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?

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

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frank
Guest
frank
4 years 3 months ago
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:… Read more »
jesse
Member
4 years 3 months ago

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.

joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
4 years 3 months ago

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.

offside
Guest
offside
4 years 3 months ago

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

fixie guy
Guest
fixie guy
4 years 3 months ago

@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.

UnagiDon
Guest
UnagiDon
4 years 3 months ago

“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.

offside
Guest
offside
4 years 3 months ago

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

UnagiDon
Guest
UnagiDon
4 years 3 months ago

@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.

Vansanity
Guest
Vansanity
4 years 3 months ago

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.

patriotz
Member
4 years 3 months ago

@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?

UnagiDon
Guest
UnagiDon
4 years 3 months ago
~xXx~
Guest
~xXx~
4 years 3 months ago
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… Read more »
UnagiDon
Guest
UnagiDon
4 years 3 months ago
@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… Read more »
Anonymous
Guest
Anonymous
4 years 3 months ago

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

Well, unemployed Realturds would be well trained for that.

Tony
Guest
Tony
4 years 3 months ago

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

new dawn
Guest
new dawn
4 years 3 months ago

your time is over

Chinese Physicists Smash Distance Record For Teleportation

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

jesse
Member
4 years 3 months ago

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

Hyperventelator
Guest
Hyperventelator
4 years 3 months ago

@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?

jesse
Member
4 years 3 months ago

@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!

Patiently Waiting
Member
Patiently Waiting
4 years 3 months ago

@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.

bubbly
Member
bubbly
4 years 3 months ago

@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.

UnagiDon
Guest
UnagiDon
4 years 3 months ago
@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… Read more »
midnite toker
Member
midnite toker
4 years 3 months ago

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

VMD
Member
4 years 3 months ago

@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/

offside
Guest
offside
4 years 3 months ago

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.

oneangryslav2
Guest
oneangryslav2
4 years 3 months ago

@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

Vansanity
Guest
Vansanity
4 years 3 months ago

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

jumpin in
Guest
jumpin in
4 years 3 months ago
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… Read more »
jumpin in
Guest
jumpin in
4 years 3 months ago

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

Makaya
Member
Makaya
4 years 3 months ago
@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… Read more »
squeako
Guest
squeako
4 years 3 months ago
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”,… Read more »
Burbs Boy
Guest
Burbs Boy
4 years 3 months ago

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.

jjss
Guest
jjss
4 years 3 months ago

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?

Savonarola
Guest
Savonarola
4 years 3 months ago

@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?

avocat du diable
Guest
avocat du diable
4 years 3 months ago

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

Hyperventelator
Guest
Hyperventelator
4 years 3 months ago

@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.

Curtis
Guest
Curtis
4 years 3 months ago

@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?

Makaya
Member
Makaya
4 years 3 months ago
@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… Read more »
jesse
Member
4 years 3 months ago

@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!

avocat du diable
Guest
avocat du diable
4 years 3 months ago
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… Read more »
jumpin in
Guest
jumpin in
4 years 3 months ago

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.

offside
Guest
offside
4 years 3 months ago

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.

patriotz
Member
4 years 3 months ago

@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.

patriotz
Member
4 years 3 months ago

@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.

avocat du diable
Guest
avocat du diable
4 years 3 months ago
@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… Read more »
Hyperventelator
Guest
Hyperventelator
4 years 3 months ago

@avocat du diable:

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

So says the Wizard of Oz.

jesse
Member
4 years 3 months ago
@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… Read more »
Anonymous
Guest
Anonymous
4 years 3 months ago
@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… Read more »
patriotz
Member
4 years 3 months ago

@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.

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