Friday Free-for-all!
Yessir, another weekend in paradise! It’s the end of the week and you know what that means, it’s time for our regular news round up and open topic discussion thread! Here are a few stories to kick off the chat:
-Nice chunk of taxpayer money headed to BC!
-$100 million loss on Olympic Village?
-Green quits Little Mountain over “difference of opinion”
-15 Years of economic growth not trickling down
-Occupy Vancouver pretty laid back
-The pros and cons of being an absentee landlord
-Toronto house price growth could soon top Vancouver
-$500k: Buy a mansion get a US visa
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
October 20th, 2011 at 4:17 pm 1
Month end projections based on Thursday's numbers:
October 2011 month-end projections
Days elapsed so far 13
Days missing 0
Days remaining 7
5 Day Moving Average: Sales 118
5 Day Moving Average: Listings 212
SALES
Sales so far 1568
Projection for rest of month (using 5day MA) 829
Projected month end total 2397 +/- 217
NEW LISTINGS
Listings so far 3229
Projection for rest of month (using 5day MA) 1481
Projected month end total 4710 +/- 148
Sell-list so far 48.6%
Projected month-end sell-list 50.9%
MONTHS OF INVENTORY
Inventory as of September 30, 2011 16839
MoI at this sales pace 7.03
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October 20th, 2011 at 4:51 pm 2
Saw the news story about the shipbuilding contract on a news segment.
They went to BCIT to interview some students, at the end of the segment he said maybe now he can afford to buy a house with a grin from ear to ear.
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October 20th, 2011 at 8:52 pm 3
Surprisingly informative article about that US house buyer's visa proposal in the Sun:
http://www.vancouversun.com/sports/retiree+visa+w…
Big question: would that allow Canadians to buy houses south of Zero and commute to work in Vancouver? On the surface yes, but there's that little problem of not being eligible for Medicare if you don't live here.
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October 20th, 2011 at 11:54 pm 4
That trickle down story is pure farce, but I found this item interesting:
"Education has improved, especially with university graduation rates soaring. But our international rating has declined in literacy, math and science."
So education has improved because massive subsidies allow more kids to frame a bit of paper on their wall, even if little things like literacy, math and science are getting worse?
I don't know how Canada compares but in the US education spending has doubled in the last 30 years and student loans now total $1 trillion, yet test scores have flatlined or fallen and for the first time ever last year, most US PHDs in science and engineering were foreigners.
Speaking of education, here's a neat story on what Jobs told Obama upon meeting him last year:
http://www.huffingtonpost.com/2011/10/20/steve-jo…
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October 21st, 2011 at 12:26 am 5
@chip:
Well the US is the only western country where anti-intellectual and anti-science attitudes dominate major religious denominations and one major political party.
Kind of hard to expect kids to do well in science when they are indoctrinated at Sunday school against rational thinking.
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October 21st, 2011 at 12:57 am 6
@4SlicesofCheese: "maybe now he can afford to buy a house with a grin from ear to ear."
Maybe, but the commute from Chilliwack to North Van is brutal.
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October 21st, 2011 at 1:14 am 7
@patriotz: Huh? Just when is an unproved theory that the universe evolved out of chaos science? Science is based on provable hard facts. Belief in a creator that created a universe that follows mathematical laws actually leads to the study of science and rational thinking. What chip and yourself says is only true if your definition of science is based on macro evolution being a scientificaly proven fact.
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October 21st, 2011 at 1:16 am 8
Before North Van condo speculators count their gains:
"#9 smartalox on 10.20.11 at 8:43 pm
Speaking of those fat shipbuilding contracts, I hate to think what will happen to the owners of all those condos built at the foot of Lonsdale quay in North Van. The last time a ship was built there, a lot of those towers didn’t exist – and for good reason: shipbuilding is a very noisy, dirty business!"
http://www.greaterfool.ca/2011/10/20/next-5/#comm…
Not to mention stinky, I bet.
Driving somewhere in the BC hinterland 30 years ago:
Me: Ewww, what's that smell?
Dad: Jobs.
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October 21st, 2011 at 1:23 am 9
@900kCrackHouse:
"Belief in a creator that created a universe that follows mathematical laws actually leads to the study of science and rational thinking."
Sure, that was Newton's point of view and he did pretty well by it. But he didn't believe the teaching of the Catholic church that the Earth was the centre of the universe, did he?
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October 21st, 2011 at 1:28 am 10
@900kCrackHouse: "Belief in a creator that created a universe that follows mathematical laws actually leads to the study of science and rational thinking."
hahahaha, you made my day. I thought you people only existed in the US but no, you are in Canada too! Please do not change, I would love to meet one of you one day, out of curiosity, the same way I like to go to the zoo sometimes
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October 21st, 2011 at 1:35 am 11
"What chip and yourself says is only true if your definition of science is based on macro evolution being a scientificaly proven fact"
It is.
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October 21st, 2011 at 1:44 am 12
Oh delightful, we've gotten into a debate on evolution.
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October 21st, 2011 at 1:49 am 13
"Kind of hard to expect kids to do well in science when they are indoctrinated at Sunday school against rational thinking."
bullshit. you make it sound like kids actually listen. if such indoctrination were so effective, how do you explain the variety and contradiction that exists in society? eventually everyone grows up and makes up their own minds, and some will agree with you and some won't.
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October 21st, 2011 at 1:51 am 14
From the interwebs: " When scientists say "evolution is a fact", they are using one of two meanings of the word "fact". One meaning is empirical: evolution can be observed through changes in allele frequencies or traits of a population over successive generations.
Another way "fact" is used is to refer to a certain kind of theory, one that has been so powerful and productive for such a long time that it is universally accepted by scientists. When scientists say evolution is a fact in this sense, they mean it is a fact that all living organisms have descended from a common ancestor (or ancestral gene pool)in that predictions made by the theory have consistently been supported by empirical observations."
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October 21st, 2011 at 2:21 am 15
@Anonymous:
"you make it sound like kids actually listen."
They manage to learn their parents language. That implies that they listen.
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October 21st, 2011 at 2:53 am 16
@4SlicesofCheese:
"They went to BCIT to interview some students, at the end of the segment he said maybe now he can afford to buy a house with a grin from ear to ear."
Yes, that comes from a steel trades student.
He was going for a Phd in physics, but changed his mind.
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October 21st, 2011 at 3:06 am 17
Also Sprach: Chinese Homeowners Are Angry That Developers Have Cut Prices
Hmmm… sounds familiar… I anticipate we'll be hearing similar complaints in Vancouver (again) in the coming years.
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October 21st, 2011 at 3:21 am 18
@Don Lapre: or you can determine what is a fact for yourself by studying the evidence with an open mind…hopefully with something close to a reasonable IQ
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October 21st, 2011 at 4:08 am 19
@ Anonymous: As long as my "fact" is falsifiable then yes.
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October 21st, 2011 at 4:10 am 20
@Anonymous:
Hmmmm… since "everyone grows up and makes up their own minds", I suppose it's just a coincidence that 90% of Arab kids grew up and decided to be Muslim, 90% of Italian kids grew up and decided to be Catholic, and 90% of Indian kids grew up and decided to be Hindu?
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October 21st, 2011 at 4:19 am 21
slowdown"postponed"? So it doesn't just happen on its own, I guess.
http://www.theglobeandmail.com/report-on-business…
apologiesif this was already posted
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October 21st, 2011 at 4:26 am 22
@jesse:
… and who could forget this gem from Florida a few years ago when developers slashed prices on unsold units by 50%
http://www.youtube.com/watch?v=10WoQZKZkNs
My favorite quote from the video: "They promised us they would not sell below the market value!"
Kinda reminds me of a line from an Onion article a while back, "Poverty is widespread: statistics show that a shocking 50% of citizens earn an income below the national average."
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October 21st, 2011 at 4:34 am 23
"Well the US is the only western country where anti-intellectual and anti-science attitudes dominate major religious denominations and one major political party."
Uh, I don't know if you can pin this on Christians. Take France, where anti-scientism is entrenched in the culture.
A large part of the war against science and the Enlightenment has been conducted by post-modernist 'theorists'. These are people who deny that there are truths, who view science as but one of many equally 'valid' ways of 'knowing'.
Our kids grow up in high schools and universities that denigrate the search for truth as an elitist relic. The destruction of scientific culture is not merely a result of ignorant Christian fundamentalists. To a large extent, it has been accomplished by secular Jews, including Freud, Lacan, Derrida, the Frankfurt school, etc.
To their credit, asian cultures (among others) don't buy any of this postmodernist bullcrap. Their kids grow up being interested in engineering, science and mathematics, as opposed to French kids who grow up wanting to sip coffee while taking a break from their job with the French government.
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October 21st, 2011 at 4:43 am 24
@Yalie: "Kinda reminds me of a line from an Onion article a while back, “Poverty is widespread: statistics show that a shocking 50% of citizens earn an income below the national average.”"
I cannot laugh at this because of the confusion between "median" and "average". Carry on.
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October 21st, 2011 at 4:50 am 25
@Jim:
"Take France, where anti-scientism is entrenched in the culture."
Well I don't think any student in France would have trouble naming a few prominent scientists from their country. Try that in the US. You'd probably get someone like Einstein (who of course was from Germany) or Steve Jobs (who was not a scientist).
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October 21st, 2011 at 5:10 am 26
@Jim: "Take France, where anti-scientism is entrenched in the culture."
You have absolutely no idea what you're talking about. The contrary is true. Science is, on the contrary deeply entrenched in the culture. In France, you're more successful if you become an engineer than if you are a lawyer or a doctor, considered to be less prestigious there. Most of the french CEOs in France come from the best Enginnering schools, named Polytechnique, Ecole des Mines de Paris, Ecole Centrale de Paris, etc…
France has always been, and still is, the best place to study mathematics. Just have a look at all the french people and people trained in french that have received the Fields Medal… The list of famous french scientists would be too long to copy here.
The french school system gives priority to Math and Physics. If you're not good in both, your chances to get into the best universities are fairly limited.
Have you ever wondered why France is a secular country?
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October 21st, 2011 at 5:33 am 27
"Hmmmm… since “everyone grows up and makes up their own minds”, I suppose it’s just a coincidence that 90% of Arab kids grew up and decided to be Muslim, 90% of Italian kids grew up and decided to be Catholic, and 90% of Indian kids grew up and decided to be Hindu?"
dude, all i'm saying is, kids go to (sunday) school but a lot of them have other things on their minds. that's why it's a good bet that even if 90% of all italian kids are catholic, the churches aren't 90% full.
and hey, you grew up enough to make up your own mind, didn't you? what makes you think other people can't? okay, some people can't. but generally, people do, though it may take a while.
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October 21st, 2011 at 6:02 am 28
Anti-scientism is prevalent in the US where it is attacked by religious dogma that sees science as an affront to His pre-eminence. It France it is simply not as cool as pursuing humanities, perhaps even viewed as tasteless or vulgar in some nerdy way.
Both have an intellectual subculture and great schools though; both produce and retain a lot of great scientific minds.
In Canada on the other hand it is simply much easier and more profitable to become a realtor.
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October 21st, 2011 at 6:05 am 29
@patriotz: "allow Canadians to buy houses south of Zero and commute to work in Vancouver?"
Some execs at local companies actually did this, around 15 years ago. For tax purposes mostly.
The US is really selling its citizenship with this legislation, but it's veiled in a way to focus on the money and economic recovery, not on the "I" word that derails debate. It's hard to know how severe the IRS is going to, or can, be with foreign income from many nations.
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October 21st, 2011 at 6:08 am 30
@Jim: " as opposed to French kids who grow up wanting to sip coffee while taking a break from their job with the French government."
Have you ever been to France to say such things? Do you even know one french people? Poor you, ignorant and happy about it…
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October 21st, 2011 at 6:15 am 31
@Jay Bytha Way: " It France it is simply not as cool as pursuing humanities, perhaps even viewed as tasteless or vulgar in some nerdy way."
What is this based on? Do you have any facts or references to support your stupid claim? You are full of it… You know nothing about the french people or school/university system there to say such things…
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October 21st, 2011 at 6:36 am 32
To stay on the topic "french science".
Here are a couple of recent videos of how french people view quantum levitation: http://www.youtube.com/watch?v=-LsuklDFf8M&featur…
http://www.youtube.com/watch?v=X6ivMxvbK1g&featur…
Heck, those damn french have even re-invented the Hoverboard! http://www.youtube.com/watch?v=_F-VVmMD4_k&featur…
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October 21st, 2011 at 7:03 am 33
@Makaya: Let it go Frenchie…sure is easy to get the French fired up
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October 21st, 2011 at 7:04 am 34
@Makaya: ah yes, the French. As Homer Simpson so eloquently put it… ' A bunch of cheese-eating surrender monkeys' LOL
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October 21st, 2011 at 7:06 am 35
@Jim: ” as opposed to French kids who grow up wanting to sip coffee while taking a break from their job with the French government.”
well it is better to have a cup of coffee and interact with other human beings then sit by yourself in front of TV and watch stupid "Battle of the Blades"
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October 21st, 2011 at 7:10 am 36
@Anonymous: I can see that we don't have the same cultural references… Do you eat freedom fries as well?
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October 21st, 2011 at 7:23 am 37
@Anonymous: "As Homer Simpson so eloquently put it"
Did he? I think it was groundskeeper/groundstender Willie…
You know a few things France has? High taxes on the "top 1%" — just increased even more at the request of said 1% — and much more affordable house prices. That, and cheap wine and cheese, a decent transportation system, and way more vacation time. Yeah, those French… penible.
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October 21st, 2011 at 7:32 am 38
@jesse: You forget that french people love to debate about the most important things in life:
Today's topic in the most respected newspaper "Le Monde":
"The Question: What is the normal size of a penis" http://bigbrowser.blog.lemonde.fr/2011/10/21/the-…
And the answer is. Obviously, there is none, but the bigger the ratio size of ring finger/size of index, the more likely you have a big one!
http://bigbrowser.blog.lemonde.fr/2011/10/21/the-…
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October 21st, 2011 at 7:46 am 39
@Makaya What is this based on? Do you have any facts or references to support your stupid claim?
Observations made while studying the applicability of string theory on steamed milk during my 6-year tenure with the Paris-based think tank Institut Pedantesque, of course.
Jeez makaya, it's called an opinion, which does not usually come with verifiable numbers and cited references. Go have a croissant – it's friday afternoon!
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October 21st, 2011 at 7:55 am 40
@jesse:
"Some execs at local companies actually did this, around 15 years ago. For tax purposes mostly."
As did many of the Vancouver Grizzlies. They paid Canadian income tax only on their home games (and the odd game in Toronto).
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October 21st, 2011 at 8:04 am 41
@Jay Bytha Way: The go back to your studyies, because you have not yet been a good student.
Croissants are for the breakfast, now is time (almost) for the aperitif. I'll get a Sangria instead.
http://en.wikipedia.org/wiki/Ap%C3%A9ritif_and_di…
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October 21st, 2011 at 8:08 am 42
Looks like I missed a critical debate on evolution/the French today.
Sales will be up, quite a few SFH in Richmond and N. Shore sold.
Vancouver/Burnaby still dead.
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October 21st, 2011 at 10:25 am 43
I received direct mail from a realtor in Richmond named Fred Zhang, summarizing sales and listings and whatnot. I couldnt believe my eyes when he concluded "If the increased selection continues we'll see some downward price pressure." Wow.
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October 21st, 2011 at 11:03 am 44
Not a good day for bears. Big HAM buying on the North Shore.
Vancouver East & West*
New Listings – 43
Back On Market Listings – 0
Price Changes – 24
Sold Listings – 37
Vancouver All Areas*
New Listings – 152
Back On Market Listings -1
Price Changes – 107
Sold Listings – 125
*Attached & Detached – Date: 10/21/2011 Time: 17:20 Pacific YatterMatters.com: Courtesy REBGV. Data believed to be accurate but is not guaranteed.
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October 21st, 2011 at 11:42 am 45
#44 "Not a good day for bears. Big HAM buying on the North Shore"
How do you know it's big HAM buying? No disrespect, but could it be also non-HAM buying?
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October 21st, 2011 at 12:03 pm 46
New Listings 158
Price Changes 109
Sold Listings 128
TI:16842
http://www.laurenandpaul.ca
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October 21st, 2011 at 12:04 pm 47
Ms. Navarro recently sold a home for $1.67 million, around 8% above the asking price, to a Chinese national who works in the mining industry. She says nearly every listing she's put on the market in San Marino "has had at least one full price cash offer from a buyer from mainland China.
That it! Relationship over. I thought the Best Place on Earth had an exclusive relationship with wealthy Chinese! Two timing scumbags!
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October 21st, 2011 at 12:19 pm 48
well, hopefully we crank through 17250 next week, this is looking like a stalemate..
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October 21st, 2011 at 12:26 pm 49
After HAM xenophobia, now bashing the French. What about tomorrow? Stereotyping Black people? I am done with this blog. Ciao. Have fun.
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October 21st, 2011 at 12:42 pm 50
@jesse: ……and cheap wine and cheese, a decent transportation system, and way more vacation time. Yeah, those French… penible. ….
And general strikes about every 3 weeks because, you know, they don't have it so good.
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October 21st, 2011 at 1:00 pm 51
@Anonymous:
"And general strikes about every 3 weeks because, you know, they don’t have it so good."
Actually, the french people go on strike less than the Canadians…
http://www.iwkoeln.de/Portals/0/grafiken/iw_newsl…
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October 21st, 2011 at 1:02 pm 52
Anonymous Says: "And general strikes about every 3 weeks because, you know, they don’t have it so good."
Of course, labour always bargain for more. on other hand you are so stupid that you are happy with crumbs that you get. go figure.
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October 21st, 2011 at 1:06 pm 53
Anonymous Says: Actually, the french people go on strike less than the Canadians…"
Bravo, good find! some people are so brainwashed by media in north america that they can not differentiate reality from fiction.
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October 21st, 2011 at 1:06 pm 54
wow, even bear is getting tired of bears.
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October 21st, 2011 at 1:09 pm 55
Realtor in my building keeps having open houses at odd times. Thursday evening? Friday evening? You bet. I sense some sort of desperation. Price has been dropped at least once already (on the market a month, maybe 6 weeks). Place is pretty small, he advertises "1 bed plus den", and promotes the local high school cachement (it's a not a westside school, nothing to get excited about). The den is actually a storage closet, you would think that if you were living in a small apartment with a teenager you'd have more to offer him/her than a bed in a closet. But maybe that's just me. You could rent a decent 2 bedroom apartment cheaper just a block away rather than trying to squeeze your kid into a tiny space, just for the sake of saying you "own".
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October 21st, 2011 at 1:48 pm 56
"The den is actually a storage closet, "
i find that really irritating. i was at an open house once where it was a two or three bedroom and den, but the den was actually the hallway. it's just friggin irritating. they should be penalized for false advertising.
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October 21st, 2011 at 1:49 pm 57
@ulsterman: San Marino has long been an Asian stronghold.
BTW…where does this remind you of…?
http://giantechinc.com/projects/p_lombardy.html
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October 21st, 2011 at 1:57 pm 58
The Ionic columns are really vulgar. A perfect example of the HAMbox.
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October 21st, 2011 at 2:10 pm 59
Weak spot in market: Coquitlam condos.
I'm really busy these days so I wish I could look into this further. Just from driving around Coquitlam, there is a flood of new listings. Sellers are rushing to market, so this sub-market is showing the first stage of a crash.
The situation seems different for Coquitlam SFH. I've seen some redevelopment properties on busy streets selling. Maybe small-time developers are the last buyers out there.
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October 21st, 2011 at 2:48 pm 60
@mikoyan: perhaps they think that Business should serve society and it's citizens, not the other way around. As should Science.
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October 21st, 2011 at 2:55 pm 61
"Kind of hard to expect kids to do well in science when they are indoctrinated at Sunday school against rational thinking"
Why not vote this up? It's a FACT people!!
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October 21st, 2011 at 6:04 pm 62
Since we're on the topic of French food and Vancouver (or maybe we aren't, I took some cough syrup and I'm a bit groggy):
@Mikoyan: The second best croissants in North America can be had at the Pacific Institute of Culinary Arts. The chef instructors are French, English, Austrian and German. The strudel is not to be believed, it's that good, but normally Chef Johannes will only make it for students.
The mountains, the ocean and culinary school are the only things I miss about Vancouver but since I've bounced through Halifax and am now back in Toronto, I'm sure it's just a matter of time until I return.
I'm stlll not buyin' a place though…. too damn expensive.
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October 21st, 2011 at 6:47 pm 63
@MM:
"perhaps they think that Business should serve society and it’s citizens, not the other way around. As should Science."
Science serves the truth, whether society likes it or not. E.G. Galileo, Darwin.
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October 21st, 2011 at 9:11 pm 64
@Anonymous:
Bear are just Zombies who ignore reality that Vancouver house price has gone up 8.9 % annually.
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October 21st, 2011 at 9:55 pm 65
64 Extremely rich Van house owner.:"Bear are just Zombies who ignore reality that Vancouver house price has gone up 8.9 % annually."
Paid bull astroturfers aren't worried that assets can't appreciate at that rate or maintain those gains permanently. Post-secondary isn't a job requirement.
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October 21st, 2011 at 10:52 pm 66
@scullboy
Where is the best place for croissants in north america, in your opinion? Nothing RE related about my query, I'm just really hungry…
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October 21st, 2011 at 11:25 pm 67
"Weak spot in market: Coquitlam condos."
You'd better believe it. Armegeddon in the Tri-Cities Condoland is going to be brutal. And, they're STILL building, especially in the Coquitlam Centre area.
The secondhand market will be crushed. The new-builds will be able to offer better deals.
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October 21st, 2011 at 11:38 pm 68
I can't quote this story because its so full of juicy goodness. You just have to read the whole thing to warm your bearish heart on this wet, miserable day.
http://www.vancouversun.com/business/housing+sale…
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October 21st, 2011 at 11:47 pm 69
Oh gawd no, haven't they done enough damage? I guess not.
"Many bankers visited hundreds of high schools across the United States sometime this week. They were there in recognition of Thursday’s “Get Smart About Credit Day,” featured in Chase’s Calendar of Events and other publications.
Unfortunately, the bankers’ primary goal was to teach kids to use credit cards. What our kids really need to learn is how to use debit cards. Big difference."
Read more: http://www.vancouversun.com/news/What+teach+kids+…
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October 22nd, 2011 at 12:22 am 70
Three foreclosures on Westwood Plateau
http://www.servingtricities.com/listings/property…
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October 22nd, 2011 at 1:09 am 71
@Patiently Waiting:
"The situation seems different for Coquitlam SFH. I’ve seen some redevelopment properties on busy streets selling. Maybe small-time developers are the last buyers out there."
A month or two ago, a guy at work described his experience looking for an old starter house in Coquitlam. I think he was looking around the Coquitlam/Burnaby boundary. He said every house he tried to put an offer on was bought by developers with no conditions. He was not considered by the sellers because it was easier to sell to the developers, so he gave up looking.
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October 22nd, 2011 at 1:19 am 72
Can anyone obtain and scan Podmore's anti-bubble pin?
"Podmore wore a button to the conference with the slash symbol for “no” imprinted over the word bubble."
Read more: http://www.vancouversun.com/business/housing+sale…
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October 22nd, 2011 at 1:26 am 73
@Summer: In Burquitlam, whole blocks of old houses are being leveled for townhouses.
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October 22nd, 2011 at 2:01 am 74
@mikoyan: …..Of course, labour always bargain for more. on other hand you are so stupid that you are happy with crumbs that you get. go figure…..
Good answer. LOL.
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October 22nd, 2011 at 2:08 am 75
scullboy Says:"The second best croissants in North America can be had at the Pacific Institute of Culinary Arts."
Is that by Granville Island? Can public purchase the food that they make?
How about that AI of Culinary Arts? Are they any good?
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October 22nd, 2011 at 2:29 am 76
@ Patiently Waiting:
"In Burquitlam, whole blocks of old houses are being leveled for townhouses."
Yes, I've seen them. He mentioned an area that sounded like it was down in Maillardville, which is near the Burnaby border but closer to New West.
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October 22nd, 2011 at 2:33 am 77
Coquitlam SFH sales very slow over the last few months. I think Larry's numbers also covered this recently. Selection up, prices down. Inventory sitting.
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October 22nd, 2011 at 2:46 am 78
@Summer: Yeah some real fugly ones sold around Blue Mountain St., probably to developers. Old houses in that area have often been poorly maintained rentals for a long time, or even grow-ops. Your co-worker is best not to buy anything in there anyhow.
Not mention that whole area is due for redevelopment so you really don't know how that area will change. Coquitlam city council seems deadset on densifying older areas like Maillardville ASAP.
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October 22nd, 2011 at 2:47 am 79
@Patiently Waiting:
And where does this advice come from…?
Ward McAllister is president of Ledingham McAllister Properties. Why do they even publish this crap? It's not advice, it's a sales pitch for f*#! sakes!
Since mom and dad are taking collateral out of their homes to finance new ones for their kids, borrowing from mom and dad = ponzi scheme.
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October 22nd, 2011 at 3:44 am 80
@Anonymous:
Exactly.
What I find hilarious is that these people are telling us "no bubble" while at the same time describing the parameters which show we are in a bubble.
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October 22nd, 2011 at 5:41 am 81
@Anonymous:
It's not a sales pitch. They believe it. Trust me on this.
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October 22nd, 2011 at 5:55 am 82
Vanmag…Why Vancouver is losing its youngest and brightest…
http://www.vanmag.com/News_and_Features/Gone
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October 22nd, 2011 at 7:52 am 83
"It’s not a sales pitch. They believe it. Trust me on this."
Remember Jerry, it is not a lie as long as you believe it.
- George Castazna
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October 22nd, 2011 at 7:53 am 84
Since there seems to be no logical pattern or anything remotely related to the topics posted in this thread;
What a complete hypocritical dickwad this guy has become;
http://www.greaterfool.ca/2011/10/21/how-to-buy/
For anyone who has been following Turner for a while;
-he predicted a financial meltdown post 2008, was actually promoting survival gear, generators on his website. Now he insults or lambastes anyone who suggests the same uncertainty and possibilities
-he called anyone who suggested an Asian influence effected house prices as racist and threatened to ban them from his site,unequivocally stating foreign money had NO effect. Now he routinely writes about the influence of 'HAM', especially in Vancouver.
-he predicted an impending housing price collapse years ago, WELL after emergency rates were brought in. Now he suggests it will be a long and slow decline.
-he routinely criticizes Conservative government policies. Policies he effected as the short lived Finance Minister under Kim Campbell's government (why he never mentions this??)
No wonder he wore the "Turncoat Turner" moniker for years. I actually am at the point where his hypocrisy is more like insanity.
What a douche this guy is, I'm ashamed I bought his books and feel like I was conned.
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October 22nd, 2011 at 8:07 am 85
@chilled:
"he routinely criticizes Conservative government policies. Policies he effected as the short lived Finance Minister under Kim Campbell’s government (why he never mentions this??)"
He was Revenue Minister, not Finance Minister. Anyway, the fiscal policies of the Kim Campbell government were the same as those of the Mulroney government before, which were followed up on (rather than reversed) by the Chretien and Martin governments after.
It was the Harper government which reversed this course and took us on the road to fiscal quagmire.
I agree that Garth is full of it in a lot of ways. However he is certainly correct that we have a major housing bubble in Canada today, and is the only current or former elected politician of stature to make a significant effort to get this message out.
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October 22nd, 2011 at 8:27 am 86
@patriotz:
I credit Paul Martin for slowing, not cutting, spending but I think it's pretty widely agreed that our national finances improved when we introduced the GST, implemented Nafta and shifted spending obligations to the provinces.
The first two were opposed by the Liberals and they were responsible for the third, which made the federal budget look good but leaves us with one of one of the highest per capita debt profiles in the world.
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October 22nd, 2011 at 9:09 am 87
@chilled: I stopped reading Turner when he gave potentially bad advice to parents. Basically, toss the kids out at 18 and tell them to make it on their own. Garth claims he's a self-made man, so therefore anyone else can do it.
Does Garth even have children? I don't, but I'm not going to preach to parents what they should do in this crazy, complex world where the divide between have's and have-not's grows constantly.
I do know this: life ain't fair. Young adults who have strong family support might have an advantage over those who go it alone. A working class family might only have a roof to provide for their kids (not connections or money for school) so Garth is full of it.
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October 22nd, 2011 at 9:22 am 88
@Patiently Waiting:
Ya Garth is full of it sometimes. While I don't agree that people should throw their kids out at age 18 (what about college? living at home during college can save some serious $$$), I would say that there's a limit. I know people who live at home, save nothing, and instead spend their money on expensive, fast cars. But staying home to save to buy a house? Sure. Maybe helping the parents with the household expenses while they live at home? Definitely! We all can't live like we're in high school forever, where the money from the part time job went to gas money, car and dinners out (believe me, some guys I know still live like this, despite earning $60k per year). One guy doesn't even save for retirement because he expects to live with parents forever (even if he gets married!), and has a government job (pension). Yeesh. I would kick him out if he were my son. Or at least make him pay rent.
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October 22nd, 2011 at 9:37 am 89
chilled Says: " What a douche this guy is, I’m ashamed I bought his books and feel like I was conned."
you are not the only one. I bought his book and i did not get anything out of it. i stopped reading his blog 2 years ago. he is such weasel and bullshiter par exelance.
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October 22nd, 2011 at 11:00 am 90
Re. Garth Turner:
This poster says it well IMO
http://www.greaterfool.ca/2011/10/19/6976/#commen…
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October 22nd, 2011 at 12:00 pm 91
Good to see you guys catch on to Garth Turner and his fear mongering. The guy was viewed as a god on this website just 3 years ago.
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October 22nd, 2011 at 1:03 pm 92
@pricedoutfornow: "some guys I know still live like this, despite earning $60k per year"
Of course, they sound like university grads and are probably closer to 28 than 18
I have a relative who is 34 (with an Engineering degree) and still keeps returning to the nest where his Mom does his laundry and cooks him meals. That's pathetic.
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October 22nd, 2011 at 2:38 pm 93
Down at ows and just saw this sign:
Real estate speculation is Vancouver's Wall Street
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October 22nd, 2011 at 3:36 pm 94
It is a cultural thing – Indian and Chinese (and others) often have kids living at "home" their entire life. The oldest son, normally takes care of the parents when they are old and the parents take care of the grand kids while their parents are at work. It is great system – alot of families that do this have separation as well, for example, a duplex with one side belonging to each or a multi level home with separate levels for different family groups.
With real estate being as expensive as it is, the whole "kick the kids out" is completely dumb ass.
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October 22nd, 2011 at 3:41 pm 95
@patriotz: Well put. Poor wording on my behalf, came across all anti-science. I think my point is that the realms of Business or Science are limited, and other things may be important to a society or it's citizens. Such as the appreciation of a good cheese, regardless of any commercial value it has.
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October 22nd, 2011 at 3:46 pm 96
I agree with anonymous above. It's a cultural thing, and I hope Westerners would recognize this rather than always treating the son who "stays home" with derision. In fact, the son who stays is the good son, the one who sacrifices his freedom and privacy to take on the responsibility of taking care of his parents. In some cultures, it is considered scandalous for all the children to leave the parents alone. Parents like these would be pitied and children derided for being too selfish. Of course the savings do help and in a way, the current Western system of kicking the kids out fuels the demand for real estate (bought or rented).
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October 22nd, 2011 at 5:42 pm 97
@Dave:
"Good to see you guys catch on to Garth Turner and his fear mongering."
You mean the global economy is just fine, Canadian households are on sound financial footing, and we should run out and buy a house right now?
Okay.
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October 22nd, 2011 at 11:06 pm 98
@patriotz:
Guess which province is the hardest place in Canada to raise a young family
And saying "families" every time you open your mouth doesn't change that, Crusty.
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October 23rd, 2011 at 1:22 am 99
“It is a cultural thing – Indian and Chinese (and others) often have kids living at “home” their entire life.”
Oh fcuk, it’s come to this now, why don’t we also adopt some of the other virtues and customs like female circumcision while we’re at it.
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October 23rd, 2011 at 1:55 am 100
DIRTY HIPPIES (shakes fist) LOL
http://twitter.com/#!/thesimeon
Simeon is Scam Good's receptionist or something.
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October 23rd, 2011 at 2:05 am 101
Over 80 and homeless,
“because the only thing worse than dying young is outliving your money.”
Read more: http://www.theprovince.com/news/Homeless+seniors+…
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October 23rd, 2011 at 2:26 am 102
@Keeping An Eye On The Pimps:
"Oh fcuk, it’s come to this now, why don’t we also adopt some of the other virtues and customs like female circumcision while we’re at it."
Yeah, because female circumcision is the same thing as kids living at home.
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October 23rd, 2011 at 8:40 am 103
@patriotz:
Wasn't such a bad idea 3 years ago now was it?
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October 23rd, 2011 at 9:33 am 104
@Dave:
Not as bad as buying today.
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October 23rd, 2011 at 10:31 am 105
@Dave: "Wasn’t such a bad idea 3 years ago now was it?"
Depends where you are. Prices in certain locales are lower than 2008. Condos don't look to have appreciated in real terms in many areas of Vancouver and sellers would be net negative after sales fees and taxes. Finally your statement assumes this person can and does sell at current valuations.
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October 23rd, 2011 at 11:17 am 106
"Wasn’t such a bad idea 3 years ago now was it"
In Kelowna it was.
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October 23rd, 2011 at 11:50 am 107
More news about the in-receivership 2000 unit Tobiano (Six Mile Ranch) project in Kamloops;
"Even cut in prices not enough to sell at Tobiano, court ruling shows" Kamloops Daily News
http://www.kamloopsnews.ca/article/20110928/KAMLO…
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October 23rd, 2011 at 1:11 pm 108
Tobiano is nothing more than British Columbia at its worst. It's unsustainable urban sprawl that should never have been taken out of the agricultural land reserve. It's a blight on an otherwise stunning landscape.
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October 23rd, 2011 at 2:02 pm 109
@jesse:
Anyone checking out open houses? My neighborhood (condo/townhouse development) has been infested with open house signs every weekend for the past few months. Some of the signs even have "Reduced" stickers on them! Funny, the only people I see talking to the realtors are…other realtors, all hanging out waiting for buyers to come by. I hear snatches of their conversations as I walk by, it all seems to be the usual realtor BS-each one trying to convince the other that the market isn't as quiet as it once was. One place I've kept an eye on for some time in my building has gone from asking price of $525k in the summer to $480k now (no more open houses for that one, the realtor's given up). How low will it go….
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October 23rd, 2011 at 2:20 pm 110
@pricedoutfornow: "the market isn’t as quiet as it once was"
Some Realtors claim SFH sales in certain markets have slowed considerably. Also if their gauge is last spring of course things are slower. Last spring listings were lower and sales were higher. If they're comparing year-over-year there have been more sales in every month of 2011 than 2010 with the exception of one. From 30,000 feet, 2011 has been, and continues to be, a great year for Realtors. So next time you hear them claiming things are "slow" tell them to STFU.
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October 23rd, 2011 at 2:25 pm 111
@jesse: Too many realtors! Does the REBGV publish # of realtors every month, like the Okanagan board?
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October 23rd, 2011 at 2:32 pm 112
@Devore: Don`t know. I could care less how many Realtors there are. As a business they`re doing better than last year both in sales volumes and total commissions (prices are higher year-on-year). If there are more Realtors around compared to last year it sounds to me like the employment stats might be overstating things a tad.
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October 23rd, 2011 at 7:26 pm 113
@southseacompany:
"“Even cut in prices not enough to sell at Tobiano"
That should be "Present cut in prices not enough to sell".
If the prices are cut enough they will sell and that will happen, because this is one of those "have to sell" properties. Take note "I'm not giving it away" sellers – this is your competition. Like you know where.
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October 24th, 2011 at 7:00 am 114
[...] “A month or two ago, a guy at work described his experience looking for an old starter house in Coquitlam. I think he was looking around the Coquitlam/Burnaby boundary. He said every house he tried to put an offer on was bought by developers with no conditions. He was not considered by the sellers because it was easier to sell to the developers, so he gave up looking.” – Summer at vancouvercondo.info October 22nd, 2011 at 9:09 am [...]
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October 24th, 2011 at 1:56 pm 115
[...] “A month or two ago, a guy at work described his experience looking for an old starter house in Coquitlam. I think he was looking around the Coquitlam/Burnaby boundary. He said every house he tried to put an offer on was bought by developers with no conditions. He was not considered by the sellers because it was easier to sell to the developers, so he gave up looking.” – Summer at vancouvercondo.info October 22nd, 2011 at 9:09 am [...]
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