Friday Free-for-all!

Yeah, that’s right. It’s the end of the week and that means it’s time for our regular end of the week news round-up and open topic discussion thread. Here are few recent links to kick off the chat, the first one see’s our very own Vancouver Real Estate Roller Coaster show up on the evening news:

No Bubble in Vancouver (video)
Inventory now under 10 year record
Average house prices for the last year
What housing bubble?
Vancouver drags Canadian real estate
Canadian banks not immune to bubble
Half of Canada to retire with mortgage
CMHC insurance protects the lender
‘Condo king’ says bubble talk just hot air
‘Condo king’ on BC housing commission
Does Canada have ‘Dutch Disease’?
Professional women go it alone
Instant house
Real estate crash in China underway
VCI now on Twitter

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

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MM
Guest
MM

@Loser with girls: “I’m just ready to start investing in myself, and investing in a home is a large part of that”

Didn’t “investing in oneself” once have a slightly deeper meaning?
How did this turn into “I own therefore I am” (according to google the Latin for this is “fateor ergo sum”)

The saddest thing about the boomer generation is that they have no other values to pass on to their children.

Romeo Jordan
Guest
Romeo Jordan

“Butt Cave..echo”

hilarious, great post!

Romeo Jordan
Guest
Romeo Jordan
McLovin, Don’t go to “work” tomorrow night. Please. Don’t do it. You won’t need the extra dough as much anymore, the crash IS UNDERWAY! It’s dirty work, even though it’s the oldest profession in the world. I believe the slowdown is related to the RE slowdown in China, which will likely continue for a couple of years. I think Chinese exporters must be impacted by the slowdown in the EU…hold on, the EU is still growing…I mean the lack of material/impactful growth coming from the EU. AND, as the word gets out (everywhere I turn, folk are talking about the ‘correction’ and if it will be either fifteen or twenty percent before the upward trajectory resumes – they are deluding themselves….when we are down 35% they’ll wonder if we’ll ever go up again (we will), and when it hits 40%… Read more »
rp1
Guest
rp1
ReadyToPop
Guest
ReadyToPop

BEIJING
An alarming batch of economic indicators from China in the past 10 days has cast a pall over the country’s economic growth prospects, rekindling debate about whether one of the few bright spots in the world economy may be heading for a hard landing.

Why China’s economy may be heading for a hard landing

george
Guest
george
Anonymous
Guest
Anonymous

@Mclovin:

Let’s meet at Rennie’s headquarters, The Butt Cave.

I’ve heard there’s a hell of an echo in there.

Mclovin
Guest
Mclovin

19k party next Friday. Let’s meet at the OV!

Loser with girls
Guest
Loser with girls

From professional women go alone
““Although I have fantastic rent and an amazing landlord, I’m just ready to start investing in myself, and investing in a home is a large part of that,” she adds. “As opposed to putting in rent for a really cool space, I just want to get “”something that’s more my own.”

I was thinking a lot about what this women said and I can not find logical explanation in her thinking. Is this maybe the product of consumerist society that we live in?

paulb.
Guest
paulb.

New Listings 328
Price Changes 106
Sold Listings 135
TI:18419

http://www.laurenandpaul.ca

Makaya
Member
Makaya

@jesse: very well put Jesse.

jesse
Member

Like leaving a dog alone for a day with a plate full of sausages on the table, I just couldn’t help myself. http://housing-analysis.blogspot.ca/2012/05/cmhc-insurance-and-tragedies.html

Curtis
Guest
Curtis

@space889: His contract with the bank probably gave them the right to pursue debt owed in many ways, including resale of the debt to the CMHC or a collecter.

Do you really think someone should be suprised that they are expected to repay a loan they signed up for?

space889
Member
space889

@Contrarian Lemming: If that’s the case, the guy had no contract with CMHC then why would he be liable for any losses incurred by CMHC? What right does CMHC has to pursue him for losses since his mortgage is with the bank?

Unless the bank sells the mortgage to CMHC so CMHC becomes the holder of the mortgage??

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

ZRH2YVR is one of the few credible posters on this blog.

Loser with girls
Guest
Loser with girls

Facebook had the Faceplant today, DOW down again 12 days out 13, Oil down to 91 and change, was 110 just 2 weeks ago and mases stil think that everything is fine and dandy

oneangryslav2
Guest
oneangryslav2
oneangryslav2
Guest
oneangryslav2
Prompted by a poster at Garth’s website, I clicked on the link to a real estate story in the Maple Ridge News, which quotes–surprise!!–a couple of realtards denying that a real estate bubble exists in that part of the greater Vancouver. Here’s a quote: McLeod [current diretor of the REBGV] points to the steady availability of new homes in this community, as well as plenty of older homes up for resale as a couple of reasons prices have remained consistent in Maple Ridge and Pitt Meadows. “There’s still great value here,” he says. “There’s a great range in prices for everybody.” (emphasis added) I don’t think McLeod understands the economic definition of value. There is no value in Maple Ridge real estate as it is exceptionally over-valued. Go to Craigslist and you can see ads for townhouses in the new… Read more »
Anonymous
Guest
Anonymous

@Anonymous: “i have more liquidity than that but i could qualify probably for a 300K mortgage but not for a 10k LOC ?”

Secured vs unsecured.

yvr2zrh
Member

Short comments before this long weekend . . . .

1.) Sales slowing more at end of month compared to beginning.
2.) Listings are showing typical may trend which is very high in first half and second half lower. Typically it is 83% of the first half rate.
3.) Y/Y averages down close to 10% on detached and flat on attached.
4.) HAM has left the building . . . .
5.) We are right along 2008 trend for sales but a little slower on listings.

All the best this weekend – – no bullish stats to report from this front.

Makaya
Member
Makaya
I can’t remember if we have already discussed about this report from BMO already: Vancouver Housing: Bumpy Landing Ahead Below are some abstracts of the article. I strongly encourage you to have a look at the charts on that document. One of the hottest housing markets in Canada is cooling. Vancouver’s sizzle has turned to fizzle, with April resales down 13.2% y/y to below normal levels, led by detached properties in the pricey west side (Chart 1). Sales are off about 20% in the first four months of 2012 from the same period last year. Rich valuations (with the typical detached home running above $1 million) and tighter lending standards have curbed demand. (…) Softer demand, coupled with a rising supply of condos, means sellers no longer have the upper hand. New homes under construction surged 22% y/y in March… Read more »
Mick Murphy
Guest
Mick Murphy

@Anonymous:

Here’s the link to the Bob Rennie interview.

http://www.cbc.ca/onthecoast/episodes/2012/05/17/bob-rennie-1/

Anonymous
Guest
Anonymous

@Anonymous: “Now when they buy in the ‘new Shaughnessy’, they get a rat infested shit hole that’s not suitable to livestock let alone humans.”

I think somebody needs a sense of perspective….

Anonymous
Guest
Anonymous

@Dave: “Every municipality licks their lips at DCC’s and amenities.”

Absolutely they do this because they can (due to the housing bubble). It is the government taking their cut. Once the bubble bursts the municipalities will have to lower or eliminate their DCC’s and amenities otherwise things won’t get built in their municipality and they will not be able to increase their property tax base. Land owners will also take a hair cut otherwise the land won’t sell and will sit vacant with no yield and property taxes that must be paid. Finally the sub trades and developers will take less otherwise they don’t eat. We will have way too much capacity in the construction industry and that means lower prices. When there is a bubble everyone gets greedy. When the bubble deflates things quickly adapt.

Anonymous
Guest
Anonymous

Just listened to Bob Renni’s CBC On the coast interview yesterday. One thing he said really struck home for me…

Stephen Quinn asked Bob if if was reasonable that an East Side tare-down costs $1M, to which bob replied: Shaughnessy used to be Vancouver’s high end and East Van was were all the normal people lived. Now, the normal people live in the burbs and East Van is now ‘Shaughnessy’ to the burbs.

Seriously? When people used to buy in Shaughnessy, I think the got a pretty nice place. Now when they buy in the ‘new Shaughnessy’, they get a rat infested shit hole that’s not suitable to livestock let alone humans. Makes perfect sense to me.

This town is going down!