Friday Free-for-all!

It’s the end of the week! Time for our regular weekend news roundup and open topic thread. Here are a few recent stories to kick off the chat!

Will the housing boom last indefinitely?
Canada economy skids, but housing strong
Royal LePage: House prices have peaked
Hold off to buy a new house
Reports stress balance in analyzing Vancouver prices
What neighborhoods are hot or not?
Victoria prices on the decline
Discount realtors merge to shake up industry

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
Member
The crushing weight of student debt A recent series in the National Post on student debt suggested that the high cost of a university education is bankrupting a generation of students. The problem isn’t just the amount of money students have to borrow, but the interest rates they’re paying. The amount will vary from province to province and will fluctuate based on whether the loan arrangement is tied to the prime rate. But depending on where you live, that overall number can be anywhere from 5 per cent to 9 per cent. If interest rates continue to climb, as many predict, it will put an even greater burden on those young Canadians barely able to make the minimum payments on the loans they have. There are an increasing number of grads making the sickening decision to declare bankruptcy, a move… Read more »
rp1
Guest
rp1

"Will the housing boom last indefinitely?"

Even the Americans were not that stupid.

patriotz
Member

@rp1:

“Will the housing boom last indefinitely?”

Even the Americans were not that stupid.

http://www.amazon.com/Real-Estate-Boom-Will-Bust/

Check the publishing date.

logic
Guest
logic

"The situation is so critical that, in British Columbia, the heads of four of the province’s leading research universities appealed to the provincial government to do something to alleviate the financial stress B.C. students are facing."

——–

Um, BC doesn't have four research universities. Not by any meaningful international standard, that is.

WFT?
Guest
WFT?

"So who exactly is supposed to buy all those houses that the boomers plan to unload to fund their retirements?"

Rich asians.

chip
Guest
chip

US jobs number for June is completely fracked. Downward revision for May. And that's after doubling the federal debt.

But Canadian job # looks great:

"Public-sector employment grew by 50,700 people in June, private-sector employment was up 21,900, while 44,200 fewer were self-employed."

Wait a second …

space889
Guest
space889

Move over Calgary, we now have our very own mortgage fraud:
http://ca.finance.yahoo.com/news/Former-Vancouver

Extremely rich Van h
Guest

@WFT?:

You should say Chinese who is the major factor of Vancouver's perpetual boom which has made 75% of vancouverites become millionaire;indeed,Vancouver has the high number of millionaire in the world.Canada prosperity is solely depended on China which has become the number one trading partner of Canada.In the future,Canada will need China millitary assitance against US aggression.Vancouver is a ideal site for Chinese naval base.

Extremely rich Van h
Guest

@patriotz:

Unfortunately,US doesn't have China's financial backing as Vancouver does;you guys should gratitude such generous help.

Best place on meth
Member
Best place on meth

@Extremely rich Van house owner.:

>>>In the future,Canada will need China millitary assitance against US aggression.<<<

That should be the other way around.

Ali
Guest
Ali
I have often visiting this blog but never posted. I came to Canada 16 years ago. We emigrated from the Middle East. The process was very long and difficult. We had to have every document translated, and go thorugh a couple of interviews. The officer asked us about exactly where our money (which was small) came from, what languages we spoke- he was impressed my wife was fluent in French, asked why we wanted to come to Canada When we got the visa, we felt like winning a lottery, we were so happy. It took me a long time to get going here, I took any jobs and worked for up-dating my technical skills and English. Finally I got a good job and after a few years I started my own small tech company. It is over ten years now.… Read more »
logic
Guest
logic

ali, I hear ya (as another immigrant)

then again, it still beats getting bombed by Gaddafi or the americans, hey?

Anonymous
Guest
Anonymous

Sale/list ratio < 40%

New Listings – 262

Back On Market Listings – 1

Price Changes – 96

Sold Listings – 104

*Attached & Detached – Date: 07/07/2011

space889
Guest
space889

@Not much of a name…: If both families' housing price are the same then how would they be treated differently? I'm saying include asset, NOT net worth, as eligibility criteria. In your example, the government would treat both families the same because how they financed the house is irrelevant.

space889
Guest
space889

@looking for a house, but failing: I used the transit every day to and from work and I have never even owned a car. So great deductive power there.

Go look up the transit stats, the total usage rate is less than 25% for GVRD. Most trips are still done with cars, not transit. Go stand at a busy downtown intersection or Broadway during rush hour and count how many single occcupancy cars there are.

space889
Guest
space889
@Derp Derp: Well what's alternatives you offer? Are the rich countries offering clean high tech pollution control technologies to 3rd world countries for free to use? Companies build in 3rd world countries precisely because these countries don't really have a good choice. Either accept the pollution as price to gain technology, jobs, and increased wealth and slow upgrade/move up the value chain, or stay exactly where they are with no money and resource to do much. If you don't have money and limited knowledge, there is very little choice in what you can do in the globl marketplace to modernize your economy. It's only when a country gets rich enough on average that citizens start caring about pollution, starts forcing companies to be more environmental responsible, etc. Everyone wants a good life and have to make certain choices and sacrifices… Read more »
Anonymous
Guest
Anonymous

@Best place on meth: The USA will need Chinese military assistance against Canadian aggression?

space889
Guest
space889

@patriotz: Uhm…I thought student loans is one of those debts that aren't discharged in bankruptcy? Now declaring bankruptcy and move to other countries for better job and pay might be the way to go for some people.

As well a spike in bankruptcy will likely cause interest rate to go higher for future borrowers are lenders build in higher default rates into their loan pricing.

In the end I doubt much will happen as most boomers have very little sympathies from the comments I read in these types of stories and they are the ones in charge of policies right now.

space889
Guest
space889

@logic: According to the Vancouver Sun article asking if we are world class, UBC is a world class research university while SFU is a world class university offering the best comprehensive undergraduate studies. UVic is supposed to be one of the top law schools in Canada which also automatically means one of the best in the world. So if someone can name just one more university that's ranked high in some study and we can claim 4 research universities with a relatively straight face.

CheChe
Guest
CheChe

"So who exactly is supposed to buy all those houses that the boomers plan to unload to fund their retirements?"

Sorry Patz, but national student lobbying groups such as the Canadian Federation of Students (CFS) are extremely well funded lobbyists, and always get the attention of the media.

They have been lobbying on the same "average student debt = 30k, we have crushing debt loads" campaign since the late 1990s. It sure has not prevented a bunch of twenty somethings from jumping in and buying for the past ten plus years.

If you really think that student debt is going to prevent people from buying, then you are out to lunch. This generation is not debt averse, but rather embrace debt wholeheartedly, and proudly. You should really know this buy now.

CheChe
Guest
CheChe

oopps…"by now"

all those realtor messages of "buy now" must have got to me..

jesse
Member

@chip: "Wait a second …"

Private sector employment increases; all this talk of austerity and yet here we are!

kansai92
Guest
kansai92

Some of the funding for the Evergreen Line MUST come of property taxes. Who stands to benefit from the line? Guys who have homes in Coquitlam and along the way. After all your home is valuable because of ACCESS.

patriotz
Member

@CheChe:

People can only take on so much debt. If all it took was a willingness to take on more debt to keep bubbles going, we would never have seen a bust in the US or anywhere else. Reality always trumps attitudes in the long run.

chip
Guest
chip

@jesse:

Strip out the govt hiring and we would have lost over 20,000 jobs. And note most of those private sector hires were part time.

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