Friday Free-for-all!

It’s that time of the week again so lets do our regular end of the week news round up and open topic discussion thread for the weekend!  Here are a few recent links to kick off the chat:

Inventory starts to climb sharply
‘Vancouver condo crisis’ to hit Calgary?
Pillar of sand and fog
Statscan warned on RE bubble
Selling like a couch on craigslist
Only see a bubble in retrospect?
Digital Domain sinking fast
Rates stay low, good or bad?
Genworth: Don’t wait to buy Toronto
Immigration crackdown causes fraud?
Canadian exports collapse

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

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oh oh
Guest
oh oh

Oh Oh everywhere i look, ‘i drive all over the North Shore Vancouver & Richmond on a daily basis’ all i see is signs going up advertising new developments, balloons galore…

Theres gonna be some deals down the road

Lots of em!

Have a very happy Friday all!

KG
Guest
KG
Today the world is bedeviled by a modern day equivalent of alchemy. Those that study this modern day equivalent are called economists. Like many alchemists before them economists hold positions of great power and influence. Their words are listened to by world leaders with reverence and an almost fawning adoration. The emergence of economists is significantly more dangerous to the world than Wizards working in dingy laboratories trying to turn iron into gold. Economists are in the driver seat, pedal to the metal, driving us over a cliff in a manner that would make Thelma and Louise proud. The basic alchemy that economists are preaching to the world is that we can keep borrowing more money and printing more money to get our way out of the debt crisis. This theory, like the obsession of turning iron into gold is… Read more »
Vancouver
Guest
Vancouver

beginning of month inventory rise that’s all kids!

patriotz
Member

Housing market weakens, more softening seen

European markets remain the weakest, while there were signs of modest improvement in countries such as the United States, the U.K., Australia and China, the Scotiabank report said.

But it added that it will likely take considerably more time for a sustainable recovery to emerge in the global market. Stronger job and income growth will be required to generate the consumer purchasing power that is needed to support higher home sales.

Scotiabank is missing the boat. What is required to support higher home sales is prices that make sense, as the US now has. The problem in other markets is simply that house prices are still much too high.

patriotz
Member

Ease those empty-nest blues: Rent out part of your home

So instead of flooding the sale market, seniors can flood the rental market.

Bo Xilai
Guest
Bo Xilai

@patriotz:

Ease those empty-nest blues: Rent out part of your home

Just what I’d like in roomates… Wrinkly strangers playing Laurence Welk who forget their dentures soaking in my coffee mug…

Keeping An Eye On The Pimps
Guest
Keeping An Eye On The Pimps

Soon the pimps will replace:

” Vancouver is different, everyone is moving here, and it’s the best place on earth”

With:

Hurry, get in now, there are thousands upon thousands of 20 and 30 something buyers, who are just about to be unleashed onto the market, with their equity rich baby boomer parents help.

If there was a law against bad ethics and greed these bastards would get life in a federal correction facility-at least if I were a judge.

Happy Friday
Guest
Happy Friday

Can’t wait to see the broken down baby boomers, debt to the eyeballs recent grands, and crazy gambling HAMers crying on GlobalTV and begging for a bail out.

It’s great to see the inventory accelorating! What a wonderful time!

vanpire
Guest
vanpire

@KG:
I was once told by a very smart guy, that you can in fact turn jut about anything into gold. It simply depends how much money you want to spend in the process…

Dan in Calgary
Guest
Dan in Calgary

@oh oh, ” …. all i see is signs going up advertising new developments, balloons galore… ”

I predict a bubble forming in the balloon market.

joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
I was reading in the newspaper the other day how lumber prices have been down in recent years because of weak demand from the USA given the collapsed housing market there. The article said that prices for lumber should be going up as the US housing market recovers. It’s kind of interesting to ponder this in relation to Canada’s housing market. The boom/bust in housing bubbles has not been in sync between Canada and the US, with the timing of the Canadian bubble lagging USA by about 5 years (USA peaked in 2006, Canada peaked in 2011). But the price of home construction inputs like lumber follows the US timeline because US is such a larger market than Canada. That means while Canada’s bubble was growing (2006-11), prices of lumber should have been low because of crashed USA housing bubble.… Read more »
joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
@Patriotz: Regarding seniors renting out part of their homes to young people, I actually have first-hand experience with this. Several years ago I lived in Toronto for a while. Myself and 3 other young people (all under 23) rented the top two floors of a house from an old Italian lady in the heart of Little Italy. The Italian lady lived on the first floor. It wasn’t like we had our own suite in the house. We just had the top two floors. We shared the same door with her and we could have walked down into her living area if we wanted to. This was not a very good arrangement. I remember being woken up early in the morning almost everyday by her loud (and I mean LOUD) phone conversations in Italian. It seemed like she was having a… Read more »
Dan in Calgary
Guest
Dan in Calgary

@Bo Xilai, ‘Wrinkly strangers playing Laurence Welk who forget their dentures soaking in my coffee mug…”

Sorry Bo, although you’re right about the dentures, you’re wrong about Laurence Welk. Most wrinkly boomers would be more familiar with Frank Zappa than Laurence Welk. Welk’s “bubble machine” was the boomers’ parents’ generation. “A-one, an-a-two” and “Wunnerful, Wunnerful!”, lol.

Anonymous
Guest
Anonymous

Here’s a good summary that I don’t see posted yet. Nothing new, but very stark:

http://www2.macleans.ca/2012/09/11/canadian-housing-theres-an-obvious-oversupply-problem-in-vancouver-toronto-and-montreal/

Many Franks
Guest
Active Member
Many Franks

Even the Courier’s reheating of a Real Estate Weekly press release has gone a little flaccid. In the search for a glimmer of hope they seem to have dimly stumbled onto seasonal variability in listings, but it’s too early to tell.

jesse
Member

@joe_blown_away_by_high_housing_costs: A common one these days is taking in a stream of foreign short-stay students. Owners are responsible for room and board, get paid a daily stipend ($28/day I think, going up higher if the student is not of age). You can pick up students on an as-needed basis and you’re only limited on the number of bedrooms.

I’ve heard of some craziness here but mostly from landlords with mental problems. The students are generally OK, likely no worse than the kids empty-nesters raised. If empty-nesters have some spare time, need some cash, and don’t mind cooking, that’s a nice supplement for OAS/CPP.

jesse
Member

Ben live chat/debate on Globe and Mail with Eric Lasalles. Ask some good questions.
http://www.theglobeandmail.com/globe-investor/great-debate/how-much-of-a-threat-is-household-debt/article4532455/

Best place on meth
Member
Best place on meth

@jesse:

Yes, those foreign students can be a real cash cow for some.

An unscrupulous homeowner can take in 3 well behaved Korean kids, cram them into various spare areas of the house, bedrooms, basements, attics and whatnot, give them noodle soup twice a day at minimal cost and rake in the profits.

In return the students get a first hand taste of Vancouver culture at its finest.

Win-win.

QEInfinity
Guest
QEInfinity

enjoy your time while it lasts bears. the printing press around the world are going full tilt! soon the world will be awash in cash and hard assets are going to hyper-inflate!

Mr. Whiteperson
Guest
Mr. Whiteperson

@Best place on meth: and u can have sex with them too

space889
Member
space889

Just participated in an AirMiles survey about RE buying intentions, what if prices increased 10% or decreased 20%, my expectations of how much RE prices will rise/fall, interest rates, and effects of the recent mortgage changes by the Fed. I guess we will be reading about the results pretty soon in the papers.

guys
Guest
guys

i think it’s better to rent than buy. what do u think? let’s talk about it for the next 6 years, ok?

QEDelusion
Guest
QEDelusion

@QEInfinity:

“enjoy your time while it lasts bears. the printing press around the world are going full tilt! soon the world will be awash in cash and hard assets are going to hyper-inflate!”

Just like how QE1, QE2, and Twist inflated the US real estate market.

AG Sage
Member

@QEDelusion: Wake me when a single cent of that money ends up in the pockets of consumers, or as a loan to a consumer.

Anonymous
Guest
Anonymous

@joe_blown_away_by_high_housing_costs: Armchair economics at its finest!

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