FFFA! Lunar! Family! Pricey! Inventory!

It’s that time of the week again, Friday Free-for-all time! 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:

Family day will destroy small businesses
Updated inventory graph
Wishy washy wishes for Lunar uptick
Vancouver pricier than ‘swanky’ NY & LA
City starts tracking problem rentals
Here’s the searchable database
RRSPs to the rescue
Sex sells
The wealthy love riding buses

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

Sort by:   newest | oldest | most voted
N
Guest
N
3 years 3 months ago

Had a nice talk with a doctor (department head) tonight. He moved here from Chicago where he’s still paying the mortgage on an underwater property. He looks at the prices here and he can see that it doesn’t add up. He was wondering when the tipping point would come for Vancouver. In any case, he has no intention of buying here for now. These things are obvious when viewed from the outside.

Naked Official #9000
Guest
Naked Official #9000
3 years 3 months ago

but why would one want to be on the outside?

then you wouldn’t be owning real estate in vancouver like a winner

Anonymous
Guest
Anonymous
3 years 3 months ago
I went to the store yesterday to buy a few things. The total price for my purchases was $19.47 and I paid with a twenty dollar bill. The screen on the til said my change was supposed to be 53 cents. The small independent business owner operating the til gave me only 50 cents change. Now that pennies are out of circulation, 53 cents should be rounded UP to 55 cents, not down to 50 cents. This was actually my very first cash transaction since pennies were taken out of circulation and already I was being ripped off by someone… Read more »
CanuckDownUnder
Member
CanuckDownUnder
3 years 3 months ago
Sydney resale prices are now at a new all-time high according to the Australian Bureau of Statistics with the last quarter of 2012 passing the former mark set in the second quarter of 2010. In that time the cash rate has gone from 4.50 per cent to 3.00 per cent which matches the all-time low “emergency” rate set by the Reserve Bank. Even with all this juice prices just seem to be wobbling on a shaky plateau and things will get ugly in a hurry if rates have to go up for any reason. On that note, Happy Chinese New… Read more »
Many Franks
Guest
Many Franks
3 years 3 months ago

Another market tries to distance itself from Vancouver — Maple Ridge and Pitt Meadows this time. Apparently Cam Muir’s blithe optimism just isn’t rosy enough for these two realtors.

Keeping An Eye On The Pimps
Guest
Keeping An Eye On The Pimps
3 years 3 months ago
Cam and Tsur, I know you two turds are always looking for pitches to present as sound and plausible economic theories to Global TV, and Jerry Springer Show followers. In the spirit of giving during the season of Chinese New Year, I formulated a new theory and pitch for you to guys to pull out of your anuses when you are called upon by the local media RE Pumpers to give your unbiased “expert” opinion, and it goes something along these lines. Sales are low because supply is dwindling- we have simply run out of land, and the Ultra-Rich Asians… Read more »
Anonymous
Guest
Anonymous
3 years 3 months ago
Anon 03: The screen on the til said my change was supposed to be 53 cents. The small independent business owner operating the til gave me only 50 cents change. Man are you cheap. I would be happy I don’t have to carry those 3 pennies. The poor store owner is probably barely making minimum wage. Just pay with a debit card or credit card if you are worried about 3 pennies. A lot of the smaller independent businesses (that I like to support) aren’t updating their tills like shoppers drug mart did where all the prices end in five… Read more »
Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago
@Anonymous #7 “Man are you cheap. I would be happy I don’t have to carry those 3 pennies. The poor store owner is probably barely making minimum wage. Just pay with a debit card or credit card if you are worried about 3 pennies.” You are totally missing the point. It is not about me caring about the five cents, it’s the principle. We’ve been told by the government that the end of the penny is not inflationary. But cash transactions at the til are also social interactions. There is social pressure for me in that position to not want… Read more »
Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago

“But the smaller businesses haven’t done this to their tils so tils still have screens that give change ending in 2,3,4 so a cashier has to be smart/honest enough to round up or down.”

It’s actually not just 2,3,4 endings, it’s 1,2,3,4,6,7,8,9 endings. At Shoppers Drug Mart, the tils only give 0,5 endings.

TPFKAA
Guest
TPFKAA
3 years 3 months ago

Couldn’t the retailer legally round the price, $19.47 to $19.50?
Then $0.50 cents would be the correct change.

Patiently Waiting
Member
Patiently Waiting
3 years 3 months ago

“Employment in British Columbia fell by 16,000 in January, and the unemployment rate was 6.3%. With this decline, employment in the province returned to a level similar to that of 12 months earlier.”

http://www.statcan.gc.ca/daily-quotidien/130208/dq130208a-eng.htm

BTW my wife’s specialist doctor is moving to Alberta (originally from South Asia). While he didn’t mention housing prices specifically, he told her he didn’t like the pace and quality of life in Vancouver.

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago

TPFKAA

“Couldn’t the retailer legally round the price, $19.47 to $19.50?
Then $0.50 cents would be the correct change.”

No. $19.47 rounds to $19.45 not $19.50.

Vote Down The Facts
Guest
Vote Down The Facts
3 years 3 months ago

TPFKAA, you are correct. 50c was the right amount of change to give. How can people still not be aware of how this works?

Vote Down The Facts
Guest
Vote Down The Facts
3 years 3 months ago

Haha, sorry 55c is correct – not 50.

Anonymous
Guest
Anonymous
3 years 3 months ago

“My change should be 53 cents but they gave me back 50 cents instead, hoping I won’t say anything. That adds 3 cents to the price, which works out to 2% inflation.”

LOL I just spit my coffee on my computer screen. I doubt 3 cents on cash chocolate bar purchases in small grocery stores are going to impact inflation. If you were worried about 3 cents then you shouldn’t be shopping in these stores anyway because they are generally already more expensive.

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago

If the after-tax price ends in 1,2,6,7 you round down.

If the after-tax price ends in 3,4,8,9 you round up.

Same principle applies for screens that are displaying change.

11 and 12 cents become 10 cents

13 and 14 cents become 15 cents

15 cents obviously stays the same

16 and 17 cents become 15 cents

18 and 19 cents become 20 cents

20 cents obviously stays the same

And it goes on from there…21 cents is 20 cents

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago

What I just described in Comment #15–the tils at Shoppers Drug Mart do that automatically. But in the places that haven’t changes their tils (so probably most businesses), the cashiers have to think for themselves and round it for themselves and be honest about the rounding.

Anonymous
Guest
Anonymous
3 years 3 months ago

“Couldn’t the retailer legally round the price, $19.47 to $19.50?”

Of course they can do what ever they want. As a consumer you have a choice to shop where ever you want. Personally I would rather give the small store 3 cents rather than pay 5 cents per bag like at many larger stores. I heard Home Depot is rounding everything down. So $1.54 = $1.50 for cash. Each store can have their own policy just like they can price the items how ever they want.

Vote Down The Facts
Guest
Vote Down The Facts
3 years 3 months ago

I’ve not been to Shoppers yet – do they tills only perform the rounding for cash transactions?

M
Guest
M
3 years 3 months ago

This is so reminiscent of the US housing bubble Greenspan the Maestro (for those of you too young to know this Greenspan was very popular in his day) and Carney the Rock Star, both leaving after creating housing bubbles. We are watching the bubble deflate in slow motion very similar to the US bubble and the media still says its different here it’s Canada!

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago
@Anonymous #17 “Of course they can do what ever they want…I heard Home Depot is rounding everything down. So $1.54 = $1.50 for cash.” Theoretically, I suppose that is correct and I am shocked to hear that about Home Depot. The Canadian Mint has put out guidelines for rounding that is consistent with what I just spelled out in comment #15 http://www.mint.ca/store/template/default/pennyinfo.html#.URUr-_KvjGA According to Canadian Mint and Government of Canada, the guideline is you round down $1.01 and $1.02 to $1.00 and $1.06 and $1.07 becomes $1.05. You round up $1.03 and $1.04 to $1.05 and also round up $1.08… Read more »
Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago

@Vote Down the Facts:

I didn’t really notice about what happened for people paying with credit or debit but I think the tils at Shoppers Drug Mart probably would have rounded for them too. It seemed like each individual item was being rounded as it came up on the screen as the cashier scanned it. I don’t know if there was an option to take off the rounding at the end for someone paying with credit/debit.

Anonymous
Guest
Anonymous
3 years 3 months ago

Penny Pincher: “Theoretically, I suppose that is correct and I am shocked to hear that about Home Depot.”

It is good policy because penny pinchers like you might shop there thinking they will save 3 cents. It also will encourage people to use cash and will save the retailer credit card fees. I doubt it will amount to much for Home Depot where purchases are usually large and credit cards are more common.

RealityCheck
Guest
RealityCheck
3 years 3 months ago

Just as I suspected…

Most posters here are “penny wise and dollar foolish”…

Hence, the questionable stats often referred to…

Ben Rabidoux
Guest
Ben Rabidoux
3 years 3 months ago

If there’s one thing to give home sellers in Vancouver some sort of comfort, it may be that Montreal has just stolen the crown as the ugliest Canadian metro from a supply/demand perspective:

http://theeconomicanalyst.com/content/revisiting-important-post-impending-construction-slowdown-and-montreal-sales-declines

The MOI chart is particularly scary.

But hey, in terms of absolute dead air underneath current prices, Vancouver remains the undisputed king.

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago
Why are my comments being voted down? Everything I am saying is correct. I am just trying to share a bit of knowledge about rounding and the national guidelines. Do you guys want to get ripped off? I am trying to be helpful. I don’t have a lot of money and I do save up my nickels so I don’t like it if retailers are rounding 53 cents down to 50 cents in violation of the Canadian Mint guidelines! Isn’t it outrageous that an American retailer like Hope Depot would decide to snub the Canadian Mint’s guidelines around rounding and… Read more »
Bag it and tag it
Guest
Bag it and tag it
3 years 3 months ago

Holy crap! Enough with the penny talk. Do we really need a discussion on how to round? I’m pretty sure we covered that in grade 2.

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago
On the issue of cheapness and the point someone made that the small business owner probably makes a low wage so I shouldn’t worry about a few cents. Someone else pointed out that this whole issue does not matter for credit and debit transactions. Well poor people and low income people are less likely to use credit and debit. Poor people pay with cash. So this is more of a significant issue for those who live hand to mouth. Also, it absolutely is true that the inflationary effect of incorrect rounding is more pronounced on smaller purchases. I wouldn’t dismiss… Read more »
taylor192
Member
3 years 3 months ago

Penny wise, pound foolish is correct today.

Who pays with cash anymore? I have a no-annual-fee dividend Visa that I put absolutely everything on, even if its $1. Why worry about 3 pennies on $20 when you could be getting 2 dimes (1%) back.

The anonymous posts make me laugh at how stupid they are most days, today I cried.

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago

@Bag it and tag it:

“Do we really need a discussion on how to round? I’m pretty sure we covered that in grade 2.”

In fact, both TPFKAA and Vote Down The Facts both got the rounding wrong so some people do struggle with it. Look down at Comments #10 and 12. They both thought that $19.47 rounds to $19.50 when in fact it rounds to $19.45. It would only make sense to round $19.47 to $19.50 if both the penny and the nickel were abolished and everything was rounded to the nearest ten-cent.

Anonymous
Guest
Anonymous
3 years 3 months ago

penny lover et al,
piss off already with your penny talk.
go find a blog dedicated to this issue!

Best place on meth
Guest
Best place on meth
3 years 3 months ago

If I could interrupt the discussion about pennies for a moment to mention the appalling jobs numbers out today.

BC lost 16,000 jobs in January, the equivalent of the US losing 1.2 million jobs in a single month.

http://www.news1130.com/2013/02/08/jobs-numbers-down-in-bc/

Time for the BC Libs to put out another ad showing how strong our economy is.

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago

@Best Place on Meth:

When people can’t find jobs, pennies and nickels take on greater significance.

@Anonymous #30:

You are very rude.

Short'em High
Guest
Short'em High
3 years 3 months ago

Some pennies for you. Housing starts and employment change were announced today.

http://ca.finance.yahoo.com/q/bc?s=CADUSD=X&t=5d&l=on&z=l&q=l&c=

Move along. Nothing to see here…

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago
I think the people on this website are extremely nasty. People here sound very class privileged. There is an almost let them eat cake attitude here. The harsh reality is that many people are forced to pinch pennies and nickels. Housing costs are high and good paying jobs are scarce. I watch every penny that comes in and out of my budget. I have never been in the position to open up a business, but I am sympathetic to small business owners in my community who try to make a go of it. I help them by giving them my… Read more »
Simon
Guest
Simon
3 years 3 months ago

@ BPOM

“BC lost 16,000 jobs in January, the equivalent of the US losing 1.2 million jobs in a single month.”

These stats don’t even include the thousands of realtors making no sales that are functionally unemployed.

Patiently Waiting
Member
Patiently Waiting
3 years 3 months ago

“BC lost 16,000 jobs in January”

I was in the Lougheed Mall; counted at least ten vacant storefronts. There’s a little over a hundred storefronts in the mall so that seems like a high percentage.

yvr2zrh
Member
3 years 3 months ago
A couple of views 1 week into the month. 1.) Every person who did not sell in Van West last year seems to be hitting the list button this week. We are on pace for close to 500 new listings in one month of Van West – – this is by far a record. 2.) Detached listings are up more than attached and sales are down more than attached. We are on pace for 10+ MOI on detached for Feb – – yeah – Mr. Muir – sellers don’t have to sell eh?? 3.) Sorry to be a broken record… Read more »
bullwhip29
Guest
bullwhip29
3 years 3 months ago

Why family Day on Feb 11th? Hmm…now it all makes sense.
Gung Hay Fat Choy, Christy!

bullwhip29
Guest
bullwhip29
3 years 3 months ago

@ Patiently Waiting February 8th, 2013 at 11:09 am

If you want to see what quiet looks like, take a stroll down Robson St.

I’m quite sure the gov’t will attribute these job losses to temp/part timers leaving the workforce post Xmas and will simply disregard the data. Expect the opposite to occur once university classes wind down in April. Naturally, the govt will use that opportunity to tout the BC Job Plan and pat itself on the back.

oneangryslav2
Guest
oneangryslav2
3 years 3 months ago

@24: And that dead air will soon be littered with the corpses of housing bulls–some virgins, some promiscuous boomers.

Anonymous
Guest
Anonymous
3 years 3 months ago

“he has no intention of buying here for now”

do you think this doctor guy has any more money to spare after this “Chicago where he’s still paying the mortgage on an underwater property”.

he would be lucky to afford KD.

bullwhip29
Guest
bullwhip29
3 years 3 months ago
TPFKAA
Guest
TPFKAA
3 years 3 months ago

Oh right. Nearest 5 not ten. D’oh.

TPFKAA
Guest
TPFKAA
3 years 3 months ago

I’m so used to rounding to ten. Sig figs in science… There is a proposal in the works to eliminate the quarter and the nickel and have everything in dime increments.

Turkey
Guest
Turkey
3 years 3 months ago
yvr2zrh: A quick tack-on regarding Strathcona in East Van. Listings in this neighbourhood are dead, dead, dead. There’s a grand total of 8 active listings between Main and Glen (east-west), and between Hastings and Prior (north-south). Last year, there were several times this many listings, and I know for a fact that the bulk of them haven’t sold. Among the unlisted stock are something like four spec-built properties “coming soon” (618-620 Prior St) or completed and empty (see a stale Strathcona Gateway listing), each with a couple of detached dwellings. The only spec-build listed, right now, is the humbly named… Read more »
Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
3 years 3 months ago

@TPFKAA:

Don’t worry about the rounding mistake. I am sorry. I didn’t mean to embarrass you.

And I absolutely hate the idea of getting rid of nickels and quarters. But you probably don’t want to get me started on that one because the rest of the bloggers here have probably been tortured enough with this talk.

TPFKAA
Guest
TPFKAA
3 years 3 months ago

Is it just me or is the market worsening accelerating? It was a drip before; seems like a trickle now… next it will be a stream… and then apocalyptic flood of listings and MOI growth. Maybe the herd is finally spooked into stampeding!!

If not, and we see another year like 2012 of a limp arc on the inventory curve, it might just depress me into getting my “serf” class marker tattoo and not watching the market anymore. I will be explaining to the grandkids why they are serf-class “because grandpa was born two years after the ‘Great Wealth Cutoff’.”

VHB
Member
VHB
3 years 3 months ago

Here is comparable week in February 2011:

date sales list ratio
07-Feb	93	283	32.9%
08-Feb	182	227	80.2%
09-Feb	204	326	62.6%
10-Feb	93	282	33.0%
11-Feb	121	281	43.1%

and February 2012

date sales listings ratio
06-Feb	113	325	34.8%
07-Feb	140	281	49.8%
08-Feb	127	265	47.9%
09-Feb	85	229	37.1%
10-Feb	94	234	40.2%

And the past few days in 2013:

date sales listings ratio
04-Feb	117	331	35.3%
05-Feb	72	280	25.7%
06-Feb	67	267	25.1%
07-Feb	92	248	37.1%
Clockbike
Member
Clockbike
3 years 3 months ago

“Well poor people and low income people are less likely to use credit and debit. Poor people pay with cash.”

You have it backwards, poor people generally have credit and debit cards and as a result of having easy access to their money: spend themselves into poverty. Having your money in an account you can’t access is the best form of forced savings, (as opposed to mortgage payments which bulls are so apt to recommend me.)

wpDiscuz