For a Rennie Day.
Remember the 70s?
Well back in 1978 Vancouvers own Condo King was a Real Estate agent with a proven sales record, big hair and a beard.
Here’s a bit of ephemera from the Rennie Vancouver photo stream:
Remember, the costume isn’t complete until you have the glasses and the striped tie.
Happy Halloween!
October 31st, 2012 at 12:10 am 1
How were full beards ever popular?!
Hot debate. What do you think?
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October 31st, 2012 at 4:03 am 2
Ottawa investigating permits for Chinese miners in B.C.
Seems the “economic action plan” has a twist. Comment say it all:
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October 31st, 2012 at 6:02 am 3
Now that’s scary, not as scary as Angela in a witch oufit with garters, but scary nonetheless.
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October 31st, 2012 at 7:10 am 4
Call Bob, specializing in East Van and Burnaby!
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October 31st, 2012 at 7:55 am 5
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October 31st, 2012 at 8:02 am 6
Brother from another mother but all within the Shill Family.
http://strategy.sauder.ubc.ca/somerville/
Hot debate. What do you think?
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October 31st, 2012 at 8:24 am 7
Boomers warned using home sale to fund retirement could backfire:
http://business.financialpost.com/2012/10/31/boomers-warned-using-home-sale-to-fund-retirement-could-backfire/
Then the obligatory douche of the day comment from a vested party @ Century 21:
Don Lawby, chief executive of Century 21 Canada, has heard warnings about a lack of buyers for Boomer homes before. “I don’t buy it; I think it’s just talk,” he says.
For starters, he says, there is little indication immigration is going to slow and, increasingly in places like the Vancouver area, where he resides, immigrants have more money to buy the single-family homes of the Boomers.
“I think single-family detached are becoming a bit of a luxury,” says Mr. Lawby. But he says even townhouses and condos will continue to rise in price because of rising land costs. “They are not making any more land.”
Seriously, do realtors ever use facts?
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October 31st, 2012 at 8:36 am 8
@YLTNboomerang:
“Seriously, do realtors ever use facts?”
You must be referring to “Used House Salesmen”?
Apart from being a shiny contrived title meant to try and make everybody forget what it is those people really do, “realtor” has the added bonus of having the element of oxymoron — since there is most often very little “real” said in their cheerleading of the housing market.
It is just as ridiculous, by the way, as having a rain-soaked city like Vancouver have a major newspaper named the “Vancouver Sun”.
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October 31st, 2012 at 8:41 am 9
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October 31st, 2012 at 8:59 am 10
I look at Bob’s picture and I hear Disco Inferno!
Burn baby, burn
Hot debate. What do you think?
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October 31st, 2012 at 9:13 am 11
“Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend and step off before it is discredited.” ~ George Soros
Hot debate. What do you think?
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October 31st, 2012 at 9:23 am 12
@YLTNboomerang: “there is little indication immigration is going to slow”
He is confusing the trend for all of Canada with that of Vancouver. Kenney just announced we will be have to same number of immigrants as we’ve had over the last several years (roughly a quarter million per year).
What the realwhore doesn’t understand is its a zero-sum game. When Alberta/Sask/Manitoba gain immigrants, it means places like Vancouver and Toronto aren’t getting them. There is less immigration to BC. Even Surrey is now seeing declining school enrollment.
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October 31st, 2012 at 9:36 am 13
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October 31st, 2012 at 9:40 am 14
@Chaddywack: Look around Main St. They are back, big time.
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October 31st, 2012 at 9:48 am 15
RED ARISTOCRATS (22): Vancouver provides a ‘heaven’ for high-ranking Chinese officials
In my opinion the case is overstated that corrupt overseas money is a driving factor in the Vancouver bubble. However, interesting article for the inside perspective it offers on that subgroup.
Makes me wonder what contacts the author made here in Vancouver — the demographic he actually describes, who use Vancouver as a haven? Or the helicopter renters who love to play that element up?
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October 31st, 2012 at 9:56 am 16
@No Money Down: “Call Bob, specializing in East Van and Burnaby!”
East Van, the new Shaughnessy, right Bobth?
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October 31st, 2012 at 10:25 am 17
@many franks
“many high-ranking party officials and their families who have built up their fortunes through a skillful use of their authority have moved to Canada”
skillful use of their authority?
what a great euphemism…
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October 31st, 2012 at 10:57 am 18
@Patiently Waiting: http://www.newstalk650.com/story/new-students-canada-immigration-changing-regina-classrooms/81536
I suspect these immigrant students are enjoying their lives better in Regina than they would in a cramped suburb of Vancouver. In Regina, flat land stretches to the horizon and family houses are 40% of the cost we have here.
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October 31st, 2012 at 11:06 am 19
If you’re listing a condo, you might think it’s unfair to share map space with so many other red dots. No problem — just have your realtor botch the location so it shows up several hundred meters away on the map.
Here are two Strathcona examples: apparently Gastown is now East of Jackson Ave, and V6A (Main/Union) is now at Princess Ave. The second listing is one of a half-dozen active listings in the same building.
This may be a coincidence, but I have never seen listings pop up off-location in my search area. These two listings have both turned up in the last few months.
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October 31st, 2012 at 11:14 am 20
@Patiently Waiting:
“In Regina, flat land stretches to the horizon and family houses are 40% of the cost we have here.”
Which makes it about the same pricewise as Portland, Oregon.
40% of Vancouver’s prices for a city 1/10 the size in the middle of the prairie is no bargain.
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October 31st, 2012 at 11:31 am 21
patriotz; “40% of Vancouver’s prices for a city 1/10 the size in the middle of the prairie is no bargain.”
So what if city is in the middle of the prairie? it’s not on the moon.
What is important is that they are plenty of JOBS in Regina and people are moving to the city in great numbers year over year. That you can not say about Portland.
Hot debate. What do you think?
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October 31st, 2012 at 11:38 am 22
In 1976, average income was $51,100; by 2009, it was $59,700—an increase of 17 per cent over 33 years. In 1978, the price for a home in Vancouver is $90,000 and today, 1.1 million.
I wish I was back in 1978.
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October 31st, 2012 at 11:42 am 23
Canada again on Mish’s spotlight
Canada GDP “Unexpectedly” Shrinks
“BMO and Scotia Capital analysts may be late to the recession party (or not, I do not know previous calls), but otherwise, Pollyannas like Jim Flaherty, Canada’s Finance Minister, and officials at the Bank of Canada and Statscan are still looking for growth.
Forget about it. This is not an anomaly as suggested by the Bank of Canada.
..the slowdown in Asia is going to hit Canadian commodity producers more than most think. Moreover, signs suggest Canada’s long overdue housing bust is finally underway”
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October 31st, 2012 at 11:50 am 24
@Many Franks: This just pisses me off so much, I don’t know how we can be contemplating any trade agreement with such a corrupt country. I’m a first generation Canadian born of immigrant parents and used to defend Canada whenever the folks waxed on about the old country but nowadays I’m actually starting to get embarrased about Canada as society has become so PC that the population is afraid to call anyone out that isn’t born here at risk of being called a racist (and I’m going to get called one just for saying this!!!).
My year end review is coming up in a month and I’ve had it, I’m putting a transfer to our US division in my goals to stay there until Canada grows a pair.
PS: Sorry for all those not living in BC, ON, and QC, you guys are still A-OK in my books but your weather sucks so I’ll not be joining you.
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October 31st, 2012 at 11:57 am 25
@patriotz: All prices are going to come down in Canada. But in some places it will be 10-20%, while in places like Vancouver probably over 50%.
Regina wages are higher (IIRC) and they have a much higher proportion of stable civil service jobs. Their rent isn’t that much lower either.
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October 31st, 2012 at 11:57 am 26
#23 @VMD: I love the video: Come! Bet your family’s future on these spinning plates!
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October 31st, 2012 at 12:03 pm 27
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October 31st, 2012 at 12:18 pm 28
#22
Do you have a link for the household income in 1976? That seems quite high for that year.
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October 31st, 2012 at 12:30 pm 29
@YLTNboomerang: Respectfully, I disagree. Of course there’s an ugly side to immigration — Canadians are by and large rubes because of our faith in checks and balances, the rule of law, and all the rest of it. Our country was born of bureaucracy and will probably die of it. Someone coming from an environment where corruption is overt and normal will seem Machiavellian to Canadian sensibilities when they’re just being pragmatic in the way they’ve been trained by the society they grew up in.
However, I know a lot of immigrants who work very hard for poor representation and little support. They follow the rules as well as any Canadian I know (failing to do so will jeopardize PR applications that are busy aging on a desk in a government office for the requisite year). They struggle with a system they can’t understand and that seems straight out of Kafka. And they’re on a seemingly endless treadmill of visa extensions, which are expensive and time-consuming.
The media likes horror stories: corrupt Chinese officials buying Lamborghinis for their kids, Russian mail-order brides defrauding lovestruck seniors, foreign students packing Mom into a suitcase for a sailing trip down the Fraser. Yes, it happens, but those stories are so uncommon that it’s hardly worth giving up on your own home country.
Yes, I worry about the trade deal with China, but how many of the ranters I hear in my social sphere know a single detail about it? I hear a lot of knee-jerk reactions and those smell like prejudice.
Canada has always been an immigrant country and I prefer it that way.
Hot debate. What do you think?
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October 31st, 2012 at 12:33 pm 30
@Anonymous: It’s probably an inflation-adjusted figure. So by comparison the 1976 house price is probably too low, because it doesn’t include inflation.
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October 31st, 2012 at 12:39 pm 31
@Anonymous:
That info given in #22 is correct, but misleading. Those are Canada-wide numbers for average single income. What we need to make an accurate comparison is median family income in Vancouver. Otherwise it’s apples and oranges.
http://www.conferenceboard.ca/hcp/hot-topics/caninequality.aspx
Recent family median income for Vancouver can be found here.
http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107a-eng.htm
However, that said, I suspect the Vancouver numbers track the Canada-wide numbers fairly closely, and it’s interesting to note that incomes have fallen steadily here since 2008 (and before you blame the economy, note that most other cities have held about even, or actually gained in that time).
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October 31st, 2012 at 12:41 pm 32
@M-: Thats correct. These figures are in real dollars—which means converting the 1976 income figure into 2009 dollars by adjusting for inflation.
http://www.conferenceboard.ca/hcp/hot-topics/caninequality.aspx
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October 31st, 2012 at 1:19 pm 33
OT: Builders become landlords?
http://vancouver.en.craigslist.ca/bnc/apa/3374129665.html
$3000 / 6br – 2600ft² – Brand new house for rent (7999 Mcgregor Ave )
Brand new Six bedrooms house, two car garage, a big workshop in the back yard. Available immediately. Close to RoyalOak and Rumble street. skytrain fiteen mintues away, bus and shopping five mintues away.
Phone search returns a builder company, and it’s not the only newly built home they have for rent:
https://www.google.com/search?hl=en&noj=1&site=webhp&q=604-825-2700&oq=604-825-2700
Biz model change?
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October 31st, 2012 at 1:24 pm 34
@patriotz: “40% of Vancouver’s prices for a city 1/10 the size in the middle of the prairie is no bargain.”
I agree. Anyone willing to pay Vancouver prices to live in Vancouver is lacking a few brain cells, anyone paying 40% of Vancouver prices to live in Regina, we’ll, that’s and indication of no brain cells.
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October 31st, 2012 at 1:25 pm 35
@clone: “That you can not say about Portland”
In Portland it rains for weeks at a time. In Regina you can see the rain coming weeks ahead of time.
Hot debate. What do you think?
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October 31st, 2012 at 1:29 pm 36
@YLTNboomerang: “Sorry for all those not living in BC, ON, and QC, you guys are still A-OK in my books but your weather sucks so I’ll not be joining you.”
‘Your weather sucks’? Are you serious. Have you looked out the window lately? Vancouver, and other nearby coastal cities have the worst weather in North America. Don’t confuse a ‘mild climate’ with good weather. I guess you’re new here.
Hot debate. What do you think?
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October 31st, 2012 at 1:29 pm 37
@Many Franks: “corrupt Chinese officials buying Lamborghinis for their kids … Yes, it happens, but those stories are so uncommon that it’s hardly worth giving up on your own home country.”
I see far more Lamborghinis in Vancouver than I do in any other North American city that I have visited. (Yes, I’ve been to Miami, Westwood, Silicon Valley, Manhattan, etc.)
In the age of globalization, I feel that patriotism is obsolete. Consumers are more than happy to buy goods manufactured around the globe. Governments are more than happy to admit immigrants and foreign workers as it suits their political goals (or pocketbooks). One should have no qualms about relocating to wherever in the world pays the best wage for their skills.
Hot debate. What do you think?
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October 31st, 2012 at 1:37 pm 38
“In the age of globalization, I feel that patriotism is obsolete…”
Is that so?
Well, be sure to tag along with that Harper what’s his face.
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October 31st, 2012 at 2:17 pm 39
Quick comment on Genworth MIC earnings release today.
This company writes mortgage insurance in competition with CMHC on high loan-to-value mortgages across Canada. Typically, Genworth writes on mortgages that would not otherwise be approved by CMHC at roughly the same premium as CMHC does.
For the 3 months ending September 30, 2012, Genworth reported earnings of 86c/share and raised its quarterly dividend by 3c to 32c/share.
Despite the clear downward price trends established in a number of local real estate markets across the country, we are not yet seeing the growth in reported losses. Delinquency ratio declined to a post 2009 recovery low of 0.15%, down 0.02% sequentially and down 0.06% y-o-y.
I think a few factors are at play, which have helped MIC avoid losses to date. 1) Alberta property markets, which had significant foreculure activity in the last 2 years, have recovered entirely from their bubble hangover as employment growth and credit growth salvaged the most foreclosure-prone local market. 2) There just hasn’t been enough time in the current downturn for foreclosure activity to start picking up…and where borrowers are insolvent, as they must be in the Okanagan, Sunshine Coast, Richmond etc, there are still kiting options available in the form of consumer credit companies. 3) Foreclosure claims will lag price changes as a borrower needs to have several months of being delinquent with his lending bank before foreclosures are initiated, and 4)The MIC insurance book is disproportionately in Ontario and Quebec, where, although fundamentals are turning bad, the market is a few months behind the downturn that is well underway in British Columbia.
That being said, there were a couple of interesting signs in the financial statements. In note 4(c) of the quarterly financials, that covers the obscurely named “subrogation recoverable” MIC disclosed that it now owns over $255 million worth of foreclosed residential property, up from $141 million 12 months ago. Now the company says it is getting hands-on in foreclosures to improve its return on foreclosed properties. That may be true, but the more important reason may be it could use transactions like these to hide and/or delay the recognition of severe losses on foreclosed properties. Note that this company owned property now accounts for 13% of the company’s market capitalization…and it is the fastest growing number of any type in the company’s financial statements.
The second factor that caught my attention is the dividend hike. In general, a dividend hike is usually good news for a company…but in MIC’s case it could signal weakness. MIC is a subsidiary of Genworth Financial in the US. Not only is Genworth parent in financial difficulty, but they are also well familiar with the problems a mortgage insurer can run into during a housing bust (its stock is down about 85% from its pre-crisis level). Over the last few years Genworth the parent has been consistently been using MIC as a vehicle from which to raid cash. It sold off a stake to the public in 2010, it participated by selling into a big share buyback in 2011 and it has been encouraging the MIC board to raise its dividend. I believe the GNW parent is convinced that the gig is up with MIC and is trying to move as much cash as possible from the deferred revenue cash pile of MIC to the dividend received in-tray of Genworth parent. This dividend increasing activity is highly suspicious and should be looked into by Canadian financial regulators ASAP in my view. That money ought to be held within MIC in order to pay future insurance claims, which as we all understand are going to absolutely swamp the pitifully small capital position of MIC.
MIC closed the quarter with $294 BILLION of insurance in force, and $2.8 BILLION of actual equity capital backing that up. Not that I believe for a minute the loan-to-value estimates of MIC which almost certainly overstate the real-estate value that secures the mortgages it insures, but even if one took this at face value, MIC’s typical loan insurance is underwritten at well over 90% LTV.
If you own this stock, sell it yesterday. If you want to take a crack at hedging your home equity exposure, one of the best stock go-to-zero/ management-go-to-jail candidates available in Canada.
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October 31st, 2012 at 2:24 pm 40
New development in trouble? Completed last Spring. Out of ten residential suites, only the four smallest have sold. Both commercial units are empty.
http://vancouver.en.craigslist.ca/pml/reb/3360612143.html
Its a really crappy Tricities location, and could end up as a rental complex sometime in the future (once prices are slashed in half).
Hot debate. What do you think?
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October 31st, 2012 at 2:48 pm 41
@Patiently Waiting: crazy I’ve driven past there a bunch of times and thought the same thing. The ad doesn’t show the busy railway tracks right across the street or all the auto body shops/tow yard on the block. Although there is a great kebab shop just 2 blocks away!
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October 31st, 2012 at 2:49 pm 42
Funny, how people are getting frustrated about Canada’s relationship to HAM, but are ok with buying up land in the States or even moving there.
Seems to me that this isn’t about patriotism, or even being conservative. Looks more like self-interest at play than anything about being Canadian and having Canadian values.
Hot debate. What do you think?
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October 31st, 2012 at 2:54 pm 43
@HAM Solo: You are bang on with this MIC summary. Something is rotten in the State of Denmark…
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October 31st, 2012 at 3:02 pm 44
@T:
“Funny, how people are getting frustrated about Canada’s relationship to HAM, but are ok with buying up land in the States or even moving there.”
Buy we wouldn’t be able to evade taxes payable in the US on Canadian income if we were to become resident there for income tax purposes, which does not necessarily mean immigrating.
Hot debate. What do you think?
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October 31st, 2012 at 3:15 pm 45
@Patiently Waiting &
midnite toker
Re: Kingsway Gardens–3 of the 4 sold units were bought just when Flaherty changed the rules from 30 to 25 year ams–the other 6 units have had the following price drops since first being listed
201–50k drop
301–50k drop
202–33k drop
302–28k drop
205–30k drop
305–34k drop —maybe one more price drop then rentals—such a great location though !!
Hot debate. What do you think?
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October 31st, 2012 at 3:23 pm 46
@YLTNboomerang:
Reminds of the Americans promising to move the Canada if bush won…
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October 31st, 2012 at 3:33 pm 47
Why Why.. Y.M.C.A
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October 31st, 2012 at 3:39 pm 48
Following the Halloween theme: mass media
http://bit.ly/Y2B7Td
Happy Halloween.
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October 31st, 2012 at 3:54 pm 49
Also on the MIC quarter.
If the value of the $255M of foreclosed homes in MIC’s inventory is worth, say, 10% less than MIC says it is, then the quarterly earnings of MIC are actually a 30% drop vs 2011, instead of a 1% gain.
House prices in cash transactions are facts. Values made up by accountants at quarter ends are opinions.
Hot debate. What do you think?
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October 31st, 2012 at 4:05 pm 50
Its amazing to me the number of people that are taking their properties off the market or renting them out waiting for the “market to improve”
Do these people really thing that come the spring prices are just going to continue going up? After the biggest bull market in the history of Vancouver people are still looking for higher highs even with all the facts right in front of them.
I predict a lot of pain.
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October 31st, 2012 at 4:06 pm 51
@T:
Funny, how people are getting frustrated about Canada’s relationship to HAM, but are ok with buying up land in the States or even moving there.
Does Mainland HAM bring any value to any community or society but damage, primitivism and retardism?
Hot debate. What do you think?
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October 31st, 2012 at 4:07 pm 52
how much money Bob makes? Lot? Is it a system fair when someone makes so much money with so little work?
Hot debate. What do you think?
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October 31st, 2012 at 4:22 pm 53
@Many Franks:
The english and scots didn’t immigrate, they settled.
Hot debate. What do you think?
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October 31st, 2012 at 4:27 pm 54
@Patiently Waiting:
if anyone get’s this joke, you’ve obviously lived in the tri-cities or it’s surrounds for a long time:
YOU CAN ALMOST SEE JUTT MOTORS FROM THERE! (where they watered down the gasoline for free)
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October 31st, 2012 at 4:28 pm 55
@UnagiDon: Yup, and that’s why I’m going to be that guy and head South. If Canada grows a pair and offers a comparable wage perhaps I’ll come back…or just take advantage of the Canadian social system and come back here when I retire for the free health care (hey, at least I’ve paid into the system for 25 years which is a lot more than many). BTW, spoke to my immigrant parents (one born in UK, other in Shanghai) and they agreed that Canada is not the nation they originally emigrated to and are exploring where to move to next.
Speaking of lost opportunities:
http://business.financialpost.com/2012/10/31/oil-producers-eye-arctic-backup-plan-as-pipelines-face-uncertain-future/
Too bad BC, too much grumbling and AB oil is going elsewhere; enjoy the transfer payments
Hot debate. What do you think?
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October 31st, 2012 at 4:28 pm 56
Happy Halloween VCI!!
New Listings 121
Price Changes 124
Sold Listings 56
TI:18510
http://www.paulboenisch.com
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October 31st, 2012 at 4:33 pm 57
re: #38…
“One should have no qualms about relocating to wherever in the world pays the best wage for their skills.”
By the time “World Wal-Mart-inizing” is over, you won’t be paid scat ANYWHERE.
So naive.
PS: I can’t believe the other dummies who voted you UP.
But then again…they’re also the ones who likey voted for a fraud like Harper or whatever he’s called.
Hot debate. What do you think?
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October 31st, 2012 at 4:35 pm 58
@T: “Seems to me that this isn’t about patriotism, or even being conservative. Looks more like self-interest at play than anything about being Canadian and having Canadian values.”
Who do you think makes up that list of ‘Canadian Values’? Is there a master list in a vault in Ottawa? Funny, I always thought that ‘Values’ were the result of a lots of people kind of thinking the same way about something.
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October 31st, 2012 at 4:38 pm 59
@Boombust:
‘world wal-martinizing’ haha so true, so true
it’s a race to the bottom, and it’s one we’re doomed to win, unfortunately (because we’ve got the most to lose)
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October 31st, 2012 at 4:47 pm 60
@Many Franks: “Makes me wonder what contacts the author made here in Vancouver”
We know what contacts he had. He was quoting 2 realtors, the same realtors that tell the same ‘story’ to the media. Then they turn around and sell the house to an over extended local with the phantom offshore mainland Chinese buyer ready to pay cash in the background. It is all a sales pitch. I can’t believe how naive people are.
Hot debate. What do you think?
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October 31st, 2012 at 4:48 pm 61
@YLTNboomerang
re pipeline
that MB option is no starter. it is viable 3 months in the year. Alberta will accept transfer payments and pipeline will be built to west coast.
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October 31st, 2012 at 4:49 pm 62
@Anonymous: Good point, the weather sucks here too I’m just used to it. I’m looking for mildness; Northern California would be perfect though unfortunately should I take a transfer it will be to Houston or Brazil and I’m not so sure about the heat. Perhaps a better strategy is suck it up in Houston for 3-5, get the green card, then find a job in a more temperate region.
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October 31st, 2012 at 4:58 pm 63
@UnagiDon: “I see far more Lamborghinis in Vancouver than I do in any other North American city that I have visited. (Yes, I’ve been to Miami, Westwood, Silicon Valley, Manhattan, etc.)”
You must have have been blind folded. I was just in Miami Beach and the number of $300K plus cars out numbers Vancouver by 100 fold in my estimation. Not even close. If you were to compare boats it would be 1000 fold for boats over 300K.
Hot debate. What do you think?
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October 31st, 2012 at 5:01 pm 64
Another entertaining sale for tonight…
Now waiting for the first one to be a $1 million loss…
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October 31st, 2012 at 5:01 pm 65
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October 31st, 2012 at 5:06 pm 66
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October 31st, 2012 at 5:10 pm 67
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October 31st, 2012 at 5:10 pm 68
@paulb:
Thanks. And October, 2012 is a better months (than last month) for realtors?
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October 31st, 2012 at 5:14 pm 69
“I always thought that ‘Values’ were the result of a lots of people kind of thinking the same way about something.”
You mean like wearing a poppy on Remembrance Day?
Or, honouring someone by singing “Bonne Fete” at a Francophone birthday party?
There are many more.
Hot debate. What do you think?
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October 31st, 2012 at 5:17 pm 70
“…but are ok with buying up land in the States or even moving there.”
Well then, let them go ahead and move there. They’ll find out sooner rather than later, what they left behind.
My gawd! Some Canadians are so fuckin’ dense.
Hot debate. What do you think?
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October 31st, 2012 at 5:21 pm 71
@YLTNboomerang:
Yeah, It has been raining like diarrhea for three wks and there ain’t any look it will get better before Feb.Vancouver is famous for its lengthy,drippyand and non-stop depressing rain which few ppls realized,most of them just come and stay few days during the best of three months season fro june to stept.
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October 31st, 2012 at 5:21 pm 72
@UnagiDon: “I see far more Lamborghinis in Vancouver than I do in any other North American city ”
you must not travel further then Hope. i was in Newport Beach and Laguna Beach, California last month and would not believe the number of luxury cars over there. BMW 7 being the cheapest of them.
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October 31st, 2012 at 5:24 pm 73
@T: “Funny, how people are getting frustrated about Canada’s relationship to HAM, but are ok with buying up land in the States or even moving there.”
Lots to take issue with on this one. For starters, most canadians are not buying with money gained by questionable (see illicit; see immoral) methods; secondly, prices are not getting driven up beyond reasonable levels; thirdly, foreigners pay elevated property taxes in the states; fourth, there are no satellite families being left there etc etc etc.
Stupid and invalid comparison.
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October 31st, 2012 at 5:27 pm 74
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October 31st, 2012 at 5:51 pm 75
@mclovin:
Yes they do. They saw what happened to people who panicked and sold in late 2008 / early 2009, only to see prices recover and surge higher. I expect that most people who have pulled their listings believe this will happen again. The problem for them is, it’s not likely that 2013 will see a repeat of 2009, for reasons discussed several times on this blog.
The same market psychology occurred with the NASDAQ in the late 90s. Every so often the market would take a significant tumble, only to recover within a couple months and then go even higher. After a while, the public began to believe that any price decline was temporary and would be followed by a quick recovery. Then the market fell in early 2001 and it remains at around 50% of peak value over 10 years later. Oops.
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October 31st, 2012 at 6:02 pm 76
BOOO!!
Lonsdale area of north van. $100k reduction guaranteed.
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October 31st, 2012 at 6:17 pm 77
Another terrible day for sales.
Where’s Bull! Bull! Bullshit! proclaiming its unfolding just like 2008 after one good day of sales? Like last week?
This market is a slow motion train wreck and while I wish it was faster, the die is cast.
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October 31st, 2012 at 6:25 pm 78
off topic..
wow, Visa is raising their merchant fees from 3% to in between 4-6%. Store owners say they have to charge more because of this, and can’t charge a different price to cash payers versus credit card payers, so all will pay more. Store owner asking for people to use debit.
so we pay 4-5% more so we can get 1% “cash back” from our f’ing credit cards? the whole things so scammy. And my MBNA card (just bought by TD) just lowered their cash back rates
that didn’t take long
just ranting, this article made me mad
http://ajw.asahi.com/article/asia/china/AJ201210310012
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October 31st, 2012 at 6:29 pm 79
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October 31st, 2012 at 6:37 pm 80
If only it could be determined how many blow jobs Rennie delivered to obtain his career goals.
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October 31st, 2012 at 6:42 pm 81
@YVR: Yes and spend some time in Dallas or Houston. Luxury cars everywhere. Of course the cars are a lot cheaper in the states. However, I am still surprised by how many crappy cars there are here all over the Westside given the massive house prices…
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October 31st, 2012 at 6:43 pm 82
Visa has been one of the best stocks in my portfolio. (Wait I have a portfolio because 100% of my net worth isn’t in a Vancouver tear down)
I follow the company very closely and there has been a lot of anti-trust pressure on them to reduce their fees. I know they have been discussing raising min transaction fees and such but not merchant fees.
I am not sure if your information is correct.
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October 31st, 2012 at 6:46 pm 83
i know it may sound weird, but i din’t see (at least where I’m driving daily) any reduction in ‘for sale’ signs, in some areas (in New West the whole streats are appearing to be for sale) it’s quite opposite.
Is it possible to have property removed from listings and have realtor still answering the calls? Does it make any sence for property seller to do such thing?
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October 31st, 2012 at 6:49 pm 84
@HAM Solo: Reference Genworth MIC Chart
http://ca.finance.yahoo.com/q/bc?s=MIC.TO
Good find for small money “crash betting”. Thanks for posting.
Any tips on predicting ex-dividend dates?
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October 31st, 2012 at 6:50 pm 85
@Not Ready To Be Slave:
” (in New West the whole streets are appearing to be for sale)”
It’s New West and traffic gridlock!!! Every time you blink you see a real estate sign, unfortunately it is the same one, you are stuck in traffic. New West civil engineers have yet to discover the left turn lane, never mind road improvements in general. Besides the Ozarks, there is nothing like the inbreeding withing New Westminster government and School Boards.
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October 31st, 2012 at 6:55 pm 86
“I am not sure if your information is correct.”
just repeating what I just heard on the 6 p.m news.
They did say “in Canada”, so it might not be the case in the states.
Congratulations on your portfolio, i have one as well, thanks to the sale of my 600 square foot 40 year old apartment with “shared laundry” for close to $400,000…..suckers
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October 31st, 2012 at 6:58 pm 87
http://www.cbc.ca/news/canada/prince-edward-island/story/2012/10/31/pei-visa-fees-small-business-584.html
http://o.canada.com/2012/10/30/premium-credit-card-rewards-could-end-up-pickpocketing-your-digital-wallet/
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October 31st, 2012 at 7:00 pm 88
Vangrl – My apologies I did see the fee increase you were talking about. I wonder if they can get away with it in the US? They were going to pass a law limiting them to 1% after 2008 so I highly doubt they have the guts.
That said, if you can’t beat em, join em. Buy the stock and hold on forever. Visa and Mastercard are inflation adjusted toll roads. No credit risk (they don’t care if you can’t pay the bank does) monopoly, the more you spend the more they make, higher prices? (they don’t care they get 3% of that)
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October 31st, 2012 at 7:01 pm 89
Congratulations on your portfolio, i have one as well, thanks to the sale of my 600 square foot 40 year old apartment with “shared laundry” for close to $400,000…..suckers
Nicely done.
Only in Vancouver.
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October 31st, 2012 at 7:12 pm 90
Final sales chart for the month, updated:
http://i50.tinypic.com/osbm0w.gif
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October 31st, 2012 at 7:32 pm 91
@mclovin: “That said, if you can’t beat em, join em. Buy the stock and hold on forever.”
I am a small business and 2% to 3% is acceptable but there is no way I would pay more. I just wouldn’t take credit cards. Most people don’t care and would just pay by debit. I am sure most other small businesses would do the same. Earnings will go down not up. Time to short Visa stock if these reports are accurate.
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October 31st, 2012 at 7:37 pm 92
I just wouldn’t take credit cards. Most people don’t care and would just pay by debit. I am sure most other small businesses would do the same. Earnings will go down not up. Time to short Visa stock if these reports are accurate.
With all due respect you they are more concerned with on-line retailers, airlines, and the big box stores of the world. Most people prefer and like to use credit cards. People are not going to use debit for purchases of over $1K. I am sure some places will refuse to take them as you say but it would be a huge competitive disadvantage for a company like Wal-Mart to stop taking credit cards. The fees will just be passed onto the consumer. Also the big retailers pay much less in fees than a small business.
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October 31st, 2012 at 7:59 pm 93
Know it pumpkins, BDK get ready for the Bernake pump on money supply juice. Visa knows money is cheap! The market can fly through a current lunch break but coming soon
“the next leg up”
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October 31st, 2012 at 8:08 pm 94
October 2012 summary
Copied from PaulB’s number. http://www.paulboenisch.com/
Date List Price+- Sold Xpired Inv+- Inv S/L(%) 12.09.27 19497 12.10.01 304 218 92 1059 -847 18650 30 12.10.02 277 145 135 91 51 18701 49 12.10.03 245 142 90 79 76 18777 37 12.10.04 207 121 67 58 82 18859 32 12.10.05 235 155 73 108 54 18913 31 12.10.09 262 192 119 135 8 18921 45 12.10.10 278 180 73 94 111 19032 26 12.10.11 200 133 92 79 29 19061 46 12.10.12 202 139 99 72 31 19092 49 12.10.15 187 155 101 131 -45 19047 54 12.10.16 208 170 99 193 -84 18963 48 12.10.17 162 106 84 89 -11 18952 52 12.10.18 160 122 65 73 22 18974 41 12.10.22 166 155 90 107 -31 18943 54 12.10.23 186 159 136 68 -18 18925 73 12.10.24 168 142 71 111 -14 18911 42 12.10.25 135 127 67 69 -1 18910 50 12.10.26 134 112 77 116 -59 18851 57 12.10.29 163 170 143 128 -108 18743 88 12.10.30 152 107 96 104 -48 18695 63 12.10.31 121 124 56 250 -185 18510 46 Oct-Tot 4152 3074 1925 3214 -987 Oct-Avg 198 146 92 153 -47 48 List Price+- Sold Xpired Inv+- Inv S/L(%)Well-loved. Like or Dislike:
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October 31st, 2012 at 8:25 pm 95
@Anonymous: Thanks for the info on Miami Beach. I must have been hanging in the wrong part of town, or at the wrong time of day.
@YVR: Thanks for the info on Newport Beach and Laguna Beach. Haven’t been there. I’m more a Santa Monica kinda guy.
@Anonymous: Thanks for the info on Dallas or Houston. My Texas travels so far have been limited to Austin.
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October 31st, 2012 at 8:26 pm 96
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October 31st, 2012 at 8:41 pm 97
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October 31st, 2012 at 8:45 pm 98
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October 31st, 2012 at 9:29 pm 99
Pope #96-#98
Time for an IP ban?
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October 31st, 2012 at 9:44 pm 100
“Shrinking GDP suggests Canada hit by global slowdown
The Canadian economy shrank in August — the first time in six months — which economists suggested is a sign the global economic crisis is dragging on Canada.
Figures released Wednesday showed that Canada’s real gross domestic product shrank by 0.1 per cent, which is equal to about a $2 billion loss to the Canadian economy.
The news came as a surprise, after economists predicted growth of about 0.2 per cent.”
CTV : http://www.ctvnews.ca/business/shrinking-gdp-suggests-canada-hit-by-global-slowdown-1.1018557
–Cant believe this was a surprise, the economists should have been smarter than that…c’mon stop speculating and tell the truth.
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October 31st, 2012 at 9:47 pm 101
From my last post I forgot to add that the declines included:
6.6 per cent in real estate
then the rest
0.6 per cent in manufacturing
0.1 per cent in construction
2.8 per cent in mining
0.4 per cent in oil and gas extraction
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October 31st, 2012 at 9:53 pm 102
Falling Vancouver real-estate prices and widespread expectations that they’ll fall further have sparked a rise in lawsuits from condo buyers who want to get out of their presale contracts.
Hotel Georgia condo buyers sue to opt out of presale contracts as Vancouver real estate market sags
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October 31st, 2012 at 9:59 pm 103
@chilled: If they made it easier for traffic to flow through New West, they would just end up with more traffic…until they have gridlock again. New West has no incentive to improve the traffic situation. If anything, its in their interest to make their roads worse.
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October 31st, 2012 at 10:09 pm 104
@Patiently Waiting: Here’s a little something few remember about McBride Blvd. Back in the 1950s, it was originally planned to go through Burnaby. However, once it was built to 10th Ave, Burnaby decided to put a stop to it. They screwed New West BIG TIME.
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October 31st, 2012 at 10:41 pm 105
@vangrl: I got that letter from MBNA, what a rip!
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October 31st, 2012 at 11:00 pm 106
@Patiently Waiting: “If they made it easier for traffic to flow through New West, they would just end up with more traffic…until they have gridlock again. New West has no incentive to improve the traffic situation. If anything, its in their interest to make their roads worse.”
You sound like Greggor Robertson and the Vision gang. Control traffic with congestion.
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November 1st, 2012 at 1:22 am 107
@Anonymous:
” I am still surprised by how many crappy cars there are here all over the Westside given the massive house prices…”
Who do you think lives in all of those basement suites?
That’s the irony – the more expensive it gets, the more slummy it gets.
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