Another news clip from Greenhorn AKA SethM.
May favourite clip at 4:50: a bartender living in a downtown condo bought by her parents. She pays them rent. Horror, you say? Apparently not: “It’s not that simple. They’re pretty strict. They’re just like a bank.” LOL We’ll see!
[…] SENTIMENT CHANGING? “We are here on the front line in Vancouver. It’s amazing the attitude shift in people within the last 2 months or so. People are openly talking about the market here being in a bubble. People I know who were total RE pumpers are starting to look scared. This is going to be epic.” – Drew at greaterfool.ca 4 Oct 2011 11:54pm “I was sitting and doing my work minding my own business and started hearing my coworkers discuss real estate, and they were literally mad about what’s going on. Amazing, the tides really are turning.” – 4SlicesofCheese at vancouvercondo.info October 5th, 2011 at 1:06 pm […]
[…] SENTIMENT CHANGING? “We are here on the front line in Vancouver. It’s amazing the attitude shift in people within the last 2 months or so. People are openly talking about the market here being in a bubble. People I know who were total RE pumpers are starting to look scared. This is going to be epic.” – Drew at greaterfool.ca 4 Oct 2011 11:54pm “I was sitting and doing my work minding my own business and started hearing my coworkers discuss real estate, and they were literally mad about what’s going on. Amazing, the tides really are turning.” – 4SlicesofCheese at vancouvercondo.info October 5th, 2011 at 1:06 pm […]
[…] SENTIMENT CHANGING? “We are here on the front line in Vancouver. It’s amazing the attitude shift in people within the last 2 months or so. People are openly talking about the market here being in a bubble. People I know who were total RE pumpers are starting to look scared. This is going to be epic.” – Drew at greaterfool.ca 4 Oct 2011 11:54pm “I was sitting and doing my work minding my own business and started hearing my coworkers discuss real estate, and they were literally mad about what’s going on. Amazing, the tides really are turning.” – 4SlicesofCheese at vancouvercondo.info October 5th, 2011 at 1:06 pm […]
@The Leak:
"If the Chinese economy dies, so does Canada’s and we all get crushed in the worst depression ever. We rely on China to sell our resources to. That’s all we have."
Really? I thought 70% of ALL Canadian exports (and 100% of Canada's oil exports) went to the US. How much of BC's forest products go to China versus the US?
Canada got by just fine in the past selling virtually nothing to China. Don't get me wrong, a China bust means a resource bust which means a 1980's style recession in Western Canada. But cheaper resource prices mean cheaper inputs to manufacturing in Central Canada and the US.
The whole world will have to adjust to China going off the steroids but the world will be healthier for it.
West Van : Median / Benchmark
2011-09: 1,830,000 / 1,716,247
2011-08: 2,090,000 / 1,760,710
2011-07: 1,865,000 / 1,729,641
2011-06: 1,797,500 / 1,793,524
2011-05: 1,910,000 / 1,713,305
2011-04: 1,910,000 / 1,637,312
September sees Median price dropping $260,000 or -12.4%
September sees Benchmark price dropping $44,463 or -2.5%
Interesting Global clip. The real estate agent Lauren Goldman? talks about the decreasing sales in Vancouver West. I guess the people from China are finally beginning to realize that it's okay to low ball instead of paying an extra $300k over asking. They should also realize that it's okay to walk as there's 17000 other listings in Vancouver they can potentially purchase. It seizes to amaze me that in a turbulent global economy, why people would pay millions for a money pit that may substantially decrease in value very quickly.
As for the financial planner in the clip, she made a bigger mistake even before condo shopping. Her big mistake was moving to Vancouver. I guess she slept through her DEBT 101 course.
Even if the land was free like I said, is it really possible to build a house in Vancouver for under 200k?
Yes! You can build a 600 square foot laneway house for the bargain price of only $140,000.
http://www.straight.com/article-102875/laneway-ho…
That's 50K less than that house in Blaine… (never mind that it's half as big and you have to provide the land).
Who says Vancouver is expensive?
Eddie. As sad as it is, I believe you're right!
Glass-Steagal.
Oops 84 was me.
"It’s what’s under the building that’s so much cheaper, and that’s because the sale price of the house is so much cheaper, and that’s because it’s all people are willing to pay."
Even if the land was free like I said, is it really possible to build a house in Vancouver for under 200k?
Vansanity Says "Over the last 12-18 months they’ve been busy launching Eurozone and Asian short funds."
How we, small individual investor, can make few bucks out of it?
If Greece defaults, which many think they already have, it will have repercussions globally. What many on here should be interested in is the possible effect it will have on global credit markets. Credit markets would tighten. Bond prices would drop. Interest rates would go up. Couple this possible scenario with China's inflation and the US's recession and we quickly see a global recession. For Canada it means manufacturing out east will hurt as well as the resource rich provinces out west. Your proverbial double whammy. It's not a rosey picture. What really grabbed my attention and alerted me to the problems in Europe and Asia was the activity that I observed hedge fund managers doing. Over the last 12-18 months they've been busy launching Eurozone and Asian short funds. The hedge fund managers, as per usual, saw it long… Read more »
@The Leak: Either way it's going to happen. Despite the popular belief, China can't actually save the world.
If we were collectively as smart as we think we are we would be planning for it now instead of boasting about Canadian immunity to the worldwide downswing.
@Best place on meth
Just a way of tipping my hat to this city's many middle class native sons and daughters, who's dreams of owning a home were shattered and by no fault of their own, became economic roadkill. I see opportunity for them in some of these headlines even if many policy makers and politicians don't…..RTP
Best Place on Meth.
As much as I love you…and I do 🙂 If the Chinese economy dies, so does Canada's and we all get crushed in the worst depression ever. We rely on China to sell our resources to. That's all we have.
Wow there are a lot of haters on this site.
Angry Bulls who are watching the value of their real estate drop daily are voting down any/all of the inventory questions. I saw one go from +5 to +1.
Hilarious and reeking of desperation. Although my vote was cxl'd out by said haters I am thinking 18,500.
Stories about the looming destruction of China and their fake economy always warm my heart.
I would give them 10 thumbs up if I could.
Chinese bonds and equities are flashing warning signs that suggest the booming mainland property sector is heading for a bust – a development that would send shockwaves through financial markets worldwide.
@ADRA: Please keep us informed. It's anecdotes like these that help illuminate the nature of this market.
Meth
I will buy the dip, same as I have been on oil, gold, copper, etc.
Your a mess.
TD Ups 5-year Rate. Cuts 2- & 3-Year Rates
Canadian Mortgage Trends: "TD last changed its 5-year rate two weeks ago when it dropped to 5.19%. Since then, the 5-year bond yield—which guides fixed rates most of the time—has been flat. As a result, today’s increase may surprise some.
Unfortunately, credit spreads have inflated a bit with the bond market pricing in a near-term default by Greece. In addition, investors have been demanding slightly higher returns to buy Canadian mortgage-backed securities. These realities and the related market volatility are raising lenders’ funding costs. That may be at least partly responsible for TD’s move today.
We’ll keep an eye out to see if the other Big 6 follow TD’s lead."
19000+
18500
18000
17500