FFFA! Slump, no bubble, price drops, etc.

Well, well, well.

Looks like it’s that time of the week again!

Friday Free-for-all time!

Yep, It’s Friday and that means it’s time for 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:

Van prices fall for 13th month in row
SunLife: expect 10 – 15% drop ‘over time’
Vancouver Peak community guidlines
New forum reputation system
West side spec houses
Richer? Poorer? Make up your mind!
Whats up with the banks?
A debt averse home hunter?
A housing slump in India

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
Christy fan
Guest
Christy fan

she is going to make a business so your ass could receive welfare checks.

Newcomer
Member
Newcomer

Would it be possible to set up two versions of this blog: one for talk about real estate and one for xenophobia?

Chabar
Member
Chabar
Son of Ponzi
Guest
Son of Ponzi

I was curious to find out how the River Green monster condo project in Richmond is doing.
Googled and searched local papers and could not find anything.
By accident, I came across a copy of Tsing Tao, and there it was.
Full page advertising in Chinese.
Could it be that fhis compound is welcoming only privileged members of the Middle Kingdom elite?

Summers
Guest
Summers

The Fed will keep printing money for as long as it takes….it takes to ignite inflation…..to ignite inflation to inflate away our debts.

Looks like those with huge mortgages may turn out to be winners in all this! It is more possible today than yesterday.

Anarchist
Guest
Anarchist

Both Summers and Yellen are fine

They both tow the Keynesian line

Who cares if a chick(?)

Or an arrogant dick(!!!)

Will manage the nations decline

The Limerick King

calvin
Guest
calvin

There is no difference. Oligarchs will print until currency is worthless. We are all circling down the drain.

vangrl
Member
vangrl

http://www.cnbc.com/id/101035340

“This is very bullish of bonds and stocks and very bearish of the dollar,” said Dennis Gartman of The Gartman Letter. “Yellen is THE front runner.”

futures are soaring

anon321
Guest
anon321

What an awesome group of people. Are they the biggest race we allow into the country currently? If not they should be.

Coming to a mall near you.
http://www.theprovince.com/news/Biggest+building+world+monument+Chinese+corruption/8911410/story.html

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

but guys, the USA has immigration, and their housing bubble still collapsed…?

are all of you saying that Canadaian RE isn’t the same as USA RE????

OMG, if that’s true, then we might not have a collapse!!!!

quick guys, start rationalizing away this contradiction!!!!

UBC in crisis
Guest
UBC in crisis

The biggest falls -20% and more:

http://lower.yolasite.com/set-new-records.php

Anarchist
Guest
Anarchist

“The Canadian masses (especially Caucasian) are still blinded.”

of course they are blinded and brainwashed. where else they can get alternatives source of information? Look here, they are like obedient zombies downvote everything that does not fit mainstream meme.

Turner
Guest
Turner

God Garth Turner’s great post, read carefully:

“Here in Canada, our best case scenario is several years of flatlined prices, but more likely, a drop of 10-15%.

To summarize: Condo glut, plunging market, falling rents, freaked-out investors.

This is what your in-laws want you to invest in? ”

Source: Garth turner Blog —-> March 28, 2008

RealityCheck
Guest
RealityCheck
Aggregator, Thank God you have seen the light. The Canadian masses (especially Caucasian) are still blinded. The problem is if gov were to tighten immigration numbers, it would have a much greater impact than higher interest rates. Gov is happy for the time being with the blinded masses. They like divisive blogs like these. If Immigration numbers were turned off, we would THEN be in the Japan-like situation everyone talks about. An example of Immigration and Real estate is the farmland situation in Saskatchewan. The province has a program where if you buy farmland and plan to operate a farm, you get Canadian Permanent Residency/Citizenship. The problem now is that there is a 9 year backlog in processing applications under this program. Those that bought earlier cant sell because they have to wait…those wanting to immigrate keep buying farmland. RESULT:… Read more »
Mortgage Borker
Guest
Mortgage Borker

Immigration is just tool for oligarchs to keep Ponzi scheme going in Canada.

patriotz
Member

“Immigrants are driving growth in Metro Vancouver”

Of course they are, since net domestic migration has gone negative and total growth in % terms is the lowest in decades.

Aggregator
Guest
Aggregator

@patriotz

Immigrants are driving growth in Metro Vancouver http://blogs.theprovince.com/2013/09/11/jock-finlayson-immigrants-are-driving-growth-in-metro-vancouver/

“According to the 2011 census, foreign-born residents comprise 26 per cent of British Columbia’s population; in the Lower Mainland, the proportion is much higher — 41 per cent. By the time of the 2021 census, half of all Greater Vancouver residents likely will have been born outside of Canada.”

How many more headlines or statistics does one need to confirm what should be blatantly obvious by now? I admit I was wrong and have changed my views on the effects of immigration in real estate. Others are still in denial.

Aggregator
Guest
Aggregator

@patriotz

“Bottom line is that 3rd world housing and income statistics are irrelevant in comparison to Canada.”

If you keep thinking in Canadian dollar terms you’ll never understand our economy that now holds a foreign-born migration stock of about seven million people, or 20-21% of our population. It’s not what emerging market prices means to you, it’s what Canadian prices means to them.

2.79% 5 yr. NEVER AGAIN
Guest
2.79% 5 yr. NEVER AGAIN

Just looking at the Teranet and the index stands at roughly its July 2011 level.

Conclusion:

Capital Appreciation on Vancouver RE for the last 25 months:

ZERO

Aggregator
Guest
Aggregator

@Jesse

It doesn’t mean much as a % of NGDP when bond buying has grown significantly since 2008. The added GDP value is nothing more then bankers clicking a mouse everyday to lower bond yields, adding more numbers (M2 supply) chasing less goods and services.

If anything, bond buying gives underground cash more leverage if it is used to obtain credit! Do lenders really check or even care where that $20-$40K cash down payment comes from? Not really. Just say it was a gift from your mother and nobody will ask further questions.

patriotz
Member
Clegg and Alexander reject Cable’s warning over Help to Buy Nick Clegg and Danny Alexander have dismissed a call by their Liberal Democrat colleague Vince Cable to restrict the second phase of the government’s Help to Buy mortgage scheme to areas of the country with depressed property prices. In a sign of tensions over the economic policy at senior levels of the party, Clegg and his close ally Alexander rejected Cable’s warnings that Britain was facing a dangerous housing bubble. Cable is a Liberal Democrat MP, and thus a member of the governing coalition in the UK. Note “depressed property prices” really means normal prices. The UK housing bubble has already bust in much of northern England and Scotland and also Northern Ireland. The bubble is still going full bore in southern England. The government is not only attempting to… Read more »
Skook
Member
Skook

The detailed VIREB (Van Island RE Board) August stats are now up in VanPeak. Sorry for the delay.

http://vancouverpeak.com/Thread-VIREB-2013-Sales-Data-Vancouver-Island-REB?pid=5605#pid5605

My usual source is dawdling and so I headed to my backup, today.

cabrinha98
Guest
cabrinha98

Interesting Chart, a 20% home price drop wouldn’t even fully deflate the Canadian Housing bUbble. http://bit.ly/1dg38xp

Son of Ponzi
Guest
Son of Ponzi

Someone,
There’s a button on the top right side. Select full view.

Someone
Guest
Someone

I hate looking at this site on an iPad. I don’t want to be a complainer because the content here is really good. But this site looks terrible on an iPad. The comments are not numbered and not time-stamped. The names of the commentators appear below their comments, which is confusing. It seems impossible to open up foreclosed comments. There used to be a way to revert back to the normal layout on an iPad but I don’t see that right now. This is definitely not a user-friendly site in its iPad version.