Homebuilder says it’s a great time to buy

Before I make a major investment, I always like to do a bit of research and consult an expert.

Before I buy a new car I always ask a car salesman if it’s a good time to buy. They’re the experts after all.

And when it comes to real estate, who better to ask than a builder if it’s a good time to buy?

Looking at 2011 numbers related to the economic impact of residential construction in B.C., we can easily see that this industry is a massive contributor to British Columbia’s well-being and future success, as well as a huge indicator of the province’s economic climate. Just think: For every single home we build, 3.5 person years of employment are created and more than $60,000 is generated in spinoff spending.

Ah yes, it’s not just a good time to buy, it’s the right thing to do for the economy. Without Real Estate our economy would be in the crapper. What could possibly go wrong?

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Bailing in BC
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Bailing in BC

@b5baxter:

It’s a sad commentary on the state of the community when someone withwhom you do not share a common lanuage is the person that you feel the most connected to. Obviously the spirit of friendship is there. Unfortunately it sounds like the people who you could have more meaningful communication have aboulutely no interest in engagement.

N
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N

@chip:

Having spent my early youth in England, my teen years and college in Ontaro, six years in Japan, a long stint in the Philippines, thee years in Rome, five in Paris, and seven in NYC before heading to Vancouver I have seen my fair share of mono-cultures and multiculturalism, and I prefer the latter. I will also note that within mono-cultures there are those who are eager to incorporate things from without and then there are who reject that which is not part of their culture. The former almost always do better than the latter.

Yalie
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Yalie

@Makaya:

Consider buying. Interest rates are going to stay low for a lot longer than anyone seems to think, unless you’ve been reading too much Mish and TAE, which I probably have.

Nonetheless, if I’m right, places like Winnipeg will maintain their value simply because money will remain cheap for years and most people will refuse to sell at a loss.

Vancouver, on the other hand, will tank no matter what happens to interest rates, because prices are unsustainable even with money as cheap as it currently is.

Anonymous
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Anonymous

@jesse: “I’m failing to find someone with foreign ancestry who was born in Canada who I would consider to be “foreign”. Maybe someone can point such a person out to me.”

Well said. Somehow people think the governments policy of multiculturalism makes immigrants act differently. I don’t. Immigrants will always take some time to assimilate regardless of government policy. Their kids however will be as Canadian as you and I. At least that is what I have seen. It looks pretty similar South of the border where they call it a melting pot.

market stats
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market stats

@makaya winterpeg

I was hatched in fort richmond. it was idyllic from memory, hockey on outdoor ice, etc I believe I walked to school from kindergarten do not remember. But I think it has changed.

Loon
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Loon

Coffin builders say it’s a great time to die.

Yalie
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Yalie

@jesse:

I agree that most immigrants do eventually assimilate after one or two generations. But I also see disturbingly more and more ethnic ghetto-ization happening, and I wonder if the more recent immigrants will adapt so quickly.

Canada currently has the highest immigration levels in the western world as a percentage of our population, and a disproportionate number of those come to Vancouver. That translates into more isolation and much less community interaction, which is a big part of why we see so much racism – both overt and subtle – on this forum and in the city in general. There is only so much capacity for a small region like Vancouver to accommodate so many newcomers, and to me at least, it really feels like one of the least “communal” cities on the planet. Maybe it’s just me.

Devore
Member
Devore
@frank: As for Europe, these folks were brought in to do the shit jobs from their colonies. There weren’t allowed to integrate and so they didn’t. Now the ‘host’ countries are all up in arms saying ‘why didn’t they integrate’ even though we treated them like third class citizens. Maybe they didn’t “integrate” because there’s too many of them? Or is that racist to say? There was a report released several months ago detailing the increase of ethnic segregation in Canada, the rise of ethnic enclaves (which now number in the dozens), as well as the reasons for them and their effect. Sorry, the link escapes me, maybe I will find it later. In a nutshell, the link was too much immigration. Existing communities cannot absorb and handle all the new arrivals, so without support they do what anyone could… Read more »
mac
Member
mac

@chip: Well, I tried to warn N before you bit into him, Chip. Again, it’s an amazing arrogance over here in the rain forest. We feel we know it all but have never been beyond the mountains either way.

Bum
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Bum

Makaya
I am in Regina which hase the same rental problems as winnipeg. Sorry for confusion. I would suggest you rent for a year in order to find area of the city that you like.

anon
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anon

It’s funny that the race-baiter used this party-changing, floor-crossing, carpetbagging politician-wannabe-hasbeen from Etobicoke as ‘evidence’ that Italians aren’t welcome in Richmond. Gee, you think it had anything to do with the individual involved?

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

chip
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chip

@N:

“Could be, but it is also possible that Chip was home schooled. There is quite a bit of that in BC, and some of the ideas he is presenting are typical of that demographic.”

I have to laugh at this. I was born in Europe, raised in Canada and spent most of the last 20 years in Asia as a journalist for major newspapers and Bloomberg. I currently live in Bali and work in Singapore.

I meet very few people who have worked overseas for a long period of time who have a misty faith in multiculturalism. It’s a belief system for people who haven’t really experienced it.

And to assume I was home-schooled (possibly by an extreme Christian sect that also taught me shoot colored people) suggests a lot about your inability to think beyond simple stereotypes.

Makaya
Member
Makaya

@Bum: In which area did you buy?
That’s the big problem with Winterpeg. The rental stock is extremely limited and lacks quality overall. Oh well, as someone said one day, “if there’s a problem, there’s a solution. If there’s no solution, there’s no problem”…

VHB
Member
VHB

Jun-2012
Total days 21
Days elapsed so far 12
Weekends / holidays 6
Days missing 0
Days remaining 9
7 Calendar Day Moving Average: Sales 115
7 Calendar Day Moving Average: Listings 252
SALES
Sales so far 1414
Projection for rest of month (using 7day MA) 1031
Projected month end total 2445
NEW LISTINGS
Listings so far 3290
Projection for rest of month (using 7day MA) 2270
Projected month end total 5560
Sell-list so far 43.0%
Projected month-end sell-list 44.0%
MONTHS OF INVENTORY
Inventory as of June 15, 2012 19257
Current MoI at this sales pace 7.87

Bum
Guest
Bum

For me deal breaker was terrible rental options. If I did not have family I would rent but just could not picture myself raising kids in that environment. In my first year of rental my basement was flooded 4 times. I had to fix my appliances on monthly basis. I know that I will lose some equity but on other hand I am happy with my purchase and intend to stay here next 10-15 years.

jesse
Member

@Yalie: “Maybe Canada can buck the trend and become an example of a different groups of people thriving in multicultural coexistence”

Do you think second and third generation Canadians adhere to cultural values of their ancestors? From what I’ve seen that simply isn’t the case. Talk about multiculturalism ignores how the baseline Canadian values (as fluid as they are) have eventually dominated, and those of people’s homelands have faded, though never to disappear. Vancouver sees more front-line immigration so the divergence will be stark but I’m failing to find someone with foreign ancestry who was born in Canada who I would consider to be “foreign”. Maybe someone can point such a person out to me.

Makaya
Member
Makaya

@market stats: Yes I’ll be moving there in early September.

About Garth’s post, I read i. I’ve also heard about the crime there, but you know, last month there’s been a shooting two blocks away from my apartment in downtown Van… I’m not impressed 🙂

Over there, you can find a really good place for $300K. It’s damn tempting coming from Vancouver, but there places were worth a lot less ten years ago… But unlike Vancouver, they don’t have lots of condos in nice areas for rent, that’s why I’m considering buying right away in a nice neighborhood. The mortgage payment there would be less than my rent here. Did I say tempting?

market stats
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market stats
@bpom @makaya Saw garth telling someone to buy a few stops away on the subway. Basically it goes against all his comments about net worth exposure in property. I think fundamentally there is still a lot of cheap money. Lets also face that incomes in to are better than vanc and that average prices are lower for the most part. All that said it is kind of weak. On the plus side, lots of price changes today probably reflecting depressingly quiet open houses. Saw some listing prices drop close to 10% presumably to try and stir up some action. Furthermore, while on the upside only 1 deal nearby at a crazy level drives prices, on the downside the same should apply if people start hitting stink bids it is self perpetuating at least for those that need to get out… Read more »
chip
Guest
chip
@N: “It’s not that all cultures are equal, it’s that they are all made of discrete elements, each of which can be described as being more suitable, or less suitable, for living life well under the current circumstances.” You’re not wrong, but this is not how Canada’s policy of multiculturalism is established. Multiculturalism is determined to be ‘good’ simply because it is different, not because certain elements are selected for their benefits to Canada. Does the govt say, ‘we’re going to increase immigration from Hong Kong because people there have successful approaches to work and education.’ No. Every culture is deemed equally important as policy, whether their kids disproportionately go to university or whether they cover their girls before their god. My wife is Asian with a Chinese mother and Indian father. Our kids are God know what. We embrace… Read more »
N
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N

@Makaya:

I guess I would ask what would make you consider taking the worse deal (buying), and then ask how important that motivation is to you. You are talking about loosing money. But then again, we loose money every time we go shopping. If what you get in exchange is worth it to you, then you should go ahead. If the money you will loose (and the money that you might loose in a correction) is more important than the thing you would be gaining, then you should not do it.

market stats
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market stats

@makaya

are you still moving to winnipeg? did you read garth’s recent post about the shopping mall guards and the crime rate generally?

N
Guest
N

@mac:

Could be, but it is also possible that Chip was home schooled. There is quite a bit of that in BC, and some of the ideas he is presenting are typical of that demographic.

mac
Member
mac

@frank: Yeah, right.

bum
Guest
bum

Makaya: “Would you consider buying, even if price/rent ratio is not so great?”

Yes. but i am biased. i bought 🙂

frank
Guest
frank

@mac: @mac:

‘why in your example is the first nation women a) on the bus b) drunk ???’

Coz you were posting about drunk English women on the tube. You are posting so much you forget what drivel you are throwing out there. The equivalent would be a drunk First Nations women telling you to fuck off and leave her land- on the bus!

This whole site is being messed up by the far-right infiltrators. There are lots of other forums were you can post with your buddies and stroke each other’s superiority egos and leave us alone to discuss real estate.