Friday Free-for-all!

The end of the week is here and that means it’s time for another news round up and open topic discussion thread! Here are a few recent stories to kick off the chat:

Signs point to a severe housing correction
Don Campbell: I don’t like to use the word ‘bubble’ (video)
A report from the front lines of suburban condo frenzy
Condo developer defeats the HST
Larry Campbell says the Olympic Village is ‘just fine’
Are house prices ‘crippling the business community’?
Renting vs. Buying at the high end
Beijing new house prices plunge 26.7% in one month

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

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patriotz
9 years ago

@chilled:

Reading Garth Turners blog tonight, I can’t help but wondering if he is loosing it.

Advice: If you want to write a critique of someone, learn to spell. Otherwise you just look silly.

pricedoutfornow
pricedoutfornow
9 years ago

@deadmanwalking!:

"You are some kind of special dummy if you took an adjustable rate mortgage for a $250k and and only make 50-60k a year with almost no money down."

Hahahaha….I know these "dummies". Except the mortgage amount is not $250k, it varies between $700k to $900k. Blows my mind every time I think of it. Of course, these guys think I'M the dummy for not "investing" in real estate, the only way to get rich rich rich!

chilled
chilled
9 years ago

Reading Garth Turners blog tonight, I can't help but wondering if he is loosing it. If he keeps insulting people at this rate his next wise "investment" may just be a body guard or two. I mean, the man is starting to think that "my way is the only way" and assumes we are all budding Buffetts who spend our entire day playing with our and others money. Considering his recent about-face on issues such as HAM, you would think he would fear being called out and called 'Turncoat Turner' again. Oh well, I'll keep reading his blog, you get what you pay for. His advice has worked reasonably well for me but in my opinion Turner would maintain his credibility a bit better if he didn't hypocritically sidestep politically incorrect topics and acknowledge his errors once in a while.… Read more »

deadmanwalking!
deadmanwalking!
9 years ago

I love this American perspective on Real Estate I found in a comment made online (one American critiquing another Americans mortgage decision):

"You are some kind of special dummy if you took an adjustable rate mortgage for a $250k and and only make 50-60k a year with almost no money down. That's exactly what the banks offered me when I bought my house in 2003. I settled on a 4.75% FIXED rate for $113k (30 year)."

The above is exactly why when I purchase my home its going to be a 30 year fixed in the United States. Momma didn't raise no fool.

Extremely rich Van h
Extremely rich Van h
9 years ago

@Pollyanna:

Compare to thousand of mainlandChinese tycoons,Jim is just a shoe shine boy.

vreaa
9 years ago

The BNN/Campbell/Somerville piece is like watching cult members reassure each other their master is a good guy.

My favourite bits are the confident chuckles.

Must archive….

rennie associate
9 years ago

ill just leave this here

http://i.imgur.com/McB24.png

patriotz
9 years ago

@Patiently Waiting:

It may take longer than we’d like because there’s so many current owners in the market; buying more and moving up and down. These buyers aren’t so effected by changes in mortgage rules.

Yes but for every property they buy they have to sell the old one.

That's why people buying up and down can't support the market. You need FTB's because some owners are always exiting the market outright and new construction needs to be sold.

Devore
Devore
9 years ago

@Keeping An Eye On The Pimps: If it ain't dropped 50% overnight, it's not a bust.

Patiently Waiting
Patiently Waiting
9 years ago

The question is how long the market can keep steam with falling numbers of FTBs. It may take longer than we'd like because there's so many current owners in the market; buying more and moving up and down. These buyers aren't so effected by changes in mortgage rules. They are also totally delusional because of their equity.

I fear we might need to wait for raising rates, and it might be a little while yet.

Pollyanna
Pollyanna
9 years ago

@Keeping An Eye On The Pimps:

if it's not HAM its ontarians – come to the west coast to be a star.

Keeping An Eye On Th
Keeping An Eye On Th
9 years ago

@Anonymouse:

"But your own article says that the median price is still above April 2010"

And your point is?

(let me guess,the market is taking a breather, something to do with running out of land, rich Asians, everyone wants to live there, good schools, rich babyboomers want second homes, natural resources, petro dollar, international city,……………)

Have I missed any?

Anonymouse
Anonymouse
9 years ago

@Keeping An Eye on The Pimps:

"MELBOURNE’S property bubble is bursting, with $400 a day wiped off the average house price in the past three months."

But your own article says that the median price is still above April 2010.

Girlbear
Girlbear
9 years ago

You gotta love a city where $1.5mill is considered a "starter home"!

http://www.westsiderealty.ca/ActiveListings.php/D

Keeping An Eye On Th
Keeping An Eye On Th
9 years ago

@jesse:

Jesse, I think the rich foreign factor may be a contributor at the high end. But I have never bought into the idea that tycoons, Asians or otherwise, would waste time buying and selling crack shacks on Fraser and 12th.

The marketers have mastered the art of selling snow cones to the Eskimos, but I think the Eskimos have finally run out of means to finance the inflated prices.

deadmanwalking!
deadmanwalking!
9 years ago

Well, China and Australia have now burst and will melt down over the coming years.

If you take out the Vancouver market, prices have fallen 11% in the rest of Canada.

Vancouver is the last man standing. I usually tell people Vancouverites are the most delusional people I have ever met.

Now its backed by science.

jesse
9 years ago

@Keeping An Eye on The Pimps: Oz put in foreign ownership controls last year. Coincidence? Who knows.

Keeping An Eye on Th
Keeping An Eye on Th
9 years ago

MELBOURNE'S property bubble is bursting, with $400 a day wiped off the average house price in the past three months.

http://www.heraldsun.com.au/ipad/melbourne-home-p

Yes it is true, even HAM can't keep the insanity going.

Anybody following the world wide bubble will know the Melbourne Pimps were claiming there was no bubble, and the reasons were exactly the same as given by the Bill Slut and Rennie types.

Boombust
Boombust
9 years ago

"Go back to Chipman’s blog we don’t need you here."

You mean that BS site is still gurglin' away?

Who knew?

Pollyanna
Pollyanna
9 years ago

@NotBlind:

thanks for posting this interview!

http://iff-update.gfip.org/

enjoy

Pollyanna
Pollyanna
9 years ago

@Extremely rich Van house owner.:

"Whites are poor in vitamin M so they should relocate to white area like Winnepeg,Edmonton……….,;peasants in China are much wealthier than whites in Canada."

troll,

meet Jimmy.

http://en.wikipedia.org/wiki/Jimmy_Pattison

kansai92
kansai92
9 years ago

I love the bull argument that works both ways.

"Well if China restricts property ownership, then all the HAM will come here.

Yet when Chinese real estate was surging ahead the argument was they're all getting richer so the HAM will come over here.

Well bulls, which one is it?

Just like real-turds. "It's a great time to buy" to one client.

"It's a great time to sell" to another.

Extremely rich Van h
Extremely rich Van h
9 years ago

@Pollyanna</a@Pollyanna:

Whites are poor in vitamin M so they should relocate to white area like Winnepeg,Edmonton……….,;peasants in China are much wealthier than whites in Canada.

Pollyanna
Pollyanna
9 years ago

@Extremely rich Van house owner.:

"Show me the photo of empty houses and apts on the West Side,if U can’t stop spreading bear masturbation. Van RE has concrete support from mainland Chinese.If u can’t afford living in Vancourver move to a white areas."

troll, are you advocating the ghetto-ization and splintering of our local society more than it already is?

maybe you should stop embezzling the peasant's tax money out of your own country.

McLovin
McLovin
9 years ago

Romeo Jordan I don't have a problem with the truth. I have a problem with snot nosed punks like you with huge ego's who can't shut up. You were posting 10x's a day on Chipman's blog before you finally broke down and bought a bachelor pad a year or so ago. Most people here are bears (myself included) but you post to see yourself in writing. You add nothing but noise.

Go back to Chipman's blog we don't need you here.