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Boombust
Guest
Boombust

Low rates haven’t done much for both the Japanese and US RE markets.

A boom always leads to a bust -rates not withstanding.

no name
Guest
no name

In the latest teranet report for jan edm -14% from peak, calgary -11%, victoria -5%. But that cant happen here. worry? Nah….

/dev/null
Member
/dev/null

Lots of incorrect claims and dense clusters of straw man fallacies, but it’s an infographic so cool and edgy:

CANADIAN HOUSING MARKET WILL COOL, NOT CRASH
http://www.ratehub.ca/mortgage-blog/2012/03/canadian-housing-market-will-cool-not-crash-infographic/

BoogyBear
Guest
BoogyBear

The size of the real estate bubble is directly related to the number of mortgage brokers in each city. The more brokers per capita in a city, the bigger the bubble and the bigger the crash.

Turkey
Guest
Turkey
TPFKAA
Guest
TPFKAA
ERRATUM: RE: this story: http://vancouvercondo.info/2012/03/friday-free-for-all-197.html#comment-149806 Damn it. I knew the story sounded too sensational. So it turns out I was misinformed by a family member. In the interests of journalistic integrity, I have to issue a correction or I could not sleep at night. In fact, the couple DID have 30,000 stuffed away in RRSPs. Their downpayment was actually 140,000. All other details are the same. So, they put in 30,000 of their own money, 80,000 from a LOC and 25,000 from parents`HELOC. In some ways this makes the situation worse. They now have to pay back each year the taxes on the RRSP withdrawal, as they will not be repaying them in the next ten years. So on the amount they are supposed to pay back in, they will have to pay taxes instead. Moreover, they have their actual… Read more »
McLovin
Guest
McLovin
silverfish city
Guest
silverfish city

@McLovin: From the article: “It’s not anything wrong with Whistler or that Whistler is worth less,” said Kelly. “It is just that people are prepared to spend less.”

Huh? So Whistler condos have some kind of magical, absolute value of “worth” that isn’t associated with the price people are willing to pay for them?

patriotz
Member

@silverfish city:
“According to Brown, this segment of the real estate business is at the bottom of the cycle so prices are good right now. ”

Bottom call! I’ve started a thread in the forum.

http://vancouverpeak.com/groups/general-chatter/forum/topic/bottom-call-thread/

pricedoutfornow
Guest
pricedoutfornow
@McLovin: Hmm…now that prices are down in Whistler, my sister-in-law’s been pretty quiet about real estate these days. No more RAH RAH REAL ESTATE from her! Wonder why? Oh, must be the fact that the condo they bought in Whistler in 2001 is now worth…about what they paid for it. AND they’ve spent $10k per year servicing the mortgage, making strata payments and paying 40% of every dollar earned in the rental pool to the property management company. By my calculations, the strata fees and property taxes take up 94% of every dollar they get to keep. So even when the mortgage is paid off there’s little hope of ever turning a profit. Ever. She used to boast to me what a great investment it was (obviously she failed Math in grade 2). I’d like to send this article to… Read more »
rp1
Guest
rp1

@silverfish city: “So Whistler condos have some kind of magical, absolute value of “worth” that isn’t associated with the price people are willing to pay for them?”

Absolutely. I recommend you view this video again:

http://www.youtube.com/watch?v=qZDdcO4_5wA

Then consider how much that person might be willing to pay, if only some scheme could be concocted to make the initial monthly payment affordable. I estimate “infinity dollars”. You can thank the government for concocting such a scheme and unlocking this “value” in real estate. Hopefully you can use this opportunity to cash out, because our country will be bankrupt for it.

rp1
Guest
rp1

#8 @McLovin: “Prices down 50% in Whister… Cam better get the chopper warmed up!”

Headline: Whistler Crash Makes Yellow Snow.

Anonymous
Guest
Anonymous

Are you worried about the effects of rising mortgage rates? Apparently 48% of British Columbians surveyed say yes:

That should read 52% are worried. You got it backwards…

Not to nit pick, but it’s more than half of BC’ers are worried about rising interest rates.

jumpin in
Guest
jumpin in

“Not to nit pick, but it’s more than half of BC’ers are worried about rising interest rates.”

In other words, 80% in Vancouver proper.

Bob
Guest
Bob

Where is everybody?

15 commnets so far?

Sure, I know the #5 Orange has 25 cent pints this week….but think with your head….y’know….the higher one.

RE is Hongcouvers state relijun…ewe pagunz.

Reasonfirst
Guest
Reasonfirst

@Bob:

“Where is everybody? 15 commnets so far”

We’re busy reading all the bearish MSM articles.

taylor192
Member

I’m surprised the number is that low considering 60% of Canadians cannot survive without 1 paycheque:
http://www.cbc.ca/news/business/story/2011/09/08/paycheque-savings-survey.html

Canadians are saving records lows (3%) of their income:
http://www.torontosun.com/money/2010/10/02/15556276.html

ReadyToPop
Guest
ReadyToPop

Are you worried about the effects of rising mortgage rates? Apparently 48% of British Columbians surveyed say yes

Let’s take another poll…..how many of those people do you think, would answer this question honestly?

HAM Solo
Guest
HAM Solo

@ Bob

Actually, I thought that was quite an appropriate comment, undeserving of foreclosure.

I think where “everybody” is, is being fatigued of being bearish and unrewarded, secretly wondering whether they have been wasting their time reading a bearish blog.

That being said, as I read the data as it rolls in, we may finally be getting the long awaited crack. Richmond down 10% m-o-m, Whistler hotel condos off 50% from peak, F’s bubble busting budget due out tonight, MOI treding up, inventory trending up, banks withdrawing capital from mortgage lending, CMHC tightening up thanks to OSFI. It’s all there. Combine that with a case of bear fatigue and here we go!

Girlbear
Guest
Girlbear

@HAM Solo: Speaking to some mortgage brokers I know, I am hearing they are getting a lot of declined applications these days.

hhhmmmm.

Have we run out of credit worthy applicants??

Devore
Member
Devore

@ReadyToPop:

Let’s take another poll…..how many of those people do you think, would answer this question honestly?

How many would know how much of a difference 1% or 2% increase in rates would have, or how it would impact their budget? How many would be able to calculate it while on the phone with a pollster?

I don’t know what this poll tells us exactly. Probably how many people think rising rates will be bad for them.

Yalie
Guest
Yalie

@Girlbear:

Speaking to some mortgage brokers I know, I am hearing they are getting a lot of declined applications these days.

hhhmmmm.

Have we run out of credit worthy applicants??

Declined by the bank or by CMHC? If my theory is correct, F has told the CMHC not to expect an increase in their 600 Billion cap, like, ever. The banks will be given no new rules, so they’ll keep on approving 7% cash back loans to newbie suckers. But those loans will be subject to CMCH approval, and I wouldn’t be surprised if they decide to stop issuing insurance to all but the highest quality applicants.

All of which means that 20% down payment requirements may be making a comeback, at least for first time buyers.

paulb.
Guest
paulb.

New Listings 259
Price Changes 118
Sold Listings 104
TI:16173

http://www.laurenandpaul.ca

Girlbear
Guest
Girlbear

@Yalie: Good question Yalie. I don’t know, was just told they were getting a lot of declined apps.

On another note, a friend’s realtor told my friend that he had 5 pendings sales not close 2 weeks ago because the buyers could not get the financing. All Chinese buyers. My guess is the Canadian banks are not giving the Chinese the same collateral for their properties back home that they once would…

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