It looks like money isn’t the only thing being sucked up by Vancouvers Olympic Village. This Global News segment is about complaints from residents about negative pressure in the ventilation system leading to health concerns.
@patriotz: "You mean that the NDP was secretly running the US and Ireland during the last decade?"
Oh, so you mean George Bush and Brian Cowen were secretly running Canada? Cause that would explain why the bubble hasn't popped here yet.
@patriotz: …You mean that the NDP was secretly running the US and Ireland during the last decade?…
Yep, that's what I mean.
Seattle is a bit of a dump…the Hot new restaurants there are Joeys and Earls imported from Vancouver…Too Funny.. and the livability of the city is nothing like Vancouver..vast dark areas at night.I don't care if anyone buys Real Estate here…I don't see prices going up in all areas and they could fall but I do think it's stupid that people think crashing house prices is a good thing…That down payment money you have will be gone pretty quick when you get laid off.Cheers.
S/L ratio: 74%
Nov 2010: 83%
Nov 2009: 84%
Nov 2008: 29%
Nov 2007: 85%
Nov 2006: 74%
Nov 2005: 90%
Nov 2004: 77%
Nov 2003: 102%
Nov 2002: 97%
Nov 2001: 97%
This November has the 2nd worst S/L ratio in the last 10 years, and the 3rd worst sales in the last 10 years. Nowhere near '08 levels, yet. We'll see what the coming months bring.
Isn't a 25% drop 1.05 million? Do we live in a world where $50,000 is a rounding error?
Seems like a bubble could take purchase in such a world.
@Manson: He's forecasting a minimum 25% drop in the average Canadian Real Estate price. As for what that portends for Vancouver, you may have heard the aphorism "the higher they rise, the harder they fall."
Keep up the posting, by the way. You're the most unintentionally amusing poster on here.
A 50% drop is a return to pre bubble pricing. 25% is half way there. I personally think it will fall through the 30% mark, and most economists are being on the safe side.
Wow…a 25% Drop..You mean a $1.4 Million dollar house in Kits will "Crash" to a Million?! Congratulations everyone..Pop open a bottle of Champagne and celebrate all your hard work and thousands of Doom and Gloom posts over the last few years.Great job you did it!
Well, there's November.
2420 Sales (-5% from 11/10). 3260 Listings (+8% from 11/10)
Sell to list 74%
Slighly slower than last year, but nothing spectacular.
Great piece, this economist sounds fairly certain that house prices in Vancouver are going to correct, most likely by more than 25%. No ifs, ands or buts about it, this guy certainly has no doubts. Nice how he even apologizes at the end of the interview for "being the bearer of bad news". hehe.
Heard a great Canadian housing bubble piece on CBC's On The Coast this afternoon on the drive home:
Thanks Manson. Its nice to know my hard work is not unnoticed.
Come on you guys, you're not even giving me a chance to vote hyper dork's postings down before they evaporate! LOL.
@Patiently Waiting: ….“The Oracle Research survey shows the NDP with 43.8 per cent support among decided voters, the BC Liberals at 25.3 per cent, the Greens at 16.0 per cent and the BC Conservatives with 14.8 per cent.”….
I'm hoping the NDP wins the next election! I think we need the carnage they'll cause to get things back to normal here.
Ahh Mclovin…Such a tale of Doom and the coming Apocalypse played out in a Kits coffee shop..Yes a bunch of Real Estate agents hanging their heads in despair because "It's all over"…Yep folks Garth has over heard that it's over for Real Estate….Thanks Garth..good reporting dude. Good work McLovin.
@bbb: ….“Some are angry and some are depressed, but whatever the expression made by each delegation, they are united in their criticism of Canada.”….
Who gives a crap what they think?
@suck and blow: ..Ahhh yes…. the Vancouver Olympic experience… still taking peoples breath away!…
Maybe owners are wishing the athletes had scrapped up all that DNA and took it with them when they left.
"the gentle folk of Vancouver are being displaced by people from other cultures and belief systems where you push, shove and cheat your way through this earth-bound life …"
Which other cultures and belief systems were setting fire to police cars back in June?
From Garth's Blog… 225 lotuslander on 11.30.11 at 7:31 pm I just came back from a shopping excursion in Kitsilano and I was waiting at the deli/coffee counter at Capers for service. No one actually lines up, people just kind of mill around as the “honor” system rules. People actually keep track of whose next for service, acknowledge each other and will often let other go in front of them even if it isn’t their turn. That sort of informal community awareness of your fellow humans is why certain parts of Vancouver are so special. Vancouver has been described for decades as “the biggest village in the world”. This lifestyle and state of mind is sadly being lost as the gentle folk of Vancouver are being displaced by people from other cultures and belief systems where you push, shove and… Read more »
"RBC mortgage specialist Jason Wang over at a chinese forum said variable mortgage rate discount will be further reduced tomorrow. The lowest one could get had been P-0.3%, by Dec 1st it will be P-0.1%."
Maybe they're expecting a rate cut?