Friday Free-for-all!

It’s the end of another work week! Crack open a cold one and lets talk about housing and the economy, it’s time for our weekly end of the week news round up and open topic discussion thread. Here are a few links to kick off the chat:

How bad could it get in the housing market?
Flaherty says Canadas housing market is moderating
Overvalued Vancouver Real Estate could see major drop
BC sales drop, prices rise
Real Estate Council of BC investigates $1 sale
One Fifth of Vancouver sales are over $1 million
The hockey housing riots meme
Calgary prices to grow year over year
Chinese ghost cites
US home sales drop to lowest level of the year

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

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registered
Member
registered

Re: hockey meme. The deep level of racist idiocy in that letter is not without irony, blaming riots on what is really a China meme driven by realtors. When will this city wake up?

jesse
Member

@fixie guy: Yeah it's not like children of immigrants outperforming incumbents is anything new. Perhaps the incumbents should try studying.

space889
Guest
space889

Safeway's 17 hectare Burnaby land property marketing material calls for highrises that Burnaby isn't happy about.

http://www.vancouversun.com/business/Safeway+prop

Somehow I think there will be highrises on that property in the end, maybe even more than 7.

patriotz
Member

@fixie guy:

The PTB in Vancouver have been pitting Asians against whites for over a century. The anti-Asian riots of a century ago were mainly fueled by the use of Asians as strikebreakers – something you don't hear much of in present-day histories.

This strategy went into a bit of a lull in the post-WWII era but our greedbags of today are more than happy to revive it to keep Joe Canucklehead from catching on that his disenfranchisement has really been brought about by his fellow white guys in Ottawa and Victoria, and in the financial system.

Romeo Jordan
Guest
Romeo Jordan

FOUR MORE houses for sale on my block this week – count them, one two three four five six seven….out of 23 houses

wake up you zombies

Van MD
Guest
Van MD

MAJOR NEWS if confirmed on MSM (Ie. English news)

Canada imposes Major limitation on investment class immigration globally, 700-case quota until June 2012. (last year's quota was 2200?)

<a href="http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=zh-CN&tl=en&u=http%3A%2F%2 Fwww.5yhua.org%2Fyimin%2Fbbs%2Fthread-179107-1-1.html&act=url” target=”_blank”>http://translate.google.com/translate?js=n&pr…” target=”_blank”>Fwww.5yhua.org%2Fyimin%2Fbbs%2Fthread-179107-1-1.html&act=url

http://translate.google.com/translate?hl=en&s

if confirmed, GOOD BYE HAM!

Van MD
Guest
Van MD

to help out google translate, the 2nd link ( http://translate.google.com/translate?hl=en&s… )really says:

"RE prices will really plummet now, just as Little Bear (poster's nickname) has feared all along, Canadian Federal government has slashed investor class immigration to 700 globally. They must be thinking along the same lines in other policies. The age of pumping pre-sale condo is over! "

Troll
Guest
Troll

@Romeo Jordan: If I lived next to you I'd sell too. Go back to Chipman's blog.

jesse
Member

@Van MD: Here is testimony on the investor immigrant program from about a year ago. Pierre Emmanuel Paradis (Analysis Grp), Marc Audet (Desjardins), and Eric Major (HSBC) were expounding the benefits of the investor immigrant class to Canada's economy.

Li Kai Shing
Guest
Li Kai Shing

@Romeo Jordan:

What area you live ?

Drachen
Member

I love the math in the BMO report. It's Davenomics!

Averaging a bunch of previous and obviously smaller bubbles to calculate how far this bubble will drop is utterly moronic. Do bankers (and Dave) think we're stupid enough to buy that crap?

I throw a ball up in the air 10 feet, it falls 10 feet. I throw it 15, it drops 15. I throw it 20 and it drops 20. So, averaging the first three throws, if I throw it 50 feet in the air, it will drop 15 feet right?

Not much of a name..
Guest
Not much of a name..

@Drachen: The correct answer…the market is flat.

bubba
Guest
bubba

@space889:

Intersting re: Safeway

I am curious if they are exploiting a loophole in past OCP designation…..Burnaby does not seem to be in a position of strength.

At Richmond Center Mall…..you will notice 2 hi rises . Apparently some loophole allowed this.

My guess is Safeway has already vetted this amongst their legal counsel, and feels they are in a position of strength.

Li Kai Shing aka Pau
Guest
Li Kai Shing aka Pau

ahahahaha

fool you all…no vote me down now

CC
Guest
CC

@bubba: There is no doubt that Safeway's site will have towers developed. This is coming from a planner, me!

patriotz
Member

@bubba:

My guess is Safeway has already vetted this amongst their legal counsel, and feels they are in a position of strength.

The only thing Safeway has to vet is whether the purchaser can sue them for depicting the site in a way that cannot be legally developed. Apparently not as they are including the usual disclaimer that it's just a concept.

Once the property is sold they're out of the loop and it's between the purchaser and Burnaby.

Dave
Member

@bubba:

I believe the OCP for this area is currently being updated or revisited.

It makes sense for high density to go there. It's obviously needed. It's near Skytrain. And it's a huge piece of property which allows for a well thought out development.

Not many developers can pull off such a big development though.

Dave
Member

@patriotz:

Safeway is at zero risk of that. It's the purchaser's responsibility. 100%.

Believe me, the potential buyers of this property know the routine.

Dave
Member

@Drachen:

Glass houses? Need a refresher?

"IF the market regains and holds over half it's losses (I'd insist on real dollars but because these events will transpire in the next couple of years it's not likely to be a big factor) before dipping below 20% then I will admit [Dave is] right." Drachen, October 2, 2008 3:58 PM

Dave
Member

@Van MD:

Not all the HAM money comes in through the immigrant investor class. And not all homes purchased are done in their names. Rather, a good chunk of that money is funnelled through friends, family and business associates that already live in Canada. None of our stats capture this of course, but it is how business is done. It's misleading to look purely at the Landcorp numbers. It probably captures American and European activity well, but not Asian.

Capping the number won't do squat. If you want to make an impact, you have to focus on those doing the buying and give them a good Revenue Canada audit.

Anonymous
Guest
Anonymous

@jesse: … .http://www.por15.com/CYCLE-TANK-REPAIR-KIT/productinfo/CTRK/…...

Yea, and lets get rid of parks and any kind of recreation, or anything that kids would consider fun cause, Lord knows, those things only distract studying.

patriotz
Member

@Dave:

I agree with this which is why I don't think restricting offshore purchases or limiting investor immigration would have any real impact on the RE market.

What would make an impact is policies penalizing speculation regardless of the domicile of the purchaser.

buff_butler
Member
buff_butler

population reports were released a while ago. Population growth was 1.1 yoy, however, interprovincial migration continued its downward trend and was slightly negative last quarter.

bubba
Guest
bubba

@CC:

Then why is City of Burnaby howling ?

That's the smoke blowing part….Is Burnaby's water flouridated ?

Dave
Member
@patriotz: I agree that 'speculation' is bad, but I doubt we would agree on the definition. As a believer in the free market, I have trouble telling people what they should and should not pay and punishing them when the buy and sell. I don't agree with you that HAM money and speculation are the same thing. A lot of immigrants are happy to park their money and get a small return. The reason is that many are buying more than just a return on investment. Vancouver is a backup plan for many of them should they have to flee China. There is an 'extra' value there for them. Asian money also has a longer term view than we do. They don't look at the return so much as buying an asset. I am convinced that many Asians would accept… Read more »
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