Recession looms in Brazil and Canada
Our economy receded for the first time since the ‘Great Recession’ as exports plummet. We’re number 2 after Japan! (in droppage).
The economy shrank at an annualized rate of 0.4 per cent in the second quarter, the first contraction since the Great Recession, and a sharp reversal from the 3.6-per-cent growth rate of the first quarter, Statistics Canada figures showed. It’s a sign that Canada, envied by many countries as a bastion of stability since the financial crisis, is not immune to global economic malaise.
In fact, among the Group of Seven club of rich economies, only Japan had a worse second quarter.
Sales abroad staged their steepest drop in two years, with exports plummeting more than 8 per cent on an annual basis. The high-flying Canadian dollar made it harder for businesses to sell their goods to weakening markets in the United States and Europe. Also, Japan’s natural disasters created havoc in the automobile industry, while wildfires in northern Alberta and maintenance shutdowns in the oil industry curtailed energy production.
But there’s a bright side to Canada’s performance. Company purchases of machinery and equipment in Canada soared at a 31-per-cent annualized pace in the second quarter, the biggest surge since 1996.
Here’s the article in the Globe and Mail, and here’s the take from Global Economic Analysis.
This post was submitted by Mansur al-Hallaj.
Click here to view all comments chronologically
September 7th, 2011 at 1:34 am
@Manna from heaven:
There was a huge uproar over that and building stopped dead in it's tracks for a few years. The locals were aghast at the prospects of townhouses in their hood.
The real kicker will be when they sell off the military land that's just off of Highbury. How much is that? 100 acres? It's a massive chunk of land.
September 6th, 2011 at 11:48 pm
@Manna from heaven:
Thanks…
The last time I was in the area and saw it must have been in late 1980's.
I couldn't believe it just sitting there empty and during a hot RE market…I don't recall any evidence of any buildings ever existing at the spot. Weird.
September 6th, 2011 at 10:47 pm
Bubba
I know the block of land you are talking about. Located on 8th Ave., just up the hill from West Point Grey Academy. It was developed some years: sfh and townhomes.
September 6th, 2011 at 9:16 pm
Do crashes always begin in the Spring? Can they start in the Fall?
September 6th, 2011 at 9:15 pm
@jesse: “Max daily listings 282″ in Sept 2010.
Today, the third business day of September, and we already beat that quite handily with 356.
September 6th, 2011 at 8:59 pm
@jesse: Why always looking in the past bear? another year, and yes NO CRASH. Look forward to hearing about sept 2011 next year again with NO CRASH
September 6th, 2011 at 8:18 pm
@bubba:
You are probably thinking of the bare half block just northeast of the Varsity Theatre in Point Grey. Last I heard (and that was a decade ago I think) the owner was trying to get it upzoned from SFH and the city refused.
Don't know what's there now but it would still stand out as it would either be still bare or have new buildings.
September 6th, 2011 at 8:04 pm
@DaMann:
All the GOOD posts are mine.
Proof ? People keep stealing them.
September 6th, 2011 at 7:42 pm
last post was mine
September 6th, 2011 at 6:59 pm
Those properties in Point Grey have been on sale now for almost 5 years. Used to be listed for $14.8 million (in 2007 and never sold) according to attach story when the real estate agent was fined $200,000 for cutting down trees without permission.
See paragraph in attached story:
http://www.vancourier.com/technology/Owner+says+w…
Critics complain wealthy landowners see bylaw penalties as the cost of doing business. The last successful prosecution under the city's tree bylaw was in 2007 regarding three adjacent sites on Belmont Avenue listed for $14.8 million. Seventy-two trees were axed without approval. Realtor Paulo Leung pleaded guilty and was fined $2,850 for each tree for a total of $205,000.
September 6th, 2011 at 3:57 pm
The fact they secured a $28m listing means they’re not retards, by definition
________
Fine – the fact that anyone would give these morons this listing makes the person hiring them a retard.
September 6th, 2011 at 2:09 pm
Years ago, I recall in Kits area, near Point Grey,( North of Broadway ) a bare city block of land in a residential area.
Anyone know what, if anything has happened to it?
September 6th, 2011 at 1:57 pm
@Moving On:
The fact they secured a $28m listing means they're not retards, by definition.
September 6th, 2011 at 1:52 pm
Nevermind, Google just waited until I posted this message to tell me…
http://www.soreb.org/
September 6th, 2011 at 1:49 pm
Is Osoyoos included in the OMREB numbers? If not, any idea where they are?
September 6th, 2011 at 1:44 pm
http://www.condowebstore.com/Team.htm
Okay, you really need to check out the ad of the "team" selling that point grey lot. Dear lord, read the "resume" of the guy – apparently trained all over the world in real estate and commercial management AND he has telephone patents pending!
For a bigger laugh, read the "directors" profiles at the bottom of the page, especially Winfield Yan. Apparently, "Winfield is the older brother of Eddie. Lots of experience, lots of energy, works 16 hour days (and not too many friends.)"
This "team" epitomizes the stupidity of this market – literally. The fact that these retards can secure a $28 million dollar listing with this type of marketing bloody amazes me. Quite frankly it disgusts me….
September 6th, 2011 at 1:21 pm
@BPOM
"Like in Monopoly!"
It's like a real estate ad for multi-billionaire 9-year-olds.
Fantastic water, mountain & city views! Last & best 3 building lots left in prestigious Point Grey. Combine to build your one of a kind dream mansion! Over 218,000 sq ft in size & grandiosity with 478' frontage extending to NW Marine Dr. Borders University Endowment Lands for privacy! Belmont, address of the "Rich & Famous"! Like in Monopoly, buy Belmont Ave & end up winning the game! Across from Spanish Banks, close to Jericho Beach & Tennis Club, Royal Yacht Club, UBC and downtown!
September 6th, 2011 at 1:21 pm
@Conrad: My eyes must be playing tricks with me but it almost appears that Conrad spelled backwards = roadkill.
September 6th, 2011 at 1:11 pm
@Anonymouse: As one of my good friends reminds me, things are different because they are not the same. This year was hot Asian. Money. Last year was… iForget.
September 6th, 2011 at 1:06 pm
@Anonymouse:
I expect no bounce in sales this fall as was the case last year.
Therefore, different from last year.
September 6th, 2011 at 12:53 pm
@jesse: "As bpom stated, no two years are alike. "
The graphs on pauls site suggest that 2011 has been a dead ringer for 2010 so far. I expect that to continue. There's also no rule that each year has to be different…..
September 6th, 2011 at 12:45 pm
Wow for 3% of 28 mil you would think the Realtard could take some updated pictures.
I love the reference to Monolopy. I'm sure this will help people willing to shell out $28 mil justify their purchase.
September 6th, 2011 at 12:39 pm
@jesse:
>>>How long before the exasperation of dealing with mentally unstable loser tenants before they tap out? I say yes.<<<
You're getting cheekier by the day, sir.
September 6th, 2011 at 12:35 pm
5.5 acres of raw land just came up for sale in Pt. Grey?
I thought this shit didn't exist anymore.
http://www.mls.ca/propertyDetails.aspx?propertyId…
Hello? Calling all HAM! Come build your gaudy dream palace at a west side location you can brag to your friends in Beijing about!
September 6th, 2011 at 12:29 pm
From September 2010:
Max daily sales 179
Min daily sales 63
Max daily listings 282
Min daily listings 164
2011 blew the freaking doors off last year's daily listing max. Note listings were high through most of September 2010, 226 daily average.
As bpom stated, no two years are alike. What will the fall bring I wonder? More disappointed owners unable to sell? Pull their listings and join the ever-growing ranks of accidental landlords? How long before the exasperation of dealing with mentally unstable loser tenants before they tap out? I say yes.
September 6th, 2011 at 11:28 am
@Best place on meth:
I agree. It's inventory peak. We may hit 16,800 but I think that's all she wrote for this year. It's been a sideways year. People will wait till spring "when prices shoot up another 15%".
Personally i think that the surge happens in spring, if there isn't a rush to the exits in spring then it's pretty much sideways for the rest of the year.
I really really hope that I'm wrong but I am now of the belief that without higher rates this market will just stagnate and do not much of anything.
September 6th, 2011 at 10:36 am
Sept 6, 2011
Richmond
New Listings 42
Price Changes 12
Solds 14
Vancouver West
New Listings 84
Price Changes 21
Solds 21
Vancouver East
New Listings 42
Price Changes 18
Solds 11
North Vancouver
New Listings 31
Price Changes 4
Solds 9
Burnaby
New Listings 51
Price Changes 15
Solds 12
Coquitlam
New Listings 16
Price Changes 4
Solds 5
West Vancouver
New Listings 23
Price Changes 10
Solds 4
South Surrey White Rock
New Listings 24
Price Changes 8
Solds 6
September 6th, 2011 at 10:32 am
@Best place on meth:
It's not too early in my opinion, and I've called it
September 6th, 2011 at 10:28 am
New Listings 356
Price Changes 124
Sold Listings 103
TI:16083
If you like the stats updates please “like” our Facebook page http://tinyurl.com/paulandlauren
Website http://www.laurenandpaul.ca
September 6th, 2011 at 10:24 am
@Anonymouse:
It's far too early to call peak inventory and no 2 years have been alike in the Vancouver real estate market.
September 6th, 2011 at 10:14 am
@Best place on meth:
But a similar thing happened last year (from the archived stats you dug out – thanks), so I don't think there's anything remarkable about it.
So far this year is shaping up to be almost an exact clone of 2010. I called peak inventory for the year a few weeks ago, and it looks like I was more or less right.
September 6th, 2011 at 9:41 am
@Anonymous: #62
That's the most listings since June 7.
September 6th, 2011 at 9:36 am
Richmond has highest office vacancy rate in Metro Vancouver
http://www.bclocalnews.com/richmond_southdelta/ri…
Richmond has the highest office vacancy rate in Metro Vancouver—a rate nearly triple the region’s average.
According to the commercial real estate firm Avison Young, the vacancy rate stands at 23.9 per cent, compared to the region’s average of 7.6 per cent.
Avison Young principal Bill Elliott said new inventory coupled with a major market slowdown in 2008 that hit technology companies especially hard and less-than-ideal public access is to blame.
“The Canada Line provides access to Richmond, but really doesn’t provide access to the office parks,” said Elliott, noting inventory in Burnaby has similarly grown, but its office parks are built within walking distance to a rapid transit line or offer shuttle service
===========================================
Not surprised.
Collateral damage from nuking the city core ….and rezoning for dying HAM $$$$.
September 6th, 2011 at 9:14 am
Boom goes the dynamite!
Vancouver East & West*
New Listings – 116
Back On Market Listings – 2
Price Changes – 38
Sold Listings – 32
Vancouver All Areas*
New Listings – 333
Back On Market Listings – 14
Price Changes – 118
Sold Listings – 101
*Attached & Detached – Date: 09/06/2011 Time: 17:00 Pacific YatterMatters.com: Courtesy REBGV. Data believed to be accurate but is not guaranteed.
September 6th, 2011 at 9:07 am
@kansai92:
I own West Van….give me their names…..I buy you pint as reward.
September 6th, 2011 at 9:01 am
Okay I don't get it. Why isn't EVERYONE doing this?
Coworker's neighbours sold their home recently for $3 million in West Van.
No taxes on primary residence. Have decided to rent a posh view condo in Yaletown. Now they no longer have to work a day in their lives.
Why aren't more boomers taking advantage of this? This is an incredible opportunity to cash out at or near the top, with zero taxes!
Or is it cuz most of them still owe an arm & leg to the bank?
September 6th, 2011 at 7:58 am
@Anonymouse:
From the VCI archives, the day after Labour Day last year:
Sept. 7, 2010. Huge listing day today and low sell/list.
Larry says:
Vancouver All Areas*
New Listings – 271
Price Changes – 145
Sold Listings – 88
*Attached & Detached – Date: 09/07/2010 Time:17:42 PST YatterMatters.com:Courtesy REBGV.
http://vancouvercondo.info/forum/topic/september-…
September 6th, 2011 at 6:59 am
After Shuswap..we had to hi- tail it to Calgary…but on the way stopped in Blind Bay (across the lake )
Very nice little community just outside Salmon Arm , near Sorrento.
Houses seemed established ,……..built in 1960's 1980's ….with a few newer homes.
Most of the area is geographically tiered….ie farther away from lake, the higher the property.
Didn't see a lot of FOR SALES…seems quite stable insofar as market.
=================================================================
Between Blind Bay and Banff the highways have been upgraded, so that one basicaly bypasses most towns..so couldn't get a handle on towns like Revelstoke, Golden etc.
Hadn't been in the area for over 10 years, but appears the usual "strip mall" invasion has reached even these small towns.
The " death highway" ……the strip on other side of Golden has had millions poured into upgrades, including the Kicking Horse Pass bridge….quite amazing engineering.
Hence, mostly report next on Alberta .
September 6th, 2011 at 6:41 am
@VMD: Your cited stats highlight the perils of using average/median to sense out the market. With punishingly high MOI I'm suspicious that there are bigger price drops on same-properties than the avg/med let on.
Either that, or prices are in "the stickiest situation since Sticky the Stick Insect got stuck on a sticky bun".
September 6th, 2011 at 6:38 am
@VMD:
Recreational "probably" refers, de facto…to to non -primary residence, not eligible for Homeowner Grant.
September 6th, 2011 at 6:35 am
Hoo Boy…Good News;
My good friend Colonel M.Q. has found a place to store his stuff as he applies to be an illegal refugee.
His tanks and planes are using the convenient COV bike lanes and fired warning shots at Geoff Meggs and Bylaw officers trying to write tickets.
He is now stationed within BC Place and has the perimeter secured. He likes the "tent " look of new roof.
He has warned COV that his tanks and planes are armed and ready, and all aimed at BC's most treasured icon, the OV village.
Bob Rennie is shitting pants….saying this may cost him much commission.
Vancouver Rioters Union are saying " Go M.Q…..let er rip ".
Keep you updated.
LKS
September 6th, 2011 at 6:25 am
in addition:
Days to Sale (2011 Aug vs 2010 Aug):
All Residential Units:
Central Okanagan: 102 days (from 85)
North Okanagan: 130 days (from 94)
Shuswap/Revelstoke: 139 days (from 131)
it's escalating.
September 6th, 2011 at 6:25 am
@VMD: "Looks like it’s tanking badly"
But… rates are low…
does. not. compute.
September 6th, 2011 at 6:20 am
@Devore:
[OMREB did release their Aug stats today]
compared to Aug 2010:
North Okanagan:
Residential (Total): Avg price +2.77% / Median price -1.29%
"Recreational": Median price -49.82%
Central Okanagan:
Residential (Total): Avg price +1.8% / Median price -2.99%
"Recreational": Median price -67.17%
Shuswap/Revelstoke:
Residential (Total): Avg price -16.62% / Median price -26.43%
"Recreational": Median price -82.31%
getting brutal, especially in Shuswap/Revelstoke area.
What defines "recreational" anyway. Looks like it's tanking badly.
http://www.omreb.com/page.php?sectionID=2
September 6th, 2011 at 6:14 am
@Best place on meth:
You're probably right, but I'd be interested to see how sales/listings usually look around stat holidays if anybody has such information.