Open Topic

FFFA! Bankrates, Burnaby, Bubbles

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101 Comments

It’s that time of the week again!

Time for our end of the week news roundup on open topic discussion thread for the weekend – Friday Free-for-all time!

Here are a few recent links to kick off the chat:

–BOC rate stance affect on housing
–Burnaby couple wants to pay higher tax
–Variable mortgages are safe again
–The five largest housing bubbles
–Bear motivators
–Ownership good or bad for economy?
–Vancouver Island investors fear loss
–How many Victoria listings are foreclosures?
–Ottawa condo surplus

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

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tedeastside

its the fact that every industry in Vancouver is the lowest paying in North America….i was at a job fair in Richmond, mostly new immigrants…the 2 government employer booths Worksafe BC and the City of Richmond were swamped with people while the private sector employers weren’t so popular ….nobody has faith in vancouver’s economy and people are fighting for government jobs

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ILoveCharts

@96 venetian Says: “@Cactus Club patrons how much they would make? 80k? 100k?” People from various industries (or from HR) will be able to provide some good estimates. A table of mid to upper level downtown engineers should all be in the 100k+ group. https://www.apeg.bc.ca/APEGBC/media/APEGBC/Compensation%20Survey/APEGBC-Ccompensation-Survey-2012.pdf I’d guess that the tables of lawyers, sales people and upper level finance folks should all be doing better than that – many of them significantly better. Anyone who is holding onto the hope that everyone in Vancouver is dirt poor is out of luck. It’s a doomsday theory with no backing. Our wages don’t support our RE prices but they aren’t horrendous. We’re an average city with average (fair) wages. Obviously our finance positions don’t pay as well as New York. Obviously our IT positions don’t pay as well as San Francisco. Obviously our… Read more »

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venetian

@Cactus Club patrons
how much they would make? 80k? 100k?

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ILoveCharts

@ tedeastside 91:
“Vancouver’s wages are borderline third world”

You’re kidding right?

Do a wage survey at the Bentall 5 Cactus Club at lunch. Packed every day with a group of hardworking people that are fairly rewarded for their efforts, skills and contributions.

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Spec

@#90 Confused – Do not confuse affluence with debt. I think lots of folks in the lower mainland need to learn that and soon will……

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midnight toker

the fancy German cars are leased of course

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tedeastside

Vancouver’s wages are borderline third world…these TFW’s from Bangalore the city with the most IT jobs in the world outside Silicon valley, told me wages in vancouver have been on the decline for 10 years and are now less than Bangalore

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Confused Admin

Can someone please explain, if there aren’t good paying jobs in Vancouver(and I agree)where all those Asian, mostly Chinese people, going every morning between 8:00 and 9:00 am in their ridiculously expensive German cars. I see lots of them every morning on my way to work they all driving and looking like they going to work too. What they do, where are they employed? I’m totally confused, if they brought money from overseas and they don’t work what they are doing in early rush hour? If they are making tones of money here in Vancouver what do they do? You have to make a shitload of money to drive such cars.

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tedeastside

government job salaries in Vancouver are amongst the highest in the world….however for anything not government, salaries are amongst the lowest in North America, Europe& Asia, Finance pays much more in any American city than in Vancouver by nature of their developed economy and Vancouver’s mickey mouse economy, same goes for any industry…Business, law, Marketing, Engineering, high-tech, Construction, ..somethings rotten in Vancouver giving it the lowest wages in the western world

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kabloona

#76 – rp1: thanks for the link…. nice article…

Sounds like credit-driven asset bubbles are the policy tool of choice for the UK, just the same as here.

😉

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N

“When you rent a place in a city, you are paying to access that city’s job market and business opportunities.” Sometimes. I’m not, so there are clearly cases where this is not the case. There are plenty of other places that people pay to be in even though the business opportunities are very poor. What we can say is that Vancouver would almost certainly be a poor deal if that were the most important factor in a person’s decision. My son plans to move to Calgary when he finishes school for just these reasons. Calgary is probably also a lot more fun at his age. I have lived in a lot of different places, including some very big cities, but I love it here now, because my interests are outdoor sports, Asian food and day-to-day convenience but I never would… Read more »

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YVR

I have to disagree with this constant banter there are no jobs in Vancouver compared to major cities in the US. Sure you can make more money in certain segments in certain other cities but for most people the jobs pay the same here as they do anywhere else in North America. Yes you can make more in finance in NY but what about the other 95% of the work force? Police offices, postal workers, teachers, Starbucks baristas, trades people, cab drivers, etc don’t make anymore in NYC. If you work in finance and go to NY you have to compete with the best of the best so you may actually have an easier time making a living here. In 2012, the Street accounted for 21.9 percent of wages in NYC, but just 5.1 percent of jobs. Wages declined slightly,… Read more »

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YVR

George: There seems to be a sense that central banks when setting monetary policy don’t primarily care about the public good and set policies mainly to satisfy the banking class and the 0.001% of elites who benefit from the status quo. Central bankers are put in place by the government in power. The central bankers are doing what the government in power wants otherwise they would be replaced. The government wants the electorate to be happy and vote for them (note the BC Liberals, the federal Conservatives and Obama recently got elected). Therefore the central bankers policies are designed to get the government elected which means you need broad support. Usually that means kicking the can down the road (printing money, Zirp, etc.). As an example Mark Carney was brought in to to the BoE to re inflate the housing… Read more »

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Johnny-boy

“We should change HAM, which sounds too nice to CCCC.

Any idea what CCCC stands for?”

No one took my bait.

Chinese Communist Corrupt Cash.

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hunter

Rent better place in Van and if you have couple of kids in daycare you pretty much live in poverty in vancouver

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aa4

In fairness to Vancouver, rents are actually not bad – arguably even cheap. Only 20% higher than in Winnipeg. Rents are determined by what average and poor people can actually pay. Whereas the price of houses is mainly a factor of speculation and credit conditions(when an asset only requires 5% down, or 0% down as a few years back).

Ironically because there is so little business opportunity in much of Canada, it pushes up the price of real estate. As money has to go somewhere. If you could buy stable 8% bonds in expanding industrial firms, secured by industrial capital.. not many people would accept negative yield on houses.

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Market cough

how many Rebecca S. Mairone’s work at Paradigm and First National?

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Market cough

PARADIGM QUEST INC. RECOGNIZED AS ONE OF CANADA’S FASTEST-GROWING COMPANIES

Paradigm recognized in the 25th annual PROFIT 500 ranking of Canada’s Fastest-Growing Companies by PROFIT Magazine

Toronto, June 3, 2013—Paradigm Quest Inc. (Paradigm), an innovative business process outsourcing company operating in the Canadian financial services sector, is proud to announce it ranked 240th in the 25th annual PROFIT 500 ranking of Canada’s Fastest-Growing Companies by PROFIT Magazine.

http://www.paradigmquest.com/news/story/Profit%20500%202013

Paradigm Quest is ranked as “an above average” mortgage servicer by Standard & Poor’s, providing mortgage services for over 15 mortgage brands. With offices in Toronto, Vancouver and Montreal and over 200 employees, the Paradigm team prides itself on being exceptionally performance driven and providing the highest standard of service excellence.

———–
14 or 15 brands, but who’s counting?

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Market cough

http://www.canadianmortgageawards.com/

Recognizing the Brightest Stars in the Mortgage Brokering Industry

The CMP Canadian Mortgage Awards recognizes and celebrates excellence across the entire spectrum of mortgage brokering. There are 21 organizational and individual categories that have been designed to
ensure national recognition of both large and small organizations on their individual merits.

This annual black-tie gala is the event highlight of the year that attracts the biggest names in the business throughout Canada. Mortgage industry professionals will gather once to praise the achievements of their peers and industry leaders at the Awards Gala in May 2014. Each year, an estimated 600 guests attend the awards festivities.

appears these are the ‘big’ awards, I don’t know the others…
*Best Lender Underwriter
*Best Lender BDM
*Best Newcomer – Lender Underwriter
*Best Newcomer – Lender BDM

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Poloz

Thanks for downvoting my posts above.

The Con’s immigration minister is holding a citizenship ceremony at the arena before the Ottawa senators hockey game. The new Canadians will sing the anthem too.

Propaganda machine in action. The immigration floodgates are about to be opened. Watch and see.

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Market cough

http://www.firstnational.ca/

First National is Canada’s largest non-bank mortgage lender, offering both commercial mortgages and residential mortgage solutions.

http://www.paradigmquest.com/

Paradigm… Is Exceptionally Performance Driven

With over $18 Billion in Assets under Administration since launching in 2005, we’ve demonstrated our ability to deliver over, and over agai

Paradigm… Constantly Challenges Conventional Thinking

Who wants to be boring? We make Business Process Outsourcing fun by developing creative solutions to meet your specific requirements.

Paradigm… Consistently Delivers Service Excellence

Paradigm manages 14 different mortgage brands, all with different requirements and value propositions. Looking for a partner in this industry who can service your brand? We’re here to help

Paradigm… Always Puts Its Team First

Are you a looking for a great company to work for? One who recently won the 2012 Employer of Choice at the Canadian Mortgage Awards? (That’s us!)

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