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FFFA! Rates, Crime, Debt, Rent, Boomers

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Hey! You made it to the end of another work week so go enjoy yourself a long weekend!

It’s time for us to do our regular end of the week news round up and open topic discussion thread for the weekend, here are a few links to kick off the chat:

–Better to rent or buy?
–Boomers will finance the market
–Challenges for Richmond sellers
–Will extradite criminals for cash
–Hike rates now
–Imaginary money
–CAAMP shows concern
–

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

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GT
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Instead of moving to reverse the twin risks of low interest rates and rising debt, Canadian policy makers seem intent on keeping the game going for as long as possible

Terence Corcoran: Canada’s policy makers fixed on doing nothing

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5 years 10 months ago
GT
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It looks to me the bell signalling the top in the Canadian housing market has been rung:

“NEW YORK (Reuters) – Canada’s soaring consumer debt is backed by solid assets, Prime Minister Stephen Harper said on Thursday, saying he was more worried about economic problems outside the country.”

http://ca.reuters.com/article/businessNews/idCABRE94F11F20130516

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5 years 10 months ago
patriotz
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From Carrick’s article:

There will never be a definitive answer to the question of how owning a home compares to lifelong renting

The basic premise is bogus. The choice is not between buying at today’s price and never buying, but buying at today’s price and buying at a lower price later.

Even if nominal prices just stay flat, you come ahead waiting to buy as long as renting is cheaper.

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5 years 10 months ago
Loon
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Just came across a CV for a guy I briefly worked with in IT many years back.

His CV shows he stopped IT work in 2004 for a 9 year venture into the building trades. It now looks like he wants to get back to IT but his skills and knowledge are horribly out of date.

Sorry bud, going to have to pass on you because you’ll cost a fortune in time and money to train.

Give EI a shot, I hear it’s not that bad if you don’t own any real estate!

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5 years 10 months ago
Yellow Helicopter
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Moneyweek Magazine UK is all about Canada right now, with Carney coming in:
http://www.moneyweek.com/investments/property/rest-of-the-world/profit-as-canada-housing-bubble-pops-64000

“But George should be careful what he wishes for – because the Canada that Carney leaves behind is looking distinctly wobbly….”
“Canadian papers and real estate brokers will debate the issue of whether or not there’s a bubble until they’re blue in the face.
But anyone with any kind of objectivity can see there’s a problem there. House prices have risen by 123% since January 2000. Even at the peak, US prices were only 90% higher than they were in 2000 – and in real terms, US prices are now slightly lower than they were back then. “

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5 years 10 months ago
Yellow Helicopter
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Financial Post: ” 11 charts that show Canada’s economy is entering a world of hurt.”
http://www.financialpost.com/m/wp/business-insider/blog.html?b=business.financialpost.com/2013/05/16/11-charts-that-show-canadas-economy-is-entering-a-world-of-hurt

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5 years 10 months ago
Democrass
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Bob Rennie’s new tout is that boomers will finance the market. What happened to the rich asians? I wonder if that is now real estate salesman taboo because of the fake buyer scandal.

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5 years 10 months ago
Anonymous
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WTF?? Why are we even paying for Traditional Chinese Medicine?? $2 Million bucks would help a lot of poor families. Another stupid idea from Krusty the Clown From the CBC: A Richmond acupuncturist is accused of bilking B.C.’s Medical Services Plan of more than $2 million after claiming to have seen up to 461 patients in a single day. An investigation by the College of Traditional Chinese Medicine Practitioners and Acupuncturists of British Columbia found Dr. Mubai Qiu’s clinic nearly empty during an inspection last July. Dr. Wanda Stevens, the college’s director of standards and practices, testified at a public disciplinary hearing for Qiu in Vancouver Wednesday. An acupuncturist herself, Stevens told the three-person panel she’s “swamped” handling just 10 to 15 patients a day for 20 minutes each. Dr. Mubai Qiu claims to have given acupuncture treatment to as… Read more »
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5 years 10 months ago
tony
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Chinese are greedy motherfuckers. Because of their greed Canada Post discontinued to insure small packages. Before you had automatic $100 insurance on all small packages. Then Chinese would abuse that and claim lost package in order to receive that $100. Now in order to buy insurance you have to take tracking options for your deliveries that increase your price 4 times. So basicly it is worthless option if you have small package of $50-60 value. The cost of sipping and insurance would be way higher then the value of your package.

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5 years 10 months ago
/dev/null
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What’s with the recent price changes (mostly westside that I’ve noticed) that are increases, a few weeks after listing? V1005546 being an example: $1.980M->$2.098M. Are these sellers that were fishing for a bidding war and when that didn’t come they’re resetting to their desired price? Not that all PCs are increases, still many 100-200k drops, but there seem to be more of these lately.

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5 years 10 months ago
M
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Canadian dollar topping, all the Canadians who borrow in US funds to invest or buy property in the US counting of higher Canadian dollar to bail them out are about to take it on the chin. Also its a reflection of commodity super cycle ending.

http://peterlbrandt.com/is-the-canadian-dollar-about-to-be-hockey-sticked/

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5 years 10 months ago
s1
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Still no price correction yet, but multifamily home sales fall by 45% YOY.

http://www.vancouversun.com/Metro+Vancouver+multifamily+home+sales+fall+nearly+half+over+same+period+last+year/8395571/story.html

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5 years 10 months ago
Chabar
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Could be a bit disquieting morning in some glitzy Vancouver hoods while life seems to be good, multimillion dollar mansion just got plaster upgrades and latest Range Rover Autobiography Ultimate Edition shines in the driveway…

http://online.wsj.com/article/SB10001424127887323398204578488831032664720.html

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5 years 10 months ago
Dave
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The election of Christy Clark is definitely a bullish development for real estate. Confidence in the economy definitely impacts real estate. The focus on jobs and the economy and the validation from the electorate on this issue means our economy is likely to BOOM. Things will be moving full steam ahead now.

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5 years 10 months ago
Vote Down The Facts
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Tony, do you have any facts to back up your racist rantings?

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5 years 10 months ago
Anonymous
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Having TCM practitioners bill MSP was a stupid idea of Clarks and pretty soon the hole in the medical fund from thousands of unnecessary and fraudulent billings will cause the closure and cancellation of more operations and more beds.

I am going to send the article above to my MLA and ask them to reverse this idiocy.

How can a TCM bill MSP $500K and the $1.1M, is there no one at the till?

We are completely screwed with such incompetant civil servants and allowing people with limited ethics to access our public funds.

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5 years 10 months ago
addair
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***Another stupid idea from Krusty the Clown***

Too bad you had to fuck up an excellent post with sour grapes.
The election is over. The people chose Christy. Get over it and come back in 4 years.

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5 years 10 months ago
Frank
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Well addair
Since it was Clark who allowed the Chinese practitioners to bill – it seems fair to blame her

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5 years 10 months ago
mac
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Here is the depressingly effective PR strategy Rennie has used for years to effectively make the newspapers (and TV news) his free ad agency. 1. Start with a hook that splits the audience: either one hopes for it or is dying to refute: Boomers will finance the real estate market. 2. State a belief supported by your “insight” as an expert and mix with some facts. Leave it to the reporter NOT to know how to ask hard questions: Boomers own their homes outright. Feds have a hard time understanding our market. Vancouver RE buyers are not entirely dependent on only their incomes to buy their homes, he noted. Just 4.9 per cent of Metro Vancouver residents make more than $100,000 a year, while 65 per cent earn less than $55,000 a year. 3. Plug your other projects: scaled down… Read more »
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5 years 10 months ago
Anonymous
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Senator Brazeau was suspended for $48K in excessive expenses. Bad. Yes. This TCM crook billed MSP 50X more than the amount Brazeau’s pocketted. We are totally screwed.

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5 years 10 months ago
gokou3
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mac #19, great post. Basically, if one doesn’t think for himself, he’s destined to be screwed by a vast number of ways over his life. They should stop blaming the government, developers, big businesses, parents, wives / husbands, whoever.

Regarding chinese medicine #8, “A recently completed audit again found a 100 per cent rate of error in patient records, and the ministry is now looking to get that money back.”

With governments like this, who needs fraudsters…

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5 years 10 months ago
CullBull
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What’s wrong bears, too depressed about the return of the bull market to talk about real estate? Even VHB is to depressed to post. Whenever the bear’s false hopes are dashed, VHB disappears.

May has been a solid bullish month. Sales are high and so is the sell/list ratio. Did you buy bears? Of course not! You missed the boat again.

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5 years 10 months ago
jesse
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” Sales are high and so is the sell/list ratio”

http://twitpic.com/cr2mse

All that we ask is that you try a little bit harder and the world will be a better place for everyone.

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5 years 10 months ago
Guy Smiley
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I nominate CullBull for the first IP ban. I’ve yet to see him/her add anything but idiotic vitriol.

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5 years 10 months ago
CullBull
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Three years have a lower sell/list than your projected May 2013 sell/list. How is that bearish? The market did not cras in those other three years, why would it crash this year, which is a more bullish year?

Bears have blinders on. How else can you be wrong for 10 years?

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5 years 10 months ago