Friday Free-for-all!

It’s that time of the week again! Lets do our end of the week news round up and open topic discussion thread for the weekend. Here are a few links to kick off the chat:

BOC warns condo boom could be ending
Euro crisis puts Canada at risk
Jesse on the BOC over at Housing Analysis
Two of the ten richest postal codes are in Vancouver
We have the poorest postal code too, yay diversity!
Low income housing at OV comes with high water bills
CIBC economist warns global slowdown of ‘Biblical scale’

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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patriotz
Member

<a href="http://www.nytimes.com/2011/12/08/greathomesanddestinations/real-estate-for-800000.html?_r=1&hp=&adxnnl=1&adxnnlx=1323429409-Gm3xnZxtCDG3Pqrjy+umyQ&quot; rel="nofollow">What You Get for … $800,000

This house is in Queen Anne, a hilltop residential neighborhood elevated about 450 feet over Puget Sound and downtown Seattle. Developed in the late 1800s, Queen Anne is known for its historic houses, and for its parks — there are four within five blocks of this house. The neighborhood’s commercial corridor, Queen Anne Avenue, five blocks away, mixes banks and pharmacies with bars, restaurants, cafes and boutiques. Downtown is about two and a half miles away.

But Seattle is a "dump", of course. Here's what 800K gets you in beautiful Vancouver:

http://www.realtor.ca/propertyDetails.aspx?proper

Alum
Guest
Alum

Vancouver condos are still cheap. Toronto, not:

The Toronto market has been of particular concern to market watchers, with prices continuing to rise at the same time as a record number of new units are set to flood the market.

http://www.theglobeandmail.com/report-on-business

WFT?
Guest
WFT?

@patriotz:

Vancouver is a rip off. Low wages and high prices for crappy houses.

jesse
Member

Incoming! Premier appoints new immigration task force

VICTORIA – Premier Christy Clark announced the creation of the B.C. Immigration Task Force to review key government programs in order to increase the number of skilled immigrants and investors in British Columbia.

If you don't think Clark and her government are very worried about the sustainability of BC's recent construction boom, you're not paying attention.

Anonymouse
Guest
Anonymouse

@patriotz:

It's almost as if you're trying to convince yourself that you made the right decision to relocate. Having second thoughts already?

Anonymouse
Guest
Anonymouse

@Alum:

From your article:

"But there are no actual statistics. Canada doesn't track foreign investment in its real estate market, leaving anyone with an anecdote licence to talk up the market. "

Of course that also applies when talking it down.

space889
Member
space889
With regard to the OV Utility bills story and the comments posted, 3 things really struck me. 1 – Wow there are a lot of cold hearted people out there. Ok I agree that OV isn't the best place for social housing, and most people can't afford to buy or rent there. But still, the people living there didn't make the policy choices and I think they have a legitimate complaint. From the comments, it would seem like most people think these people are just leeches that should be thrown out on the street, somewhere far away and dirty and run down. Also, a lot of know it alls comment on how cheaply they can live in this town. Seriously do we really have so little compassion left? 2 – I thought most condo fees included things like hot and… Read more »
VanRant
Guest
VanRant

@jesse: "The Canadian government says it is investigating 6,500 people from over 100 countries who have attempted to gain citizenship or permanent resident status illegally."
http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/

This is just the tip of the iceberg. Our immigration policy is out of control. Reform it!

chip
Guest
chip

@jesse:

"Incoming! Premier appoints new immigration task force"

Did you see the make-up of that task force? Immigration lawyers, activists and every proponent of the current immigration policy they could think of.

Clark wants more of the same and she's got the task force to prove it.

The fact that immigrants now share with single moms the greatest correlation to poverty, and that immigration is currently a net cost of $23 billion a year, is apparently a reason to turn the quota knob up to 11.

pricedoutfornow
Guest
pricedoutfornow
@space889: I agree, you would think that with such a high-tech, supposedly energy efficient building, utility bills would be less, not more. What a rip-off for tenants, I can sympathize with them. I lived in a townhouse/condo once where I was shocked at my monthly hydro bills. Why? Because of the gas fireplace (so they told me), there was a two-way vent in the wall to "let the gas out so the place doesn't blow up" (seemed kind of ridiculous to me, but I had no idea about these things). Yes, well, it was FREEZING! Not so nice to be watching TV with a cool draft down your back. Oh, and the gas for the fireplace was included in the rent, but it didn't actually generate any heat ("decorative" they told me). The utility bills was one of the reasons… Read more »
Anonymous
Guest
Anonymous

@DEFAULT NAMEe: …It’s almost as if you’re trying to convince yourself that you made the right decision to relocate. Having second thoughts already?…

He's a student, you dork! He's coming back.

PennyStock
Guest
PennyStock

@jesse: "Premier Christy Clark announced the creation of the B.C. Immigration Task Force to review key government programs in order to increase the number of skilled immigrants and investors in British Columbia."

These are conflicting goals. Increasing "investors" (i.e. HAM) will have the tendency to keep the bubble growing. Yet a growing bubble will have the tendency to drive away skilled immigrants.

Dave
Member

@chip:

I have never seen that number before. Link?

Anonymouse
Guest
Anonymouse

@PennyStock:

"Increasing “investors” (i.e. HAM) will have the tendency to keep the bubble growing. "

No, because (as discussed to death a million times here) it's not foreign money that's driving the market, it's cheap credit.

Best place on meth
Member
Best place on meth

@jesse:

B.C. Immigration Task Force mandate

The Task Force will examine the current system of economic immigration to Canada and B.C., including programs such as:

Federal Immigrant Investor Program (FIIP): Seeks to attract experienced business people any Chinese people with lots of cash to invest in Canada's economy buy citizenship and park their money in real estate. Investors must have sufficient business experience an interest in buying real estate and a minimum net worth of $1.6 million that was obtained legally somehow and are required to make a minimum investment of $800,000 pay $130,000 at the door.

Fixed

Dabster
Guest
Dabster

@jesse:

Picture like from cold war era. Who are those Chinese comrades around here?

PennyStock
Guest
PennyStock
space889
Member
space889

@VanRant: Like the tens of thousands of Canadian citizens that are currently living in Lebanon and was critizing the government for not promptly evacuating them when Isreal invaded a few years ago? Who incidently took the first flight back after Isreal withdraw?

Vini
Guest
Vini

@DEFAULT NAME: He’s a student, you dork!

Hey, be nice. Santa Claus is watching you.

jesse
Member

@Best place on meth: It's the normal thing, BC wants to attract business-friendly investment and supply skilled workers; when investors come to BC they find the environment is slow, burdened with regulations, and generally expensive. It's clear to me the government is in denial what BC really is and how leviathan a task it is to measurably change it.

Thinking that bringing in investors and skilled workers will boost overall wages is something to debate.

VanRant
Guest
VanRant

@space889: Missing Canadians…..

"There are about 9 million BC CareCards in circulation for a population of about 4.5 million people, according to the Ministry of Health."

http://www.northeastnews.ca/index.php?option=com_

This figure is for BC only. The numbers for the rest of Canada must be staggering…. and we want to let more immigrants in!

Makaya
Member
Makaya

From a guest article on zerohedge website:

"For a number of years, mainland Chinese buyers have accounted for nearly all new apartment sales in Melbourne and Sydney. On numbers I've seen, they have been investing between A$2 billion and $3 billion a year.

An increasing number of mainland Chinese are establishing permanent residency and sending their child(ren) to school and university in Australia. And Simon recently reported that from an offshore strategies conference in Shanghai that the room was packed full of Chinese people learning how to diversify abroad."

http://www.zerohedge.com/news/guest-post-one-alar

jesse
Member

@chip: Yeah the makeup of the task force is rather telling. I anticipate they will report a few months before the advent of the election, and cry bloody murder when they're told what they want isn't within their purview. Hey, other parts of the country want the world's "best and brightest" too you know!

Bold economic-focused vision, but an inability to act on it; a great setup for absolving any responsibility for internal economic failure. I wonder if the electorate might decide that Pmr Clark has basically given up on the province's ability to bootstrap itself without relying on some "outside help".

Bally
Guest
Bally
Not much of a name...
Member
Not much of a name...

@Makaya: And how is it working out for RE values in those two cities??? A little foreshadowing of Vancouver? Perhaps…only time will tell.

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