Friday Free-for-all!

It’s the end of another week, time for a long weekend and then it’s back to school and back to work. Let’s do our regular end of the week news roundup and open topic discussion thread! Here are a few links to kick off the chat:

We’re NUMBER THREE!!
Does ‘liveable’ mean ‘unaffordable’?
Home prices US vs Canada
Bubble, Bubble, There’s a Bubble.
BC Conservatives propose phasing out PTT
Housing industry waiting for HST plan B
CIC launches consultation on immigration mix
Canada.. the incredible shrinking economy?
Court ordered sales at the high end
Canadians can’t save an extra $25 a week?
More in BC carrying debt into retirement
32% of Canadians counting on Lotto win for retirement
The two-tier US housing market

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

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Ravishing Rick
Member
Ravishing Rick

http://taxpayer.com/blog/31-08-2011/bc-wage-rage-

Read this and then get angry!

Cut the music!

george
Guest
george
Good post R.R. About 10 months ago I heard some discussion on Michael Campbell's "Money Talks" radio show on radio station CKNW in Vancouver which gave an excellent description of our current financial woes. He said the following: "Way more money has been borrowed than will ever get repaid" "Way more promises have been made by governments and so on than will ever be kept" There is just no way the debt build up everywhere in the western world is not going to have consequences" Our whole system is built up upon a massive amount of unsustainable and ever increasing tidal wave of government (federal, provincial, and municipal), household, and business debt. To make matters a lot worse the leading edge of our massive baby boom generation started to turn 65 years old last January. (More people riding in the… Read more »
george
Guest
george

Scratch out the following sentence in my above post:

"He said the following:"

Inventory
Guest
Inventory

Ugly sales month for Richmond. Looks like a market crash in the making.

Richmond Unit Sales

August 2011 / 2010 / % Change

Detached 95 / 124 / -23%

Attached 69 / 84 / -17%

Apartments 96 / 127 / -24%

*** Only One "New" Condo sold, compared to 13 "New" last year!

CanuckDownUnder
Member
CanuckDownUnder
The price declines are accelerating in Australia although Sydney is still holding up. Prices fell 0.6% in July and are now down 3.4% so far in 2011. Here are the year over year median price changes: Sydney 0.5% Melbourne -4.3% Adelaide -4.5% Perth -6.3% Brisbane -6.6% Sales are 27% below the average of the past five years and some of the listing numbers are just silly – Melbourne is up 45% over last year (Sydney is "only" up 18%). Properties are now taking an average of 55 days to sell compared to 45 days this time last year. Those actually selling are having to take big cuts to do so, the average sale price is now 7.2% below listing price. It's been funny watching the "experts" change their story as the market has turned. We've gradually gone from expect 20%… Read more »
Inventory
Guest
Inventory

Richmond Detached (Homes) Unit sales August

1994 = 190

1995 = 121

1996 = 136

1997 = 137

1998 = 79

1999 = 100

2000 = 113

2001 = 168

2002 = 146

2003 = 177

2004 = 137

2005 = 212

2006 = 139

2007 = 173

2008 = 49 (-71%)

2009 = 170

2010 = 124

2011 = 95 (-23%)

Patiently Waiting
Member
Patiently Waiting

The real reason Crusty won't call an election. Poll reported on CBC news:

NDP 37%

LIB 30%

CON 20%

People in this province are not happy campers.

Patiently Waiting
Member
Patiently Waiting
Now that they've been sucked in, go for the kill: But all but BMO saw earnings drop in their capital markets divisions, the banks’ trading arms, thanks to volatility in the stock market. Banks are also likely to see lower revenues from their investment banking divisions as fewer companies do takeover deals or have initial public offerings when the economy and markets are in the tank, says analyst Brian Klock. That, says Klock, means banks will be looking to boost earnings elsewhere, particularly in their retail banking divisions. “I don’t think they’re going to be doing it by nickel and diming customers on their fees. The easiest way to do it is to raise mortgage rates,” said Klock, a banking analyst and senior vice-president at New York-based Keefe, Bruyette & Woods. http://www.moneyville.ca/article/1048188–analyst… BTW: My credit card expired, so I had… Read more »
pipewrench
Member
pipewrench

http://wcatwc.arh.noaa.gov/2011/09/02/lqw6d6/01/w

http://wcatwc.arh.noaa.gov/2011/09/02/lqw6d6/01/w

North American Pacific coast tsunami warning

another earthquake!

Christchurch, Japan , Alaska….is there a pattern here folks? stay safe…

patriotz
Member

@george:

About 10 months ago I heard some discussion on Michael Campbell’s “Money Talks” radio show on radio station CKNW in Vancouver which gave an excellent description of our current financial woes.

So did they draw the obvious conclusion, that Canada (including Vancouver) is headed for a long term secular RE bear market just like the US?

Silly me, no need to ask that question. Why does anyone waste their time listening to that jackass and his guests in the first place?

patriotz
Member

"BC Conservatives propose phasing out PTT"

And as we know property transfer taxes are a tax on speculation. Too small at present to have much of an effect, but eliminate them and you will push prices up by another few %.

Perhaps they are making a pitch to the already bust-afflicted BC Interior. But getting rid of the PTT would help to delay a price correction in the Lower Mainland, of course.

Net effect would be millions more in the pockets of the RE industry and speculators and millions less for schools and hospitals.

I thought it would hard to find someone whose policy on RE is worse than Crusty's, but I guess we have.

registered
Member
registered

11 patriotz Says: "Too small at present to have much of an effect, but eliminate them and you will push prices up by another few %."

At this point I think even politicians are starting to find issue with the stratospheric prices. To me it's obviously about jobs. BC – and the feds – spent the last decade treating real estate and construction as the magic elixir for economic doldrums and the patient no longer responds to treatment. The staggering stupidity of the policy would make my head spin if I had any reasonable performance expectation of these lunatics.

Dave
Member

@patriotz:

Do families speculate when they need a larger home for their children? Do retired people speculate when they downsize from a house?

If you want to tax speculation, there are better ways of doing it.

In my opinion, the PTT should go.

Common Sense
Guest
Common Sense

"So did they draw the obvious conclusion, that Canada (including Vancouver) is headed for a long term secular RE bear market just like the US?

Silly me, no need to ask that question. Why does anyone waste their time listening to that jackass and his guests in the first place?"

No not on CKNW. The person who made the comments is Victor Adair. Victor Adair is a renter. How does the saying go when referring to so called experts…Don't do what they say do what they do.

Best place on meth
Member
Active Member
Best place on meth

@Patiently Waiting:

That's just fine because they way this province is going I'd rather wait another 18 months for an election so the liberals can be completely obliterated.

It's going to get much, much worse around here.

registered
Member
registered

13 Dave Says: "If you want to tax speculation, there are better ways of doing it.

In my opinion, the PTT should go."

That only follows if the PTT's sole purpose is centred on speculation.

Troll
Guest
Troll

Bears, ready to do the Twist? Operation Twist that is.

jesse
Member

@Dave: "If you want to tax speculation, there are better ways of doing it.

In my opinion, the PTT should go."

So then you advocate a replacement for the PTT, or are all taxes bad? Maybe we should re-institute capital gains taxes on primary residences, tax all land appreciation as income, increase the property tax rate, include surtax on land not put to highest and best use, or just simply tax the rich and corporations. The list is almost endless. Unlikely any of these are on the Conservative's agenda.

If I were the Liberals, I'd be mighty worried about some good ol' fashioned vote rustling.

Best place on meth
Member
Active Member
Best place on meth

See what happens when stimulus and QE is withdrawn like heroin being taken away from an addict?

http://globaleconomicanalysis.blogspot.com/2011/0

Sweats, shakes, vomiting and convulsions.

jesse
Member
Businessinsider: Scrambling To Sell Properties: Wenzhou Edition Wenzhou is a city famous for producing lighters. It also produces many real estate speculators who have been buying properties everywhere from their home town to Hong Kong, and probably even Dubai and others. Now in their home town, however, they are scrambling to sell their real estate holdings. NBD reports that the rush to sell started probably two weeks ago. The selling pressures started from two groups of people: cash-strapped speculators, and cash-strapped business owners One speculator was a shoemaker. He borrowed money from a bank for his business, but much of the money ended up going to the real estate market. As the real estate market cools amid increasingly aggressive cubing measures and monetary tightening, he had to borrow money from non-bank institutions (that basically includes loan sharks, pawnshops and others)… Read more »
unavailable
Guest
unavailable

Mish on the future of Canadian economy (including the future of Chinese economy): http://goo.gl/GgPTd. TLDR: "If Canada is ramping up productive capacity now, it is a huge mistake, not a bright spot. Moreover, Canada's enormous property bubble will collapse and perhaps a global slowdown is just the right catalyst this go around."

Best place on meth
Member
Active Member
Best place on meth

@jesse:

Aw, that's sad. I always thought it was different in Wenzhou. 🙂

specialfx3000
Member
specialfx3000

@Best place on meth:

Meth, you're confusing the two cities.

Wenzhou is in China.

You must be thinking of Wenzhouver, BC. It's only different in Wenzhouver, BC.

unavailable
Guest
unavailable

@specialfx3000: In future encyclopaedias, Vancouver will be defined thusly: "一位著名的中國城市在西海岸的北美。"

paulb.
Guest
paulb.

The board stats are out.

I have updated my data and have a tab for the complete stats release from the board! http://www.laurenandpaul.ca

wpDiscuz