Friday Free-for-all!

Ho-ho-ho. It’s that time of the week again, lets do our end of the week news round up and see who’s been naughty and nice. Here are a few links to kick off the Holiday chatter:

TD forecasting housing ‘correction’
Microloft probably too small for Santa
Everybody wants out of Trump Towers
Victoria safe from bubble as prices drop
Canadas housing boom in lucky 13th year
Consumer confidence needs to do some last minute shopping
BC economy not too hot, not too cold
Real Estate speculators in ‘China’s Hawaii’ get coal in stocking

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

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Meh

CMHC builds mansions in China

http://www.vancouversun.com/business/CMHC+program

Anonymous

please tighten the rule, domus does not like the wait any more.

domus

It won't happen, these guys want re-election before anything else.

They might tighten slightly either the downpayment requirement or the length.

I think they won't do either of them, they know what would happen just as well as we do.

RippedtoShit

Hi domus,

It's a basic/safe prediction of what is to come in a few months – consider this an 'advance copy' of the news to come!

It's been painted into the tape for weeks.

domus

@RippedtoShit: "Mortgage rules to revert back to 25% down/25 year maximum amortizations as of May 1st@"

I will believe it when I see it. Can you give more details? I do not think the government has the guts to push through such a change, it would result in an instantaneous drop in prices of well over 20% (and that's a conservative estimate).

Would like to know more if you have links.

Suguar

This reads like a suspense thriller! http://www.businessweek.com/magazine/the-king-of-

RippedtoShit

Vancouver Sun: http://www.vancouversun.com

Mortgage rules to revert back to 25% down/25 year maximum amortizations as of May 1st@

ReadyToPop

@DEFAULT NAME

 Perhaps this is what you're referring to? 🙂

Anonymous

@ReadyToPop: My God talk about a merry dance around an issue. This really smacks of "everybody in the know, knows, but none will talk about it".

Bailing in BC

Merry Christmas to you and yours

I love you argumentative bastards.

Anonymouse

@patriotz:

There are many private employment insurance companies in the UK. It usually comes with long-term disability/sickness cover.

ReadyToPop

The recently released IMF report is here, and yes, Vancouver is mentioned.

Also….

A transcript of a recent conference call that may be of importance to VCI readers here.

Merry Christmas…..RTP

ReadyToPop

Strengthening oversight of the [CMHC] will be particularly important,” given Canada’s record levels of household debt and evidence that some cities are experiencing house-price bubbles, the IMF's executive board said in a separate statement.

@Default Name

RE: IMF calls for review of CMHC risk management

Great scoop….looks like the IMF is actually using the word "bubble" to describe some cities? Hmm, I wonder which cities those would be…. 🙂

Anonymous

@DEFAULT NAME: ….She replied, honey, things are never coming down. Oh yes, I said, yes they will. ….

Hard to make points with someone in a 'profession' with a minimum grade 4 education requirement.

Anonymous

@DEFAULT NAME: IMF calls for review of CMHC risk management

http://www.theglobeandmail.com…..le2281470/

Does underwear get stained when a fart pops? There will be lots of folks rinsing their underwear as Vancouver pops.

RippedtoShit

your long time realtor friend is pond scum, reality will knock her on her fat ass.

soon.

Anonymous

@fixie guy: "long past the point most other nations stopped."

I am not sure there were any nations that "stopped" voluntarily. They stopped because the credit bubble ran its course and credit dried up. Kind of like why Europe is now looking at austerity. Not because of great leadership but because the well has run dry.

Anonymous

this person never moved to ottawa; he was pretending moving only! LoL!

patriotz

@Jim:

Really the only kind of "insurance" that's comparable to mortgage insurance is employment insurance, which the private sector won't go near either.

But the government doesn't even pretend that EI is really insurance, it's functionally a social welfare program funded out of current revenue and on the books.

That's what's really scary, mortgage insurance is really a social welfare program masquerading as a business. And that kind of masquerade always ends badly.

patriotz

@DEFAULT NAME:

"her own place on 62nd ave in east van is up (for sale)… honey, things are never coming down."

Then WHY does she have her own property for sale? Talks like a bull, but walks like a bear.

Anonymous

http://vreaa.wordpress.com/2008/02/23/he-said-she… Vansanity | 29 February 2008 at 8:11 am | Reply A friend that is a long time realtor talked to me on Feb 28. First thing she said, are you looking? Because I have a great place coming up in Ladner, also her own place on 62nd ave in east van is up. I said, I can’t afford a million for a place, and no, thank you, we’re waiting for things to come down. She replied, honey, things are never coming down. Oh yes, I said, yes they will. No, we didn’t argue about stats out there, conversation was brief and without substance. It just surprised me that she still feels that places are not coming down… ever. A woman who’s seen several bearish periods in local real estate obviously is enjoying the party and either does not see,… Read more »

Anonymous

http://vreaa.wordpress.com/2008/02/23/2-changed-m

alexcanuck | 27 February 2008 at 9:22 am | Reply

'We sold our townhouse ( champlain heights) in Aug/07 and are renting and waiting. Owned free and clear, nothing to do with affordability, we wanted a move anyway and believe we sold for way more than it would sell for when we want to buy again. Our money is where our mouths are."

i wonder how the waiting is for this family since aug 2007?

Jim

@patriotz: "All insured events are unpredictable. That’s the point of having insurance. Insurance works because the more unpredictable events you group together the more predictable the total loss becomes." Well, almost. Any basic text on insurance mechanisms, actuarial science or insurance law will tell you that insurance only works when the events being covered satisfy a few criteria. One of those criteria is independence, in a probabilistic sense. The problem with insuring against weather events, for instance, is that the resulting claims are not probabilistically independent. A hurricane that hits Florida will affect large numbers of insureds simultaneously. Similarly, mortgage defaults due to macro-level economic conditions (rising interest rates, worsening employment prospects, warfare, etc) will affect large numbers of homeowners at the same time. Insurance mechanisms work when you have a large number of individuals who face risks that are… Read more »

RippedtoShit

You dummies are too thick to realize that the CRASH has already started. It IS underway NOW.

The ramifications may be gradual but they will be enormous in size and scope.

Hold on ladies, the ride will be increasingly bumpy.

McLovin, I hope you didn't drink the coolaid.

All the best for the holidays and the New Year!

Losers!

fixie guy

@11 jesse Says: "That a country now facing recession due to economic imbalances had hubris 3 years ago."

I'll wager the non-Canadian perspective will be broader and factor in outside extenuating circumstances, and, returning to the original point, because of that Flaherty will make us look like much bigger fools. History will show the only reason he even had the opportunity to gloat is his government's policies continued along paths shown repeatedly to be self destructive long past the point most other nations stopped.