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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Anonymouse
Guest
Anonymouse

@patriotz:

"Anyway, mortgages aren’t “FULLY ASSUMABLE” if they’re underwater."

I've yet to hear an explanation of how a lender in Canada would determine whether or not a property is underwater – they never appraise the place, at least in a way that requires access to the property, so how do they know with any accuracy what it's worth?

Dave
Member

@Best place on meth:

A little over a month ago I was scoffed at for calling $45 silver. Half way there already.

Best place on meth
Member
Best place on meth

@Dave:

It wasn't me that scoffed, I expect silver to go much higher than $45, even higher than $100.

But I do remember you saying you would sell when the gold silver ratio hit 40 or something like that.

That deserves a scoff because it will likely go much lower, maybe even as low as 10.

Troll
Guest
Troll

@Dave: Why don't we look back at your prediction. Oh never mind, the comments have been voted into oblivion.

Troll
Guest
Troll

@Dave:

A little over a month ago I was scoffed at for calling $45 silver

Real or Nominal? Fixie wants to know.

vreaa
Member

@Anonymous: "I AM WILLING TO GIVE THIS CONDO AWAY FOR $80,000.00 LESS THAN IT IS WORTH."

Surprise… whatever this guy 'gives it away' for IS what it is then 'worth'.

Dave
Member

@Best place on meth:

I said sell gold at $1650 and silver at $45. That's my call, but I am going to ride it all the way through and not follow my own expectations.

Dave
Member

@Troll:

Does he know what the difference is? It seems to be something that a few struggle with.

Best place on meth
Member
Best place on meth

@Dave:

Good for you, you're actually making sense this time.

And I meant to say the ratio could fall to 15, not 10.

It's currently at 36.

Devore
Member
Devore

@pricedoutfornow: Yes, you could have gotten a mortgage for far more in minutes. Sad world we live in.

crabman
Guest

@Dave: Of course you're in gold! Fits your strategy of buying low-yielding overpriced assets! ;^)

McLovin
Guest
McLovin
More laughs from the jokers in the Okanagan Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported March 2011 sales activity of all MLS® property types improved over last month but dipped compared to sales reported at this time last year when buyers were spurred into the market early in the first quarter to avoid the impending HST. The local housing market continues to stabilize and show more balanced conditions moving into Spring. But weren't buyers supurred into buying this March due to changes in the 35 yr Amorts? What a joke. The rest below: 1,122 new listings taken fell by 17.85% over last year (1,361) but rose 10.43% from last month (1,016). Overall unit sales and total sales volumes dropped 12.14% this March (to 340 from 387 – totaling $129.34 million compared to… Read more »
dire straits
Guest
dire straits

Dave,

we had a build up in silver price the whole week (6%). fantastic time to be trading. I remember when you mentioned $45 mark. We are almost there. It could go higher if our global monetary system collapse.

Dave
Member

@crabman:

I bought my gold at $650 and silver at $15.

registered
Member
registered

33 Dave Says:"Does he know what the difference is? It seems to be something that a few struggle with."

Hey Dave, how are your Burmese and Kenyan investments coming along? Driven by that 25%+ inflation those exploding nominal values should have you on easy street by summer.

What field are you in that constantly repeating the same lies is considered effective? Adverting?

jaymow
Guest
jaymow

Pretty sure that the Helen Lee from the OV story is a realtor for Sutton in Vancouver. If so, she purchased purely for speculation purposes, and she should know how this game works.

WFT?
Guest
WFT?

@patriotz:

Point taken. I think I meant to say that perhaps as many as 50% of owner households own other real estate.

WFT?
Guest
WFT?

@jaymow:

"she should know how this game works"

No doubt she does. She also knows how another game works: the "play the victim, public sympathy, take no personal responsibility, the government must fix this by giving me money" game.

Now that the COV "owns" the OV, this second game is in full swing and she is playing it for all its worth.

Dave
Member

@fixie guy:

You silly hipster. Debt doesn't grow with inflation. It's stays in nominal dollars. Well, at least for now. Real dollars are conceptual. The map is not the terrain. You are no further ahead by purchasing real estate for smaller real dollars. It's nominal dollars that count and it's nominal dollars that people understand.

WFT?
Guest
WFT?

@Dave:

"Debt doesn’t grow with inflation."

Yet the interest payment on your mortgage debt do indeed grow with inflation. In an inflationary environment, rates rise. When you go to renew your mortgage, your rate will be higher if there is inflation.

specialfx3000
Member
specialfx3000

@jaymow:

Flashback to 2007:

http://www.canada.com/vancouvercourier/news/story

"Some buyers and realtors stood in line for five days before sales started last Thursday."

5 days in line and about $2M down the drain – give these buyers a Coal medal.

specialfx3000
Member
specialfx3000

@specialfx3000: The $2M is in reference to Helen Lee.

Absinthe
Member
Absinthe

@Hovering: Oh, HEY, Hovering! For the first time, 3.5X our income + our saved down payment does find us something we could live in!

Two in all of Vancouver – so, ahem, not much out there – plus one's a Money Pit and the other has strata fees that we couldn't afford. So, there you go.

But it was a fun exercise. One I'd given up on.

registered
Member
registered

44 Dave Says: "You silly hipster."

I'm almost certainly your senior so cut the crap. To be honest, your confusion is too deep for me to know where to start. You appear to think debt has no relation to wages and the prices of other goods and services across years. A convenient fiction for those selling assets but not very realistic.

paradox
Guest
paradox

From Globe and Mail:

" Reality check: In 2008, before the recession hit, the average after-tax income of individuals in Canada was $31,400. Median after-tax income (50 per cent of Canadians made less) was $25,400. That’s the most recent data available. The full impact of the recession on incomes had not yet registered."

I wonder how much house we can really afford given those figures? On which bases is CHMC guaranteeing morgages?

Granted,those are average figures and some people make more money, but still those figures are so low to support even average RE prices of 150k. Where is all the money coming from? I keep scratching my head…