Friday Free-for-all!

it’s that time of the week again! Let’s do our regular end of the week news round-up and open topic discussion thread. Here are a few stories to kick off the chat:

Drop in demand may signal cost rise?
North Delta: crack houses, grow ops and renters
House porn: Seattle vs Vancouver
Vancouver prices drop, is Toronto next?
Europe bans short selling banks
Harper defends economic policy
Kamloops market will stay strong
Living in a world without interest
Cheap housing lures Canadian grow-ops to the US

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

"LeDoux (Kamloops REB) says because the Vancouver market has so many sales, it affects the statistics for the whole province. He says Vancouver prices have peaked so high, now that they are coming down a bit, the entire province appears to be heading in a downward trend, but that's not so."

Well I have to compliment the guy for sheer gall, for as we know the BC southern Interior has been hosting the biggest RE bust in the country for the last couple of years.

He's spouting nonsense about Vancouver too of course, the REBGV HPI is up 10% YOY and is only down a couple of % from its recent peak.

http://www.rebgv.org/housing-price-index?region=a

registered
Member
registered

From the 24 article: "Vancouver’s July drop in home sales could be the turning point to a trend in rising housing costs, British Columbia Real Estate Association said Thursday."
'Demand dropping, prices are going up!'.

"B.C.’s housing market dropped four per cent in sales from June to July due to “less frenetic buying activity in Vancouver,” said BCREA chief economist Cameron Muir."
'Sales down because people are buying less!'

Lerah is Mother Teresa-Einstein compared to this weasel.

Li Kai Shing
Guest
Li Kai Shing
You just gotta love this lawyer!! Part of rebuilding New Orleans caused residents often to be challenged with the task of tracing home titles back potentially hundreds of years.. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership. Here's a great letter an attorney wrote to the FHA on behalf of a client: You have to love this lawyer…….. A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the… Read more »
southseacompany
Member
southseacompany

Re: Kamloops Market

Some of you may remember the Six Mile Ranch development project (now Tobiano) in Kamloops. It made big news in the 90's when it was excluded from the ALR. Somehow this latest news didn't make the Vancouver media;

"Tobiano falls into receivership" Kamloops This Week, June 14/11

http://www.bclocalnews.com/bc_thompson_nicola/kam

Bubba
Guest
Bubba
Years ago,(early 1970's) the company my dad worked for in Vancouver area was sold. The new owners transferred the operation to Kelowna ( Winfield ). The reason they did so was a program via the BC Gov't to encourage companies to move to an economically depressed area, and they (BC Gov't) would pay approx 1/3 the costs. Most of these Interior areas were mines, mills and agriculture. Post Hong Kong Diaspora,…these Interior areas of BC catered to retirees and those that cashed in . It's always been a disaster in the making. Many of these residential projects were attached to golf courses and ski hills…way to0 over the top. The well paying jobs will shrink as mills and mines either close of become more efficient. Even back in the 1980's, when this diaspora of locals to historically "depressed" areas of… Read more »
space889
Guest
space889

@Li Kai Shing: Awesome!

space889
Guest
space889

It warms my heart to know that renters are now in the same esteemed category as crack heads, and marijuana grow-ops and doing our part to make Delta a worse place by not taking care of lawns and gardens and home upkeep, lowering property prices for everyone on the street. Maybe this writer should influence her mom or run for city council herself and make Delta a better place by banning renting in Delta? Only homeowners are allowed in Delta, yeah that just make Delta the jewel of GVRD, a shining example to be followed by all other cities.

jesse
Member

@Bubba: "it made no sense"

Kelowna these days has a well-established wine-making and agricultural base. There are other tech-oriented companies setting up shop there too. For anyone who knew Kelowna in the early-'80s there is no comparison.

Why is expanding to the Interior a bad thing? Sounds like a good thing to me. The pot will be sweetened a lot more in a few years for those with $ saved up.

Li Kai Shing
Guest
Li Kai Shing

@space889:

Only best for VCI comrades !

PS the rent is late….I give you one more day…

paradox
Guest
paradox

why do those idiots spend their money in London, dont they know the best place on earth is here and we have an olympic village too, for sale.
http://ca.sports.yahoo.com/olympics/news?slug=cap

bubba
Guest
bubba
@jesse: I will go into more detail later, but I spent 10 days in the central Interior , got back last week. I've done the same trek for almost 40 years, and have seen the roller coaster economy in the rural areas. I smell disaster. It's hard to explain, it's kinda of a gut feel/6th sense. Listings are up….and zero sales. There is a potpourri of selection…farms…large acreages….new homes…waterfront..etc. Far too many people put up llteral Monster Homes as opposed to "cabins". Now they got old fast and are trying to sell. One person I talked to said their friend has put $700,000 into a lot+house. WTF ? One lakefront area has a cluster of about 5 out 8 properties for sale. It's clear too many people were into house porn and felt they could always sell their McMansion in… Read more »
patriotz
Member

@bubba:

I agree, comparing the Interior to decades past it's stunning how the production (i.e. industry) has retreated while the consumption (RE, ski, golf) has advanced. And I don't accept the argument that dope is taking up the slack.

I think we're looking at a bust comparable to a century ago when the silver and copper mines ran out.

900kCrackHouse
Guest
900kCrackHouse

@bubba:

I was driving through some newer areas of West Kelowna last week. Beautiful big houses, with a for-sale sign on every 5th house.

Doesn't look good.

jesse
Member

@bubba: "writing is on the wall"

Sure it is, but that doesn't mean Kelowna cannot expand going forward. Its impending cheap housing will look downright succulent for coasters.

patriotz
Member

@jesse:

But for Kelowna to be attractive to secondary industry "cheap" compared to Vancouver isn't going to cut it. It's going to have to be "cheap" compared to Lethbridge.

jesse
Member

@patriotz: "It’s going to have to be “cheap” compared to Lethbridge."

I don't disagree Kelowna has a giant problem that has been going on for decades by eroding its primary industries, but it's not a an entirely bad part of the world. There is nothing stopping residents of Kelowna from doing something innovative, and many, albeit not most, are. I don't think it will save the city anytime soon but the costs of doing business for many companies will be cheaper there than Vancouver in the coming years.

Best place on meth
Member
Best place on meth
Double digit wage inflation in China has U.S. companies thinking of bringing their manufacturing back home. http://finance.yahoo.com/news/Analysis-China-cost… Manufacturing wages are a fraction of those in the United States but are narrowing the gap, both fueling and responding to China's inflation, now at three-year highs. Between 1978 and 2009, wages jumped almost 13 percent a year, six times the pace of U.S. wage rises, according to BernsteinResearch. Since 2006, that growth has accelerated. By 2015, wages around Shanghai, adjusted for productivity, will be 61 percent of those in low-cost U.S. states like Alabama, according to the Boston Consulting Group (BCG). Transport and other considerations further shrink that gap. "Wages are getting large enough that you start to feel the difference," said Hal Sirkin, a BCG senior partner, who said U.S. companies are looking at alternative manufacturing sites. "One of the answers… Read more »
pricedoutfornow
Guest
pricedoutfornow
@bubba: I was just speaking with a woman yesterday, who lives in (basically) Nowheresville, BC-not one of the "hot" real estate areas like Okanagan. Small town, middle of nowhere, basically. She was lamenting that she's been wiped out by the stock market crash of 2008 and now the recent one, but it's all ok because at least she has her property which is "worth something"-though it is mortgaged, still. Sadly, I've been watching this woman for years (who is a widow and whose husband left her a substantial inheritance) spend every last penny he'd left her by buying lots of useless consumer items (who needs a $50k car anyway)? I just don't think she realizes where the money's gone. I think she's in for a real shock when the money is completely gone and the property isn't worth as much… Read more »
patriotz
Member

@pricedoutfornow:

"She was lamenting that she’s been wiped out by the stock market crash of 2008 and now the recent one"

If you had $10,000 in the TSX 60 at its peak in May 2008, it would be worth $9,131 today.

Sounds like someone bought high and sold low.

bubba
Guest
bubba

@pricedoutfornow:

Our Nowheresville is in the Cariboo.

As noted, there are a cluster of properties for sale…..by the same Realtor from RE Max.

I have to admit…this realtor is good,gets the job done.. comes highly recommended by many sellers.

Unfortunately the cluster of For Sales is at the start of a road…(which dead ends)so everyone that comes to the 100 lot subdivision sees this "dead zone first", and gets a bad vibe….as the much better properties approx. 80…. are beyond these .

If the realtor was smart he'd see this bad vibe…and tell the cluster of sellers to draw straws as to who should(i) list and who should (ii) de-list for a while…maybe only 2 or 3 at most…otherwise they are all competing for non buyers…. or casting a pall on the area.

bubba
Guest
bubba

# 7 space889

Delta is a strange Local Gov't

Its comprised of North Delta, Ladner and Tsawassen and vast barren areas in between. It is really 3 different communities.

Luckily…..North Delta is protected by an invisible force field to keep the creatures on the other side of 120th Street out.

Those that try to breach this force field are forced to drive dump trucks and cabs for all eternity .

900kCrackHouse
Guest
900kCrackHouse

@bubba: We would all be better off if municipal governments were merged. Does Delta really need its own government? What a waste of tax dollars and overhead.

Governments should be merged as follows into 5 regional governments:

North / West Van

Vancouver / Burnaby / New-West

Coquitlam / Port Coquitlam / Port Moody

Surrey / Delta

Richmond / Twawssen

School boards should be merged along the same boundaries. Do one merger at a time every two years.

This won't happen but it would be the right thing to do.

Jiffy
Guest
Jiffy

If the realtor was smart he’d see this bad vibe…and tell the cluster of sellers to draw straws as to who should(i) list and who should (ii) de-list for a while…maybe only 2 or 3 at most…otherwise they are all competing for non buyers…. or casting a pall on the area.

_________

What a dumb idea. Who is going to actually go for that proposal? RE is where self-interest reigns supreme, so there is no way someone is going to delist to allow their neighbour down the road to sell.

Hey, why don't you get buyers in Vancouver to agree that only one in four will actually put a bid on a house, even through the other three want that house?

Dumb…

N
Guest
N
logic
Guest
logic

li ka shing

BUSTED! Plagiarizing, just like half the other chinese in town.

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