Friday Free-for-all!

It’s the end of another beautiful week and that means it’s time for our regular weekend news roundup and open topic discussion thread. Here are a few recent links to kick off the chat:

CMHC Profit SOARS!
CANADA can have ZILLOW!
WE have MOUNTAINS!
VANCOUVER economy is SEVENTH STRONGEST!
FUGITIVE to be DEPORTED!
EXPERTS say where to spend a MILLION!
1,800 Canadian citizenships REVOKED!
GET ready for STAGFLATION!
TALLEST squat in the WORLD!

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

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jesse1
Guest
jesse1

Well when you put it like that, life is GOOD!

jesse
Member

Notice on the citizenship story that ten-year multiple-entry visas will be granted to business travelers as well as family members of residents.

If a foreign national wants to speculate on real estate and enjoy Canada's lifestyle, it certainly seems more than possible…

WFT?
Guest
WFT?

Well, after two weeks of weakness, this is shaping up to be a strong week for the local RE market. Time to dust off those relocation plans.

southseacompany
Member
southseacompany

Ian Watt; Condo market softening?

http://www.youtube.com/watch?v=sZvVA6RRFXE

Escapee
Guest
Escapee

@WFT?: Regarding relocation. Been there, done that, can recommend it. Still in BC just not near the city anymore. So far the move has been nothing but good for my family.

patriotz
Member

If you want an example of what real scarcity in RE looks like, watch this:

http://blogs.wsj.com/chinarealtime/2011/07/19/vid

Pay attention to the size of the apartment and the rent. How much does she pay in $/square foot? What's the same ratio for rentals in Vancouver?

vreaa
Member

For any who haven't yet seen this, a good look at renting in Canada, circa 2011:

'Rental Complex',

Joanna Pachter, Canadian Business, 14 July 2011

http://www.canadianbusiness.com/article/33638–re

keeperofthederp
Guest

@jesse:

yeah they are really happy with the 10 year visa

"husband didn't want the maple anyways"

https://translate.googleusercontent.com/translate

keeperofthederp
Guest

@Escapee:

where'd you run to? i am considering kamloops or kootenays

must.. get.. out..

Runawayscreaming
Guest
Runawayscreaming

Re: Those of you thinking about fleeing Vancouver.

Uh, well, I hate to say this but we have enough escapees from Vancouver already. If any more of you try to move to our towns and cites we are going to set up refugee camps at the border.

I'm sure you can learn to get along with your new landlords from China. You can rent basement apartments and you can get jobs as housekeepers and gardeners and Lamborghini Murciélago cleaners.

Extremely rich Van h
Guest

@Runawayscreaming:

Never mind of those Van losers.There are ten of thousands Chinese elites and businesemen will come to rescue BC and Canada.

Canada is a close ally of China and its governing party who regard Canada is their outer rim of national defence against US .If Canada has financial program,it could consider to lease out Van to China Military command for 50 yrs which can install 500 hundred thousand Naval personnels and their families here.They would spend trillion and trillion dollars in provision and materials for Naval ships,tanks and bombers such spending would enrich Canada which would have a flooded Coffer.

Bally
Guest
Bally

Wow – this is something new. An article espousing the benefits of selling! Of course, none of this applies to Vancouver because we're different here.

http://ca.news.yahoo.com/home-prices-rise-4-4-per

It is striking that the authors are quite comfortable with treating houses as an investment to be traded rather than a place to live.

registered
Member
registered

@6 patriotz Says: "How much does she pay in $/square foot?"

Actually, when her 150 sq. ft. apartment increases to 4500 HKD it will be $550 CDN for $3.66/sqft. That would put a 600 sqft skybox at $2200/month, expensive but not exactly heart stopping for a high density downtown location in a big city. In the range of Coal Harbor dollars for an HK dump.

Escapee
Guest
Escapee

@keeperofthederp: A small town on the coast. I live in the middle of town, so I can walk to most everything which is nice. Auto insurance and gas is cheaper here. Groceries are not. I pay about half the rent I was paying in Vancouver for a bit more space in a newer building with a direct waterfront view.

The only thing I miss about Vancouver are my family and friends there, but I've actually found it easier to make friends here and I get good visits with my old friends. This is my first experience living in a small town, but I really like it so far. Everytime I go to visit Vancouver I'm incredibly glad I left and can't wait to get back home.

Drachen
Member

The economic activity index full report (where Vancouver finished 7th) can be found at the bottom of this page.

While searching I found the 2008 report which has Vancouver in third place.

The 2011 report shows Vancouver is bottom third for Unemployment Rate, Full Time as a share of employment, Business Bankruptcy and MLS YOY price change. It is dead last in Personal Bankruptcy and MLS unit sales YOY change.

It is only in the top half for Housing Starts, Non Residential Building Permits, Population Growth and Employment YOY Change.

Honestly, looking at the data it's hard to imagine how we even hit 7th. The only category where we are even in the top 7 is population growth, where we are third.

Drachen
Member
ReadyToPop
Guest
ReadyToPop

Up to a point, this is deliberate policy for China. With the example of the Western property bubble, which ended very badly indeed, serving as a salutary reminder of the dangers of unchecked real estate prices, the Chinese authorities have taken a number of steps to cool the country’s overheated housing market.

China's spectacular real estate bubble is about to go pop

Are you listening Mr. Carney?? Time to put Canadian urban families first on the agenda….RTP

patriotz
Member

@fixie guy:

not exactly heart stopping for a high density downtown location in a big city

That apartment isn't downtown, it's in New Kowloon, which is sort of HK's Jane-Finch.

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

keeperofthederp
Guest

@Escapee:

i just needed a bit of affirmation that what i'm doing is correct – i've always stayed to be close to family, but it has been floated recently that things are basically fucked, and it's time to do what's best for #1 – it's extremely ridiculous and frankly it reminds me of men out of work during the depression riding the rails, definitely not so bad, but it would be nice if wages weren't so depressed in this town – but you know we can't say why.

Van MD
Guest
Van MD
[Cover me!] Can someone please help me crunch out the numbers for this (assuming it's true) post by a perma-leverage-happy bull Belugar in the Chinese forum? I'm at work and the sleep-deprived so can't focus on the calculations right now… "My friend just bought a investment property in Dunbar (Van West) area, just $1.3M. He borrowed $1.2M from the bank. He rented out the top floor 3Br @$2200, lower floor 2Br @$1400, lower floor 1Br @$800. After interests, property tax, and insurance, he still nets $1500/month positive cash flow. The rental income in Van West is pretty good eh! Because it's located in the catchment area of "famous schools", once the rental posting is up, numerous phone calls arrived. My friend is not worried about property price falling, he said, if interest rate rises, the bank will just increase the… Read more »
Girlbear
Guest
Girlbear

@Van MD: $1.3mill in Dunbar is a serious crackhouse. The guys is fibbing on the rental numbers he is quoting. No way would someone pay those prices for pieces of a shitshack….even if it is in Dunbar.

DaMann
Member
DaMann

@Van MD:

My quick 2 second calculation shows total bullshit.

$1.2 million over 30 years at 3% is 5,059.25 a month

He claims rental income $4400 and he nets $1500 cash after all expenses? He has it the wrong way around, after collecting rent and paying expenses he is in the HOLE $1500! ( at the very least)

Girlbear
Guest
Girlbear

For example:

http://vancouver.en.craigslist.ca/van/apa/2504694

You can rent this whole house in Dunbar for let's say $3,000 bc no one is paying the ask right now.

And I can tell you right now this house would probably list at close to $2mill.

DaMann
Member
DaMann

@Van MD:

I just re read your post and they claim 25 year mortgage? That's a payment of 5,690.54 then! I don't know where to begin with how wrong those calculations are.

Van MD
Guest
Van MD
ah, I see! it seems like another forum user is also calling that Dunbar story BS. "stop lying to yourself and to others, property tax 10k, hydro 4k. Just a tiny place living 3 families? making Van West a ghetto! If you can't afford it, don't buy it" In other seemingly unrelated news, the deportation of chinese fugitive "Old Lai" also generated a thread in the RE sub-forum. here are some of the user posts: "According to Reuters, Chinese Public Security Department gave Canada a list of fugitives/criminals that they want deported back to China. What's the effect going to be on multi-million houses in Vancouver?" "The key is, those corrupt officials who were planning to come to Canada are probably gonna go elsewhere now!" "To the corrupt officials in China: never ever land/immigrate to Canada as long as the… Read more »
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