Friday Free-for-all!

It’s the end of the week! Free-for-all open topic discussion time, here are a few stories to kick off the chat:

Breaking News! Get a rad pad, get laid by the desperate
City offers low income loans for home repair
What’s a co-op condo?
Be prepared for downturn, but don’t worry
Comparison shop for a mortgage
Canadian personal debt loads keep growing
Portland home sales drop near 17 year low

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

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blueskies
Guest
blueskies

"Since 1977, when they began keeping track, there isn’t any time frame in which you would have lost money if you’d bought a house in Greater Vancouver and kept it for 10 years. Not bad.

….I call BS on this, buyers in '91 wouldn't be

up nominally in 2001…. nice try

Patiently Waiting
Member
Patiently Waiting

National Congress of Chinese Canadians, a front organization for the Chinese government, supports the anti-hospice condo owners:

http://www.straight.com/article-395818/vancouver/

Now I'm…concerned…pissed off…worried…angry…oh geeze 🙁

Well, at least UBC did the right thing:

http://www.theprovince.com/business/hospice+appro

jesse
Member

@Patiently Waiting: There was good indication UBC was going to approve the hospice because they had to look at themselves in the mirror in the morning.

specialfx3000
Member
specialfx3000

@Patiently Waiting:

From the Province article:

"On Thursday a Promontory resident who signed the petition, Kenny Lee, said after UBC approved the hospice, “my daughter and son are scared about going to school. Definitely the property value will go down.”"

WTF? Should all kids that live near a hospital or cemetery be scared about going to school too? Ah, the truth came out on the second sentence… it's all about property value.

Kudos to UBC for moving forward on the hospice plans.

pricedoutfornow
Guest
pricedoutfornow

I can't believe people. "daughter and son scared of going to school?" Why, because you pumped them full of stories of sick people causing bad luck? Oh please. Too bad for you they will remember these stories when you call them in 20 years with the news of your cancer/heart attack/stroke…and have them hang up the phone on you due to worry of "bad luck."

Karma….

Manna from heaven
Guest
Manna from heaven

Canada’s top banking regulator is on a fact-finding mission to gauge the scope of foreign investment in residential real estate.

http://business.financialpost.com/2011/06/03/ofsi

Congrats foriegn investors, you've made it on the feds radar screen. Be afraid, be very afraid.

Devore
Member
Devore

Ramslie said under the terms of the deal Vancity would have to cover defaults on the first 50 homes before the city's money would be at risk. But conventional loan default rates are much lower, he said.

I fail to see the connection between government-guaranteed, low interest, payabale back through property taxes loans, and conventional loans. There is nothing conventional about this.

And why does the city need a loan loss reserve? If these go through the property tax system, doesn't the city just take your house for non-payment? Oh right, because it's just a free money program for people with no money (ie, home owners) to keep juicing the real estate industry.

Devore
Member
Devore

lol @ mortgage shopping 101:

4. Forgo needless frills

Lump-sum prepayment privileges often come with higher rates. That’s wasted money for the 82 per cent of Canadians who don’t make lump-sum prepayments in a given year. If you’re not going to maximize your annual prepayment allowance, ask if cheaper mortgages exist with less generous options.

Lump sum payments a "needless frill"? Most "home owners" (82%) don't make extra payments? Why, I thought people bought only what they could afford and planned to pay it off in half the years. Say it ain't so!

Troll
Guest
Troll

@blueskies:

….I call BS on this, buyers in ’91 wouldn’t be

up nominally in 2001…. nice try

I call BS on that statement, unless by 'nominal' you meant 'real' then yes there is a very small window that you would have been behind in real terms. Check the graphs again.

Anonymous
Guest
Anonymous

"there is a very small window that you would have been behind in real terms. Check the graphs again."

Check the graphs again, indeed.

If you bought at the peak in the early nineties you were behind in real terms until about 2002.

If you bought at the peak in 1981, you were behind in real terms until 2003.

Absinthe
Member
Absinthe

I think that Troll's correct about the graph.

Still, if housing were at a demand premium (everyone wants to live here), *rents* would be a bit more in line with that fact. Ever heard of most of the head offices in NYC leaving due to cost? Nope. Vast numbers of people in the world really do want to live in Manhattan, which is why it is expensive in both rents and sale prices even when compared to the really good wages there.

(Plus, those big world class cities have more affordable & yet still urban burbs. When Surrey's develop-able land starts looking like Queens, then I'll start considering "running out of land" as an explanation to our price inflation…)

Anonymous
Guest
Anonymous

"I think that Troll’s correct about the graph."

He's not.

http://cuer.sauder.ubc.ca/cma/data/HousingPrices/

patriotz
Member

@Absinthe:

The point all of you seem to be missing it that you can't just look at purchase versus sale price, you also have to include all expenses associated with ownership (including interest, taxes, etc) versus renting over the period of ownership. And costs of buying and selling too.

Do it that way and there are plenty of 10 year periods where the owner would have lost money compared with renting.

WFT?
Guest
WFT?

@specialfx3000:

The approval of the UBC hospice is a victory for reason. I'm sure that the kids who are scared of curses and ghosts on their way to school can keep garlic in their backpacks keep the ghouls at bay. Maybe they should just get the number 8 tatooed on their foreheads.

Troll
Guest
Troll

@Anonymous:

If you bought at the peak in the early nineties you were behind in real terms until about 2002.

That's what I said dumbass.

If you bought at the peak in 1981, you were behind in real terms until 2003.

No shit, like I said, small windows. If you bought at the very peak or with a few months of peak in 1981, you were still behind in the 91 peak.

Instead of arguing with me, why don't argue with BS Blueskies who lied right off the start with comment #1.

Troll
Guest
Troll

@patriotz:

The point all of you seem to be missing…

I wasn't missing anything, just correcting an untrue statement. I love bear arguments, because they're NEVER wrong, they'll just shift the argument to something else. You've all learned well from Garth.

Anonymous
Guest
Anonymous

Troll,

If might help if you wrote a coherent sentence that expressed you intended meaning.

"there is a very small window that you would have been behind"

This clearly suggest that there was a short period where real prices were negative, as opposed to the 10+ and 20+ year 'windows' shown in the graph.

It's not my fault you can't get your point across. As a Troll it is more your job to upset other than get upset yourself, is it not?

sore loser
Guest
sore loser

@Patiently Waiting:

This is the very reason I count how many Chinese are in the swimming pool. I just don't feel at home here anymore. They bring in their own ethics, their own morals and their own beliefs. This changes the way things are done around here, things look around here and things feel around here.

In my neighborhood 90% of residents speak in a foreign language, think in a funny way and can't park worth crap. They look at me like I don't belong and want me out, cause I'm bad luck, kinda like th hospice.

Thing is I came here first, couple of decades ago and I didn't tell everyone to change their ways just to accommodate my neeeds.

This place is screwed up on so many levels, it's not even funny.

Troll
Guest
Troll

@Anonymous: Look, it's not my problem you can't read and follow along. We're talking about 10 year windows, specifically '91 to 2001. Get it? If you were especially dumb or unlucky and bought in the small window right at the peak of '91 and sold right in the window of the trough of 2001, yes you would be behind in real terms in that 10 year time frame. If that's so hard to understand, maybe give you 'anonymous' title back to the smarter one that used to post here.

WR Wannabe
Guest
WR Wannabe
Sore Loser, I hope that what you are writing is a bit of an exageration. I gave up on Vancouver a long time ago, because it had changed so much for the worse. But I was planning on buying in White Rock because it was the last place in the lower mainland that felt like it was still a part of Canada. Oh well, I guess some of those social planners were right when they predicted that Vancouver would become an ethnic enclave witin 10-20 years, as people would flee to the Island and the rest of the province. Some "Canadians" just feel more comfortable living in 500 sq ft place and sharing a house with extended family members and two suites of renters than other. Once you step outside of Vancouver, you realize how much space this beautiful province… Read more »
Anonymous
Guest
Anonymous

Wanna have some fun with the Promontory residents who fear the dying? Go make some offers for 50% off their condos. Cheapest is asking $828k for 990 sq.ft. according to the article. Actually, maybe start lower but go no higher than 50%. Tell them you feel it's charity seeing as how you are bailing them out of such an unfortunate situation. Besides, they'll be free of the ghosts and it is you who will incur the wraith's wrath. Yeah, money talks and BS walks… I bet none of them will deal with you and show their true colour… the colour of a coward.

jesse
Member
@Manna from heaven: From your cited article, read the most important part, and it doesn't have to do with foreign investors: Industry sources say the Office of the Superintendent of Financial Institutions is sizing up the market, most likely as part of its active campaign to “stress-test” the country’s big banks to measure how they would be affected by volatility in various market segments. Let me paraphrase it more subtly: THE GOVERNMENT AND OSFI IS SCARED THAT CERTAIN MARKET SEGMENTS ARE GOING TO BE A BIG GIANT CLUSTERF*CK FOR CMHC WHEN THEY PICK UP THE PIECES IF PRICES DROP. What do you think OSFI can do? Let's say they find foreigners are ravaging the market. Impose foreign ownership restrictions. Done. But what if foreign ownership isn't a big problem and it's mostly locals? What to do then?!? Here's an idea:… Read more »
Proud Canadian
Guest
Proud Canadian

My family immigrate from the Asia about 40 years ago. When we came, we tried very hard to learn english, assimilate into society and try to become good Canadians. The recent immigrants do not do not do that and they do not want anything to do with Canada, especially the tax system. They describe coming to Canada as a "Life insurance policy". Millions of them had returned to their country holding a Canadian passport. I have known many of them, when they need Cancer or Heart by pass surgery, they come back to Canada. Come on Canada, wake up, get rid of the duel citizenship before its too late!

Testy
Guest
Testy

Wanna have some fun with the Promontory residents who fear the dying? Go make some offers for 50% off their condos..

______

Priceless…it would even better if you took a couple of reporters along to "document" their response…

IT__Pro
Guest
IT__Pro

Ugly month for Vancouver Island RE.
http://www.vireb.com/assets/images/pdf/05-may_11_

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