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Friday Free-for-all!

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153 Comments

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

–No retirement savings? No problem!
–Big sale on Granville, hoping for wealthy Chinese buyers
–Tax assessments hit Vancouverites hard
–Carneys low rates yield more houses than machines
–REBGV inventory rocketing at start of the year
–West Van and Richmond have highest child poverty levels
–Questions and Answers
–One does not..

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

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SunBlaster

Get ready for a second yellow wave, government in China is planing to ease their monetary policy due to sluggish economical outlook.

Meaning: buy whatever is available in Richmond!

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Patiently Waiting

If you ever doubted your decision not to buy over the last few years, read this comment from the Province feature:

"tisoy33

9:05 PM on 1/22/2012

Take it from me, do not get sucked into the suburban townhouse market! I did in 07 and it was the biggest investment mistake ever. Had I banked the difference of what I used to pay in rent and what my mortgage costs me. I would have over 60 grand in the bank. Instead I have a townhouse that is worth 20 grand more than what I paid for it 5 years ago. If I were to sell today after realtor commisions I might have 5 grand. Would much rather have had that 60."

Read more: http://www.theprovince.com/news/Will+young+homebu…

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jumpin in

?!?!?!?!

http://ca.news.yahoo.com/canada-property-markets-…

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gordholio

#147, Default Name: Thanks for keeping such close tabs on me. Though you're wrong – it was no shithole. And I'm no "happy little bear." I'm certainly far happier to be renting than owning in the midst of such pure insanity, but I'm far from happy with the veil of lies that's driven this pig to such ludicrous heights.

Maybe if you could rephrase your comment I'd better understand what you're trying to say.

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frank

@DEFAULT NAMEe:

If Vancouver hits 40 MOI, we will probably see widespread BK and financial ruin. So we will take 9 for now, many thanks.

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Anonymouse

@Makaya:

40 MOI in Whistlet and everybody here wets their pants when Vancouvet hits 9. The big projected price drops are still 3-4 years away.

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Anonymous

#144, BPOM: Hmm…it’s almost like I’ve seen that Satan-infested bunghole before. Let’s see. Virtually incomprehensible description? Check. Suicide-inducing surroundings? Check. All that’s missing is the ghoulish slime creeping out from under the kitchen sink.

Ahh…sweet memories.

_____

Was that the shithole you owned before you sold and because a smart, happy little bear Gordo?

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gordholio

#144, BPOM: Hmm…it's almost like I've seen that Satan-infested bunghole before. Let's see. Virtually incomprehensible description? Check. Suicide-inducing surroundings? Check. All that's missing is the ghoulish slime creeping out from under the kitchen sink.

Ahh…sweet memories.

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RippedtoShit

Whistler declines – incredible!

It feels like the walls are closing in on Vancouver proper.

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Best place on meth

@arit:

I see your dark condo and raise you a hellish, orange pit of despair offered up by an illiterate landlord.

http://vancouver.en.craigslist.ca/van/apa/2801196…

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arit

http://vancouver.en.craigslist.ca/van/apa/2767266…

The prize for best indoor picture of condo goes to…

Cheers

arit

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Anonymous

@Makaya: …Whistler currently sits at around 40 MOI…

You should be looking for 50~65%% off 2002 prices (prices at at about 2002 levels now) for Whistler and even then it's not a great deal. Over the long term you'll loose – you'll never get your money back (especially when you consider fees, but even without that consideration), but at least you may get a few years of skiing in.

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Anonymous

@Debunked: Only suckers pay tax!

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Makaya

How about Whistler at 56% off?

"258/259 in the Four Seasons Resort provides 2 beds / 2 baths and 1,430 sq ft. The price has just been reduced to $527.5k which implies a deal at c$500k is achievable (which is in line with the recent sale in the building). That compares to an original 2002 sale price of $1,138k for this unit! The fall in prices has been driven by the decline in income returns."

http://tinyurl.com/7hy425g

Whistler currently sits at around 40 MOI… But it's ok, it's different in Vancouver.

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Anonymous

The comments section will be interesting in two days…
http://www.theprovince.com/bus…..story.html
_______

Please…it will be just a bunch of "this comment was deleted by our editorial staff"

Nobody wants to hear the truth…

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jumpin in

The comments section will be interesting in two days…
http://www.theprovince.com/business/driving+peopl…

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Jr

@ReadyToPop: But….but…I thought it was different down under…..

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ReadyToPop

BARGAIN hunters are snapping up holiday homes in coveted beach locations up and down the Queensland coast as desperate owners slash their prices by up to 70 per cent.

Investors snap up coastal property bargains in Queensland

On a lighter note…there are deals to be had down under for patient bears. B.C. next?

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patriotz

@ReadyToPop:

There is really only one alternative to the current bubble and that's a US-style bust, and I think politicians of all parties are scared to death of saying or doing anything that could get them blamed for it.

That's not the fault of the politicians. If most of the voters really wanted a precipitous fall in RE prices, I'm sure every party would be advocating policies that would bring them down. They want to get elected. The fault lies with the majority of the voters who think that this madness is their ticket to riches.

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ReadyToPop

On the whole, I agree that cheap money hasn't helped, but kudos to the Ozzies for being willing to at least address part of their problem. I think that it is long overdue for local politicians on both sides of the aisle to get some balls and at least address the situation here and air it out.

There is a perception out there that our system lacks integrity (I read it here every day) that shouldn't be allowed to fester unanswered in a society that boasts a rule of law.

There is a feeling out there that our leadership deosn't give a crap, but if they do care, it behoves them to end their silence and come forward. Perhaps in the form of a public inquiry of some sort.

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Anonymous

no wonder you are pricedoutfornow-ever the way you think!

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pricedoutfornow

@Debunked:

Not everyone is a rich Chinese. Eventually house prices have to be supported by local incomes. If people weren't drowning in debt to buy houses at obscenely high prices, this would have shown up in the data by now. Even a small % of homeowners falling into financial difficulty would cause the prices to drop.

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Best place on meth

@jesse:

I just don't understand how San Francisco real estate prices can still be falling.

That city is full of rich Asians and ran out of land™ years ago. Also everybody wants to live there® so this doesn't make any sense.

Maybe it's because San Fransisco has really high mortgage rates while Vancouver's rates are super low. We'll never see significant price drops with our awesome low rates.

Thank god Vancouver will never see a 42% price drop like San Francisco because it's different here™

http://www.deptofnumbers.com/asking-prices/califo…

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chip

Top story on Bloomberg today:

Vancouver Becomes Second-Costliest Housing Markets (sic)

"Vancouver displaced Sydney as the least-affordable housing market after Hong Kong among large English-speaking cities, as home prices rose faster than incomes, a study of 325 metropolitan areas worldwide showed."
http://www.bloomberg.com/news/2012-01-22/vancouve…

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disbelief

Real Estate is much like the element on a stove. It heats up from the CBD (central business district) out to the sticks. And when it cools the opposite is true and that we are witnessing now. The word here in Phoenix is that the bottom in RE is realized and now we will see 3-5% increase year over year. Who knew!!!! This is how it always works people. 35%/year is not sustainable it will reset to the norm and nominal growth returns. Always!!! Those who do not know history are doomed to go broke. Get out while you still can.

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