FFFA! Renting, Towers, Market, Bubble, Depreciation

Well looky here!

You made it to the end of another work week!

And that means on this particular website that it’s Free-for-all time!

This is 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:

Can the media predict a bubble?
EI numbers up 10% in BC
Is ‘Depreciation’ a dirty word?
Signs of overbuilding?
Toronto prices to double in 25 years
Get drunk with the kids
Put your face on a bus stop
The cheese loophole
Not pasta sauce, the Eiffel Tower
Is US housing set for another crash?

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

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bestplaceonearth
Guest
bestplaceonearth

Christmass is almost here, and you people are so sad! what happened? your mamas dont give you milk anymore?

Johnny-boy
Guest
Johnny-boy

Two hefty HAM buys in West Van today. Combined 13 big ones. Just in time to juice the averages for December. Bless their souls, they probably wanted something special to put under the Christmas tree.

Bailing in BC
Member

God bless them, everyone!

crikey
Guest
crikey

@N # 25
“assessed property values only influence what share of the total property taxes a given property will pay.”

Thank you for pointing this out, N. So many people out there simply understand this.

In a given year, the city calculates how many dollars they have to make from property taxes; generally speaking it is from this number it is determined what everybody’s property tax will be. The relative amount that you and your neighbour pay will stay proportionally the same… but how much higher or lower your property assessment changes (assuming the city is changing with you) does not matter.

Snake
Guest
Snake

Vancouver sex-trade help group receives city funding

http://vancouver.24hrs.ca/2013/12/19/vancouver-sex-trade-help-group-receives-city-funding
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I wish they pay me to send me on sex trips

Son of Ponzi
Guest
Son of Ponzi

#27
please provide more information about the properties.
Thank you.

Snake
Guest
Snake

Interesting Foreclosure in vancouver

1)Condo for $1 million – 2202 1495 RICHARDS ST
http://www.carros.ca/listings/mls/V1039385/vancouver-west/yaletown/2202-1495-richards-st

2)House for 2.5 million – 6188 ALMA ST

http://www.carros.ca/listings/mls/V1039384/vancouver-west/southlands/6188-alma-st

3)Condo for $4.8 million – 601 499 DRAKE ST
Looks like it sold for $3,900,000 seven years ago

http://www.soprovich.com/home1255.html

Snake
Guest
Snake

Anybody know what’s going with these houses in Richmond looks like lots of foreclose on this street ?

http://www.ecorealtyinc.ca/search?q=Scratchley+Crescent

3411 SCRATCHLEY CR
3431 SCRATCHLEY CR
3451 SCRATCHLEY CR
3471 SCRATCHLEY CR
3491 SCRATCHLEY CR

tedeastside
Member
tedeastside

everybody wants to live in Vancouver because of the outdoor activities or something,
icey cold rain and 3pm sunsets never stop a proud vancouver from golfing and boating in the same day

Bo Xilai
Member
Bo Xilai
Johnny-boy
Guest
Johnny-boy

Chinese Stock market weakens and the Bank of China pours Billions into Banks after hours. How much will end up here?

http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1203&MainCatID=12&id=20131221000013

Jenna
Guest
Jenna

N and crikey are you Realtor?

crikey
Guest
crikey
@Jenna #37: Wow, and what did I do to insult you? 😉 First of all, I don’t use the term you used. Let’s call that profession what it is: Used House Salesperson The title they want you to use (which you use) is an attempt to improve the optics of the mundane job that it is their reality, and a way to inflate their egos and hope the public follows along. To be sure, candy sprinkles on top of shiat should still be called what it is: shiat. If used car salespeople insisted on being called “Vehiculors”, not only would everybody laugh at them, but it still wouldn’t change what it is they do — sell used cars. If you want to call people that sell houses by the contrived name they have made for themselves (and trademarked, no less!)… Read more »
Snake
Guest
Snake
Debbie Cox . But when it rains hard, the smell of sewage outside her home has sometimes been overwhelming.She gave away her garden furniture because it kept sinking into the mud in her backyard. Her water pipes, buried too close to the surface, have frozen in very cold weather. Mrs. Cox paid about $255,000 for her semi detached house in 2005 doubts she could get more than $95,000 for her property today. Debbie Cox have been renting for about $500 a month, while she pays about $1,100 a month just for her mortgage. It’s been such a huge disappointment,” she said. “The show house was so beautiful.” The number of people falling behind in the mortgage payments on their homes continued to grow last quarter, to 99,189, up 1,315 during the three months ending in September, according to Ireland’s Central… Read more »
YVR
Guest
YVR

Softy: “How confident are you that there will not be a soft landing?”

I actually hope there is a soft landing. Softy I hope you understand even with a ‘soft landing’ real estate prices are going down to meet fundamentals. The only difference between a soft landing and a hard landing is a soft landing avoids a recession in the general economy. The fact there is a landing required means prices are significantly above where they should be and are about to go lower. If you own real estate it does not matter whether there is a recession caused by the decline or not. Either way you lose the same by holding real estate and in both scenarios you are better off renting while the landing takes place.

patriotz
Member

@40: ” The only difference between a soft landing and a hard landing is a soft landing avoids a recession in the general economy. ”

Well the closest we’ve seen to a “soft landing” in a major economy is Japan and that just resulted in a longer recession.

The more people who buy at excessive prices, the more the long term damage.

Skook
Member
Skook
@Bo Xilai #35 @Snake #39 That New York Times article is an amazing read especially when viewed in light of a BBC online story posted on two days ago on the 19th. The NYT piece hints at that BBC story with: “Not all the news about Ireland’s real estate market is bad. As Ireland becomes the first euro zone country to officially emerge from an international bailout program later this month, experts say that demand for homes is up in Dublin, particularly for houses in certain neighborhoods.” The BBC piece, title ‘Irish GDP growth helped by construction, figures show’ offers this: “According to a breakdown of sectors, the data from the Central Statistics Office showed that industry – which includes building and construction – expanded by 2.2% quarter-on-quarter. “This certainly suggests that there is a good bit of momentum in… Read more »
crikey
Guest
crikey
@YVR #40 “The only difference between a soft landing and a hard landing is a soft landing avoids a recession in the general economy.” In theory wouldn’t a soft landing be a very long and drawn out process, as opposed to a quick hard landing? Real estate industry people should in fact pray for a hard landing, because it would at least be over quickly and they could start their brainwashing attempts on the general public again before long By comparison, a long and drawn out mult-year (decade long?) process will cement more strongly into the public perception the fact that Vancouver real estate is not a good gamble, making it much harder to convince them otherwise later on. The real estate industry should be praying for much stricter CMHC controls in the short term, so that the bubble is… Read more »
Newcomer
Member
Newcomer

@ Jenna,

I’m just a curious observer of the madness that surrounds me.

Snake
Guest
Snake

North Vancouver RCMP have arrested two people accused of misappropriating funds while working at an apartment rental agency.

https://www.google.ca/search?q=Unique+Real+Estate+Accommodations+Inc.+of+North+Vancouver&oq=Unique+Real+Estate+Accommodations+Inc.+of+North+Vancouver&aqs=chrome..69i57&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8#es_sm=122&espv=210&q=Unique+Real+Estate+Accommodations+Inc.+of+North+Vancouver&tbm=nws

Snake
Guest
Snake

Vancouver man receives “random act of kindness” after encounter with homeless man

http://globalnews.ca/news/1044621/vancouver-man-receives-random-act-of-kindness-after-encounter-with-homeless-man/
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we need more stories like this coming from Vancouver

jesse
Member

http://www.bbc.co.uk/news/world-europe-25476662
A Chinese billionaire is feared dead in a helicopter crash that happened as he was surveying his newly-purchased vineyard in south-west France.

Occupational hazard for those who might be called “Cam”

noname
Guest
noname

another christmas in rental for all chart and graph experts. meanwhile, vhb and vreaa probably cheer each other in their own homes.

RealityCheck
Guest
RealityCheck

Fundamentals:

In the sub $600,000 Vancouver market, the only “fundamental” that matters to people is the monthly payment amount.

If they can afford it, they will buy.

And the Bank of Canada’s hands are now tied and in solidified concrete with respect to any interest rate hikes in the next 5-10 years.

Newcomer
Member
Newcomer

@49

Do you understand that, even if the BoC leaves rates where they are, mortgage rates are set by the bond market?