Friday Free-for-all!

It’s the end of another work week and the holidays are drawing near.  Let’s do our regular end of the week news round up and open topic thread for the weekend, here are a few stories to kick off the chat:

RE/Max agent sells all personal property, predicts housing crash
Mark Carney understands the problem
Main street is the million dollar line
Mark Carney speaketh the truth
China boom to bust: 35% price drop
Vancouverites are water hogs?
US realtors had trouble counting for five years
The most dismal place on earth?

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

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Boombust
Guest
Boombust

I saw that charlatan Michael Campbell flappin' his gums on Global News at 5. He was yapping about high debt loads including mortgage debt, especially here in BC.

Creep. CYA time is obviously in full swing. He also mentioned the slowdown in China "…and because of the large amount of ppoerty investment by off-shore money, we could see considerable weakness in the RE market." (or, words to that effect).

So, HAM it up, Mike. Then clam up.

patriotz
Member

“…and because of the large amount of ppoerty investment by off-shore money, we could see considerable weakness in the RE market.”

But not because of vastly larger amount of local investment at inflated prices which MC has encouraged for years.

No siree.

Keeping Eye On The P
Guest
Keeping Eye On The P

http://www.prakashloungani.com/2011/12/global-hou

Take a quick look at chart 4, Canada has a long way to go -down that is.

patriotz
Member

Hot Arab Money in Toronto!

http://news.nationalpost.com/2011/12/15/saadi-gad

TORONTO — The Gaddafi family owns a $1.6-million penthouse apartment in downtown Toronto that has apparently gone unnoticed by the Canadian and Libyan governments, the National Post has learned.

The luxury condo atop the Harbor View Estates building on the Toronto waterfront comes with a view of Lake Ontario and access to a 25-metre swimming pool, squash, basketball and tennis courts and a bowling alley.

Although the United Nations Security Council ordered countries to freeze the Gaddafis’ worldwide assets in response to Libya’s crackdown on demonstrators, Ontario property records still list the condo’s owner as “Saadi Kaddafi.”

Anonymous
Guest
Anonymous

still not out looking for gov job in ottawa yet? then go clean the kitchen. dont sit there on your butt all day and expect your wife doing all the work!

Kingston
Guest
Kingston

@Anonymous: Patriotz always adds something to the discussion unlike you. Between the two of you I know which one i'd vote off the island.

Don't Feed the
Guest
Don't Feed the

@Kingston: Don't feed the trolls.

registered
Member
registered

6 Kingston Says: "….adds something to the discussion unlike you."

The implication in post 5 that patriotz, and others outside Vancouver, are somehow inferior adds plenty towards understanding the local market's emotional needs, if not exactly the message intended.

Anonymous
Guest
Anonymous

@Kingston: don't acknowledge the trolls

Best place on meth
Member
Active Member
Best place on meth

@patriotz:

>>>But not because of vastly larger amount of local investment at inflated prices which MC has encouraged for years.<<<

Yes, but why have locals kept on buying at inflated prices?

Could it have something to do with fear of Chinese money driving up prices even further and a feeling of being forced to compete with that money which the media and industry keep throwing in our faces day after day, year after year?

When the yellow hordes stop buying the pressure is off and locals stop buying as well.

jesse
Member
The World's Housing Bubble Canada tops the list on the housing price to rent ratio. Housing prices are significantly overvalued on this score (being driven perhaps by the high global demand for housing in Vancouver and to a lesser extent Toronto). The housing price to rent ratio also significantly exceeds its historical norm in Norway, New Zealand, Belgium, Australia, France, Finland, Spain, the U.K., the Netherlands, Denmark, Sweden, Ireland and several other countries. Lougani notes that these indicators are a "very broad brush" and that there are "myriad country-specific factors that influence house prices." Still he cautions when these two key ratios are "above their historical averages, economic theory suggests that declines in house prices may still be in the offing." We know how painful the housing crisis has been in the U.S. With the evolving Euro crisis and continuing… Read more »
WhatProblem
Guest
WhatProblem

Yeah..All those places where housing is crashing are doing great..Social unrest..Banks not lending..Spain has 40% youth unemployment…But by all means keep hoping for "Mad Max".

WFT?
Guest
WFT?

@WhatProblem:

Yeah, the USA is like Mad Max. Do your self a favor and visit Seattle for the weekend and get a dose of reality.

WhatProblem
Guest
WhatProblem

You still couldn't afford Seattle prices so what's your point?
http://www.nwhomehunter.com/results.aspx?guide=Se

WFT?
Guest
WFT?

@WhatProblem:

Wow you have access to my bank account?

Anonymous
Guest
Anonymous

@WhatProblem:

Looks to be 1/3 the price of Vancouver. What's your point?

WhatProblem
Guest
WhatProblem

Ok fair enough..So what area of Vancouver do you want to buy in and what price would you consider fair for that area?

cgh
Guest
cgh

@WhatProblem: Yesterday you said Canadians have higher wages than Americans. I asked for a reference to support that remark, as I work for an American company. Do you have it yet? (I am posting this from SF, California).

Googles
Guest
Googles

@WhatProblem

You might be surprised… I bet there are quite a few people reading this blog that would pay cash if Vancouver prices were as low as Seattle's. Don't associate financial concern over real estate prices with a lack of cash or resources. There are other ways to invest your money.

BTW… interesting link you shared since a brief glance would indicate there is about a 50% haircut for Vancouver prices to get even close to Seattle, if you look at price alone. Vancouver's economy can surely justify that difference I'm sure… We have Lulu Lemon and mountain and water. While they make Starbuck (among a few other things) we drink it don't we??

WhatProblem
Guest
WhatProblem

Now I get it…This forum is filled with people that can easily afford to pay Cash for $400,000 Houses…The true motive of this site is becoming clearer.

Alum
Guest
Alum

@WhatProblem:

Inflation will eat your cash baby

400k this year = 380k next year do the math

WhatProblem
Guest
WhatProblem

Well teachers seem to make more… http://www.educationworld.net/salaries_us.html

Canada…(Especially B.C.)
http://www.nucleuslearning.com/content/teacher-pa

registered
Member
registered

20 WhatProblem Says: "The true motive of this site is becoming clearer."

Forums have motives? Dammit, either I'm cut from the covert meetings or I'm using an obsolete secret magic decoder ring.

Anonymouse
Guest
Anonymouse

@Googles:

"We have Lulu Lemon and mountain and water."

Vancouver has much more than that, if you'd care only to look.

We've got a lot
Guest
We've got a lot
@DEFAULT NAMEe: We have lots of jobs building leaky condos. We have lots of jobs repairing leaky condos. We have a world class Olympic Village that we can't sell out to suckers during the biggest housing boom ever. We have a thriving downtown east side with an HIV/Aids and Hep C rate equal to Botswana. We have beautiful parks and we're close to mountains. We had a scam ridden stock exchange, but that shut down. We have a lot of rain and that keeps stuff green. We have a city hall building that looks like its from a Batman comic. We have Japadog. The ceo of facebook once visited town so we had a newspaper article about it. We don't like it when our hockey team loses. We've got a reputation for wearing yoga pants.
wpDiscuz