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!

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N
Guest
N

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

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
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 not rounding properly. I don’t actually care about the five cents just because it was the first time it was happening. So I said, you know you are supposed to round that up to 55 cents so you owe me… Read more »
CanuckDownUnder
Member
CanuckDownUnder
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 Year! Here’s a conveniently themed property piece for your reading pleasure. “Ma settled in Australia in 1989 and says that of the ERA buyers who are of Chinese heritage, 92 per cent have permanent residence or citizenship, with the rest… Read more »
Many Franks
Guest
Many Franks

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
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 are buying at much higher prices than what the official numbers show on documents, as most of the price paid is cash under the table to avoid transfer taxes etc. and also to avoid public attention. I need not to… Read more »
Anonymous
Guest
Anonymous

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 cent increments.

After taxes are applied you will still end up with pennies in change. You are not only cheap but not too bright.

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover
@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 to appear cheap which makes it harder for someone to insist on the correct rounding. If businesses consistently do the rounding incorrectly and consistently err in the business’ favour then that is inflationary. Many customers in this store actually do… Read more »
Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover

“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

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

“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

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

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

Haha, sorry 55c is correct – not 50.

Anonymous
Guest
Anonymous

“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

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

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

“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

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

M
Guest
M

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

@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 and $1.09 and $1.10

That is basically the same thing I said in comment #15. But comment #15 makes more sense in my brain as someone who has worked with cash.

Anonymous #3/Penny Lover
Guest
Anonymous #3/Penny Lover

@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

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

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

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.

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