Friday Free-for-all! December is here!

Hey!

If you’ve been keeping track of the days in the work week you know what time it is – Friday Free For All Time!

This is when we do 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:

Rent Vs Buy in BC
Rent Vs Buy south of there
Blame Canadas Big Bubble
Toll the border?
Abandoned homes up for grabs?
Realtor Hunger Index
Sunshine Coast Stats
London asks UK for foreign buyer tax

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

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ILoveCharts
Guest
ILoveCharts

http://www.cknw.com/2013/12/05/real-estate-expert-says/

“Mayor Gregor Robertson is floating the idea of a special property tax possibly targeted at offshore investors to try and slow down rising housing prices.”

patriotz
Member

@1:

Well good for him, but the CoV has no power to impose such a tax.

You know who has the power and you know how likely she is to do it.

patriotz
Member

Tim Hortons boss accused of cheating Filipino workers for OT

This kind of abuse is inevitable when workers are not able to freely choose their place of employment. The only way to prevent it is to get rid of the TFW program.

gordholio
Member

Now this could be interesting. According to the Wall Street Journal, as posted about 15 minutes ago, Jim Flaherty said this morning that Canada should revise its longtime policy of providing blanket backing to insured mortgages.

According to Forexlive, he also said he regrets that CMHC got so large.

This is breaking stuff so who knows if these comments are legit or overblown or taken out of context or whatever, but it’s certainly intriguing to hear this sorta stuff.

ILoveCharts
Guest
ILoveCharts

http://www.news1130.com/2013/12/06/canada-adds-jobs-in-november-but-bc-loses-positions/
“in BC, it was another weak month of employment; in November, this province lost 8,300 positions on a seasonally adjusted basis. Statistics Canada says the BC unemployment rate rose two-tenths of a point to 6.7 per cent.”

Blah!
Guest
Blah!

So, at least 4 of you think 8,300 lost jobs in the province is a thumbs-up kind of story? I wonder if the families of these 8,300 workers feel the same way.

ILoveCharts
Guest
ILoveCharts

The thumbs up mean:
This is yet another indication that the underlying economic situation does not support the current prices of housing.

Blah!
Guest
Blah!

I see, so its a thumbs-up because it supposedly proves that you are right? Did you ask the other three if that’s what they meant by their thumbs-up?

UBC in Crisis Mode
Guest
UBC in Crisis Mode

People are still buying over priced properties at UBC:

After more than two month on the market, this duplex has a “sold” sign:

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V1029879&REBoards=All&From=MLS

The owner might have bought this property for $2,200,000 – $2,300,000 two or three years ago. Just a guess.

Blah!
Guest
Blah!

I’ll take your word for it, but to an occasional visitor to this site, this looks far more like schadenfreude and cynicisms than a thumbs-up to “another indication that the underlying economic situation does not support the current prices of housing.”

Many Franks
Member
Active Member
Flaherty’s comments about CMHC etc.: Finance Minister Jim Flaherty said he regrets that Canada’s housing agency has grown as large as it has and promised to take additional measures if a reduction in the amount of government insurance on mortgages is needed. The value of home loans insured by Canada Mortgage & Housing Corp., which is backed by the federal government, has almost doubled since the end of 2006, saddling taxpayers with a growing liability as policy makers warn that gains in house prices may be unsustainable. “Regrettably, CMHC became something rather more grand I think than it was intended to be,” Flaherty told reporters today in Markham, Ontario, near Toronto. “We’ll see over time what that role should be.” And for the Self-Serving Quote Of The Week: “We don’t expect the minister to act,” Robert Hogue, a senior economist… Read more »
George
Guest
George

Entire condo building under construction in China has fallen over. Amazing pictures at this link:

http://gizmodo.com/5304233/entire-new-13+story-building-tips-over-in-shanghai/

midnight toker
Guest
midnight toker

the cknw article: Maybe they could ask an economist that doesn’t work for a real estate association to comment. of course he thinks it’s a bad idea!

Son of Ponzi
Guest
Son of Ponzi

#12
Many parts of Shanghai are on a flood plain.
They call it Tofu Soil.
Can’t happen in Richmond, of course /sarc

Son of Ponzi
Guest
Son of Ponzi

# 13
forgot asking an economist, period.
Just ask the guy on the street.

cris
Guest
cris

blah,
No worries. Instant karma

ILoveCharts
Guest
ILoveCharts

@blah 10 says:
“I’ll take your word for it, but to an occasional visitor to this site, this looks far more like schadenfreude and cynicisms than a thumbs-up to “another indication that the underlying economic situation does not support the current prices of housing.””

Review previous logs and you will see how it works.

Besides: Let’s not pretend that families are doing great in Vancouver today. If 8300 lose their jobs and that helps to bring housing prices back to normal for 1,000,000 other people, it all comes out in the wash.

4SlicesofCheese
Guest
4SlicesofCheese

#9

750/month for maintenance fees good lord.

aa4
Guest
aa4

There is no longer a majority opinion that Vancouver should be a good place for middle class families. What most people want is masses of poor workers, welfare and disability claimants, poor retirees.. and then a chasm up to say the professional class, and then going beyond that to higher and higher levels, like super rich retirees from around the world.

The reality is if Canadian working and middle class citizens don’t like making $15 an hour or less and living 5 people to a 2 bedroom apartment.. there are hundreds of millions of young, ambitious people from the developing world who will take their spot.

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

guys! vreaa has a new post!

check it out! http://vreaa.wordpress.com/

patriotz
Member

@11: “Finance Minister Jim Flaherty said he regrets that Canada’s housing agency has grown as large as it has”

It looks like Flaherty has been taking “regret” lessons from his friend Rob Ford.

squeako
Guest
squeako

Regrets… oh, well then, then it is ok.. I guess..

kabloona
Member
kabloona

#ll Many Franks:

Flats may be “regretful” about CMHC, but I’ll bet the Big Banks have no regrets….

🙂

From the Mop ‘n Pail:

http://www.theglobeandmail.com/report-on-business/dad-whats-job-security/article15803637/

Excerpt:

“Big Six’s trillion-dollar mortgage risk

Canadian banks’ combined exposure to mortgages and HELOCs is in the neighbourhood of $1-trillion, a dizzying sum of money to have on balance sheets, particularly when the housing market is seen by some to be in or near bubble territory. But on a closer look, the threat isn’t nearly so great, writes Tim Kiladze in Streetwise, with more than half of the exposure backed by the CMHC, giving it a risk-weighting close to zero per cent.”

😉

aa4
Guest
aa4
I wonder if there is any way to figure out what the big banks real exposure is. I remember in 2008 the US banks were saying their exposure to subprime was next to nothing. Maybe 2-3% of their loan book, and a lot of it insured. But this risk can crop up in many ways. For example if you look at the high risk mortgage funding corporations. Where do they get their money to lend out? Well most of it is borrowed from the big banks. Then there is hundred of billions in developer loans out there that would be imperilled in a hard crash. Then there is however many billions in loans to small contractors involved in construction all over Canada who work for the developers, etc. Canadian banks have 6 trillion in loans outstanding, of which ~600 billion… Read more »
Melba
Guest
Melba

….Entire condo building under construction in China has fallen over. Amazing pictures at this link:…

Breaking news (from 4 1/2 years ago). Read that in the Vancouver Scum by any chance?

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