Friday Free-for-all!

It’s that time of the week again! Lets do our regular end of the week news round-up and open topic discussion thread for the weekend. Here are a few recent stories to kick things off:

Olympic Village still losing money for everyone who touches it
You can’t get out of debt by going into more debt?
How long can home prices rise?
Boomers still dealing with mortgages as retirement looms
Top ten least expensive cities for house prices
Is CMHC in worse shape than Fannie May?
Canada the next domino to fall?
Canada bubble commentary infographic
Burt Reynolds facing foreclosure
Unwanted condos blow up real good
Realtors in cars

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

Stockwell Day: "Canada's present position of relative strength surrounded by faltering economies around the world is certainly no accident."

No accident at all – it's the result of the federal government stimulating a massive housing bubble with a 5 year lag behind that of the US. They looked pretty good on the surface in 2006 themselves.

"It really does come down to some basic math."

Sure does, Stock, Record consumer debt, record CMHC guarantees and purchases of mortgages, record real house prices, price/rent, and price/income in all major Canadian markets.

Save your fairy tales for Bible school.

registered
Member
registered

And soon record immigration quotas to provide interest free loans (cough…cough 'investments') to the government and people-fodder for the real estate industry. Fortunately, the incomprehensible misallocation of funds will put such strain on them that our social services will suffer, which the Cons never much cottoned to anyway. Win-win-win for everyone save Canadian citizens.

jesse
Member

@patriotz: "It really does come down to some basic math"

Lest we forget the alternative. Stockie's promoting balanced budgets and tax cuts going forward. I will be eagerly awaiting whether or not his former government will succeed in this.

BRITANNY
Guest
BRITANNY

Flaherty has the "spin machine" pedal to metal today. Whoa,I smell desparation!

vreaa
Member

Request To Readers From A Producer Of 'The Early Edition' On CBC Radio 1, Vancouver

http://wp.me/pcq1o-2Om

patriotz
Member

@fixie guy:

And soon record immigration quotas to provide interest free loans (cough…cough ‘investments’) to the government

GoC can borrow virtually interest free anyway. And "investor" immigrant loans to the GoC are a drop in the bucket of total borrowing.

Raising immigration quotas in any class is not going to provide an appreciable economic boost to the GoC, RE, or any other sector and I don't expect the Cons to do so. Little economic upside and their base vote doesn't want it.

vreaa
Member

@patriotz: "No accident at all – it’s the result of the federal government stimulating a massive housing bubble with a 5 year lag behind that of the US."

Agreed

Li Kai Shing
Guest
Li Kai Shing

Burt Reynolds?

Oh no

He should do remakes of Smoky an the Bandit and Boogie nights (2)

Maybe even try PlayGirl centerfold do a Cougar Edition.

Alum
Guest
Alum

The condos have become so cheap that I don't see any reason they sell lower.

If you buy a condo with variable rate mortgage, it's less expensive than paying rent.

Alum
Guest
Alum

Condos have become so cheap that I don’t see any reason they sell lower.

If you buy a condo with variable rate mortgage, it’s less expensive than paying rent.

pipewrench
Member
pipewrench

keeping up the mortgage payments in a bubble market reminds me of a funny Human Hamster Wheel FAIL video…..

http://failblog.org/tag/video/

🙂

registered
Member
registered

@patriotz: "…I don’t expect the Cons to do so."

I'll bet otherwise: http://www.theglobeandmail.com/news/politics/otta
Flaherty is already cranking up the BS about a pending catastrophe if we don't ramp quotes 'right now'.

"Raising immigration quotas in any class is not going to provide an appreciable economic boost to … RE …"

That the population increases and offset demand immigration creates doesn't impact house prices is an incomprehensible position to me.

jesse
Member

High immigration and GDP is a bit of a false growth — akin to Rick Perry's "Texas miracle" mostly attributed to low wages and population growth. If incomes ain't going up it ain't a boom. This is just me: as an investor I would like to be able to raise my rents. From time to time.

patriotz
Member

@fixie guy:

That the population increases and offset demand immigration creates doesn’t impact house prices is an incomprehensible position to me.

Population growth by itself does not support house prices. Phoenix population kept on growing right through the bust as did that of other US cities.

http://www.usnews.com/news/articles/2011/04/06/10

It's growth of population with jobs that supports house prices. That's what demand is – people with money, not just people. Without employment demand, more people does not mean more people with jobs.

Alum
Guest
Alum

Condos have become so inexpensive that fundamentals do not lead to lower prices.

If you buy a condo with variable rate mortgage, it’s less expensive than paying rent.

and so it begins...
Member
and so it begins...

Looking through the RE listings in todays paper…. Crazy 8's is all I gotta' say. Listings look like desperate pleas to HAM… PLEASE BUY ME! Guess what folks, we're now about 8 seconds into the 2 hour feature film "The Great RE Deflation". I got my popcorn and jujyfruits (for you Seinfeld aficionatos). I know how the film ends, but much like a Seinfeld episode I will still watch for the laughs along the way.

and so it begins...
Member
and so it begins...

@Alum:

Gotta agree Alum. In those listings a saw a few dandy condos going for the bargain basement price of $585k for a 2bedroom under 800sq.ft. What a deal!! I guess I could give up my 2br + solarium top floor of house that I rent for $950 and pay 2-3x that for the pride of owning something about half the size with no yard or garage. Sign me up for some of that action because I am bat shit crazy and have no issues being $200k under water in 5 years time.

Li Kai Shing
Guest
Li Kai Shing

Raucous sex club parties rock Delta neighbours

Considered legal since 2005, are sex clubs just house parties with naughty elements or a social blemish on our morality?

Read more: http://www.theprovince.com/Raucous+club+parties+r

=================================================================

Hoo boy !

I tink I know where Ravishing Rick is….using jackhammer to clean bed sheets.

PS I thought Delta banned sex ?

bubba
Guest
bubba

Outlying areas….

As mentioned, up in Cariboo several days ago.

Prepped/cleaned up a one acre lot to sell.

Was going to sign a Listing Agreement but said F*ck it….too much detail.

So, I e-mailed the realtor and said here's the deal.

I want $ X ….the buyer pays commission and HST.

A couple of minor conditions that's it.

K.I.S.S.

April and Fall are the buying seasons.

Peak in area was last year.

My guess is realtors in area are hungry….and probably have a list of cash/no subject- to buyers .

I will keep you apprised as it unfolds.

jesse
Member

@bubba: "I will keep you apprised as it unfolds"

Thanks bubba! That should be this blog's motto!

bubba
Guest
bubba

Envisioning condo Armageddon:

As I posted yesterday , in then US they are demolishing brand new homes. Acres of serviced land with a few houses

Condos here will be a clsuterf*ck…so mnay negative scenarios

—too many People try to sell in a building…..bad karma

—people can't sell..foreclosure

—Strata fees…unpaid…then raised for others.

—maintenance problems and increased strata maintenance fees

—newer projects…developers in a rush to complete and sell..shitty workamnship

—-Lawsuits and more lawsuits…(buyers versus Realtors/Developers)

—whole buildings become ghosts towers….run down…demolish?

—taxes ramped up to cover those delinquent in payment due to the aforementioned

Feel free to ad to the list

Alum
Guest
Alum

Condos prices cannot fundamentals go lower than this.

If you buy a condo with variable rate mortgage, it’s less expensive than renting the same property.

Alum's a Tool
Guest
Alum's a Tool

Well done Alum. Way to bring down the IQ of the room.

jesse
Member

Do not feed the trolls. Vote them down.

Anonymous
Guest
Anonymous

@jesse: just ignore them altogether. Having a score of zero doesn't do anything for them. They get off on how fast they get foreclosed.

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