http://globaleconomicanalysis.blogspot.com/2011/11/vancouver-real-estate-bubble-in.html
A million dollars can buy you a ‘liveable’ house in deepest east van..
99 Comments
Anyone see today's hilarious Vancouver Sun editorial telling readers, in advance of Black Friday sales in the US, how it's more expensive to shop in the US.
Good grief! Is there anything in that fish wrap even remotely reflective of the truth?. I'm beginning to question if the Lions really are in Grey cup this weekend.
@patriotz: … “No one builds crappy new buildings,” he says. “The housing supply of the poor are old buildings.”
Tsur misses the obvious again. A tremendous amount of new low end rental accommodation is being built – secondary suites….
Not to mention that almost everything built these days is crappy.
[…] had in my mind for not disclosing such “details”. – from Makaya at VREAA 20 Nov 2011 [who cited 604serf at VCI 20 Nov 2011 ("Really, “interview” someone who works in Condo Marketing about how they’re buying a […]
"Econ 101: it’s not applicable"
LOL, in other word it's different here.
Supply/demand matters in every housing market. Vancouver is no different.
Tsur Somerville: “No one builds crappy new buildings,”
Pretty much everything built in Vancouver is crappy. They just market them as luxury and charge luxury prices.
[…] had in my mind for not disclosing such “details”. – from Makaya at VREAA 20 Nov 2011 [who cited 604serf at VCI 20 Nov 2011 ("Really, “interview” someone who works in Condo Marketing about how they’re buying a […]
75 ReadyToPop Says: "More “for sale” signs isn’t a bad thing…..more supply = lower prices."
When a market generates that supply, of course. Cause and effect, buyers aren't paying the old asking prices. When it's Developer Dave's "Don't Call It Corporate Welfare" program of land handouts to his pals, prices could be anywhere.
Econ 101: it's not applicable to command economies.
@jesse:
From the article:
"As Tsur Somerville, director of University of British Columbia’s Centre for Urban Economics and Real Estate, points out, with the exception of subsidized housing, new buildings aren’t targeted to the poor.
“No one builds crappy new buildings,” he says. “The housing supply of the poor are old buildings.”
Tsur misses the obvious again. A tremendous amount of new low end rental accommodation is being built – secondary suites.
@patriotz: The post was more suggesting that income inequality gives those without the means the drive to take bigger risks to compete through debt accumulation.
"t was the Labour government that presided over the UK boom."
Actually it goes all the way back to Margaret Thatcher and her privatization of council housing and war on renters. This "ownership society" merged into the global housing bubble post-2000.
The point is that the UK's new Conservative government still doesn't get it and thinks the solution to the UK's RE addiction is more RE addiction, instead of building a real economy.
@jesse:
I disagree completely. Income inequality has been growing faster in the US than here – including post 2005 – and look what has happened to their RE market.
RE markets are supported from the bottom. The rich getting richer can result in a few choice neighbourhoods getting more expensive, but that's all.
@signallingthetop: haters gonna hate
I'll take that over Realtors in cars. If Ian Watt starts giving his updates in spoken word I might change my mind
The anecdotes about pizza delivery boys and shoe shiners giving advices hit home for me in 2007.
Staying at the Sheraton in Edmonton, the bell boy actually told me about luxury condos coming up down the street. Starting from 450 large he said. It's a good investment because they're going to put a Sobeys on the ground floor he says.
Anyway, we all know what happened after.
@signallingthetop: HILARIOUS. Spat out my tea when I got to the rap.
Vancouverrrrr, "The riot" version: http://www.youtube.com/watch?v=fTGPbFMSCrE
@Bailing in BC: I watched the whole thing. It's too fascinating!
@Bailing in BC: No, I'm not masochist. It takes about 1 minute to get there… I know, even 1 minute is painful…
The melody is actually stuck in my head…. "Vancouverrrrrrrrrr"
By the way, on her second video, a commented said: "Um the weird thing is that she's my music teacher…." LMAO!
@Makaya:
Good God! Your not actually telling us that you watched that whole thing are you?
Why? Why did you do that to us? Do you have no mercy? Next time at least give us a warning.
@bubbly: Hey, she's actually a recidivist!
It was the Labour government that presided over the UK boom.
@signallingthetop: Wow!
Reminds me of this: http://www.youtube.com/watch?v=tlPs95dgRYw
@vreaa: Did you see that she's singing in her car as well? Just like the realtors!
More "for sale" signs isn't a bad thing…..more supply = lower prices. What do I know? Maybe I'm just too old fashioned….thats the old econ 101 way of thinking. 🙂