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Yak
Guest
Yak

First

M-
Member

Another example of weird condo marketing. A reality-ish web and live video to entertain shoppers, set in a glass-walled condo in a mall… CBC has a video…

http://www.cbc.ca/news/canada/british-columbia/story/2012/03/26/bc-video-glass-house-drama.html

jesse
Member

These days there seems to be so much hate for housing it’s hardly enough for a single post per day!

Just wait until prices drop! 😯

Boombust
Guest
Boombust

I get a laff out of Michael Levy/Campbell types. Urging “caution”…

Shitheads. Where were they before?

u_dumb
Guest
u_dumb

@Boombust: If they had warned before they would have been wrong.

Scott
Guest
Scott

@u_dumb: Just like all those US bubble bloggers making their warnings in 2004. They were wrong and missed at least another year of appreciation.

Unfortunately it appears that most everyone else got the timing wrong down there as well. If you’re going to ignore fundamentals and instead try to time the market I wish you best of luck.

registered
Member
registered

3 jesse Says: “These days there seems to be so much hate for housing…”

That’s a needless misrepresentation, there is no hate for housing. The industry on the other hand….

u_dumb
Guest
u_dumb

@Scott: I’ve never heard Levy/Campbell promote housing, so why hate on them?

Ozzy is all about cash flow positive, which doesn’t exist in Vancouver, so don’t go there.

They are warning now, isn’t that enough? Calling them “Shitheads” is out of line. Better they are right now than wrong for 10 years like all of you.

Scott
Guest
Scott

@u_dumb: It doesn’t seem any more dumb than extrapolating one persons comment to ‘all of you’. Although there is clearly a majority opinion here even that is fractured.

And I highly doubt everyone posting here has been calling for a housing crash for ten years. I sold my house about a year ago and hadn’t visited this site before then. In fact I just checked and the first posting here was in 2006 so ten years would be an exaggeration even if ‘everyone’ had been on this site calling for a crash from the very start.

u_dumb
Guest
u_dumb

@Scott: you’re really nit-picking now.

trash crash alert
Guest
trash crash alert
Over the last 10 years, the price for money has collapsed with interest rates at record lows. It would be interesting to compare the price of real estate in relation to gold. Paper money has collapsed in value. In my view, the next shoe to drop will be dollar priced real estate in Canada – a significant decline in valuation similar to Spain, United States, etc. All we will be left with is a bunch of cardboard crap cheaply built houses with big box store finishing and a doubling of the unemployment rate culminating with the election victory of the NDP going forward. The irony is that it is the socialist policy of insured mortgages via CMHC that created this epic disaster. If the free market was not interfered with, this would never have happened as bankers could have accurately… Read more »
patriotz
Member

@trash crash alert:
“The irony is that it is the socialist policy of insured mortgages via CMHC that created this epic disaster.”

Corporatist, not socialist. Offloading risk to the taxpayers and giving profits to private business is corporatism. CMHC board of directors a classic example.

“If the free market was not interfered with, this would never have happened as bankers could have accurately matched risk with the price of money to each Loan to value, credit, mortgage application etc..”

The free market would have gotten the message and put an end to the bubble in Canada at the same time it ended in the US, Ireland, etc. But up to that time a free market would have enabled a bubble here just as it did there. The free market got it wrong, big time.

/dev/null
Member
/dev/null

http://www.calculatedriskblog.com/2012/03/real-house-prices-and-price-to-rent.html

“In real terms, the National index is back to Q4 1998 levels, the Composite 20 index is back to February 2000, and the CoreLogic index back to August 1999.

In real terms, all appreciation in the ’00s – and more – is gone.”

Yalie
Guest
Yalie
@patriotz: The free market would have gotten the message and put an end to the bubble in Canada at the same time it ended in the US, Ireland, etc. But up to that time a free market would have enabled a bubble here just as it did there. The free market got it wrong, big time. The US bubble was caused by the same things ours was: artificially low interest rates and government mortgage insurance. Rates were set by the Fed (a private institution owned by the large banks) and the loan insurance was provided by the GSEs (guaranteed by the US government). Neither of these are examples of free market forces but both are certainly examples of corporatism. I find it hard to see how the free market would have gotten it quite so wrong, even in the US,… Read more »
registered
Member
registered

12 patriotz Says:“The free market got it wrong, big time.”

They got it right big time. While ‘free’ is a misnomer for this market, Canadian banks knocked this one out of the park. Their mandate is competitive profits, not stabilizing markets. The federal government held the door wide open for the banks and they did their fiduciary best by bolting through. It was the right market choice and they made out like bandits for a decade in reward, simply by responding exactly like the politicians must have expected. The mortgage policy changes made no sense otherwise.
Stabilizing markets is the government’s job. We all know how that went.

VCI Admin
Admin

More invite codes for the http://vancouverpeak.com forum:

yap5-tpl5-dapj

nhxo-v5x3-xs9u

t7nm-bc8e-ukuc

w0mb-zpgk-0pq6

f59o-jun5-fv4a
patriotz
Member

@fixie guy:

12 patriotz Says:“The free market got it wrong, big time.”

They got it right big time.

I was referring to the US and Ireland before the bust. You may argue whether it should be called a free market, but that’s what people called it.

jumpin in
Guest
jumpin in

Location!Location! Location!

Well, the house is… floating. Hilarious 🙂

http://www.realtor.ca/propertyDetails.aspx?propertyId=11244262&PidKey=845205243

Many Franks
Guest

@admin: Claimed w0mb-zpgk-0pq6, thanks!

Coley
Member
Coley

@ jumpin in
Super hiarious!
725 large gets you a 2 bed, 2bath, with marble counertops, sainless steel appliances, and NO LAND! Ha!

YLTNboomerang
Member
SunBlaster
Guest
SunBlaster

Everyone loves making quick buck, Banks are no different.

If I could lend $100 to someone then turn around and immediately sell that “loan” to another person for $110, while offloading the risk and pocketing $10, I’d be doing it all day long too!

Or I could lend $100 to someone @ 3% interest and wait for 3 years to get my $10.

Do I make money now or do I wait for 3 years, hard choice for sure.

VMD @work
Guest
VMD @work

Not exactly RE related, but OSFI seems to be on a credit-tightening rampage lately. The F.I.R.E. industries have giant bullseyes drawn on their backs.

[OSFI shuts the door on insurers’ capital funding request]
March 26, 2012

“Canada’s financial regulator has struck the life insurance industry a mild blow when it comes to calculating capital levels.
That’s bad news for insurers. As OSFI noted: “From the perspective of an insurance company writing equity guarantees, mean reversion is highly desirable, as any decrease in stock prices during a period is more likely to be offset by stock price increases in subsequent periods, which lowers the likelihood of having to make a guarantee payout.”

So models that assume stock prices revert to the mean over the long term will result in lower capital requirements than those that say stock prices are random. ”

http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/osfi-shuts-the-door-on-insurers-capital-funding-request/article2381642/

vangrl
Member
vangrl

i guess the banks will hold this rate for 4 months to those that are approved, could keep the market afloat till August.

“Good Afternoon, I hope this email finds you and your family well.

We are just touching base to give you notice that the 2.99% fixed interest rate will no longer be available.

We expect this to happen as soon as tomorrow or the latest by Friday.

If you are considering a purchase, refinance or mortgage renewal in the next 4 months, we highly suggest you contact our office to lock in this rate.

This is a free process and only takes about 10 minutes. As well, there is absolutely no obligation on your part to take the rate or the mortgage product – it is simply a RATE HOLD.”

girlbear
Guest
girlbear

@jumpin in: Moorage on these houseboats is a fortune!

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