Bubbling up in the media

Picture this: a noon news story on Global TV that has a financial expert talking about 25% house price declines in Vancouver. It happened and AJ Sull from Pacifica Partners Capital Management played the counterpoint to the Royal LePage argument that everyone wants to live here:

Of course, by the time the story was repeated at 6pm, it had changed a bit.

Meanwhile over at news1130 they’re reporting on Joe Castaldos warning to young buyers about the ‘normalacy’ of this market and the National Post has a comment about the lack of election talk around a Canadian housing bubble.

In a comment yesterday reader Real Professional commented about the medias difficulty in finding voices of balance when it comes to real estate. There’s no shortage of Realtors who long for that moment of airtime to raise their profile but when was the last time you heard somebody talk about the potential downside of the product they were peddling?

Even if a reporter can find talking heads for both points of view the publisher or broadcaster of the news product may be disinclined to upset advertisers. Reader Southseacompany points out this tidbit about Sun reporter Ben Parfitts early stories on the leaky condo crisis and pressure from advertisers to bury the news.

So what does it tell you if there are all these reasons why we don’t see mainstream media stories about housing bubbles, and yet we’re starting to see all these stories about a housing bubble? Reporters, economists, former politicians, etc.. Is this the tipping point?

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patriotz
9 years ago

@lol cats:

when has an eduction in liberal arts ever been “perfectly respectable and would qualify you for different types of fulfilling, decently paid work”?

When BC had only one university. BA's were valuable to the degree holder then simply because they were scarce.

Take away the scarcity and you take away the value. That's the fallacy of putting "universities" in Prince George, Kelowna, Nanaimo, etc.

Pollyanna
Pollyanna
9 years ago

@Anonymous:

apparently someone bought a condo in the tri-cities.

u mad 2?

Anonymous
Anonymous
9 years ago

@Best place on meth:

And most importantly, not as retarded as you, meth. Go fuck yourself

Pollyanna
Pollyanna
9 years ago

@lol cats:

"when has an eduction in liberal arts ever been “perfectly respectable and would qualify you for different types of fulfilling, decently paid work”? read your history books… philosophers always resorted to charity of the court (read land owners).

the 1960′s have come and gone.

keep smoking, and wishing for prices to fall you fracking hippie"

—-

you're not much good at this trolling thing.

how's your collection of condos doing?

u mad?

Pollyanna
Pollyanna
9 years ago

@jesse:

i was laughed at by a korean friend for considering a history degree! but i didn't laugh at him for buying a house in AZ – lol

Li Kai Shing
Li Kai Shing
9 years ago

meth man

I rike the cut of you jib

pS Fuck U -2

no not the Ilish Lock group with Boner as read singer.

Who is read guitarist…Gren Campberr or Srash

oohhh it is Edge….see……. I smart owner of Hongcouver

I tink I go on TV game show.

Li Kai Shing
Li Kai Shing
9 years ago

why you round eyes have fetish for selling shorts

Sell short …..sell short blah blah blah…

boxers or briefs.

Fluit of the Room or Stanfierds?

I going to Wleck beach and go see boobies,….womans too

bwhahahahahahahha…oooh I getting a woody

NotBlind
NotBlind
9 years ago

Here's Al Jazeera in depth on people responding to the economic crisis in Greece.

(Said to the interviewer who is on site) "This is one of the buildings for the Olympics. … for sports we don't know about in Greece: softball, baseball, hockey"

"We borrow and borrow. One day they stopped giving it to us."

http://english.aljazeera.net/programmes/witness/2

jesse
9 years ago

@Pollyanna: I know a few people with libarts degrees doing well; it turns out 95% of what they learned in uni made them good leaders. One friend I know is doing her PhD in oncology, another works as a video games producer. Liberal Arts FTW.

Best place on meth
Best place on meth
9 years ago

Fuck you China.

http://news.yahoo.com/s/nm/us_china_economy_gdp

Inflation now up to 5.4%, looking forward to this shithole imploding.

Go $150 oil!

Lilypad
Lilypad
9 years ago

@Devore: I've been watching a new development in Richmond (one year old) and in the fall there were 30 listings — now there are 16 and it's already the middle of April. Most of the units are rented out, bought as "investments". It seems like the owners are resigned to bleed $1200-$2000 per month, depending on the size of their unit.

One of the listings has decreased from $568,000 to $499,000, but that's probably because it's listed by Rennie and Associates. All of the others are still asking for pie in the sky.

vci_sucks
vci_sucks
9 years ago

what happen today. the sold/listing ratio is above average.

what happened to your crystal ball?

who predicted the the market will crash in last two years?

jesse
9 years ago

@jesse: from silverman at RET :
Listed 629 new sold 568 or so.
Expired 508 cancelled 460 relisted 460 "firm"

Owner is taking a bath. No overlist on this place. A tale of 2 markets.

coastal
coastal
9 years ago

Excellent link to the Sun/Parfitt article. Three guesses who ex-Sun editor Ian Haysom works for now ? Global BC. Small world, same bullshit.

lol cats
lol cats
9 years ago

@Pollyanna:

when has an eduction in liberal arts ever been "perfectly respectable and would qualify you for different types of fulfilling, decently paid work"? read your history books… philosophers always resorted to charity of the court (read land owners).

the 1960's have come and gone.

keep smoking, and wishing for prices to fall you fracking hippie

Devore
Devore
9 years ago

@painted turtle: It's pretty amazing that I have to go to the Arabs (Al Jazeera), Russians (RT) and Germans (Der Spiegel) to find out what's going on in the world. Which is bad, because aren't they part of the axis of evil, or something like that?

painted turtle
painted turtle
9 years ago

About watching the news: the only decent site I know is Al Jeezira English.

Boombust
Boombust
9 years ago

"Anyone noticing more condo listings in general?"

The Tri-cities is going to be facing a GLUT. That is, if it already isn't.

…and they're still building.

Patiently Waiting
Patiently Waiting
9 years ago

@Pollyanna: "there was a time when having a liberal arts degree was also perfectly respectable and would qualify you for different types of fulfilling, decently paid work."

Yes, that's credentialism. One of the BIG WAYS my generation got screwed .

VHB
VHB
9 years ago

Dailies – List | Sold

Vancouver East & West*

New Listings – 67

Back On Market Listings – 1

Price Changes -24

Sold Listings -58

Vancouver All Areas*

New Listings – 249

Back On Market Listings – 4

Price Changes – 116

Sold Listings – 168

*Attached & Detached – Date: 04/14/2011 Time:17:46 Pacific YatterMatters.com: Courtesy REBGV. Data believed to be accurate but is not guaranteed.

McLovin
McLovin
9 years ago

Short real estate.

Sell home with a long closing date and a non refundable deposit.

Buyer wants out of the deal at the time of closing. You keep the house and the deposit.

WRONG. You keep what's left of the deposit after the Realturd takes his FULL commission even though the buyer backs out.

Not much left for you.

Pollyanna
Pollyanna
9 years ago

@Patiently Waiting:

it's actually a korean ghost city. i remember when henderson place mall opened – 15 years ago?? – it's still empty and full of garbage stores selling anime and warhammer toys.

Pollyanna
Pollyanna
9 years ago

@jesse:

one of the worst aspects of 21st century canada

is that there is no such thing as "respectable working class" anymore.

the stratification has solidified, and upward mobility is dead. i know people who have 50k+ student debts and they make coffee and wait tables, etc. i am awaiting the flames accusing people of having liberal arts degrees as wasting their time, etc. 'useless' degrees, etc. but there was a time when having a liberal arts degree was also perfectly respectable and would qualify you for different types of fulfilling, decently paid work.

we went crazy, and now is the time of the race to the bottom.

Anonymous
Anonymous
9 years ago

@Devore:

That place won't fetch anything near $2200/month in rent. More like 1300-1600 max.

http://vancouver.en.craigslist.ca/search/apa/pml?…

At $1600 per month it's worth 160-240k, at a valuation of 100-150x rent. If this guy refuses to budge on his "firm" price, he's eventually looking at a 70% loss on his 618k investment.

Pollyanna
Pollyanna
9 years ago

@VanRant:

to make people feel good.