FFFA! debt! sales! developers! buyers! $350k!

It’s that time of the week again!  Lets round up the recent news links and have our open topic chat thread for the weekend.  Here are few recent links to kick things off:

BC overboard in debt
Conditions favor buyers
Fewer hoops for developers
What $350k gets you
Teranet index is out
MOI / price change update
Bottom Calls!
Transit drives condo demand
Skytrain spread poverty
Fleeing debt for Canada
CMHC Tweets!
Island sales steady

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

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bonfire
Guest
bonfire

@Reality
Oh Canada will do it even for less money..let’s say half mil
and Asians prefer our our health care and education over those in PIIGS countries..plus dim sum choices are better

RealityCheck
Guest
RealityCheck
RealityCheck
Guest
RealityCheck

For those thumbing me down…

Spain now offers permanent residency if you buy a house for $200,000 there. Greece, Ireland already do it. Italy considering it.

What makes you think we won’t have this program in Canada? Say, buy a $1 Million dollar house in Canada, get permanent residency.

bonfire
Guest
bonfire

I agree with you realty. houses will be out of reach for middle class. they will have to move to Abby, Langley and so or even across the Rockies. bears have to get used to that reality.

RealityCheck
Guest
RealityCheck
Guy Smiley said: “@RealityCheck Why not? That was the case less than 10 years ago. Same city hemmed in by the same mountains and the same ocean. Same city that saw a great influx of Chinese immigrants fleeing the return of Honk Kong to Chinese rule a few years earlier.” Much wealth $$ has arrived here in the last 10 years. The 500,000 people who have arrived in Metro Vancouver in the last 10 years are not poor. Believe me when I say that those who have the means to emigrate are not the poor ones. Bribes in those countries get you out. Another 500,000 people will arrive over the next 10 years. Think about that for a moment. Vancouver will become more diverse and that’s great (I’ve already taken my kids out of French classes and tried to give… Read more »
fake grey cup
Guest
fake grey cup

what’s up with emphasis on “our” grey cup when all the players are Americans..wtf!

Keeping An Eye On The Pimps
Guest
Keeping An Eye On The Pimps
Larry and Cam: I know you Realtyoligists visit here, so after some careful analyzing of Larry’s last post, I have come up with an interpretation> It wasn’t easy to decipherer, but once one gets past those fine tuned advanced literary devices, it becomes apparent that what you are actually saying is: Yes, there is a bubble and it will burst, nobody can know for sure of the exact time, but it is close. We can’t say that out loud, as that would anger those who butter our bread; but the reality is anyone with a slight higher IQ, than a chimpanzee, can see that unless we have another 2000 BPT drop in interest rates, as we have had in the last 20 years, the next 20 years, will be the unwinding of this massive bubble. Demographics, Economics, Psychology, will all… Read more »
No Noise
Guest
No Noise

@Patriotz

No net domestic migration? Yes there is. It’s negative!

patriotz
Member

@Ralph Cramdown:
5000 * 52 = 260,000 which exceeds the entire annual intake of immigrants to Canada.

As for net domestic migration – well there isn’t any.

patriotz
Member

” And why the hell are transit cops making 6 figures anyway? ”

Because the Translink board, which is appointed by Crusty, decided to pay them that much.

And you might find it enlightening to take a look at which political parties (provincial and municipal) have a habit of running retired city police officers and firefighters as candidates.

No Noise
Guest
No Noise

@ Ralph Cramdown

Yes!!! RealityCheck needs a reality check!

Ralph Cramdown
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Ralph Cramdown

@RealityCheck: “Vancouver has 5000 people a week showing up! How’s that for demand?”

Florida called, and they want their Reason it’s Not a Bubble #37 back.

Anonymous
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Anonymous

@Benny Hill: seems like a lot of ppl are still unaware of the insane benefits many public employees have. No wonder they are still getting them

Benny Hill
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Benny Hill

“His plan is tip retire at age 57, collect a full pension”

How this is possible?

gokou3
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gokou3

@Con-Rad: “”The family needs to make a “life” choice: rent in overpriced city A in accommodations not equivalent to what the family desires, or move to city B where such accommodations exist. Some families I know are waiting in Vancouver for cheaper pricing but if it is going to take another 10 years to occur they would move elsewhere. In a specific case I know the family will get their Us work visas and head

south.

I agree 100% about housing as an investment. I am talking competitive options for families outside of overpriced cities and the reality of how long it might take for prices to revert.”

since vancouver is overpriced, ur options are not applicable here

Not much of a name...
Member
Not much of a name...

@RealityCheck: If that is the case, I am completely comfortable with that. My target property is a 2br condo in NV. Looking at the HPI, the gains are only 4.5% for the last three years and only 1.6% for the last five. Transaction costs alone will chew that up and then some. So, with prospects of prices falling in the near future, how well have owners done in this time frame? What will it look like in a year or two (or more)?

We are simply banking the extra every month with a smile and waiting. I wouldn’t want to be a condo owner in NV who has purchased within the last five years. The amount of inventory coming on line is staggering.

Guy Smiley
Member
Guy Smiley

@real_professional

Thanks for raising my blood pressure first thing on sunday morning. It’s flat out criminal the double dipping that is going on there (yes, patriotz, it’s not offically double dipping, but collecting pension from a public job while getting paid for another public job is the same thing in my opinion). And why the hell are transit cops making 6 figures anyway?

Guy Smiley
Member
Guy Smiley

@RealityCheck

Why not? That was the case less than 10 years ago. Same city hemmed in by the same mountains and the same ocean. Same city that saw a great influx of Chinese immigrants fleeing the return of Honk Kong to Chinese rule a few years earlier.

RealityCheck
Guest
RealityCheck

Not Much of a name said “When prices are at a point where they are about equal to renting, then we will buy.”

Not going to happen in Vancouver.

Not much of a name...
Member
Not much of a name...
@Con-Rad: I’m trying to be realistic and I hope bears realize how long a time a correction might take. This is for your benefit, especially if you have a spouse or partner with who you are going to settle down with. If they or you have unrealistic expectations on when prices will be low enough for you to buy that is going to be mighty stressful. Not as stressful as having negative equity but you should be setting realistic expectations and planning accordingly. I appreciate you looking out for my best interest. It’s all pretty simple to us. When prices are at a point where they are about equal to renting, then we will buy. Until then, we’ll save our money and continue renting. This advice can also be aimed at those who have just recently bought or are thinking… Read more »
RFM
Guest
RFM

real_professional

You should read this to see how this cycle of overpaying police and fire could end.

http://www.reuters.com/article/2012/11/13/us-bernardino-bankrupt-idUSBRE8AC0HP20121113

real_professional
Member

Had a discussion with police officer friends yesterday, they are very money hungry and believe they are entitled to it. Zero education and makes more than a high school principal, makes more than a PhD friend who has a cushy job making 90k + benefits.

His plan is tip retire at age 57, collect a full pension and work as a transit cop making 120,000 a year for about five years.

Why doesn anyone talk about how crazy this is?

Con-Rad
Guest
Con-Rad

@patriotz: Vancouver. The issue is rental tenure security. A lifestyle choice. Landlords will refuse to commit to longer term contracts. This does not align with what many want and they will either leave or take big risks financially and capitulate.

patriotz
Member

@Con-Rad:
” in certain parts of Canada renting and owning are not equivalent for many. ”

OK. Where?

Con-Rad
Guest
Con-Rad
@patriotz: With respect, patriotz, in certain parts of Canada renting and owning are not equivalent for many. The reason is that there is not intersection between the types of rentals offered and what a family wants. The family needs to make a “life” choice: rent in overpriced city A in accommodations not equivalent to what the family desires, or move to city B where such accommodations exist. Some families I know are waiting in Vancouver for cheaper pricing but if it is going to take another 10 years to occur they would move elsewhere. In a specific case I know the family will get their Us work visas and head south. I agree 100% about housing as an investment. I am talking competitive options for families outside of overpriced cities and the reality of how long it might take for… Read more »