Friday Free-for-all!

Yeah, it’s the weekend!  That means it’s time for our regular end of the week news round-up and open topic discussion thread, here are a few recent links to kick off the chat:

-18k Inventory party!
-Updated inventory graph
-Taxpayers victims of ‘hot money’
-Welcome to Effluent Richmond
-1 month later Telus still not sold out
-special offer, $510,000 off
-CMHC dismisses bubble talk
-The CMHC board of directors
-Silver linings of slow growth economy
-Condo craze gets crazier
-Wolverine moves down under
-Huge drop in Chinese immigrants
-Building permits rise, just not here
-Pastrick thinks prices might fall
-Buying with 5% down?
-Time to cash out?
-Condo owner, why so glum?
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So what are you seeing out there?  Post your news links, thoughts and anecdotes here and have an excellent weekend!

153 Responses to “Friday Free-for-all!”

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    Carrying on the conversation below. VREAA- seems to me that the Western Democracies are now being run for the benefit of a small group of super-wealthy elite and no one can question their inflated earnings when compared to regular folks.

    $2.5M For an executive of a small maritime utility is outrageous and yet if someone complains they will be branded a commie or an aggitator. In fact $2.5 is small peanuts in Canada’s board-rooms and is nothing on Wall Street where they pay themselves fortunes and then ask for Government money to cover losses.

    It’s all a scam.

    vreaa Says:
    May 11th, 2012 at 12:10 am
    frank ->
    That remuneration makes no sense.
    They are bureaucrats, and shouldn’t b paid more than, what?… 200K, being generous.

    Current score: 1
    103
    frank Says:
    May 10th, 2012 at 11:23 pm
    Who would think you could make so much running a small power company. From $1-2.5 Big ones.

    http://www.cbc.ca/news/canada/nova-scotia/story/2012/05/10/ns-power-execs-pay-rises.html

    Like or Dislike: Thumb up 0 Thumb down 0

    Jobs numbers are out: http://www.statcan.gc.ca/pub/71-001-x/71-001-x2012004-eng.pdf

    BC’s UE dropped substantially. But look a the breakdown, most are goods-producing, 1/2 of all jobs gains last month were in “manufacturing”. That’s not necessarily a bad thing but warrants some investigation.

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    joe_blown_away_by_high_housing_costs Says:
    3

    In today’s G&M:

    “Bank of Canada Governor Mark Carney is in the op-ed section of the Financial Times Friday, boasting that his monetary policy framework is better than yours…Canada’s economic leaders appear to believe they have found the monetary policy equivalent of nirvana.”

    http://www.theglobeandmail.com/report-on-business/economy/economy-lab/daily-mix/carney-trumpets-the-triumph-of-inflation-targeting/article2429683/

    Nirvana: A state of transcendant peace that comes from being liberated from material possessions.

    Nirvana is an apt term in the context of Canada’s monetary policy. The bursting real estate bubble brought on by Carney’s monetary policy is surely going to liberate many Canadians from their homes and other material possessions and thereby help them reach a state of nirvana.

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    offside Says:
    4

    frank Says: “$2.5M For an executive of a small maritime utility is outrageous and yet if someone complains they will be branded a commie or an aggitator”

    or be branded unpatriotic, or terrorist would win if we shake the boat, or liberal, or branded as not free market player etc….

    fu#@#$ing gulag society

    Like or Dislike: Thumb up 0 Thumb down 0

    fixie guy Says:
    5

    @1 frank: It’s been ongoing since the Reagan Revolution. Somehow they succeeded for a generation in convincing people that the essence of rugged individualism is being reamed by multinationals they haven’t a hope against. Collective bargaining? You’re a social parasite if you’re not willing to stand alone against Coke or Haliburton. That it’s the ideal scenario for multinationals has, of course, nothing to do with it.

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    UnagiDon Says:
    6

    “seems to me that the Western Democracies are now being run for the benefit of a small group of super-wealthy elite”

    The rules of the game are currently slanted towards an uneven distribution of wealth. There’s not much we can do about that. The only thing you can do is try to work within the rules to achieve your desired outcome.

    If you’re upset at these $1m salaries for executives, why not shift your career towards becoming an executive? Getting an MBA is not exactly difficult, and not that expensive either.

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    offside Says:
    7

    UnagiDon Says “If you’re upset at these $1m salaries for executives, why not shift your career towards becoming an executive? ”

    O really, so lets everyone strive to become sleazy, gready, sociopath executive…what a nice future you have in store for our kids

    Like or Dislike: Thumb up 0 Thumb down 0

    UnagiDon Says:
    8

    @offside: “so lets everyone strive to become sleazy, gready, sociopath executive…what a nice future you have in store for our kids”

    The fact is: we’re moving towards a time of greater inequality. The middle class is getting squeezed. There’s no denying that. And there’s nothing I can do to change it.

    I don’t necessarily want my kids to become sleazy executives. But I will try to ensure that my kids get jobs where they cannot be downtrodden by sleazy executives.

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    Vansanity Says:
    9

    Has anyone plotted the sales on a line graph like the inventory? It would be interesting to see plotted in conjunction with the inventory graph.

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    10

    @UnagiDon:
    “If you’re upset at these $1m salaries for executives, why not shift your career towards becoming an executive?”

    You think the solution to too many sleazy, overpaid executives is even more sleazy, overpaid, executives? Think much?

    Like or Dislike: Thumb up 0 Thumb down 0

    ~xXx~ Says:
    12

    Richmond man, 20, facing Stanley Cup riot charges

    BY ALAN CAMPBELL, RICHMOND NEWS MAY 10, 2012

    Another Richmond resident has been charged for allegedly taking part in the notorious Stanley Cup riot of 2011.

    The Crown on Thursday approved charges of participating in the riot and breaking and entering against Jeffery Xiao, 20.

    Xiao was one of another six suspected rioters named by the Vancouver Police Department (VPD) this week as having Crown-approved charges labeled on them for the June 15 incident last year.

    In total, 91 suspected rioters are facing 238 criminal charges. The VPD’s riot team has recommended 592 charges against 200 suspected rioters.

    © Copyright (c) Richmond News

    Read more: http://www.richmond-news.com/Richmond+facing+Stanley+riot+charges/6601352/story.html#ixzz1uZrJm9l8

    Like or Dislike: Thumb up 0 Thumb down 0

    UnagiDon Says:
    13

    @patriotz: “You think the solution to too many sleazy, overpaid executives is even more sleazy, overpaid, executives?”

    That is not what I said. I’m not trying to solve the problem of there being too many sleazy, overpaid executives.

    I’m trying to solve the problem of my kids’ lives being downtrodden by sleazy, overpaid executives.

    The solution is to try to ensure that they (and I) get jobs where they cannot be downtrodden by the 1%. Some such jobs are sleazy (executive, banker), but some are not (lawyer, doctor).

    Rather than complaining about the rules of the game, I’d rather behave strategically within the current rules.

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    Anonymous Says:
    14

    @offside: …O really, so lets everyone strive to become sleazy, gready, sociopath executives ..

    Well, unemployed Realturds would be well trained for that.

    Like or Dislike: Thumb up 0 Thumb down 0

    Thanks for the response yesterday Jesse and others… Is there a chart of prior year sales around?

    Like or Dislike: Thumb up 0 Thumb down 0

    new dawn Says:
    16

    your time is over

    Chinese Physicists Smash Distance Record For Teleportation

    http://www.technologyreview.com/blog/arxiv/27843/

    Like or Dislike: Thumb up 0 Thumb down 0

    @Tony: I have data back to about 1999. Here they are, charted:
    pic

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    Hyperventelator Says:
    18

    @UnagiDon:

    “But I will try to ensure that my kids get jobs where they cannot be downtrodden by sleazy executives”

    Ok, so what jobs are those?

    Like or Dislike: Thumb up 0 Thumb down 0

    @Tony: It’s interesting to see sales in relation to the early part of the century (when population growth was low). It looks like, and seems plausible that, sales activity is tied to population growth. BC’s population growth is nowhere near as low as it was in the early 2000s. If population growth continues lower in 2012 compared to 2011, that means 2013 is going to be even worse for sales. Add that to OSFI tightening and we have some gnarly storm clouds.

    Then there’s China slowing down. That’s a whole different discussion!

    Like or Dislike: Thumb up 0 Thumb down 0

    Patiently Waiting Says:
    20

    @UnagiDon: “The solution is to try to ensure that they (and I) get jobs where they cannot be downtrodden by the 1%. Some such jobs are sleazy (executive, banker), but some are not (lawyer, doctor).”

    As things polarize, how can you guarantee anything? There’s going to be mad scramble for those few decent opportunities, and a lot of desperate people running around with all kinds of degrees. Unless you’re already part of the elite, chances aren’t good.

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    bubbly Says:
    21

    @Anonymous: Most realtors don’t have any training at all (the RE “course” doesn’t count as education). You would be surprised how many recent call centre workers and recent waitresses are now real estate “professionals”. They are not top executive material. Inflated ego and sociopathic personality is not enough to manage a real business.
    When the bubble pops, they will go back to their old jobs, if their pride and the economy permits.

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    UnagiDon Says:
    22

    @Patiently Waiting: “As things polarize, how can you guarantee anything? There’s going to be mad scramble for those few decent opportunities, and a lot of desperate people running around with all kinds of degrees. Unless you’re already part of the elite, chances aren’t good.”

    I don’t have all the answers.

    But look at the cost of law school: ~$10k per year for 3 years? That’s chump change. And look at the starting salaries for lawyers: $100k/yr, easily. And several of the Emera executives have law degrees. Lawyers are pretty safe from being downtrodden by the 1%.

    It seems to me that going to law school is perhaps the best investment that one could make at the moment. The cost is ~$30k, plus the opportunity cost of 3 years of your time (say, 3 years of after-tax income). One could even mitigate that cost by getting the law degree in a cheap city like London, ON or Halifax, NS. Unless you’re already making big bucks, a few years working in a law firm will suffice to make it a profitable move.

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    midnite toker midnite toker Says:
    23

    @UnagiDon: I would have gone to business school , unfortunately I’m allergic to bullshit.

    Like or Dislike: Thumb up 0 Thumb down 0

    @UnagiDon:
    Ben is also on the job:
    [Which Canadian property markets are most at risk?]
    May. 11, 2012 9:21AM EDT
    “The two markets that currently concern me the most are Vancouver and the Toronto condo market…

    The latest data suggests that the resale market in Vancouver may be running out of steam. Active listings are near all-time highs for this month, sales are at decade lows, and prices are now falling on a year-over-year basis:

    The bottom line is that there is no other city in Canada where the fundamentals are this ugly. The risk of significant price declines in this market is enormous.”

    http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/home-buying/which-canadian-property-markets-are-most-at-risk/article2427557/

    Like or Dislike: Thumb up 0 Thumb down 0

    offside Says:
    25

    UnagiDon Says: “And several of the Emera executives have law degrees. Lawyers are pretty safe from being downtrodden by the 1%.”

    UnagiDon think for a second. the point is that qualifications are NOT TAKEN into consideration for someone success. it is other attributes that count. so if you want you kid to have success beside your LAW degree you have also to teach them to be corruptive, sleazy, gready..that is what counts in todays society.

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    oneangryslav2 Says:
    26

    @jesse: Yikes, that’s an ugly pic! Do you have the raw data? I have an idea of how to present the data in a graph that is more informative and a bit more legible.

    TIA

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    Vansanity Says:
    27

    @UnagiDon: Thanks Jesse! Fuckin awesome! That does paint quite the picture.

    Like or Dislike: Thumb up 0 Thumb down 0

    jumpin in Says:
    28

    I know many people who accept that the widening gap between the 1% and the rest of us is a fact of life and we need to learn to live with it. As far as I am concerned, I would like to believe we live in a democracy, and we can choose the fundamentals of our society. If the plutocracy imposes its rules, than are we still living in a true democracy?

    I noticed that at work, a lot of my colleagues have principles, but when the corporate model is imposed on us, they accept it passively. Somehow, the collective narrative is that anyone standing up for their values is a whistle-blower/immature/annoying brat. I believe we need to keep standing up, so that the next generation enjoys what my generation was given without a fight (access to education and healthcare, decent job, peace, security, etc).

    Why so much defeatism? May be because we are still too comfortable. I am wondering what the turning point will be.

    Like or Dislike: Thumb up 0 Thumb down 0

    jumpin in Says:
    29

    Time to lock in:
    http://business.financialpost.com/2012/05/11/canadas-surge-in-hiring-housing-starts-could-mean-rate-hike-this-summer/
    Canada’s surge in hiring, housing starts could mean rate hike this summer

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    30

    @jumpin in:
    “Why so much defeatism? May be because we are still too comfortable. I am wondering what the turning point will be.”

    Read this article: Comfortably Numb

    Here is the introduction of the article:

    As I observe the zombie like reactions of Americans to our catastrophic economic highway to collapse, the continued plundering and pillaging of the national treasury by criminal Wall Street bankers, non-enforcement of existing laws against those who committed the largest crime in history, and reaction to young people across the country getting beaten, bludgeoned, shot with tear gas and pepper sprayed by police, I can’t help but wonder whether there is anyone home. Why are most Americans so passively accepting of these calamitous conditions? How did we become so comfortably numb? I’ve concluded Americans have chosen willful ignorance over thoughtful critical thinking due to their own intellectual laziness and overpowering mind manipulation by the elite through their propaganda emitting media machines. Some people are awaking from their trance, but the vast majority is still slumbering or fuming at erroneous perpetrators.

    Everything is in the article…

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    squeako Says:
    31

    Would a black plague remidify the widening gap?
    It worked in europe, when workers were scarce, the priviledged had to start offering a better deal, or the next rich land owner got the worker.

    Can humans be outperformed by robots?

    Should the “proles” stop having kids? Then what happens?

    We have social media… so cannot the “proles” unite? Speak up?
    State what we want in society? Libya..I believe, had a revolution, should we have one here?
    Not desperate enough yet?

    So, what do we want? Or rather what do we need? Each person have about 50 years to “do something”, not a long time, so uniting and overlapping (multigenerational plan) or has changes to be swifter than that?

    Historians may offer some clue. (And who wrote the history..)

    Like or Dislike: Thumb up 0 Thumb down 0

    Burbs Boy Says:
    32

    UnagiDon: History has shown that the 99% can change the rules. Don’t get caught up in the belief that you are too small to make a difference. That is the fallacy of composition. Your actions count towards the whole. When the 99% even come close to working together for the greater good then things you never dreamed could pass can come true in the blink of an eye. There is no reason why we have to tolerate greed, sleaze, and corruption as it exists today in our democracies.

    Like or Dislike: Thumb up 0 Thumb down 0

    I can’t access the Globe and Mail article posted by VMD. I did find an article from yesterday saying that the paper plans to start charging for online access though.Could this be why?

    Like or Dislike: Thumb up 0 Thumb down 0

    Savonarola Says:
    34

    @Makaya, “Comfortably Numb” article — I agree there isn’t enough protest in the US, but there’s absolutely none at all that I can see in Vancouver. Did you mean that article to apply to Canada too?

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    avocat du diable Says:
    35

    All the bad news, nothing about the excellent jobs report today.
    This site is not credible, just an outlet for crazy “end of the world is near” bears

    Like or Dislike: Thumb up 0 Thumb down 0

    Happy Friday! here’s some more VancouverPeak forum invite codes:

    wrwp-k7i0-5h01
    nzzs-gziy-rovq
    dtog-dyxn-z7ia
    

    Like or Dislike: Thumb up 0 Thumb down 0

    Hyperventelator Says:
    37

    @avocat du diable:

    You want to talk about the Jobs report? Ok here goes:

    The awesome jobs report indicates that the economy is strong and that there is therefore no need for record low interest rates. Rates will go up making mortgages at today’s housing prices totally unaffordable. That means lower prices.

    Like or Dislike: Thumb up 0 Thumb down 0

    Curtis Says:
    38

    @avocat du diable: Guess you missed jesses comment about the jobs report, it’s comment #2.

    It is interesting that half the gains were in manufacturing, anyone have more insight into that?

    Like or Dislike: Thumb up 0 Thumb down 0

    Makaya Makaya Says:
    39

    @Savonarola: “Did you mean that article to apply to Canada too?”

    Absolutely, and it actually applies to all the western countries (except Iceland). Coming from a country with a history of chopping its kings’ heads that just elected a president with a simple message: “I hate the rich. My enemy is the world of finance” (this is the exact translation of what he said during his campaign), I know it wouldn’t take a lot for people to revolt and put the whole country into a bloody mess. This applies to quite a few other countries in Europe as well. I surely don’t hope we’ll get to that extreme as the consequences would be felt worldwide, but I also hope that the people in charge understand that there is so much population can take and it’s time to truly and meaningfully reform the financial sector.

    My feeling is that none of the problems of the GFC have been solved, and another collapse of the financial markets is inevitable. This time, though, people won’t accept to use taxpayers money to rescue the banks. What will the consequences be? I don’t know, but I’m pretty sure it’s not gonna be pretty…

    Like or Dislike: Thumb up 0 Thumb down 0

    @oneangryslav2: Here is the raw data with a bunch of my other graphs I use on mohican’s blog. The second tab has the tabulated data arranged by month and year.

    The method I use here is what Prof Hamilton uses when citing US economic data and seemed easy to interpret, with what google spreadsheets allows. Please improve it and share!

    Like or Dislike: Thumb up 0 Thumb down 0

    avocat du diable Says:
    41

    Trying to portray this job report as negative is total BS.
    The report was excellent, and if half the jobs were in manufacturing, that is even better.
    And for anyone with some understanding of monetary policy, it is clear that rates will stay low for many years to come.
    BoC will not move on rates until the Fed does. Clearly the Fed is on hold for a very long time. So will be BoC. Carney will jawbone from time to time as usual about debt and interest rates but nothing of substance will happen.
    Watch what they do not what they say.
    Inventory will peak at 19k and we will be back to stagnation pricewise. I don’t see any crash coming here.
    With low interest rates and good job prospects, people will continue to pay their mortgages and built slowly equity. Look at the mortgage default rates, they are below historical norms, so please stop voting me down and try to have a look at the reality and facts out there.

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    jumpin in Says:
    42

    The Spanish government is about to rescue the Spanish banks with taxpayers’ money, since the banks are collapsing in the post-housing-bubble phase (that they created). I truly hope this won’t happen in Canada. I feel mad enough without it.

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    offside Says:
    43

    avocat du diable Says “people will continue to pay their mortgages and built slowly equity.”

    you forgot income. current income does not support current prices. it has not supported at least for the last 10 years.

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    44

    @jumpin in:
    It has to happen in Canada, because the mortgages have already been guaranteed by the government.

    That’s the sinister thing about it, the bailout has already been done in advance so there will be nothing to debate when TSHTF.

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    45

    @avocat du diable:
    Low rates have not prevented an all out bust in Kelowna and elsewhere in BC, nor have they taken prices back to 2007 in Calgary or Edmonton.

    The reason is simply and obvious: if the cost of buying is well above renting at current interest rates a bust is inevitable without any increase.

    Like or Dislike: Thumb up 0 Thumb down 0

    avocat du diable Says:
    46

    @patriotz
    “The reason is simply and obvious: if the cost of buying is well above renting at current interest rates a bust is inevitable without any increase.”

    Exactly. There are many places out there where considering the interest rates now, it is cheaper to buy than to rent.
    I posted the example of the condo I rent myself the other day and was quickly voted down into forclosure.
    But it is clearly cheaper for me to buy the place than to rent it. (cost of buying $805/month versus cost of renting $850/month)
    The figures wont make sense if you consider detached houses in many desirable areas of the city of if you start taking into account the possibility that interest rates will rise, but those are speculative undertakings. Interest rates can go either way at this stage.

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    Hyperventelator Says:
    47

    @avocat du diable:

    “it is clear that rates will stay low for many years to come”

    So says the Wizard of Oz.

    Like or Dislike: Thumb up 0 Thumb down 0

    @avocat du diable: Don’t strawman the “spinning jobs report negative” angle, few are stating a drop in UE is a bad thing, though let’s be honest it would help depress house prices.

    The issue with the jobs report is that it’s not completely pedal to the metal positive. First an increase in manufacturing jobs of 10K is huge and bears some looking into. We don’t know where those jobs are and the report is seasonally adjusted. Revisions in subsequent months may occur unless there is some indication the jobs are real ones and not due to some out-of-phase hiring binge that causes the equalizers to fail.

    Second there is some decent analysis from BC Stats that BC migratory patterns are influenced heavily by unemployment differentials with most notably Ontario and Alberta. Look at the population changes, they are paltry, indicating that part of the drop in UE is due to out-migration. That is not positive for housing in the near term.

    Just calling out some things to consider. 1/2 the job gains going to manufacturing is the big one. Maybe I missed a couple of big plants opening up that would explain where 10,000 new workers are going. Help a brother out.

    Overall a positive jobs report like this one is a good thing but I get paid to pay attention to stuff that doesn’t make sense when the usual suspects claim it’s “full speed ahead” for the BC economy.

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    Anonymous Says:
    49

    @patriotz: “You think the solution to too many sleazy, overpaid executives is even more sleazy, overpaid, executives? Think much?”

    Most of the sleazy, overpaid executives are running public companies traded on the stock exchanges. Ultimately the people to blame IMO are the people who willingly buy the equities in these companies – the owners of the companies. From a person who is on record as having invested his/her money in equities likely mostly run by sleazy, overpaid executives I have no doubt who is really enabling the situation. It is you Patriotz as the investor and not the person who decides to take one of the high paying jobs who is to blame. I know you are not making this policy up but when you buy company shares you are essentially giving approval on how the company is run. The only way this will change is for investors to not give their money to companies that are run this way which pretty much covers every single one of the companies on the major exchanges. Think much yourself?

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    patriotz patriotz Says:
    50

    @avocat du diable:
    “But it is clearly cheaper for me to buy the place than to rent it.”

    It’s not clearly anything, because you have not given us all the numbers which would allow us to verify your claim. You didn’t even give any clue at to where it is.

    That sort of thing attracts a lot of thumbs down, as you have noticed.

    Like or Dislike: Thumb up 0 Thumb down 0

    Dante Says:
    51

    avocat du diable Says: “There are many places out there where considering the interest rates now, it is cheaper to buy than to rent.”

    for exampme in Flin Flon, Manitoba?

    Like or Dislike: Thumb up 0 Thumb down 0

    patriotz patriotz Says:
    52

    @Anonymous:
    “It is you Patriotz as the investor and not the person who decides to take one of the high paying jobs who is to blame.”

    Me personally? I have such power?

    All I (or any other individual) can do is put my money where I think it will do me the most good. Of course I can choose to put my money into corporations where I think the executives are worth their pay and I try to do so. Certainly, stuffing cash under my bed isn’t going to change anything except make me a lot poorer.

    Even if all small investors were able and willing to act collectively to reform corporate governance, they would still be massively outvoted by institutional investors such as mutual funds, CPP (which takes money from me whether I like it or not), hedge funds, and the wealthy.

    In the end corporate governance likely will be reformed only by legislation and regulation, which the government has every right to do because corporations themselves are creations of government.

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    Anonymous Says:
    53

    @UnagiDon:

    inagi maybe you ant yor child to become one of these parasites:

    http://nymag.com/daily/intel/2012/05/jpmorgan-london-whale-bruno-iskil-2-billion-loss.html

    The rest of us believe in bringing up kids that add something to society – not f&ck it up

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    Anonymous Says:
    54

    @patriotz:

    All I (or any other individual) can do is put my money where I think it will do me the most good.

    That is precisely what everyone who is buying into this real estate bubble thinks. The reality is they are supporting and inflating the bubble just like you are supporting the executive pay. There is really no difference IMO.

    Certainly, stuffing cash under my bed isn’t going to change anything except make me a lot poorer.

    Isn’t that pretty much Unagidons position. If you can’t beat em join me – which you criticized?

    Even if all small investors were able and willing to act collectively to reform corporate governance, they would still be massively outvoted by institutional investors such as mutual funds, CPP (which takes money from me whether I like it or not), hedge funds, and the wealthy.

    So because everyone is doing it you should do it too. Good logic there. Similar to the logic that says you should buy an inflated house.

    In the end corporate governance likely will be reformed only by legislation and regulation, which the government has every right to do because corporations themselves are creations of government.

    So the government will save us. Which government? The world is global. Wasn’t it the governmental that caused the housing bubble by meddling in it? Sorry Patriotz it is people like you that support the executive pay through your own greed not the government. Yes you are only one of many but you are part of the problem.

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    patriotz patriotz Says:
    55

    @Anonymous:
    “That is precisely what everyone who is buying into this real estate bubble thinks.”

    That is about as relevant as saying that’s precisely what people who buy lottery tickets think. Because someone else is doing something stupid with their money it means I’m doing something stupid too?

    As for individuals buying stocks supporting excessive executive pay, you could just as well claim that having a job supports excessive executive pay, since if nobody was willing to work for corporations there would be no jobs for executives.

    Since it’s apparent you are not living in the wilderness and sending me smoke signals, you are just as much a part of the corporate system as me or anyone else. So don’t get all holy and righteous about someone who is trying to look after himself and his family the best he can.

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    Chabar Says:
    56

    @bubbly:

    When the bubble pops, they will go back to their old jobs, if their pride and the economy permits.

    Should we expect lots of “Massage Parlors” to get open with upcoming Vancouver RE crash given the strong coverage of the specific local market segment?

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    Anonymous Says:
    57

    @patriotz: “So don’t get all holy and righteous about someone who is trying to look after himself and his family the best he can.”

    I believe that was UnagiDons point.

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    oneangryslav2 Says:
    58

    @jesse: Thanks, Jesse! I’ll take a stab at it this weekend.

    Like or Dislike: Thumb up 0 Thumb down 0

    Not to put too fine a point on it but the robust jobs numbers weren’t enough to convince traders that Canada is out of the woods. Not that this means anything but interpreting jobs reports goes well beyond the headline numbers.

    If you think the most recent jobs numbers are awesome maybe you need to go long equities. Just saying.

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    Anonymous134282 Says:
    60

    @jesse: “Overall a positive jobs report like this one is a good thing but I get paid to pay attention to stuff that doesn’t make sense when the usual suspects claim it’s “full speed ahead” for the BC economy.”

    Ah, you get paid for this?!? I wondered how you had so much time and energy for all your amazing insights. You definitely have a cool job.

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    patriotz patriotz Says:
    61

    @Anonymous:
    “Yes you are only one of many but you are part of the problem.”

    Then tell us what the solution is, since you are so good at identifying the problem.

    Put up or shut up.

    Like or Dislike: Thumb up 0 Thumb down 0

    @Anonymous134282: “Ah, you get paid for this”

    Not that much for that specifically, certainly not directly, but I do get paid to pay attention to stuff that doesn’t make sense. :)

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    offside Says:
    63

    “If you think the most recent jobs numbers are awesome maybe you need to go long equities.”

    the tragedy is that long equities were correct call regardless what real economy is doing.

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    chilled chilled Says:
    64

    “Welcome to Effluent Richmond”

    I have a rental Richmond view from South Van and I can tell ya’. I can tell ya in complete theory. Theorizing about being a terrorist. Parking a cube van loaded with more fertilizer than a Canadian chicken farm. Thar goes the dyke, and Richmond. Richmondites have absolutely no idea how often the ocean and river is higher than most residents mail boxes. Time will tell.

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    paulb. Says:
    65

    New Listings 262
    Price Changes 132
    Sold Listings 81
    TI:18176

    http://www.laurenandpaul.ca

    Enjoy the summer weather this weekend!!

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    @patriotz:

    “In the end corporate governance likely will be reformed only by legislation and regulation, which the government has every right to do because corporations themselves are creations of government.”

    Corporations are just the framework around which business activity organizes for tax and legal purposes. Just because the govt passes one law to regulate a corporation, I don’t see how it has a ‘right’ to impose further regulations.

    Surely, the only right here is that individuals and groups should be free to engage in economic activity. Any action by govt is simply a diminution of a right.

    As you say, apart from forced investments through govt programs like CPP, no individual is forced to support excessive CEO pay. Buy a different stock, buy another company’s product.

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    Makaya Makaya Says:
    67

    @paulb.: when are sales supposed to pick up again? oh yeah, Spring… oh wait…!

    Like or Dislike: Thumb up 0 Thumb down 0

    Maverick Says:
    68

    @paulb.:

    Damn. 300 new listings/day streak is over.

    Perhaps I was getting “greedy” :P

    But 81 sales is sweet music to my ears.

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    Anonymous Says:
    69

    @patriotz: “Then tell us what the solution is, since you are so good at identifying the problem.”

    The answer is pretty easy. Don’t invest in companies run by sleazy overpaid executives. If enough people did that the problem would fix it self. The same as housing in Canada, at some point the market will run out of greater fools who throw their money into a rigged system.

    Personally I believe we are in for a significant crash in the stock markets in the coming year. A long term depression. The markets will only come out of it once the sleazy executives are gone. Until then feel free to fund them with your money. But please stop complaining about them when you are part of the problem.

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    Romeo Jordan Says:
    70

    Stock market will boom. To the moon.

    Everyone is frightened. % ownership of stocks by individuals and institutions/pensions is way down at the low end of the spectrum. Valuations at 40 year lows.

    Your an idiot. Are you related to McLovin?

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    McLovin Says:
    71

    Anonymous you are an idiot who is obviously either out of work or a lazy union hack.

    Save the anti-capitalist rant. Not all executives are sleazy and overpaid. Wanting to make money and be successful is not a crime.

    Save the 99% BS and go back to your 4:20 party at the art gallery.

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    Luongo Says:
    72

    @McLovin

    who is shaking your cage?

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    McLovin Says:
    73

    I am just sick and tired of the bitching and the anti-business socialist attitude on this blog.

    We are here to talk about real estate. It seems that a lot of readers resent anyone who has money regardless of how they got it. “HAM, Chinese criminals, sleazy overpaid executives”.

    They cheer for the Real Estate Market, Stock Market, Gold, or anything to crash because they resent people who have things they don’t. These people will never have anything because they blame they lack of money on everyone else.

    Some people just work hard and are successful and have money. For the rest of the people that just want to sit around and not take a chance or open a business, more power to you but don’t complain when you don’t have money.

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    Romeo Jordan Says:
    74

    I’ll give you full credit McLovin, that was a great post.

    Like or Dislike: Thumb up 0 Thumb down 0

    Romeo Jordan Says:
    75

    Frack, we could be at 19000 listings before month end.

    How will the MSM spin that?

    They will spin it…but it will take some overtime to figure out how….

    Is the end of the boom behind us, will be see 10% declines YOY in a few months?

    Like or Dislike: Thumb up 0 Thumb down 0

    http://tinyurl.com/6lpwo2o

    This Empty Unit has been up for at least a couple weeks now…

    I wonder how long this landlord is going to stubbornly stick to his 2010 pricing? No granite or stainless steel…tsk tsk Someone wasn’t paying attention in class…

    When a 3Bedroom rental for 1500 isn’t snapped up right away you know there is SOMETHING amiss…

    There are a handful of similar units for rent out there.. I expect that number to increase in the coming months..

    And for those of you that are following this.. Todays 3BDR Available Now is back up to 359 http://tinyurl.com/7uhk4rt – I don’t think 359 families just up and left

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    Simple Says:
    77

    You guys should take Jesse’s raw data and plot sales per listing since Jan’05. You get a nice oscillating pattern looks like the market missed a heartbeat this spring.

    Charging paddles to 100!

    Clear!

    Time of death – May 2012.

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    Anonymous Says:
    78

    McLosen: A fool and their money are soon parted. Good thing you don’t have any money.

    Like or Dislike: Thumb up 0 Thumb down 0

    ReadyToPop Says:
    79

    @ McLovin

    The problem is that many “people who just work hard and are successful and have money” still can’t afford to live here because of the extended period of insane monetary policy and easy credit due to (ironically for you) tax-payer backed loans. C’mon, admit it, a lot of the arrogant nouveau “capitalists” in this town wouldn’t stand a chance in a real economy where true credit risk is priced in and ZIRP a thing of the past. Socialism? Let’s be honest now….is that not the source of all this easy money?

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    Patiently Waiting Says:
    80

    Supposedly “Eight West” in New West sold-out a year ago, to be completed sometime in 2012. Its still a hole in the ground in sunny May with little going on. Any theories?

    http://www.eightwestliving.com/

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    oneangryslav2 Says:
    81

    @Romeo Jordan:

    Your [sic!] an idiot. Are you related to McLovin?

    You’d think that somebody calling someone else an idiot would know how to spell. Or is this a subtle piece of performance art?

    For the illiterate:

    Your=possessive pronoun. Example: Your glass house has been broken!
    You’re=contraction of you are. Example: You’re an idiot!

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    BurbsBoy Says:
    82

    McLovin – there are a lot of people who are “sucessful” (defined as having obtained a lot of money), who are supporters of a capitalist system, AND who have a problem with the current state of society. It does you no credit to label people as “lazy union hacks” or “anti-business” as it implies that you have not truly thought through the long term implications of how our collective actions are shaping this world. It is not anti-business to expect that our business activities should minimize the damage that we do to the environment that we have to live in. It is not jealousy of others wealth that dictates that we should strive to have a fair and balanced distribution of the resources of the world. These things build the civilization that we live in and I for one happen to like living in a civilized society and don’t want to see it degraded to the lowest common denominator where “dog eats dog” rules the day. In fact it is in my long term interest to ensure that these things happen as it will in fact improve the quality of my life and the “wealth” that I have.

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    oneangryslav2 Says:
    83

    @Romeo Jordan:

    Frack, we could be at 19000 listings before month end.

    How will the MSM spin that?

    There’s nothing for the MSM to spin as 99% of the population has no clue about what 19,000 listings in May means. They simply have no concept. It’s like if I were to tell you that US President Barack Obama used the personal pronoun “I” 38 times in his most recent state of the union speech. You’d have no idea whether that was exceptionally high, exceedingly low, or about average. Nor would 99% of the population.

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    Happy Winner Says:
    84

    http://liberalbiorealism.files.wordpress.com/2009/10/800px-1995-sat-income21.png?w=500

    Not a bad feeling. This is just evolution. Of natural. Always need the connection of the timber and police. So you not all you become obsoluete.

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    frank Says:
    85

    China trying to pump up it’s own RE market again.

    http://www.bloomberg.com/news/2012-05-12/china-cuts-banks-reserve-requirements-to-sustain-growth-1-.html

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    @Simple: “the market missed a heartbeat this spring”

    Patient’s already been administered lidocaine, not sure what other options are available.

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    good-format Says:
    87

    Copied from PaulB’s number
    http://www.laurenandpaul.ca

     Date      Listing  Price(+-)  Sold   Inv     Inv(+-)  S/L(%)
    Apr-30       316     179       124   17,530     75     39.2
    
    May-01       354     144       179   17,122            50.6
    May-02       371     131       150   17,243    121     40.4
    May-03       339     159       121   17,400    157     35.7
    May-04       337     120        77   17,592    192     22.8
    
    May-07       353     177        90   17,727    135     25.5
    May-08       365     157       183   17,823     96     50.1
    May-09       337     145       183   17,917     94     54.3
    May-10       318    129        115   18,073    156     36.2
    May-11       262    132         81   18,176    103     30.9
    
    Total-Cur  3,036  1,294      1,179           1,054     38.8
    5 day-avg    327    148        130             117     39.9
    Total-Est  7,287  3,218      2,874   19,694  2,572     39.4
    

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    George the Third Says:
    88

    @Romeo Jordan:

    Your [sic!] an idiot. Are you related to McLovin?

    You’d think that somebody calling someone else an idiot would know how to spell. Or is this a subtle piece of performance art?

    For the illiterate:

    Your=possessive pronoun. Example: Your glass house has been broken!
    You’re=contraction of you are. Example: You’re an idiot!

    “Your” is not a possessive pronoun. It is a possessive adjective.
    In “Your glass house”, “your” helps to describe the house by specifying whom it belongs to.

    On the other hand, I may be an idiot too or simply illiterate!

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    Vansanity Says:
    89

    Tweet from News1130radio to 29,000 followers yesterday:

    News1130 ‏@News1130radio

    Report predicts Vancouver housing prices will fall http://dlvr.it/1YNL3Z

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    Anonymous Says:
    90

    @vancity

    “He also says rich foreign investors who have driven up real-estate prices in Vancouver are now looking at cities that are less expensive.”

    So much for the “everybody wants to live here” narrative. Two consecutive years of La Nina were enough to wipe out the mania triggered by the “Best Place on Earth” marketing.

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    vangrl Says:
    91

    so much for that stupid argument “Vancouver is cheap compared to New York and London”
    I just spent a week in Manhattan and there are a crap load of gorgeous studios and 1 bedrooms in the $300,000 to $440,000 price range, and I’m not talking crap neighbourhoods in Manhattan, I’m talking about some very cool hoods. The condo fees are definitely higher, but include heat and air conditioning……and seriously we’re talking about N.Y, not to mention that the actual apartments are waaaaaay cooler than Vancouver’s ugly crap boxes with 8′ ceilings and “granite counters”

    one example of literally 100′s

    http://www.realtor.com/realestateandhomes-detail/417-Riverside-Dr-Unit-D_New-York_NY_10025_M38129-03714

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    Happy Winner Says:
    92

    http://abagond.files.wordpress.com/2010/03/iq-map-of-the-world.gif

    Everything you think you’re smart. Chinese you are smarter than you. The smart people will succeed or fail, stupid.

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    Romeo Jordan Says:
    93

    Gorgeous weekend.

    Hope you’re all enjoying it.

    Anyone who goes by an open house, let us know if the weather is keeping sheeple away or driving them indoors to continue the RE party.

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    Public MLS now has 986 SFH in VW. 14 away from 1000. Last time we saw that level of VW inventory in 2008, VW SFH prices dropped about 20%. But this time may be different . . .

    Like or Dislike: Thumb up 0 Thumb down 0

    …but, Van East is well below inventory levels from previous years. VW attached still 300 short of record levels. Burnaby right on track of previous years. So, there are lots of differences across the market. But so much of the BS rhetoric is about VW, it is fun to watch that one go down first.

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    @oneangryslav2:

    Exactly right. How many people still buy lottery tickets?

    Like or Dislike: Thumb up 0 Thumb down 0

    We are now bouncing around 6-6.5 for MoI. Benchmark prices may go up a a bit; may go down. No major moves likely in May or June.

    The big action will come starting in July. Sales typically fall off in the summer, but inventory lingers. It is not unreasonable given current trends to imagine 20K of inventory and 2K of sales in July/August. That moves MoI to 10. At MoI of 10, you start getting benchmark prices dropping 1-1.5% a month.

    For those expecting equities-style swings, 1.5% a month sounds stupid small. But do 1.5% a month for 6 months and you start to notice something. Do it for just two years and you have a 30% drop in prices.

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    Anonymous Says:
    98

    ….Everything you think you’re smart. Chinese you are smarter than you. The smart people will succeed or fail, stupid. ….

    Well, I guess that posting speaks for itself.

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    ZRH2YVR Says:
    99

    A few things.

    1.) Van-West exceeded 1,000 available detached listings on Thursday.
    2.) Richmond will likely have MOI over 12 at end of May. (vast majority of transactiosn now for less than tax assessed value).
    3.) Looks like a serious flood of Van-West apartments going up for sale – current pace is for 1,230 of attached units (Apartment/townhouse combined).
    4.) Van-West houses – on pace for 22% sale/list and 545 listings.

    If we think that 2008 is the best comparable year to this year, where do we stand?

    REBGV sales should come in about 2-4% below 2008.
    REBGV lists should come in about 4-6% above 2008.

    Who’s doing better now compared to 2008?
    Burnaby Detached – Sales and lists up 12%
    North-Van – Sales up 20% and listings down 7% (Still the strongest market in Van)
    West Van – Up on sales and list by 32%
    East-Van Attached – Sales up 11% while lists up by 7%

    Neutral?

    East-Van Detached sales neutral but listings down 30%
    Van-West Attached – sales neutral and listings up 4%

    Who are the big losers? Well – if the worst is last in the following list then…

    Van-West detached – Sales off 17% and listings up 25%
    Richmond Attached – Sales off 47% and listings flat . . . .

    and the winner is . .
    Richmond detached – Sales off 34% and listings up 22%

    This is an interesting market. Overall – we are topping out and those sub-segments that are out of line and depend on foreign money are most at risk. Those which are dependent on local greaterfools are struggling along but not as badly as those who have no foreign buyers anymore.

    –time to go out in the sunshine!!!

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    jumpin in Says:
    100

    The new French President is not walking in Harper’s steps :)

    Hollande désigne Pékin comme “l’adversaire” économique de l’Europe
    http://www.france24.com/fr/20120512-francois-hollande-designe-chine-adversaire-economique-union-europeenne-livre-eric-dupin

    “laissant entendre qu’il voulait s’attaquer frontalement à l’hégémonie économique du pays : “Le problème, il est chinois. Ils trichent sur tout : sur la monnaie, en matière de recherche.””, a-t-il déclaré dans un ouvrage paru jeudi. ”

    = “the problem is China. They cheat about everything: currency, research”

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    @ZRH2YVR: Thanks for those numbers. To clarify, my source for data on listings is the public MLS on realtylink.org. I know that is not as good as the realtor-only version, but I only have access to the public version and I always try to make that clear. I know the realtor-version is more up to date, so thanks for that update.

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    frank Says:
    102

    @McLovin:

    I am just sick and tired of the bitching and the anti-business socialist attitude on this blog.

    We are here to talk about real estate. It seems that a lot of readers resent anyone who has money regardless of how they got it. “HAM, Chinese criminals, sleazy overpaid executives”.

    You are a complete fool IMVHO.

    We are not against business. We are against corruption, sleaze and nepotism.

    Like Exxon’s CEO getting a $300 M retirement bonus for a job well done, even though he was at the helm when Exxon Valdez wrecked the Alaska coast.

    Or $2.5 M a year for an executive of a small utility which is a monopoly and just increased rates 2.5 X above the inflation rate. Who is paying for that $2.5 M, the middle class and poor are ie 40 X the average income of her employees.

    Or some jerk working for JP Morgan who got paid $100 M last year and loses $2-3 Billion this and the bank will probably be at the tax-payers trough soon demanding more money.

    We are NOT against the rich Chinese. We ARE against HAM. people that may have stolen their money and are using Canada to hide it, especially in RE and evading taxes here too.

    A small businessman/woman who works hard and builds a big business deserves every million they make.

    A criminal does not. An executive who is looting his/her company and still expect the working stiff to foot the bill, is a criminal too IMO.

    Some of us are sick of being shafted!

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    McLovin Says:
    103

    “The problem is China”

    Speaking of that, in my building they created a special blue box for residents who wanted to put their recyclables that paid a deposit in it (separate from the regular blue box) with the money going directly to the strata for the residents. Within one week they had to install a lock on the box as “older Chinese” residents were stealing the bottles and cans out and returning them for themselves.

    Don’t call me a hater or a racist. I am simply sharing a story I learned from the building superintendent this am.

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    McLovin Says:
    104

    Frank I can’t argue with a lot of what you said. That said you are painting with a pretty broad brush.

    I will point out that the Captain was drunk which is hardly the CEO’s fault and Exxon paid BILLIONS and BILLIONS in fines, cleanup and compensation and took full responsibility. The CEO grew earnings and profits for shareholders which is what he was paid to do.

    JP Morgan never took a cent of taxpayer money. In fact they were held up as a bastion of proper management and helped the US recover from the crisis by buying out several other firms preventing a bank run and widespread panic. The two billion loss they just took will be paid for out of profits by shareholders and not the public.

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    frank Says:
    105

    @McLovin:

    McLovin

    JP Morgan took a huge Government subsidy when they bought Bear Stern. The US Government took all the losses over the first one billion. They gave it $12 billion.

    This is just like the a$$-holes at AIG who were making $25+ Million each and then needed a $200 Billion bail-out.

    And JPM has been down-graded by Fitch rating agency and that will cost it another $1-2 B in higher borrowing costs. Where do you think the $4 Billion down-draft will come from, from firing low-paid staff, form less lending to small businesses.

    Where won’t it come from? The Executive office suite.

    You have a touching naivety about the ethics of the Corporate Gods.

    BTW- The bottle-stealing is not the problem, who cares? It is the fact that we are letting in rich fugitives, because they are rich, as if being rich absolves them of their past misdeeds.

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    Devore Says:
    106

    @Romeo Jordan:

    Anyone who goes by an open house, let us know if the weather is keeping sheeple away or driving them indoors to continue the RE party.

    Sorry, I have too much gardening to do to go to open houses ;)

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    Anonymous Says:
    107

    @McLovin: “in my building they created a special blue box for residents who wanted to put their recyclables that paid a deposit in it (separate from the regular blue box) with the money going directly to the strata for the residents.”

    You sound like a hi roller McLovin. What part of Surrey do you live in?

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    Makaya Makaya Says:
    108

    @jumpin in: “the problem is China. They cheat about everything: currency, research”

    He also declared his enemies were the rich but the and the world of finance… You haven’t seen anything yet… This guy has been under-estimated throughout his whole life, yet he’s the president now.

    If I were a banker or China, I would be a bit worried right now. France is a relatively small country, but has a lot of leverage with the EU.

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    Anon Says:
    109

    I wonder how Vancouver housing prices look when priced in rare commodities …

    http://www.huffingtonpost.com/2012/05/08/human-flesh-pills-dead-babies-china_n_1499082.html

    We have no way of knowing if the skilled entrepreneurs who are in on this sort of loveliness are among the investor class we invite in with open arms. Welcome to Canada (bring money, no questions asked).

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    @Anon: A comment on dead babies on a real estate blog is getting modded up.

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    Luongo Says:
    111

    Makaya: “If I were a banker or China, I would be a bit worried right now. France is a relatively small country, but has a lot of leverage with the EU.”

    LOL..France is done. They are in debt to the eyeballs. Their workforce is not competitive. Their labor laws are rigid. Their cities are infested with third world masses. Inequality is high. Bankers rule the economy. France has been begging Chinese for the EU bailout fund.
    Remove your rose color tinted glasses and you will see cruel reality.

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    patient renter Says:
    113

    does anyone know what 1336 Lakewood went for. It seemed to be priced low for the area at 888….gee, wonder who they wanted to attract.
    Anyway, just curious if it went for above listing

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    Anonymous Says:
    114

    @McLovin:”I will point out that the Captain was drunk which is hardly the CEO’s fault and Exxon paid BILLIONS and BILLIONS in fines, cleanup and compensation and took full responsibility. The CEO grew earnings and profits for shareholders which is what he was paid to do.”

    I actually read an article about this not too long ago that said Exxon had launched appeal after appeal and that after so many decades they still haven’t paid much of anything in fines. Cleanup yes, but fines no. I could be wrong but I only just read this a few months ago. Sorry no source.

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    DaMann Says:
    115

    @Anonymous:

    Whoops last comment was mine

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    Anonymous Says:
    116

    @McLovin: “I will point out that the Captain was drunk which is hardly the CEO’s fault”

    The CEO of Exxon sets or oversees the standards to which the company operates. He is the one that allows a ship to sail with a drunk captain by not having proper protocols in place to prevent it or for crew to intervene. It is no secret people like to drink and I doubt this is the first time an officer was drunk on a ship. There was obviously other failures beyond the captain being drunk. Even a ship without a captain should not run aground. There should be a competent crew to navigate the ship. The CEO is 100% accountable. For the board to even consider a bonus after this is lunacy. It speaks volumes to how corrupt the system is.

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    Makaya Makaya Says:
    117

    @Luongo:
    “Remove your rose color tinted glasses and you will see cruel reality.”
    I don’t need to remove rose color tinted glasses, I just have to wear contact lenses, which can be helpful to look at facts, which you won’t get on CNN or Fox in case you didn’t notice.

    Where do I start?
    “LOL..France is done. They are in debt to the eyeballs.”

    Here are the numbers. Public debt (as % of GDP, 2011 estimate):
    France 85.50
    Canada 83.50

    Household debt (from a Canada CGA report):
    Debt to income, France: 90%
    Debt to income, Canada: 160%

    Consumer debt to financial asset:
    France: 1.2%
    Canada: 10%

    “Their workforce is not competitive.”
    Here is an article for you:

    A new survey from UBS has shown that the French continue to work the least amount of hours per year in the world. Once again, the French have blown away the competition.

    People work an average of 1,902 hours per year in the surveyed cities but they work much longer in Asian and Middle Eastern cities… People in Lyon and Paris, by contrast, spend the least amount of time at work according to the global comparison: 1,582 and 1,594 hours per year respectively.

    Upon seeing this data, some might criticize the French for being lazy, but that misses the point completely. The real message here is that the French are likely some of the most productive people in the entire world.

    Think about it. Nationmaster ranks France as #18 in terms of GDP per capita, at $36,500 per person, yet France works much less than most developed nations. They achieve their high standard of living while working 16% less hours than the average world citizen, and almost 25% than their Asian peers as per UBS. Plus, if you visit France you’ll also realize that their actual standard of living is probably much higher than GDP numbers would indicate.

    Thus, if one were to divide France’s GDP per capita by actual hours worked, you’d probably find that the French are achieving some of the highest returns on work-hours invested. Labor Alpha, if you will.

    We can actually calculate this Labor Alpha using statistics from Nation Master.

    France has $36,500 GDP/Capita and works 1,453 hours per year. This equates to a GDP/Capita/Hour of $25.10. Americans, on the other hand, have $44,150 GDP/Capita but work 1,792 hours per year. Thus Americans only achieve $24.60 of GDP/Capita/Hour.

    “Their labor laws are rigid.”
    They sure are. Employers must actually have a valid reason to fire you. And when you get fired, you’re entitled to, depending on your grade, 1 to 3 month of severance package. Most employers give (a lot) more. Then, you can collect EI at 80% of your salary for one year, and it gradually decreases after that. In short, if you lose your job there, you don’t go bankrupt.
    Oh, and everybody get 5 weeks of vacations minimum there, but most people working for big companies and government would get 7.

    “Their cities are infested with third world masses.”
    Lol. Have you lived there to make such a judgment?
    You know, in the last government, there were a black and an arab ministers. Yes, they do study too, yes, they can be smart as well, and yes, lots of them (actually the vast majority) integrate very well to a point where, apart from the skin color, you wouldn’t be able to make the difference (in terms of cultural habits and mentality).

    “France has been begging Chinese for the EU bailout fund.”
    Lol. I’m surprised the specialist of France that you are didn’t read the article jumpin in posted (as a Canadian, I assume you also speak french…). Here it is for you in google translate version. Pay attention to the last paragraph…

    http://translate.google.com/translate?sl=fr&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.france24.com%2Ffr%2F20120512-francois-hollande-designe-chine-adversaire-economique-union-europeenne-livre-eric-dupin

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    McLovin Says:
    118

    Ok I am not here to defend the actions of every CEO or company that has “wronged” a reader of this blog.

    If people are stupid enough to think that the CEO of a $500 billion company can control whether a captain on one of 150 ships they own is drinking on duty then they deserve what they get. If this is not you then ignore this post. If it is then put on your tinfoil hat.

    We are here to talk about Real Estate. Vancouver Real Estate for that matter so lets try our best to stick to it.

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    jumpin in Says:
    119

    @luongo
    I am not sure you really know what is happening in France…

    http://www.eupedia.com/forum/showthread.php?24193-Real-productivity-of-European-countries

    Luxembourg : 57.5
    France : 56.6
    Belgium : 55.9 Ireland : 51.8 Italy : 50.3 Austria : 46.4 Germany : 45.0
    Netherlands : 44.5 Sweden : 42.6 Finland : 42.6 UK : 42.0 Denmark : 40.4
    Malta : 35.7 Spain : 34.2 Estonia : 34.0 Greece : 33.1 Slovenia : 30.7
    Slovakia : 27.8 Cyprus : 27.3 Portugal : 25.6 Latvia : 23.9
    Hungary : 23.1 Poland : 22.4 Lithuania : 21.5 Czech Republic : 18.6
    Bulgaria : 17.8 Romania : 10.0

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    Anonymous Says:
    120

    @Makaya:

    Gosh, I didn’t realize France was such an economic paradise. To think those nasty credit agencies went and stripped them of their triple A rating.

    As for jobs, France has lost more manufacturing jobs in the last decade than all countries in Europe and unemployment is at a 12 year high.

    In Germany meanwhile, they liberalized labour rules, giving companies more leeway to fire and unemployment fell from over 12% to just 6% today.

    France is toast. But voters opted to stay on fantasy island for a little while longer and the UK will benefit from an accelerated exodus of France’s productive workers.

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    Anonymous Says:
    121

    @Makaya:

    “Their labor laws are rigid.”
    They sure are. Employers must actually have a valid reason to fire you.”

    Unlike companies elsewhere that apparently fire people for no reason at all.

    God, what mindless tosh. Probably asking too much here, but imagine for a second that you’re a small business owner and ready to hire your first employee. Along comes the govt and hands you a 2300 page labour code outlining the process to fire someone.

    Do you hire?

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    Papa Says:
    122

    Makaya: “Yes, they do study too, yes, they can be smart as well, and yes, lots of them (actually the vast majority) integrate very well to a point where, apart from the skin color, you wouldn’t be able to make the difference (in terms of cultural habits and mentality).”

    and the burning of the whole hoods every summer was probably because their team lost some hockey game? gimme a break.

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    Sorry to interrupt the *fascinating* France discussion, but here are some real estate numbers.

    VW SFH hit 999 on public MLS this morning. They don’t update this during the day typically, and no new entries appear on Mondays typically. So, it likely won’t be until Tuesday when we hit through the 1000 number.

    Yeah yeah, 1000 is just a number like any other. Except it is a BIG number!

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    Dante Says:
    124

    VHB “Sorry to interrupt the *fascinating* France discussion,”

    tension is always good. :)

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    Anonymous Says:
    125

    @VHB

    What does VW stand for? You have it in front of SFH

    Like or Dislike: Thumb up 0 Thumb down 0

    Anonymous Says:
    126

    VW = Vancouver West
    VE=Vancouver East
    WV = West Van
    and so on…

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    Anonymous Says:
    127

    @Anonymous:”France is toast. But voters opted to stay on fantasy island for a little while longer and the UK will benefit from an accelerated exodus of France’s productive workers.”

    Well if France isn’t toast yet they soon will be with new President-elect of France, Francois Hollande, who wants the richest people there to pay a marginal tax rate of 75 percent on incomes above 1 million Euros. Capital is leaving the country before he is even sworn in. It should be a great lesson for those that think taxing ‘the rich’ will increase net taxes to the government. I am all for fair taxation, but 75% is a little extreme. The rich have the means to move their capital and will pay their taxes somewhere else. In the end France will not have anyone paying taxes on income above 1 million Euros because they will be gone. France will be in the same situation as Spain, Portugal, Greece and Italy soon.

    France Entrepreneurs Flee

    http://www.businessweek.com/news/2012-05-10/entrepreneurs-in-france-flee-from-hollande-s-rejection-of-wealth

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    Anonymous Says:
    128

    @VHB: “Sorry to interrupt the *fascinating* France discussion, but here are some real estate numbers.”

    Yes please lets discuss inventory one more time. YAWN.

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    Makaya Makaya Says:
    129

    @Anonymous:

    “God, what mindless tosh. Probably asking too much here, but imagine for a second that you’re a small business owner and ready to hire your first employee. Along comes the govt and hands you a 2300 page labour code outlining the process to fire someone.

    Do you hire?”

    That’s what my brother did. He actually hired 120 of them within the last 4 years since he started his company…

    “Gosh, I didn’t realize France was such an economic paradise. To think those nasty credit agencies went and stripped them of their triple A rating.”

    As far as I know, France is not the only country that lost its AAA and it seems that UK is next on the list. France is by no means an economic paradise, it has its own challenge and needs for reforms, but it’s not in worse shape that most of the western countries. I think the US have been stripped of their triple A as well…

    “France is toast. But voters opted to stay on fantasy island for a little while longer and the UK will benefit from an accelerated exodus of France’s productive workers.”

    I’ll give you on info that you probably didn’t know. The last time a socialist prime minister was in charge, the debt as a % of GDP decreased…

    As for Sarkozy’s performance, he increased the national debt by E600 billion in 5 years (now at E1.7 trillion). A report by the french audit body (la cour des comptes) said that 1/3 of that additional debt was due to the GFC, and 2/3 of it due to the tax cuts he made for the wealthy early in his mandate… So much for the “fiscal conservatism” ideology.

    Maybe Hollande’s election has something to do with the fact that they don’t believe the “corporation and wealthy tax cuts are always good for the economy” BS… By the way, having half of my family living in the UK and the other half in France, I can say that I’d rather be France than UK right now…

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    pipewrench Says:
    131

    @Anonymous:

    http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213
    http://en.wikipedia.org/wiki/Michael_Bloomberg

    In the US the tax rate sat at 70% till the 1980′s. Add to the fact that your quoted source is from Micheal Bloomberg’s. His $22billion dollar nest egg cannot be touched so fear must be maintained.

    They have cut taxes in half for the top percentile and all it has done is create credit bubbles and a middle class who’s buying power is shrinking. Without an increase in taxation of the actual people who’s standard of living has gone up you will never stabilize the balance sheet. I would be happy to hear if you have a better solution, just do me a favor and look at the source of information first.

    Quoting a billionaire…. lol :)

    and if your going to quote Reuters in a rebuttal read this first and realize that the Thomson family ownes 70%. They also will spread fear to keep their nest egg safe. Most of the mainline press is owned by a select few and that is why we look to blogs for the truth. The truth in real estate speculation is alive and well.

    http://en.wikipedia.org/wiki/Thomson_Corporation

    Sorry for the off-topic remark folks. Now back to Vancouver’s 2012 reality check. I am just waiting for the screams to get louder for the Government to save the day.

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    Makaya Makaya Says:
    132

    @Anonymous: “I am all for fair taxation, but 75% is a little extreme. The rich have the means to move their capital and will pay their taxes somewhere else. In the end France will not have anyone paying taxes on income above 1 million Euros because they will be gone.”

    The 75% tax rate is for revenue made above $1 million. So if you make $2 million, your overall tax rate will be 59%. High, I agree, but not “unmanageable”. Besides, less than 20,000 people make that much money in France. Remove all the artists, football players, etc., and the pool is even smaller. Hardly a big deal in a country of 65 million people.

    I agree with pipewrench, there’s lots of BS in the media regarding Hollande. He’s a lot more pragmatic than these journalists imply. He graduated from one of the best business school in Europe (HEC) and from the most elite school in France (ENA). I believe he knows a thing or two about economy. Again, looking back at history, socialist governments have systematically better managed public finances than the conservatives. Let’s wait a couple of years and we’ll see if France is toast as some people predict here. I’m willing to bet that they’re going to be disappointed.

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    fixie guy Says:
    133

    @130 Anonymous: Ms. Gao left Canada to pursue a career as a finance consultant in China helping locals leverage the Canadian housing bubble? Whatever we’re doing is working, that’s the last type of business person we need here.

    “Canada is increasingly considered by many Chinese more as a great place to retire. “

    Make that second last.

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    Anonymous Says:
    134

    From the article:
    “if Canada lacks nurses and China has [extra] nurses, then China should facilitate nurses going to Canada.”
    Don’t medical professional need retraining upon arrival in Canada? At least, a nurse should learn to speak a perfect English !!!

    “Canada is increasingly considered by many Chinese more as a great place to retire.”
    That definitely proves immigration is the solution to the challenges of an aging population! ;)
    Those immigrants will contribute to the health care system by using it.

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    I’ve got to say, one of the reasons I left France is that it is just so hard to run a legitimate business there. It’s OK for big corporations with deep enough pockets to make the kind of commitments that the law requires, but it’s very hard for small businesses. Many small business just cheat, but if you don’t want to do that, you had better be very successful very fast because, for a one-man business, by year three you are looking at about eighty thousand dollars in mandatory minimum contributions. And that’s with only yourself as an employee. So if you come from a wealthy family, or you have funding from an existing corporation or the government, you are OK, but otherwise you had better be satisfied with being an employee.

    (Things may have changed since the late 90s, when I left.)

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    Romeo Jordan Says:
    136

    If you want to nail some hot French chicks you don’t need to fly all the way to Paris or Nice to do so.

    Just go to Montreal and/or Quebec City. They know how to dress, are sexy as heck and will come up to a man and tell them they are ready to go home with you, it’s awesome.

    Try it. You might like it.

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    loser with the girls Says:
    137

    Romeo Jordan Says: “They know how to dress, are sexy as heck and will come up to a man and tell them they are ready to go home with you, it’s awesome.”

    So you don’t need to approach them and talk bullshit like with the girls here? they approach you?

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    frank Says:
    138

    @pipewrench:

    You are completely right.

    The wealthy have control of the major media and they have always sold the line that if taxes increase, the rich will move their wealth to say Aruba or Switzerland. Well Switzerland is being forced to close the door to hot money and do you think Aruba or the Bahamas can back their banks like the US and Europe did?

    US deposits and Money markets were insured by up to 100K and then when it hit the fan, the lobbyists pushed hard and the limit was pushed up to 500K and the banks were given free money to ‘prevent a crisis’.

    On the other end of the spectrum the middle class still are foreclosing at a huge rate.

    We have to owns the ‘news’ and opinions that we read.

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    10DownerStreet Says:
    140

    Counted 8 open house signs in front of my yaletown condo building today. Lobby filled with bored realtors, some having spilled out onto the sidewalk. Nary a prospect.

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    Devore Says:
    141

    @pipewrench:

    They have cut taxes in half for the top percentile and all it has done is create credit bubbles and a middle class who’s buying power is shrinking.

    If you people are gonna pollute the blog with this BS, you’re gonna have to draw me a picture that takes me from A to B in logically coherent baby steps.

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    Not Dumb Barbarian Says:
    142

    http://www.bclocalnews.com/news/151025325.html

    This behavior is of the savage. Come from barbaric society. Inferior genetics and enviroment make.product.

    Like or Dislike: Thumb up 0 Thumb down 0

    ZRH2YVR Says:
    143

    Went to see my parents in Richmond today in their $1.6M (assessed value) rental house ($3,000 per month BTW). House down the street was an open house. I can see it’s now listed for $150,000 under assessed value after dropping it last week by $100,000. You would think that there were people lining up outside with inspectors ready to submit offers at the end of the day.

    We went over – - nearly had to wake up the sleeping realtor. 3:30 – first person in . . . . This will not end well.

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    pipewrench Says:
    144

    @Devore:

    apologies for the noise and you are right that we should keep it on topic.

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    Makaya Makaya Says:
    145

    Interesting how they managed to get their mortgage approved: “we had my mom to be a co-signer”…

    http://youtu.be/V_w-BSGtCeM

    The coming crash will have consequences that are really hard to understand, even for the bears…

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    Victoria Says:
    146

    135 N

    I lived in Paris for 13 years. It was wonderful, amazing and France is just a great country, food culture. Moved here to be closer to my parents. Anyway, my husband owns a company now in Victoria, he is French/British btw. We do miss France but he said there is no way he could have done what he did and hire the people he did if he were still in France.

    The country talks about change but it just never seems to happen. I am watching it all very closely now. I had high hopes for Sarkosy.

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    Tony Says:
    147

    Open house in my apartment yesterday. Realtor bored in the lobby too. Said it was because it was the first sunny weekend day (I thought rain kept buyers home, im confused). Gave a spiel that it’s a buyers market now, so now is the time to buy! Interest rates never lower! Prices coming down so great time! Fuck she was stunned.

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    Signing a rental agreement tomorrow for a 3 bedroom, bout 1500 square foot top floor of a house tomorrow.

    Built in the 70′s when you could fit a queen or double bed in every room with space left over :)

    It’s got more wood paneling than you can throw a dead cat at but HUGE deck out the back with a view, and full use of the front yard. Cats, dogs, smoking outside is OK :)

    And rent is about 20% of what the mortgage would cost :)

    Gonna hunker down in that puppy for 5 years and then unleash the savings on a house somewhere…

    Wahoo!

    RIP to our current landlords… I see them getting murdered in the days, weeks years to come with their 1.3 Million dollar home.

    Like or Dislike: Thumb up 0 Thumb down 0

    @Tony:

    Put in an offer… equal to the RENT yer paying… heh

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    Chuck Says:
    150

    Noticed a number of sold signs in VW today. Would not be surprised to see some higher sales days this month. Seemed like a lot of the houses were on busy streets like 10th.

    Like or Dislike: Thumb up 0 Thumb down 0

    vangrl Says:
    151

    “Open house in my apartment yesterday. Realtor bored in the lobby too. Said it was because it was the first sunny weekend day”

    yup, same thing in my building, two open houses and dead as a doornail, got the “first sunny weekend” and the “well, it’s Mother’s Day” excuses as well.

    Like or Dislike: Thumb up 0 Thumb down 0

    It was a glorious day. Who wants to look at overpriced houses when prices are in no danger of going up any time soon? Better to grab some beef and fire up the barbecue.

    Seared beef is an apt symbol.

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    Anonymous Says:
    153

    @Tony: ….Fuck she was stunned….

    It’s a job requirement.

    Like or Dislike: Thumb up 0 Thumb down 0

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