Flaherty’s ‘other’ mixture.

Finally!

A bit of humour that calls out the absurdity of the ‘tough new mortgage rules’.

This is brilliant, thanks Rick Mercer.

On a side note is the ‘crantini’ joke a common one in housing markets? The only place I’ve seen it is here on dear old VCI when ‘samantha’ refers to drinking crantinis on the patio.

(at least I assume that’s a joke, sorry Sam if it’s not.)

 

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mac
mac
7 years ago

Is Group Masterbator Romeo Jordan?

604 Receding Gains
604 Receding Gains
7 years ago

THREE TARGET MEDIA REGULATORS:
1. Consumer Protection BC.
Email: info@consumerprotectionbc.ca

2. Canadian Broadcast Standards Council.
Email Address: complaints@cbsc.ca

3. Canadian Association of Journalists
Box 280
Brantford, ON N3T 5M8

604 Receding Gains
604 Receding Gains
7 years ago

Form Letter aimed at media regulators: Dear Sir/Madame: We all remember the false and misleading behaviour of the news media during the technology “bubble” of the late 1990s and early 2000s. In both the US and Canada many people lost substantial sums of money due to the cheerleading of certain media outlets. After the dust settled it was found that many of these media outlets and “economic correspondents” had conflicting interests – owning the stock of companies they were actively reporting on and actively pumping. The same is happening today in Canada with news reporting of the current real estate market. Many reporters and news organizations, most notably Vancouver’s branch of Global TV (CTV network), are delivering hyped up media and false/misleading reports on the status of the real estate market in BC. I believe this is also true for… Read more »

604 Receding Gains
604 Receding Gains
7 years ago

Calling all angry Bears (and Slavs).

I was so irritated by Global TV reporting on real estate a few nights ago that I cranked out another letter/missile plus target media regulatory agencies to aim at. I’ve posted the letter and email addresses for complaints against media reporting in the Vancouver Peak forum. Copy, paste and fire at will!

http://vancouverpeak.com/Thread-Elbowing-back-at-media

604 Receding Gains
604 Receding Gains
7 years ago

Great stuff VMD (as usual).

Since some sales can have a long closing period (3 months) the impact of CNY sales may be much longer than a couple of weeks. Although with so many units vacant now the impact this year should be quicker than prior years.

VMD
7 years ago

Quantifying the “Chinese New Year Effect”

Avg-sales   2011      2012
CNY-1wk   142(100%)  82(100%)
CNY+1wk   133(94%)   98(120%)
CNY+2wk   171(120%)  131(160%)
CNY+3wk   162(114%)  115(140%)

– Avg CNY vacation in China ~ 2 weeks
– 2011 CNY = Feb 3; 2012 CNY = Jan 23
– Setting the avg daily sales of 1 week prior to CNY at 100%:
– It appears that peak sales were logged in the 2nd week post-CNY reaching 20%-60% above pre-CNY levels.
– I’ll revisit this few weeks after 2013 CNY.

Groundhog
Groundhog
7 years ago

@Someguy

Looks like we’re joining the ranks of Monterey and Long Beach in the contest for BPOE.

“began in 1984 and was held in Monterey, Calif., for many years before moving to Long Beach for the last five years.”

Many Franks
7 years ago

@Devore:

There is no “full required” repayment amount, unless it’s the last year and the full amount is due.

Not true, or perhaps I misunderstand what you’re saying. See CRA:

Generally, for each year of your repayment period, you have to repay 1/15 of the total amount you withdrew, until the full amount is repaid to your RRSPs.

If you fail to pay off your 15th in a given year, the excess amount gets included in your taxable income. That makes it generally undesirable to fail to repay (though there are probably some cases like income splitting or employment changes where this is good math).

Group Masterbator
Group Masterbator
7 years ago

Looks like 15K party next week!

jesse
7 years ago

Not good, not good… 😕

Short'em High
Short'em High
7 years ago

@mclovin re: “CAD moves 2.5 cents in the wrong direction you are wiped out” My remarks were only illustrative. The bankroll amount, whatever it is considered expendable in the RE ponzi palace or flipping scheme would be the amount expendable in the liquid macro market instrument(s). The difference is loss will be limited to the specified amount and much more leverage is available when needed. As explained above, you would not put on the entire position equal to net worth. Some expertise is required other than listening to stock tips, reading newsletters, or ginned up quarterly reports. Money management, market timing, economic calendar, etc are important. If you don’t know how or can’t understand what I’m saying then please DON’T try what mclovin suggests. Nevertheless, the ability to bet against central bank manipulation is available on demand and in massive… Read more »

Devore
Devore
7 years ago

“CRA told us last Wednesday that almost one-half of HBP participants (47%) “paid less than the full required repayment amount in tax year 2011.” (2011 is the latest data available.)”

There is no “full required” repayment amount, unless it’s the last year and the full amount is due.

Groundhog
Groundhog
7 years ago

Wow, looks like sales continue to be sluggish. I heard a mortgage lender ad on the radio yesterday wishing me gungheyfatchoi, whats that all about?

xyz
xyz
7 years ago

It must be the weather, it never rains in Vancouver

asalvari1
asalvari1
7 years ago

I predict 160… or more….

…. up-votes on paulb stats post today

🙂

chilled
chilled
7 years ago

OK, I guess I will have to drive to Surrey to buy my 100lb bags of onions.
=====================================================
Q Says:
February 5th, 2013 at 4:34 pm

I just noticed that I forgot to include the link for the Vancouver Sun story on businesses in Vancouver’s Punjabi Market relocating to Surrey. For those who may be interested, here is the link:

http://www.vancouversun.com/news/surrey/Change+Punjabi+Market+businesses+depart+Surrey/7917710/story.html

paulb
7 years ago

New Listings 280
Price Changes 72
Sold Listings 72
TI:14249

http://www.paulboenisch.com

Q
Q
7 years ago

I just noticed that I forgot to include the link for the Vancouver Sun story on businesses in Vancouver’s Punjabi Market relocating to Surrey. For those who may be interested, here is the link:

http://www.vancouversun.com/news/surrey/Change+Punjabi+Market+businesses+depart+Surrey/7917710/story.html

HAM Solo
HAM Solo
7 years ago

Another Genworth MIC quarter in the books. Nothing to see here, folks, move along now… Well, if you look at the only page of the MIC financial statements that has any bearing on what is really happening in their business (note 4 in the footnotes) one does see a few interesting details. Real estate acquired, that’s their term for a foreclosure, is up 48% y-o-y. Also, if one carefully extracts the quarter-by-quarter trend in losses on “real estate held” one will see that the $76 million worth of foreclosures sold in the 4th quarter were sold at a price 19.5% below the insured value of the properties. In other words, if MIC had insured a Yaletown condo mortgage at $1 million, when it came time to sell the foreclosed property, they only got $805,000 back. That loss on RE foreclosed… Read more »

Q
Q
7 years ago

An outhouse is for rent in Vancouver for $1100 per month.

http://vancouver.en.craigslist.ca/van/apa/3567628590.html

mclovin
mclovin
7 years ago

Short em high:

“You probably already know the answer but I will indulge. Suppose CAD moves 10 cents. With $50k account you can control/scale into $2M. 10% of $2M is $200K.”

And if the CAD moves 2.5 cents in the wrong direction you are wiped out completely with a margin call likely.

What you are referring to is speculation and gambling in its purest form outside Vegas red/black.

Q
Q
7 years ago

“We could have purchased something on Main street for a similar price, maybe a little bit more. But … where are the customers? Why do you want to be in a place (that is) kind of out of the way, why not be in the centre of the action?” The rise of this kind of thinking is a big shake up to how we think about Metro Vancouver. Rents are higher in City of Vancouver due to price premium to be in a central location. When people start regarding Surrey as the “centre of the action” then you can’t justify a rent premium in Vancouver relative to Surrey anymore because Vancouver isn’t as central anymore to the population and to the economy. When businesses snub locations in Vancouver because they want to be in Surrey closer to their customers that… Read more »

Q
Q
7 years ago

Surrey is the “centre of the action” for Metro Vancouver’s Indian community. Retailers in Vancouver’s Punjabi Market are relocating to Surrey. From the Vancouver Sun: “The distinctive yellow street sign for the Punjabi Market at 48th and Main has faded so much you can hardly read it, which is symbolic of the changing fortunes of Vancouver’s premier South Asian shopping street. Several businesses have moved out in the last couple of years, leaving some high-profile vacancies in the heart of the market, which has run along Main from 48th to 53rd since the 1970s. Last year it was the Frontier Bridal Boutique, which left for a new location in Surrey after four decades on Main… The Guru Bazaar purchased its new location in Surrey. “That’s the future,” said Khurana. “We could have purchased something on Main street for a similar… Read more »

Short'em High
Short'em High
7 years ago

re: “outsized gains” You probably already know the answer but I will indulge. Suppose CAD moves 10 cents. With $50k account you can control/scale into $2M. 10% of $2M is $200K. There are instruments which track the various maturities of bonds with the same sort of leverage. The trick is to be patient and fluid. Thus, I say don’t worry about what the central bank says the overnight rate is. Just look at the rate relative to important exchange rates (or commodity prices). A 1% overnight rate is a different thing when the dollar is only worth 90 cents. The government can’t hide. If the central bank timing is wrong, it is exactly then when your timing will be right. In the meantime, there are some nice snacks that will easily pay your rent. Maybe these are even ones related… Read more »