Friday Free-for-all!

It’s the end of another week and that means it’s time for our weekend news wrap up and open topic discussion thread! Here are a few links to kick off the chat:

Condo markets in Toronto and Vancouver at risk
Vancouver 2011 market update video
-What $1.8 million gets you in Arkansas and Vancouver
Nine wonderful bubbles
Condo risk bubbles up
Royal LePage says banks are wrong, prices will not drop in 2012
Bernanke saw ‘relatively soft landing’ in 2006

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

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[…] “I’m running out of patience with the bubble in the city. If it does not pop soon I’ll move on to another city or country. So plans do revolve around the housing market for most – either counting on real estate for retirement, or deciding to stay/leave. And that dependence grows as one gets older, has kids and thinks about school districts.” – 604x at vancouvercondo.info 15 Jan 2012 at 6:22pm […]

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[…] The Pope for Vancouver Condo Info, 2012. | Permalink | 158 comments | Add to del.icio.us Post […]

Anonymous
Anonymous
8 years ago

patriotz #155,

the way you think, no wonder you had to leave town all the way to ottawa. how is the warm weather and affordability there working out for you?

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[…] “My colleague B. has been bragging about the price of his house for the past 4 years. On Friday, I told him we are passed the peak, and that I know of two families who sold in June and are proud of their timing. He turned white. I showed him Larry’s graph on my laptop. Sorry to say it, but it felt good to look at his face. He could hardly work in the afternoon, trying to gather data on the web. His conclusion: he is late, and his last chance to cash in is in the next two months, if there is any HAM left. I realized that, in his mind, he did not have a 2.5 million $ home, he thought he HAD 2.5 MILLION DOLLARS (and plans about how to spend it). And suddenly, those 2.5… Read more »

patriotz
8 years ago

@crashcow:

"After accounting for ownership premium (maintenance fees + property tax + interest charges – rent saved)"

Could we dispense with the shillspeak on this board? Nobody would say that if you owned a business that bled cash you were paying an "ownership premium". It's an operating loss.

604x
604x
8 years ago

Before I get flamed too badly, here's an article offering sources/data for the innuendo in my prior post.

http://www.time.com/time/world/article/0,8599,207

There is a big difference between selling immigration visas to entrepreneurs who earned their dough, and those who stole it (or wish to hide the cash in Canada from taxes in China).

A solution: Canada enter a tax treaty with China to share property information. That might quickly weed out the corrupt immigrants from the legit investors. BTW, this country needs the legit Asian investors – and average Canadian worker needs a kick in the ass.

Makaya
Makaya
8 years ago

@DEFAULT NAME: lol, thanks for confirming my point. It didn't take long indeed!

Anonymous
Anonymous
8 years ago

@Makaya: "it won’t be long until you’ll be called a racist…"

It is what it is. No one needs to call it. Racism is about fear and you are scared shitless.

Anonymous
Anonymous
8 years ago

http://www.vancouversun.com/business/Giving+thank

Vancouver real estate now tied to the Mayan calendar 🙁

Makaya
Makaya
8 years ago

@604x: I've made the same points a few weeks ago and you can be sure it won't be long until you'll be called a racist… But the silent majority agrees with you, judge by the number of votes you'll receive.

Anonymous
Anonymous
8 years ago

It is getting pretty hot at Larry's…

Lots of heat and steam online at the moment, and some fear kicking in. Is the market psychology changing?

604x
604x
8 years ago

The sad thing: Despite Rippedtoshit's ranting and Larry-never-say-anything-straight ruminations, HAM might still yet arrive by the planeload and West Side prices may yet rocket this year. There is a change of president in China in about October 2012 and if the redder-than-red Commie zealot guy is nominated (apparently he's a front-runner) then we could see massive capital flight to places like Vancouver. All those corrupt officials might bail out. Another question: Is it really in Canada's best interests to embrace HAM when we know much of the cash is ill-gotten gains from corruption? Aren't we throwing open the doors to a large percentage of crooks? I know, I know this sounds dodgy and on the verge of racist, but it is what it is. Any investor immigrant hiding money from the Chinese government will also hide them from the Canadian… Read more »

Anonymous
Anonymous
8 years ago

@RippedtoShit: "Larry says…"

Yes breaking news a realtor is bullish on real estate. Thanks for the 20 posts pointing that out for us.

Anonymous
Anonymous
8 years ago

@chip: "Welfare spending has increased by a third under Obama"

Yes and lets not forget employment insurance that goes on forever, food stamps, etc.

I still don't get how so many around here seem to understand how to run a household responsibly ie live within your means, don't go into to too much debt, etc. but don't want the government to follow the same principles.

chip
chip
8 years ago

@oneangryslav2:

"Second, name one policy that Obama has enacted since becoming president that has strengthened the welfare state."

Welfare spending has increased by a third under Obama and is expected to reach almost 1 trillion this year, not including social security, Medicare and Employment benefits.

there's 6 trillion in new debt for crissakes. It hasn't ALL gone to failed solar panel companies with Dem donors on the board.

Confucius
Confucius
8 years ago

@RippedtoShit: @RippedtoShit:

More like an explosion of listings. Your HAM rumor will only attract locals hoping to dump their properties to list now.. Locals are too tapped out to push prices higher, and HAM won't be coming. Keep up the good work buddy.

RippedtoShit
RippedtoShit
8 years ago

Expect sales to blow your eyeballs out of your skulls in the coming weeks.

Consider duct taping your eyeballs to your skulls, just in case.

An ounce of prevention is worth a pound of cure.

Once bitten, twice shy.

New records on the way – Larry Y says so!

RippedtoShit
RippedtoShit
8 years ago

CrashCow,

The rich HAM want multi million dollar houses.

If a house sold for two million last year this year they want to buy it for three million!!

that's how the rich get richer you fool!

RippedtoShit
RippedtoShit
8 years ago

Hot off the presses:

Larry says that rich Asians don't make bad bets, and that they are going to bet BIGTIME on Vancouver real estate.

Based on this, watch for an EXPLOSION OF SALES ON THE WESTSIDE.

Will be jaw dropping. We'll set records. That small dip you see on the chart will get wiped away in weeks.

crashcow
8 years ago

Over the last 4 year period, while the RE industry was trying to tell you RE is the best investment ever…

GVRD Apartment HPI

Dec 2007: $377,579

Dec 2011: $401,396

Annualized condo growth for past 4 years: 1.5%

Current ING Direct savings rate: 1.5%

After accounting for ownership premium (maintenance fees + property tax + interest charges – rent saved), the average GVRD condo owner has underperformed a bank savings account over the last 4 years.

RippedtoShit
RippedtoShit
8 years ago

Larry is of the view that this spring will blow away last year, HAM will descend by the tens of thousands.

patriotz
8 years ago

@DEFAULT NAME:

"Do you think that those who have created this bubble, have any idea how much they have messed up some people’s lives?"

I think that those who've bought at inflated prices, who of course are responsible for creating the bubble because RE can't sell for more then someone is willing to pay, have even less of an idea how much they've messed up their own lives,

Anonymous
Anonymous
8 years ago

So plans do revolve around the housing market for most – either counting on real estate for retirement, or deciding to stay/leave. And that dependence grows as one gets older, has kids and thinks about school districts.

Do you think that those who have created this bubble, have any idea how much they have messed up some people's lives?

604x
604x
8 years ago

@rp1: "Bubble is as bubble does. If your plans revolve around what the Vancouver (or Canadian) housing market does, then you have a problem either way."

Very simple: I'm running out of patience with the bubble in the city. If it does not pop soon I'll move on to another city or country. So plans do revolve around the housing market for most – either counting on real estate for retirement, or deciding to stay/leave. And that dependence grows as one gets older, has kids and thinks about school districts.