Friday Free-for-all!

The weekend is here and spring is in the air! It’s time to do our regular end of the week news round up and open discussion thread, here are a few stories to kick off the chat:

Vancouver worst place for housing in Canada?
The Bear-king capitulates at $59 per sq. foot
$1.8 million olympic dream turns sour
More residents join OV lawsuit (video)
Rate hike sooner than later?
C.D. Howe: Raise ’em now!
Worst flaws to look for when buying a house
Mickey Mouse is dead to us
Some Kelowna prices down 60%, things ‘starting to change’
China’s ghost cities and the biggest property bubble

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CC
Guest
CC

Am I really the first one to post on Friday after all this time?

The crash is coming!

scullboy
Member

Wow, Halifax scored 14th on the MoneySense ranking while Vancouver scored 29th. It's interesting to see a quantified ranking for something I've been experiencing in a qualitative way for quite some time. And pokey little Fredricton scored in the top 5! In fact pokey little New Brunswick has 2 cities in the top five.

Just goes to show people who mock those of us who deliberately choose smaller, more liveable cities don't realize they've been had.

Anonymous
Guest
Anonymous

turd!

Anonymous
Guest
Anonymous

@scullboy:

you're missing out,

we're getting f'ing HOUSES for FREE on the west coast

you jelly?

Keeping An Eye On Th
Guest
Keeping An Eye On Th

bmorton@vancouversun.com

Excellent Job Brian, it’s nice to see a dog that doesn’t have to be told to wag its tail when it sees its master.

Your article covers all the bases but, you missed a couple.

You should have ended with” Kelowna is running out of land and they’re not making anymore of it, so call your realtor today”

Eddie
Guest
Eddie

I trying to decide if I like the sun or rain better.

1.3 million in Richmond:

http://tinyurl.com/3w8ob2z

1.3 million in West Palm Beach:

http://tinyurl.com/4yy72pq

VHB
Member
VHB

go five year go! Hit 2.89 today. Up over 100 bps from its lows over the winter. Yet, 5-yr mortgages are up only a bit. Something will give.

Eddie
Guest
Eddie

As far as the rates go it just shows how sinister the banks are to be eating the spread right now. They only care that the loans are insured – they could care less if the government (CMHC) has to pay out. Model citizens they are!

I doubt a hairdresser or barista would qualify for a $5,000 personal loan at most banks yet they will hand over $350K if the govt takes all the risk. Nice!

Dave
Member

@VHB:

You know why the rates haven't gone up, right? We discussed this before. The spread has been quite large for the last couple years and it is now returning to normal.

vreaa
Member

Spot The Speculator #33

Couple in Thirties

House $650K; Rental $585K;

Debt $995K;

Net Worth $273K.

450% Of Net Worth In RE

http://wp.me/pcq1o-26d

Another case of rabid speculation in the guise of normality.

WFT?
Guest
WFT?

@vreaa:

And how about this quote from the same article: "Those two mortgages with associated property taxes take $5,420 out of their monthly take-home income. Property taxes take another $509. That’s a whopping 74% of after-tax income."

I bet this couple represents a huge chunk of Vancouverites, perhaps as much as 50%.

registered
Member
registered

Any attempt to down mod the mindless spam from 和谐的房地产泡沫 on post 4 redirects to the Daily Mail UK. Is it ban time yet?

pricedoutfornow
Guest
pricedoutfornow

@Eddie:

Speaking of personal loans, I applied for a line of credit last year. I have very good credit and more than $70k in net worth. The line of credit I applied for was only $8,000. However, they really made me jump through a lot of hoops to get this measly $8000 LOC: I was required to provide print outs of other bank statements showing how much I had in there, employment letter from employer with how long I'd been employed etc etc.

In the end I got the LOC, but it had a real crummy interest rate (8%!) and I doubt I'll ever use it.

Of course anyone can get a mortgage….

Anonymous
Guest
Anonymous

Good news, this guy is "giving away" his condo in White Rock:

WHY AM I GIVING AWAY THIS LUXURY HIGH RISE CONDO IN WHITE ROCK'???

WELL, THE WIFE CAUGHT ME WITH MY GIRLFRIEND SO I NEED TO LIQUIDATE EVERYTHING AS SOON AS POSSIBLE.

I AM WILLING TO GIVE THIS CONDO AWAY FOR $80,000.00 LESS THAN IT IS WORTH. (ORIGINAL PRICE $359,000.00 PLUS 12% HST)

http://vancouver.en.craigslist.ca/van/reo/2312787

specialfx3000
Member
specialfx3000

@Anonymous:

Since when is discounting something by 22% equivalent to 'giving it away'?

Though I give the guy credit for a funny ad.

Best place on meth
Member
Best place on meth

@Anonymous:

$279K for a 500 square foot condo in White Rock is almost as appealing as Dave's negative cash flow, leasehold "deal of the day".

So many great opportunities to be had in this town – if you're fucking stupid.

Anonymouse
Guest
Anonymouse

@pricedoutfornow:

"In the end I got the LOC"

Perhaps if you'd got LOC insurance from some federally-backed corporation which passes the risk of default onto the taxpayer then it would have been easier 😉

specialfx3000
Member
specialfx3000

@Best place on meth:

Many in this town fits the bill. Contact Global and fire up the helicopters again.

The 444 curse
Guest
The 444 curse

@Dave:
Dave, you are a true peddler to the bitter end.

It' s over Bagdad Rob

space889
Guest
space889

@Anonymous: I would like to know how the hell did he get a 2.2% 35 year mortgage from TD!

What's with all the all caps, so hard to read and just screams of scam….

Hovering
Guest
Hovering

Fun game

go to realtor.ca

enter in the type of place you would like to buy and a maximum amount of 3.5 times your family income and your desired hood.

I suspect you will get no hits.

so start wheeling back on the mouse

take a while but you'll start to see things popping up on the map

sheesh

Anonymouse
Guest
Anonymouse

@space889:

"I would like to know how the hell did he get a 2.2% 35 year mortgage from TD!"

Obviously he didn't. It'll be a variable rate mortgage that needs renewing in a few years, just like everyone else's.

patriotz
Member

@WFT?:

I bet this couple represents a huge chunk of Vancouverites, perhaps as much as 50%.

If 50% of households owned more than one property there wouldn't be enough renter households to rent the second property to. Do the math – keep in mind most renters live in multi-unit rentals or secondary suites, and 30% of households rent.

I really don't think more than 20% of homeowning households own more than one property.

But if just half of them got in trouble that's ALL it would take to tank the market, big time. Marginal pricing.

Best place on meth
Member
Best place on meth

CAD near 1.05, oil at $112, silver over $40, 5 year bond at 2.88.

It's getting interesting out there.

patriotz
Member

@space889:

You didn't parse the sentence properly.

I HAVE A FULLY ASSUMABLE MORTGAGE WITH TD CANADA TRUST (AT 2.2% INTEREST for now) FOR 35 YEARS.

Anyway, mortgages aren't "FULLY ASSUMABLE" if they're underwater.

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