, either as the buyer or the seller. Why would this seller think that the realtor is really looking out for his best interests when he brought him a buyer?
On another note, CBC radio just had a piece about mainland Chinese buying properties in Richmond and Westside of Vancouver. Sounds like people are PISSED about all these Chinese pricing the rest of us out of the market. I wonder why they're so mad, I've been priced out already for years! At this rate, if house prices never crash in Vancouver, I think I'll just end up buying elsewhere in the province, where things look like they will crash (Okanagan for example).
Like or Dislike:
0 
0
March 7th, 2011 at 7:28 am 80
@patriotz:
Why are the ideas of foreign capital and domestic borrowing mutually exclusive? Nobody's suggesting that these need to be all cash purchases. Money is flowing in and being used as DP's for loans to bid up property in select markets. It's certainly within the world of the plausible, if not likely. Looking at what's happening in those select markets it certainly is a better explanation that it's all being funded by local incomes.
Like or Dislike:
0 
0
March 7th, 2011 at 7:33 am 81
@jesse:
Did you read my post? I didn't claim anything. I just question the prevailing wisdom here that there are no more buyers and the market is collapsing when the reality on the ground doesn't seem to match. I wish I understood it and could prove it, but just cause I can't doesn't mean the bears are right.
Like or Dislike:
0 
0
March 7th, 2011 at 7:38 am 82
@pricedoutfornow: "Can a realtor do this?"
Yes and it happens all the time. Of course when you immediately flip a property for $200K more, one might infer there is a significant conflict of interest. I expect the Realtor in question is going to have is @ss sued off. There was a case about 3 or 4 years ago of a Realtor doing something similar to this and was successfully sued by the seller for the price difference and all associated legal fees.
Like or Dislike:
0 
0
March 7th, 2011 at 7:39 am 83
@Devore:
Oh come off it, selective memory. A few months ago if you even mentioned foreign money on this blog it would be ridiculed and rebuffed with a Landcor data set showing a small # of foreign buyers and that would be it. No other consideration or analysis required. Bears only saw what they wanted to see. Now it's clear this market has more legs than expected and suddenly it's being discussed again, though usually expressed in thinly veiled xenophobic thoughts.
Like or Dislike:
0 
0
March 7th, 2011 at 7:43 am 84
@fixie guy: …
$137 Mill? So they’re going to set working rights back a century for what amounts to less than $25 per resident? And that’s good? …..
Hell, maybe they should charge $50 a head, then they won't have to deal with them for a hundred years.
Like or Dislike:
0 
0
March 7th, 2011 at 7:43 am 85
@pricedoutfornow:
Haha, not only can a realtor do this, they pride themselves on doing so! Realtors, the ethical professionals that they are, see no problems whatsoever with this arrangement.
As to why buyers (or sellers for that matter) would tolerate this, your guess is as good as mine. Maybe they think buying and selling houses is like buying a jug of milk, and realtors are just interchangeable paper shufflers; if one is as good as another, why not have one do all the work and keep things simple.
I wonder, if after receiving an offer from their buyers, they go off into a dark room to "negotiate" with the seller agent (themselves) in secrecy, like they always do.
Like or Dislike:
0 
0
March 7th, 2011 at 7:49 am 86
Thinly veiled xenophobic thoughts?
Hey, that gives me an idea.
Since you and Cam Good and all the other cheerleaders are obsessed with making us all believe that mainland Chinese are driving prices up and you're shouting HAM from the rooftops as loud as you can then fine, I'll bite.
I will now accept this theory and make it my mission to do everything I can to stir up anger and resentment at these offshore pricks buying everything they can get their hands on sight unseen.
I'll shout it from the rooftops as well: "The Yellow Hordes are coming by the millions to price us all out of our city!!!"
"The won't stop until they own it all!!!"
No more thinly veiled xenophobic thoughts, from now on it's completely unveiled xenophobic hysteria.
Happy now? Time to stir up some nasty shit in this town.
Like or Dislike:
0 
0
March 7th, 2011 at 7:51 am 87
@Troll: Hardly selective memory, but maybe revisionist history on your part. The troll premise here was that HAM would perpetually keep Vancouver prices high, regardless of what local buyers were doing. That foreign buyers have an effect on the market was never in dispute (only the scale), except by the very fanatical (who are also trollish). Every buyer (and seller) has an effect on the market.
There were claims before that HAM was driving ALL prices, clearly untrue, because HAM does not buy in Surrey, or Abbotsford, or Calgary, or Saskatoon, or Montreal, or St John, which means the rise nationwide is through native buyers, enabled by easy access to credit, not foreign money.
Like or Dislike:
0 
0
March 7th, 2011 at 8:02 am 88
@Troll:
Who on this board is claiming that RE prices are being funded by local incomes? We're claiming that there is a bubble, which means that prices are not being funded by incomes by definition.
We're claiming that primary support for prices is coming from debt, just like in every other RE bubble market.
Like or Dislike:
0 
0
March 7th, 2011 at 8:06 am 89
@jesse:
Simply stupid. Anyone with any sense would understand that if someone came out of the blue and offered to buy your house (or anything else) for a set price, that price would be under market.
The norm is for sellers to solicit buyers. Apparently Mr. Davis never noticed this.
Like or Dislike:
0 
0
March 7th, 2011 at 8:06 am 90
Oh come off it, selective memory. A few months ago if you even mentioned foreign money on this blog it would be ridiculed and rebuffed with a Landcor data set showing a small # of foreign buyers and that would be it. No other consideration or analysis required. Bears only saw what they wanted to see. Now it’s clear this market has more legs than expected and suddenly it’s being discussed again, though usually expressed in thinly veiled xenophobic thoughts.
******
Absolutely right!
Six months ago, the bears, let by the astute Patriotz, would fall back on the 4% Landcor data and dismissed the impact of foreign buying.
Any discussion of offshore money was immediately rebuffed as racist as well, because hey, the offshore buying was done by Chinese, and heaven forbid you acknowledge the group doing the buying
Once the anecdotes started to appear in the media, offshore buying was dismissed as an RE trick with no statistical merit. And when the first stats appeared about the hot Westside and Richmond markets, bears just questioned the relative impact of offshore buying.
And now that there has been double digit price increases in Richmond, a HAM destination, there is no question that is clearly affects the market.
Bear Chronology:
1. foreign money has no impact – stop being racist
2. foreign money only bought 4% of houses according to Landcor
3. the media is irresponsible for promoting false stories about asian offshore buying
4. foreign money may have an impact, but the market is driven by locals
5. foreign money may impact certain neighbourhoods like Dunbar, but locals drive the market
6. foreign money may impact certain cities like Richmond and West Vancouver, but locals drive the market in METRO Vancouver
What is next? foreign money may impact Metro Vancouver, but locals drive the market in the rest of the province
Like or Dislike:
0 
0
March 7th, 2011 at 8:30 am 91
@Best place on meth: Really? How does this guy still get to post here? He's quickly surpassing RealPaul levels of hate and ignorance.
Like or Dislike:
0 
0
March 7th, 2011 at 8:35 am 92
@Bearnesia:
"Oh come off it, selective memory. A few months ago if you even mentioned foreign money on this blog it would be ridiculed and rebuffed with a Landcor data set showing a small # of foreign buyers and that would be it."
To be fair, the definition of "foreign" in the context of the Landcor data was never clarified.
Like or Dislike:
0 
0
March 7th, 2011 at 8:38 am 93
@Bearnesia:
Since you've been paying such close attention to the bears over the last while, how about backing up your claims with some quotes?
Like or Dislike:
0 
0
March 7th, 2011 at 8:38 am 94
@patriotz:
Sure, but what is a potential effect of outside money finding it's way into this market? The ability to finance more debt to buy 'investment' property.
Like or Dislike:
0 
0
March 7th, 2011 at 8:41 am 95
@Devore:
Well, that's a strawman, because I never made that claim.
Like or Dislike:
0 
0
March 7th, 2011 at 8:49 am 96
@Troll: "I just question the prevailing wisdom here that there are no more buyers"
There is no "prevailing wisdom". Some people post more than others so whatever "wisdom" you're referring to is a select few comments you continue to harp on, of which you have no idea whether or not they represent what people reading here think. Who knows how many people read comments here, and you pick on maybe a half dozen commenters as evidence a large swath of the local real estate bear blogosphere has lost its mind.
It's funny how the discussions in recent months have concentrated so keenly on a very select portion of the provincial market, namely Van West and Richmond, when 2 years ago it was the entire province reported as enjoying significant price gains. So let's see… likely the same number of media stories, but highlighting crazy activity on ever decreasing masses of land. Now we're down to a few hundred square kilometres. I hear next to nothing out of Kelowna, Surrey, Victoria, or Nanaimo, and when I do it's not exactly happy days.
Like or Dislike:
0 
0
March 7th, 2011 at 8:49 am 97
@Best place on meth:
This kind of post makes me sick. The fact that it's getting voted up just re-inforces me impression of the hate that resides on this blog.
Like or Dislike:
0 
0
March 7th, 2011 at 8:52 am 98
@Bearnesia:
Since you’ve been paying such close attention to the bears over the last while, how about backing up your claims with some quotes?
Sorry if I don't have as much time on my hands as you to find specific quotes.
It would take me days of sifting through your every hour on the hour pontifications and "corrections" of everyone's posts to find what we know you, and other bears, pointed out in regards to HAM.
But you know the chronology is true, especially your firm belief in Landcor's almighty data.
Like or Dislike:
0 
0
March 7th, 2011 at 8:53 am 99
@jesse:
Like or Dislike:
0 
0
March 7th, 2011 at 8:55 am 100
Wow. bulls are working overtime today to spin and scare. FUD galore.
Apparently, bulls now have 'proof' that HAM drives Richmond and Van West markets higher and higher.
I believe it's been discussed repeatedly that bubbles have blow- off tops. Even if the HAM are driving the Richmond Van West neighbourhoods entirely, that doesn't prove that those markets aren't BUBBLED.
I guess Troll and friends are convinced that Richmond and Van West will have HAM in perpetuity so buying in Richmond or Van West today is an awesome idea, because of HAM.
I say not. This is a blow-off top. It's obvious to anyone that really carefully examines the trends and the data.
A blow-off top is not a revisionist bear claim, nor is it hand-waving. This is what happens at the top of the bubble. The masses delude themselves into thinking Richmond and Van West will go up forever! We are in a new paradigm! It's a can't lose proposition!
Wow. the hysteria, and rush to buy.
My advice?
Don't buy Richmond ever.
Don't buy in Van West until after the bubble pops.
It's over. this market is toast. Contrary to the revisionist claims of bulls here, the market was toast in 2008 too. That was not a 'correction'. That was an all-out crash, until the emergency interest rates stopped it.
This time, wow. It's over. Trust me on this. (Dave's TM phrase)
Interest rates are headed up. Amorts are getting shortened. The opposite actions to what fueled the bubble over the last 6 years and stopped the crash in 2008 when valuations were not as high. It's pretty simple really.
Don't buy real estate now. This is the frenzied blow-off top that always happens at the top of bubbles. The bigger the bubbles, the bigger the blow-off.
Mar 18th, it's not that far away. It's gonna be a doozy.
Like or Dislike:
0 
0
March 7th, 2011 at 8:58 am 101
@curious lurker:
OK, so where's your 'proof' that this is a blowoff top?
Like or Dislike:
0 
0
March 7th, 2011 at 9:04 am 102
@Best place on meth:
Time to stir up some nasty shit in this town.
Right, we need to stop being scared and treat them as a privileged and god-given people that came over to teach us a lesson and force their way while destroying most of values that were build by generations. We should stop being inferior and stop accepting debacle of society as we know it. After all their purchasing power mainly comes from a dirty money that local working middle class can't compete with. Should we just give up and quietly watch city destruction where greed and primitivism become a dominant virtue? I don't think so.
Like or Dislike:
0 
0
March 7th, 2011 at 9:07 am 103
@Troll:
OK, so where’s your ‘proof’ that this is a blowoff top?
Really?
A heightened frenzied rush to buy that narrows from LM down to just Richmond and Van West, while the farther you get from these two places, the worse the market is behaving isn't proof enough for you?
As this pattern continues, what do you expect?
Let's follow the current pattern to its end then:
Next month, it will be the richer parts of Van West only, and only the Most Asian sectors of Richmond that are still hot, then each month this area of hot real estate will shrink again, while continuing to have massive all-out bidding wars.
By this time next year, there will be one property left at the epicenter of the 'hot market' as it will have shrunk to only one property. and its value will be infinite.
What else could it possibly be?
I suppose you think that the hot sector that keeps shrinking will instead reverse course and extend back out to all of the LM and then BC?
What else could it be other than a blow-off top? What other model fits a shrinking area of heightened frenzied purchasing while all around it's dying out? FTB's are not able to compete anymore. The property ladder bubble is out of fuel.
The fat lady is singing. Don't be stupid.
Like or Dislike:
0 
0
March 7th, 2011 at 9:16 am 104
Must be slow in the real estate offices today.
I love when all real turd pumpers show up with the Rich Chinese BS. They must be getting scared March 18th is less than 2 weeks away.
Like or Dislike:
0 
0
March 7th, 2011 at 9:18 am 105
@Troll: "it’s clear what the consensus view here is thanks to the voting system"
Yeah that's true. I guess then the comment voting system does have some value.
Like or Dislike:
0 
0
March 7th, 2011 at 9:29 am 106
Right on! If you aren't Coast Salish, get eurass back to Eurasia.
Like or Dislike:
0 
0
March 7th, 2011 at 9:36 am 107
It is still the same. The foreign money entering this province is minimal at best. That won't change anytime soon.
With the high CAD$ and the US in recession we are probably at lower levels of foreign money coming into BC real estate than in the previous 10 years. Whistler is a perfect example. HAM is a marketing ploy that has sucked in the locals. What we are seeing in Richmond and the Westside is local speculation with borrowed funds. Nothing more.
Like or Dislike:
0 
0
March 7th, 2011 at 9:37 am 108
@Troll: He is absolutely right. Thanks to the sell out politicians and scum bag RE industry for turning Richmond and Vancouver into Bejing and Shanghai. If they want to come here so bad tax the bejesus out of them and reduce our deficit. Friggin sell outs.
Like or Dislike:
0 
0
March 7th, 2011 at 9:50 am 109
HAM is a marketing ploy that has sucked in the locals. What we are seeing in Richmond and the Westside is local speculation with borrowed funds. Nothing more.
****
Get your head out of your ass!
Local speculation my ass…
Are there local speculators? Sure, but they are the minority and not the ones impacting the market.
Go to an open house in the Westside and see who is visiting the house; check out footage of the Sovereign line-ups and look who is buying; visit the Olympic village, and tell me who is buying. Look at Richmond's surge and note the correlation with China's implementation of housing restrictions.
Shove your PC "the locals are driving this market up" crap and realize that offshore money has poured into a couple of micro-markets.
Stop
Like or Dislike:
0 
0
March 7th, 2011 at 10:08 am 110
@Remove Your Head:
lol. try try try bulls, but you're the little train that couldn't.
Bears aren't revising, it's the bulls that are.
It used to be that HAM was supposed to keep all of the lower mainland up forever.
but it doesn't seem to be working out, so now the story is that HAM is rocketing up a couple of micro markets.
ooh.. scary…
This bubble is a ticking time bomb. and the counter hits 0 at March 18 + a couple weeks for the numbers to settle down.
*pop*
Like or Dislike:
0 
0
March 7th, 2011 at 10:14 am 111
This bubble is a ticking time bomb. and the counter hits 0 at March 18 + a couple weeks for the numbers to settle down.
*********
Alright bears, it sounds like the 'March 18th" rules are going to be the catalyst to the collapse.
Now we all know that the end of the Olympics, the introduction of the HST, rising interest rates, and the April mortgage rules didn't impact the market.
How many of you are prepared to officially note on this blog that the 18th of March will be the catalyst that will result in the popping of the bubble within the next six months?
Line up and post your confident prediction for future reference – it will either validate you or discredit you even further when we look back in 6 months time.
Like or Dislike:
0 
0
March 7th, 2011 at 10:17 am 112
@Remove Your Head
Sure thats all fine, if you believe that, but who do you think is gonna crash the market. Rich chinese, or highly indebted locals with negative savings rates.
Unless the people that sold to the rich chinese are renting, highly unlikely since they all think they are now real estate gurus, they are buying back into the increasingly distorted market. Sometimes even moving up.
So say someone was mortgage free, they sold to a rich asian and doubled their money. To buy something equivalent or nicer they now have to go back into debt. Whereas before they were debt free. Thoughts?
Like or Dislike:
0 
0
March 7th, 2011 at 10:21 am 113
Global news in on fire tonight. Nearly 100% real estate stories.
The bit on Richmond was great, they must have used the term "rich buyers from China" at least a dozen times.
But this plays well into my new strategy. The more people hear about rich Chinese, the more they'll despise these foreigners and their dirty money and demand something be done about them.
Thanks Global and thanks troll, you've made me see the light and the pointlessness of fighting the propaganda.
You've been taunting us with HAM day in and day out but thanks to the law of unintended consequences all your stupid bleating can actually be used against you.
And it will.
Like or Dislike:
0 
0
March 7th, 2011 at 10:25 am 114
Mar 18th next friday!!
http://www.youtube.com/watch?v=kEVhSNy96SU
Like or Dislike:
0 
0
March 7th, 2011 at 10:33 am 115
The HELOC rule change a month later is much bigger.
Equity withdrawals are keeping financially stretched families afloat. Or they were.
Honestly, watching this happen over again and knowing how much harder it is going to be for Canadian families to get out from under the beating the market is about to deliver than it was for Americans. Ugh. Ugly, ugly, ugly.
Like or Dislike:
0 
0
March 7th, 2011 at 10:57 am 116
@Best place on meth:
You are seriously delusional. What the hell have I been taunting you with? What agenda do I have? Since when does asking questions about a market which is seriously out of whack and continues to defy the odds year after year equate promoting the HAM theory? I mean really? Are you that fucking stupid or are you just trying to be an ass? There's a lot of smart folks who comment on this blog, it's too bad that you and your retarded buddies Fixie, McLovin and Data Junkie try your best to ruin it.
Like or Dislike:
0 
0
March 7th, 2011 at 10:57 am 117
>Everyone is prepared for that. It’s called a government bailout.
BC's entire housing valuation is $1 trillion dollars. It is ripe for a 40% correction (including minor knock-on recessionary impacts). That's $400 billion, or more than double the entire BC GDP for two years, or $100 billion more than the total Canadian Federal Budget Expenditures for 2010.
Bailout? Not a chance, because it's impossible.
Hot Money? Take it while you can. Buy your house back in 3 years for a fraction of the price.
Like or Dislike:
0 
0
March 7th, 2011 at 11:11 am 118
@ Best place on meth
Exactly. People SHOULD be getting angry. How can we sit back and watch the news night after night and see that foreign money is driving up our market.
Whether it is or not, with more pressure from people, the government will have to do something to make it less of a steal to buy here for wealthy foreigners.
If they are driving up the market, this will stop them.
If they aren't driving up the market, the RE pushers will no longer be able to use them as a scare tactic.
So, everyone after me:
"Stop giving away our country!!!!!!!!!!'
Like or Dislike:
0 
0
March 7th, 2011 at 11:12 am 119
I swear this whole city is immersed in a layer of moist fetid bovine farts right now. I hope the air clears before I suffocate.
Like or Dislike:
0 
0
March 7th, 2011 at 11:13 am 120
On CBC radio this afternoon they interviewed a realtor to talk about the HAM phenomenon in Richmond and Vancouver-westside. The radio host sounded downright sad when she said "But this means that young people basically won't be able to buy houses in Vancouver or Richmond anymore?" And the realtor said "Yes, that's about right. They will have to go to the suburbs" to which she responded "But Richmond IS a suburb!" And the realtor giggled and said "Ya well I meant the EASTERN suburbs"
So according to this message, I should basically get out of town, along with everyone else who makes a decent dual-income salary. And great, let's blame the Chinese!
This is bad for Vancouver, when us Canadians are basically told outright to leave if we want a house, and blame the Chinese. Of course there's no talk of the fact that people have been bidding up properties for YEARS with cheap money and loose credit. Who really cares about the prices going up $200k in the past 4 months? What about prices more than doubling in the last ten??
Like or Dislike:
0 
0
March 7th, 2011 at 11:23 am 121
@Remove Your Head:
What is wrong no open houses today?
Like or Dislike:
0 
0
March 7th, 2011 at 11:25 am 122
@Troll:
To pump real estate.
Like or Dislike:
0 
0
March 7th, 2011 at 11:28 am 123
I am done wondering about this real estate market after what I overheard today:
Person A (20 something): I bought a house last week
Person B: !!! *silence* Do you like it?
A: oh yes. It is in Kits and 1400 sqft!
B: ….. Did you win the lottery?
A, laughing: Oh, no! I am just in debt for "60" years.
Well, I guess it means I should better get a job once my education is completed.
I almost chocked.
Like or Dislike:
0 
0
March 7th, 2011 at 11:36 am 124
@pricedoutfornow:
No, the message is buy now in the burbs before prices rise. Propaganda by the worthless real estate industry who are scared shitless. Remember 99% of the realtor's in the lower mainland have not sold one house in Richmond or the Westside. They are living off Kraft dinner. That is why they spend their days on this blog pumping. Nothing better to do.
Like or Dislike:
0 
0
March 7th, 2011 at 11:41 am 125
@116 Troll: That's one large burr up yer butt. You should deal with it. Trust me.
Like or Dislike:
0 
0
March 7th, 2011 at 11:56 am 126
@Troll:
>>>What the hell have I been taunting you with? What agenda do I have?<<<
Don't play dumb you little shit.
You come here every single day to shove HAM in our faces. You talk about HAM incessantly. Your entire existence is HAM, HAM, HAM.
The more we ignore your silly pumping of offshore money and try to discuss real issues, the louder you get. You just don't have anything else to say other than HAM!
And why the hell are you asking me what your agenda is?
Like or Dislike:
0 
0
March 7th, 2011 at 11:58 am 127
@Renting: What makes you think that "Troll" is bullish on real estate? Some of his comments are sharp but neither are they bullish. Just saying.
Like or Dislike:
0 
0
March 7th, 2011 at 12:01 pm 128
No numbers tonight?
Like or Dislike:
0 
0
March 7th, 2011 at 12:21 pm 129
@Troll:
YO!!
Yes you!
Real Paul have not posted here for a while. "troll" sig is recent.
Like or Dislike:
0 
0
March 7th, 2011 at 12:49 pm 130
CBC online poll: "How do you feel about Christie Clark becoming Premier?
Good. 17.12% (1,829 votes)
Bad. 63.09% (6,739 votes)
Not sure. 19.79% (2,114 votes)
Surprisingly, nauseous was not on the list of options.
Like or Dislike:
0 
0
March 7th, 2011 at 12:53 pm 131
Re: numbers
Hey guys, I am SOL on the numbers till May. I know it blows but I don't feel like chasing my exisiting number dealers. Hopefully someone consistent will step up.
I am considering getting my license back up and running by May but am only 50/50 as I will not be pursuing RE sales fulltime.
Bring on the 18th. Epic party night!
pb
Like or Dislike:
0 
0
March 7th, 2011 at 1:13 pm 132
No numbers???
I will be plunging myself off a bridge tonight… Good bye cruel world, hopefully this whole "bubble" thing works itself out… or not… whatever
Like or Dislike:
0 
0
March 7th, 2011 at 1:27 pm 133
@Troll: Please lump me in with that group of "retarded buddies" as I value their opinions 10x over yours!
BTW, long live HAM!!! Let them be the ones left holding the bag
Like or Dislike:
0 
0
March 7th, 2011 at 1:32 pm 134
@jesse:
He is a cheerleader and pumper. Which blog have you been reading?
Like or Dislike:
0 
0
March 7th, 2011 at 1:35 pm 135
@paulb.:
Yes that is great idea. You will have a lineup of customers from this blog.
Like or Dislike:
0 
0
March 7th, 2011 at 2:15 pm 136
It's all about HAM now.
This is what it's like up on the Westside these days.
http://www.youtube.com/watch?v=SQI87lYz1Vs
Like or Dislike:
0 
0
March 7th, 2011 at 9:26 pm 137
"priceoutsofar: They will have to go to the suburbs” to which she responded “But Richmond IS a suburb!” And the realtor giggled and said “Ya well I meant the EASTERN suburbs”"
I left Richmond and move to Toronto last year. It is cheaper here.
Like or Dislike:
0 
0
March 8th, 2011 at 5:46 am 138
[...] at vancouvercondo.info March 7th, 2011 at 7:13 pm- “On CBC radio this afternoon they interviewed a realtor to talk about the HAM ['Hot Asian [...]
Like or Dislike:
0 
0
March 10th, 2011 at 5:06 am 139
[...] turtle at vancouvercondo.info March 7th, 2011 at 7:28 pm- “I am done wondering about this real estate market after what I overheard today. I almost [...]
Like or Dislike:
0 
0
March 14th, 2011 at 1:41 pm 140
"The two booming neighborhoods in Vancouver show a remarkable discrepancy in math skills. The West side ranks highly, but surprisingly Richmond ranks very low in math skills."
You mistook Surrey (orange & yellow) for Richmond (green).
Your map only shows the eastern end of Richmond + Queensborough that's part of New-West.
Like or Dislike:
0 
0
March 14th, 2011 at 2:25 pm 141
@Anonymous: The green area you are seeing is Sea Island (one of Richmond's last mostly European-Canadian enclaves of Burkeville). The area around No. 3 road is very orange. Take a closer look at Google map.
BTW the low math scores in new immigrant areas is apparently because of ESL problems, not because one population is naturally better or worse at math.
Like or Dislike:
0 
0