Cleaning House

Over the weekend we deleted hundreds of user accounts, so if you’re trying to log in and it’s not working you may need to re-register.

Why did we delete these user accounts?

Over the last couple of weeks we’ve warned that user accounts with no comments will be deleted.  We’ve had lots of spam registrations and the only real way to confirm if someone is an actual human interested in the topic of Vancouver real estate is if they comment.  There are security concerns and spam registrations swell the database, so a purge was in order.

How can I keep my user account from being deleted?

This is an ongoing policy, so if you’re going to register an account you must leave a comment once you’re logged in or your account will be deleted.  We understand that not everyone wants to take part in the conversation and some of you may want an account simply for the double comment voting power, but new accounts must have at least one on-topic comment attributed to them or they will be deleted.

Thank you for your understanding.

 

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VMD
Member

[China cuts growth target to 8-year low]
– Hot Asia Money not looking good…
Mon Mar 5, 2012 5:48am EST
http://www.reuters.com/article/2012/03/05/us-china-economy-idUSTRE82400120120305?feedType=RSS&feedName=topNews&rpc=71

vangrl
Member
vangrl

Monday Morning:

-Crea says sales up .3% this year
-Crea says sales down .3% next year
Really Crea???? that was breaking news??

-Flaherty again says he’s concerned about Toronto’s condo market and mortgages, but does not say he’s going to do anything regarding amortizations etc (unlike Garth’s prediction from over a week ago that it might be coming in days)

Anonymous
Guest
Anonymous

@VMD: 7.5% GDP growth with a 4% inflation rate is a bad thing? Remember China needs to look good to its citizens so it is not going to set a target and just meet it. It sets a lower target rate in order to beat it and show its citizens that they are doing even better then they thought they could do. Still even with these numbers you are seeing a 3.5% increase in real GDP.

gordholio
Member

Another day, another “forecast” from the slime at the CREA.

http://www.cbc.ca/news/business/story/2012/03/05/crea-housing-forecast.html

At least this time they’re “forecasting” a price drop (of 4%) in the most wonderfullest rainforest in the whole gosh-darned world. Also, I must say I appreciate the CBC headline: “Realtors expect home prices to fall.” It could so easily have been “Realtors expect a balanced market.”

jumping in
Guest
jumping in

This one just sold 50,000 BELOW asking. So much for the bidding wars 🙂

http://www.vancouverresidence.com/31716-157-e-43rd-ave.html

(699,000 -> 650,000, Van West)

Mortgageslave
Guest
Mortgageslave

anybody listening to 99.3 fox now? They had a mortgage broker on. Jeff Oneil asks if now is a good time to buy, her reponse….”Yes, now is an excellent time to buy, right now you can buy a 2 bedroom condo in Langley for $28/day with only 35K salary”

too bad you’ll be stuck in traffic commuting for the rest of your life and won’t be able to get out of you mortgage when you are underwater, those long drives to work everyday will only get longer. Seems like she is trying to drum up business, must have lots of time on her hands. No talk was mentioned about Real Estate outlook though.

Yaya
Guest
Yaya

@Mortgageslave: Hah! The ‘how much a month’ crowd has become the ‘how much a day’ crowd now?

Urbain
Member
Urbain

@Mortgageslave: A two bedroom condo in Langley for $28 a day. Sounds like the Realtor is trying to sell a gym membership rather than a ‘home’. I wonder if she included strata and taxes in that calculation. Was this with a 5% down mortgage?

patriotz
Member

@Mortgageslave:
“anybody listening to 99.3 fox now? They had a mortgage broker on.”

Is that what things have come to? Rock is dead, all right.

gordholio
Member

The Fox Rocks…real estate.

Mortgageslave: Did she give any idea as to the total *number* of days you’d be paying out that $28? I’m figuring 100,000 days.

And after those 100,000 days, you’ll have a 30-year older 2-bed dump in the middle of downtown Langley.

It’s the stuff that dreams are made out of! BNOBPOF!!

Rakim
Guest
Rakim

LOL, there’s no way that a Langley condo would last 30 years without needing a complete rebuild. Ten years max before it starts falling apart. Factor that into your price.

registered
Member
registered

6 Mortgageslave Says: <.i"right now you can buy a 2 bedroom condo in Langley for $28/day with only 35K salary”

Could be. There are currently around 500 two bedroom+ condos for sale east of 184, starting in the mid 100’s.

jesse
Member

@patriotz: ” Rock is dead, all right.”

99.3 is still around?

Devore
Member
Devore

@Yaya:

Hah! The ‘how much a month’ crowd has become the ‘how much a day’ crowd now?

For the cost of just two Starbucks “venti non-fat no foam no water 6 pump extra hot chai tea latte” a day, you too can save a starving realtor in your neighborhood today. Pick up the phone, make the call.

As for China’s GDP growth, anything under double digits (official numbers) is probably a disaster.

Devore
Member
Devore

@gordholio:

And after those 100,000 days, you’ll have a 30-year older 2-bed dump in the middle of downtown Langley.

This is a problem with condos. Unlike with a detached property, you are limited in what you can do to keep depreciation at bay. Also condos appeal to a market that puts a premium on newness and hipness/trendiness. Many of the condos around West End are 30+ years old, and there is no way they have appreciated anywhere near what your benchmark curve would show, because they are not benchmark. They are old and busted. So you’re stuck owning a property that needs lots of maintenance of all sorts, even if it’s been well looked after.

Anonymouse
Guest
Anonymouse

@Rakim: “LOL, there’s no way that a Langley condo would last 30 years without needing a complete rebuild. Ten years max before it starts falling apart.”

There are many condos older than 30 years in Vancouver that don’t need a complete rebuild. Why would Langley be any different?

condo paradise
Guest
condo paradise
This rambling is addressed to all those who contributed to the insane property values we have here. First , I would like to disclose some relevant info. I own my 1000 sq, ft condo(no intention to sell) which I purchased new back in 1996 for $279,000. I don’t care what it is worth today because I enjoy living here. The building is situated in a very quiet neighborhood and consists of 120 suites. We have had very little problems with the structure as we are diligent with our maintenance and repair. Our strata fees are $300 – $400 /month and have a healthy contingency fund Over the years the demographics of the building has changed dramatically. We have 25% of the suites vacant. This is where I begin. I would personally like to thank all the offshore owners and any… Read more »
Anonymous
Guest
Anonymous

@Devore: “As for China’s GDP growth, anything under double digits (official numbers) is probably a disaster.”
Agreed…I saw an interview with an expat economics professor working in Beijing. He said it’s more likely that China is already in contraction. All we can tell from the ‘official numbers’ is which direction things are headed.

mattymatt123
Guest
mattymatt123

so happy to see things start to slide

squeako
Guest
squeako

Ok , here is a comment: I just want to do an input once in a while from the “trenches” so to speak, no economics degree, but equipped with common sense. Would that not be a good grounding input now and then?

Drachen
Member
@Anonymous: The amount of unoccupied and unused ‘investment’ housing in China is worth approximately 25 Trillion USD. Most of that money is gone, it’s just that not everyone is aware that it’s gone. The GDP of China is around 11 Trillion USD. 1 Trillion of that is pure real-estate transactions, nearly 10% of their economy. You can double that when you add all the transactions that go into building and supplying material. Double all that again for the knock-on effect (in general 1 person employed in direct industry employs 1 person indirectly). So approximately 4 Trillion or about 35% of the Chinese economy is dependant on real estate. Add to that 20% or more unemployment coming from laid off tradespeople, salespeople and those they supported. Those with money will flee once things get messy (why do you think they have… Read more »
Makaya
Member
Makaya
Meet the Ritters… A million-dollar mortgage goes unpaid for years while couple fights foreclosure The eviction from their million-dollar home could come at any moment. Keith and Janet Ritter have been bracing for it — and battling against it — almost from the moment they moved into the five-bedroom, 4,900-square-foot manse along the Potomac River in Fort Washington. In five years, they have never made a mortgage payment, a fact that amazes even the most seasoned veterans of the foreclosure crisis. The Ritters have kept the sheriff at bay by repeatedly filing for bankruptcy and by exploiting changes in Maryland’s laws designed to help delinquent homeowners avoid foreclosure. (…) The Ritters, who bought their house for $1.29 million with almost no money down, are hardly representative of the vast majority of Maryland’s distressed homeowners. During the boom, they set out… Read more »
HappyRenter
Guest
HappyRenter

@Drachen #21
“What does that spell?

Revolution.

Mark my words, in the next ten years China will be a mess. The revolution may not succeed, but it will come.

Does that mean more dirty money is comming our way?

Che
Guest
Che

“99.3 is still around”

it is not the same since Larry and Willy left

Laibach
Guest
Laibach

@Drachen:

Those with money will flee once things get messy (why do you think they have the wife and kids in North Van?).

What do we then do with them? We can’t act like that they aren’t around therefore attainable, and pretend that all is nice and rosy. They’ll quickly be back in their business and into what they do the best, fraud, deception, cheat, lie, bribe but this time on Canadian soil. Should we as responsible citizens let them prevail and win, I don’t think so.

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