Friday Free-for-all

its Friday! Time for our regular end of the week open topic discussion thread.

TD predicts house price drops across Canada
BNN interview on the TD report
BC Population growth keeps dropping
Is renting every better than buying?
Metro Vancouver fees to increase 44% over next 5 years
Benjamin Tal: Offshore buyers underestimated
Councilors: Landlords should be in it for capital appreciation
Two new high-rises planned for City Centre
Canadians cutting personal debt growth
Another 20% drop for US housing?
American consumers improve their debt rating

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

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@Patiently Waiting:

patiently waiting

i am in the industry and it's way worse than that – believe me – you should see what they're hiring.

Patiently Waiting

@Bubba: Not sure what you mean, but they were in New West – Tricities.


@Patiently Waiting:


Name the area…..don't "governate" the throttle.

The Bilderberg agenda is to relegate "Ma and Pa INC." to a historical reference..not a 24/7/365 dynamic one.

Peace Out !!!!

Jim Pattison

@Best place on meth:

Meth Man rules…….

His knowledge is on par with Pee-Wee Herman and Barney the Dinosaur.

Basement suite troglodytes have a vow of chastity and SAVE-ON coupons….so Meth Man can jerk off as gets 2:1 turkeys before Thanksgiving..butt vaseline 5o% off via MSP and HST.

You have my # …ya SOB's

Patiently Waiting

This weekend I discovered three different small restaurants I'm familiar with have closed. They were all better than average quality in my humble opinion.

After talking to someone in the industry (manages a pub), I learned that the smaller restaurants are closing at a rapid pace right now. Bigger restaurants, who can take a loss for a while, are less likely to close. The business is brutal the last two years, so I hear.

The credit/housingq bubble gave Vancouver a temporary gift that is now disappearing. We'll have to get used to less options while eating out and losing old favourites. Increasing costs can't be passed on to a cash-strapped public.

Jim Pattison

Insurbordinate and ungrateful SOB's

Sure…..Skipper and Gilligan have to scrape the homo sapiens DNA off of my 10,000 meter yacht from Lions Gate Bridge Jumpers…….who bought pre-sale condo…mostly OV………….

But hey…….the agent should have also provided coupons to Save-On stores…y'know….2 for 1 turkeys………..or sheperd's pie …..or dim sum packages ……

I did my best ……….ya subterranean DORK'S ..

If not suck the teat of West Van condescending benevolence…..4Q !!!

Poor Renter

@FiveNeatGuys: Naturally, the wife pestered the husband into buying, then took half the house and the kid plus alimony from the divorce.

Many Franks

@Best place on meth:

Beautiful. And I suppose these wealthy dying boomers will also be living in RVs until then, since he doesn't seem to imagine them owning any real estate that might hit the market around the time of their deaths.

Best place on meth

Ian Watt is a perfect example of what can happen to you when you mix cocaine, meth and airplane glue.

According to him there won't be any price increases for the next 10 years, which takes us to about 2015. According to him.

Also some babbling about baby boomers dying off and their kids spending the inheritance on real estate.

Again, this will happen around 2015. About 10 years from now.




All we need is for the next 30 years to go exactly like the last 30 years and we can all be rich!


Van west moi will exceed ten within ten weeks


@Van MD:

well they are ultra nationalists.

i love that their students must 'defeat' their classmates at grades.

and don't forget the 'milk' payments..


@Van MD:

glorious master!

thank you landlord! you are a scholar! etc etc


@fixie guy:


this is called thick sarcasm. very thick. i'm surprised you missed it. sorry for the misunderstanding. 🙁

i laughed, though

fixie guy

@107 Keeperofthederp Says: "you’re being racist!"

When did not wanting a free trade deal with the EU become racist?


@Van MD: " monthly payment stays the same throughout a term? what if it’s variable rate? does the monthly payment change every month then?" On variable rate yes the monthly outlay changes, though there are certain products that will re-amortize if rates increase, and a capped reamortizing mortgage sounds like what that poster is describing, but I haven't seen them in common use. The big item with CMHC insurance, in my view, is the gap between interest rate qualification at low ratio versus that for high ratio. Say you take out 70% LTV mortgage that does not require CMHC insurance. Bank can qualify you at lower rate, say the 2.5% or 3%. If prices fall (I know; suspend disbelief), on renewal the mortgage could be high-ratio and your qualifications is based on 5 year rate, with an MI premium to… Read more »


@Van MD:

CMHC-insured mortgages don't have to be requalified. The insurance is good for the whole original amortization period.

Requalification would only be required if the borrower wanted to do a cash-out and increase the principal balance, or extend the remaining amortization (e.g. if there were 25 years to go and the borrower wanted to change to 35).

Van MD

(sorry to sorta hog this thread with another post, but this is a triumphant update)

[BMO Mortgage Specialist Hong-Yu Wang]

~8 minutes ago

"The current floating interest rate is 2.15%, 3.9% fixed 5 years or less, but in any case basis, and should not be regarded as the principal cost of it. Principal is your own equity, counted the cost is too far-fetched.

If the rent is so low, it is not necessary to buy a house. BC's new immigrants are a fool, you should wait for house prices fell 60% to buy, it will be very loss oh."

MUAHAHA straight out of a mortgage-pusher's mouth.

Van MD

Need some help.. I'm trying to make an argument on the mainland chinese forum re: interest rate vs house price, that the 0% DP 40 year amortizations that was allowed by CMHC from 2007-8 will be coming up for renewal starting 2012, and thus will be reset at a higher rate. Question 1: when Mr. A with 0/40 mortgage of 500k 5 years ago comes in for renewal, does the bank need to requalify him for a new 30-year amort based on the new rules? (and how much will his monthly payment rise?) Question 2: what if Mr. B with 0/35 mortgage 5 years ago of 500k comes in for renewal? He would have only 30 years left on his old mortgage, what does he need to qualify for? (does he need to re-qualify at 5-year fixed rates, and will… Read more »


i'm just tired of all this. why do smart people have to feel so stupid at times?

Best place on meth

Current MOI according to these guys

Burnaby 4.0

Van East 4.1

Van West 4.7

N. Van 4.7

Coquit. 5.5

Surrey 5.9

Richmond 6.6

M. Ridge 6.6

Chilliwack 6.6

White Rock 7.7

Langley 8.3

Abbotsford 8.3

Mission 14.3

Patiently Waiting
Patiently Waiting

As I astutely predicted many days ago, Crusty turned the Evergreen Line gas tax into a clown show:


Well done sir! Very well made and supported arguments. No one can argue against sense. Have you watched "twelve angry men"? (the original is best). Your tone reminded me of Henry Fonda… if you haven't seen it, I recommend watching it in case you need further inspiration…