Friday Free-for-all!

It’s Friday and that means it’s time for our regular end of the week news round-up and open topic discussion thread! Here are a few links to kick off the chat:

Business feels pinched by property tax
Anecdotes from the bubble
Inventory graph update
The contractor for the best price?
Housing bubble in a nutshell
Mayors report on affordable housing
Burnabonian porny construction query
Radical downsizing
After 6 years in US at bottom?

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

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VMD
Member

Another one shuts its doors in Vancouver, following lay-offs from Nokia (Burnaby), CBC, Sears, Rogers, game development companies, paper mills, banks, teachers, public sector staffs thus far in the first half of 2012.

June 28: B.C.’s Radical Entertainment lays off 89 staff

I feel bad for those who received the pink slips.. but I have a feeling this is just the beginning..
Layoff tracking thread is located at VancouverPeak

Little
Guest
Little
My favorite suggestion in the vancouver sun article is that renting an apartment from an individual investor is adequate to supply the rental demands. Yes, moving every time someone flips their property is a great long term solution to our housing needs. In addition, the article seems opposed to the idea that the housing existing on leased land continue to exist. I live in the false creek area, in one of the many coops that keep the area vibrant. It is packed full of families living in two and three bedroom units. Moving into stable affordable housing was the best thing to happen to our family, and although we are middle income earners, a childcare bill of two thousand dollars a month means money is really tight. It is so frustrating to read reports from people that have all the… Read more »
fixie guy
Guest
fixie guy

@ Little: Scrolling to the end after barely a third into the “Mayors report on affordable housing”, curious which developer authored it, I shouldn’t have been but was still shocked to find an assistant professor from the Sauder School of Business at UBC. It reads like unambiguous industry propagandizing, confirming any lingering question for me about the value of ‘urban economists’ or the Sauder School of, more accurately for, Business. The constant use of ‘we’, implying Vancouver’s remedy is a settled academic question, is laughable.
Contracted astroturfing on consumer product forums is more credible and professional. Prospective students: think twice.

yvr2zrh
Member
Just about to go the the airport for a well needed break. Did some average price analysis this morning. To get some indication of trends in pricing, I take a 100 sale moving average. i.e., take all sales, sort by sell date, then take the moving 100 unit average sale price. Our 2 favourite areas are interesting, being Van West and Richmond. Richmond has show significant decrease now in the past 60 days being down 15%. Even after trying to average everything out, no matter how you slice it, Richmond is down. HPI for the month has to be down – it just has to. Van-West, we are down 15% from the peak in February. This may not be as indicative of price decreases but it certainly is a good measure. Other areas are basically flat to down a bit.… Read more »
Anonymous
Guest
Anonymous
market stats
Guest
market stats

@ZRH2YVR ‘massive mis-allocation of resources’

the evidence of reduced dicretionary spending is starting to mount; last weekend wife’s running shoe store had eviction notice; going to island tonight and BC Ferries saying that despite recent trial price cuts traffic still at 21 year lows. So has something changed on the island that people don’t go anymore, was the weather worse than last year? No, they are spending everything on re and food presumably.

Bring on the Rain
Guest
Bring on the Rain

Enjoy your trip Z

Vote Down The Facts
Guest
Vote Down The Facts
BulbsForSale
Guest
BulbsForSale

So if we’re like some of the US cities we’ll only have to wait for about 6 years to see prices stop falling. Hope you weren’t planning on buying here soon!

patriotz
Member
Alan
Guest
Alan

Wow, if we start losing video game developers like Radical, what decent paying jobs does Vancouver have left?

Firkin
Guest
Firkin

@Alan: Don’t worry, we’ll always have the grow-op industry.

patriotz
Member

@BulbsForSale:
“So if we’re like some of the US cities we’ll only have to wait for about 6 years to see prices stop falling.”

I’m looking forward to it, the US RE market just isn’t delivering that schadenfreude any more.

What are the renters missing out on by waiting to buy anyway, apart from a lot of housework?

yvr2zrh
Member

#8 – – That’s affirmative – – Meeting with new company in 2 weeks. New handle will have to be ZRH2YVR2ZRH. I’ll be back and forth until X-Mas . . . . Somehow it now feels really like the right thing to do.

Did anyone see that great graph that was posted a couple of days ago? It shows a plot for many countries of the 2 main ratios in valuation which were price/income and price to rents? Did you see where Switzerland is? It’s extremely in balance. It’s expensive but you make a lot. And rental cap-rates are somewhat regulated.

Off to the plane now .

Scott
Guest
Scott

@Vote Down The Facts: “I thought you’d moved back there?”

I know you think you’re clever, but you obviously missed this detail in the comments:

We’ll see how it goes and it will be a summer move

Could it be that this trip is part of that plan?

Housing speculation has already started to chase off people who add real value to the city. Please stop trying to chase off commenters that add real value to this site with your bitchy little snarky comments.

Scott
Guest
Scott

@ZRH2YVR: Ah! I see my supposition was correct.

I for one am glad that it will be a drawn out process if it means you will continue to post here 🙂

VMD
Member

@patriotz:
The twist is, the arsonist IS the fire department

fixie guy
Guest
fixie guy

10 patriotz Says: “The arsonist claims the credit for calling the fire department.”

Worse, he claims credit for being the fire chief.

C.Junta
Guest
C.Junta

Regarding the loss of “high-paying jobs” cries.

Here is a link to glassdoor’s review of Radical salaries:
http://bit.ly/LVSfU4

The sample is small, but that’s everything we can get.

The salaries don’t look very impressive. Of course, this type of companies usually offer generous bonuses when the game is successsful. But if you add unpaid extra hours, the lack of job security and pension/rrsp plans to the equation, I wouldn’t call it “high-paying”.

gokou3
Guest
gokou3

@C.Junta: I see an average salary of ~$75k which is about the average HOUSEHOLD income in Vancouver. I wouldn’t say it’s not impressive.

Vote Down The Facts
Guest
Vote Down The Facts

@Scott: “I know you think you’re clever”

Touchy. In fact, I think ZRH2YVR is one of the most financially literate and courteous people here, and makes valuable contributions that go way beyond the constant nonsensical immigrations debates that define this blog. I understand that “chasing off other posters” is a position that’s already been filled here, anyway.

Anonymous
Guest
Anonymous

FYI Radical didn’t fully close down. They kept around 20 people.

C.Junta
Guest
C.Junta

@gokou3:

True.

On average, a registered nurse in GV makes about the same: http://bit.ly/KI9MN2

But they have:
– well-paid extra hours;
– bomber-proof job security;
– retirement-related perks

Time and money spent on education is comparable. So, we should call RN a “a bit more than just a high-paying job”, shouldn’t we?

What I want to say is: there is a myth created in late nineties about IT guys who make a lot of money for clicking their keyboards. Those times are gone.

Dave
Member

@market stats:

Fewer Americans are going to Victoria with our high dollar and their weak economy. A small cut in ferry prices isn’t going to bring those people back anytime soon.

patriotz
Member

@C.Junta:
“On average, a registered nurse in GV makes about the same:”

The average RN is also a lot older and has little prospect of salary increases beyond inflation.

I’m sure that the even the senior software engineers at Radical – who make more than the average RN – are a lot younger.

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