BC, economy

Gambling on a new casino

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97 Comments

Like gambling and hotel casinos?

Well you’re in luck!

Vancouver has approved a new hotel casino in downtown to relocate edgewater.

If you love to go to Vegas, but wish they had more rain this is your lucky day!

Earlier today, the City of Vancouver Development Permit Board approved the proposal to relocate Edgewater Casino to a new massive casino-hotel complex on a vacant site located on the southern end of BC Place Stadium next to the Cambie Street Bridge.

Nearly a hundred people attended the public hearing at City Hall, with the majority speaking against the new proposal.

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lotto formula

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BWilson

The fact that Royal Lepage says there’s going to be an oversupply over the next 18-24 months should set off alarm bells. Vancouver already has the most completed unabsorbed condos of any metro in Canada on an absolute basis, and adjusted for population Vancouver’s completed and unabsorbed units are 5.8x greater than Toronto and a little more than double Montreal’s. This is despite completions running well below where they should relative to starts over the past year, suggesting a large wave of supply coming over the next 12 months. For the last month that CMHC has stats available (October) the amount of completed attached units in Metro Vancouver has only been 10,781 over the past 12 months, despite the fact that attached starts have averaged about 14,400 units/year over the past 3 years. (starts were lower in 2009-10) What this… Read more »

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RFM

Why buy when you can rent. Check out this new thread at Vancouver Peak about a brand new building that is flogging rentals when many units remain unsold

http://vancouverpeak.com/showthread.php?tid=5220&pid=5865#pid5865

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/dev/null

From Yanak’s (91) link: “You don’t tend to get the rundown, ragged-around-the-edge, abused feel in a building of owners versus a building of tenants or renters.” i.e. Renters are slobs that don’t take care of where they live. That’s nice. Thanks, Phil. We recently left our rental house (asked to leave) and moved to a new rental house. Family and friends were shocked that we didn’t, *finally*, take the chance to buy something. Anything to get into the market. Sympathy and helpful advice all around, and it’s still coming. “They say prices are going up next year” (from the CREA 2014 prediction news release this week). Whatever personal or professional success we achieve is negated by our status as Renters. I’m in my 30s and I have a good job and a professorship at UBC. But hey, if I really… Read more »

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Son of Ponzi

Cindy Zhong from Shanghai wins MIss Chinese Vamcouvsr pageant.
Richmond Review, Dec 18, pg.8

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mac

I knew it. I knew the Fed would reduce spending sooner rather than never. Half the problem with people is how they react to the news. In the last two years, we’ve had posters on here (bulls) that said the Fed and interest rates would NEVER move. Some said not in our lifetimes. Then, on the other side, there are (bears) predicting skyrocketing rates even hyperinflation!

I’m sticking with Buffet–don’t listen to the news, don’t even think about the macro. Make your financial decisions case by case and purchase misplaced assets. That’s all you can do. Now watch all the buyers freak out if interest rates tick up a teeny tiny and if Flaherty reacts to debt levels. It should be fun. But it will be overdone.

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VMD

In other news: something to consider during RE purchase:
Kinder Morgan proposes almost entirely new pipeline route through Burnaby
(excuse my type prev post)

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VMD

re: Poloz saying 1986-89 looked like “the left leg of Eiffel Tower,”
I dare say 2001-2013 looked much more like his Eiffel Tower than ’86-’89, as far as Vancouver RE is concerns.

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patriotz

@85:

Poloz is defining a “bubble” in terms of price movements rather than fundamentals. Really he’s engaging in technical analysis, which is something people in his circles like to laugh at when applied to the stock market.

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patriotz

@84: “Canada’s Nationally supported Health Care system drastically reduces the risk of foreclosure”

Didn’t we have the same health care system during the Toronto bust of the 90’s and the BC/Alberta bust of the 80’s?

Has Medicare stopped operating in the Okanagan?

That’s just laughable.

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RealityCheck

$500 Million dollar tower just approved downtown. Virtually no probability of a crash in Vancouver now. Here’s why bears: 1) So now we know that interest rates are going to stay low in the longterm; Bank of Canada will raise overnite rate much later than the FED who is going to also raise them much later. 2) Canadians will plow into variable rates again. If fixed rates start to rise (10 yr us bond yields), the FED will take care of that. So monthly payments of homeowners going to stay the same for a long lobg time. 3) homeowners pay off 15% of mortgage principal in the first 5 years. 35% in the first 10. 4) Real inflation is running at 3-4% with respect to home building. Take a math course of you don’t understand where I’m going with this… Read more »

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VMD

@RealityCheck I fail to understand your gloating about making money on USD investments (we all did) while your Vancouver RE just depreciated 5% (in USD terms) in the last 3 months. What is it, -$50,000? On separate note, Stephen Poloz is now comparing bubbles to Eiffel Tower (no more spaghetti sauce?) “The household sector did the spending, they did the borrowing. So they did the heavy lifting and that made a milder recession. So usually, a year or two later, you’re done. You don’t get the accumulated side effects. Here, we’re going into our fifth year and the accumulated side effects are starting to get bigger, and that is, gradually, more and more house-buying and indebtedness, and the risk that prices have gone above their fundamentals somehow.” ““But the important point is that that’s a natural consequence; we were aware… Read more »

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UBC in crisis mode

From Toronto real estate consultant Ross Kay: The Canadian housing sector is unique in the world, impacted by fundamentals not seen anywhere else in the world today. It is only through understanding the uniqueness of the Canadian sector that the opportunity for key fundamentals to be identified can occur. Canada is the only country in the world with over 90% of it’s national resale inventory searched on a singular website Canadian home buyers are the most “connected” in the world Canadian Mortgage Financing is fundamentally protected by it’s national government Canada’s Pending to Closed ratio is the highest in the world Canada’s Nationally supported Health Care system drastically reduces the risk of foreclosure Principle ResidenceTaxation benefit at divestiture only National standards allow for ease of population movement within the nation Immigration levels are low and generally impacting only 3 key… Read more »

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BWilson

Today’s taper announcement obviously means higher rates over time which we knew already. There was a good article in the globe yesterday essentially pointing out that in Canada we’re yield takers (tied to US levels) and that does not bode well for real estate. The benchmark Canada 5 year is in theory 1.82% today. But, that bond matures Sept 1, 2018 so is effectively 4 years and 8 months. The 5 year point on the Canada yield curve is currently about 1.87%. MAC Marketing just put out their 2014 forecast. Somehow the suggest mortgage rates are tending down (despite the fact that the 5 year yield is up ~0.5% over the past year) and that growth in BC is about to take off. Just goes to show people will say anything to sell real estate in this town, even if… Read more »

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ILoveCharts

Council approves Burrard Gateway. It will be the 3rd largest residential tower in the city.
http://www.news1130.com/2013/12/18/council-approves-500-million-burrard-gateway-project/

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patriotz

@79:

You have failed to point out how anything I said in those posts you have quoted is at odds with what I have said in this thread.

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Skook

#62

Samji invested in property on the Sunshine Coast – so much for her investing acumen. I mention her in my Aug 26th post, “Life’s a Wakefield Beach” near the bottom of Post #1 and again in Post #3.

http://vancouverpeak.com/showthread.php?tid=4632

Samji bought a townhouse and duplex at Wakefield. The townhouse is still listed and duplex has been removed from MLS and is now an exclusive with an SC Realtor. Samji also went 50/50 on two lots in Trail Bay Estates.

Bankruptcy Trustee, Boale, Wood & Company Ltd, has a website page devoted solely to Samji.

http://www.boalewood.ca/2012/12/05/samji-et-al/

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space889

@patriotz – geez…selective changing memory and being lazy…why should I expect anything better… Here you go: http://vancouvercondo.info/2011/07/more-uncertainty-in-millennium-water.html patriotz Says: July 7th, 2011 at 4:39 am 31 @space889: If you can afford to live in a $1 million dollar home then I don’t really think you should get rebates designed for helping the truly poor who have nothing. The problem is that there are a lot more people living in $1 million dollar homes in Vancouver who really do have low incomes than people in such homes who only claim to have low incomes. How do you go after the latter without hitting the former. You have to focus on unreported income, not just what the house would bring in if (repeat if) it were sold. Like or Dislike: 0 0 ————– patriotz Says: July 7th, 2011 at 5:56 am 47… Read more »

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RealityCheck

Wow! Made $10,400 today! CDN dollar down just as predicted.

QE to infinity! FED will only withdraw stimulus if data supports it. Hahaha!

Buy physical assets. They are going to inflate their way out. Even Canada Pension Plan is buying farmland.

Like it or not. Buy buy buy
!

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VMD

CADUSD down to 0.9350 (3 year low),
was 0.943 yesterday
was 0.958 a month ago
was 0.972 2 months ago
approaching 4 year low (0.933)

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franko

Haven’t got the numbers yet, but according to Bloomberg a big portion of todays surge in stocks was fueled by money fleeing the bond market.

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franko

No surprise that 10 Year treasury yields jumped after the FED tapering announcement. Can’t imagine the private sector snapping up $10 billion worth of bonds (that the FED won’t be buying any more) without demanding substantially higher yields…and that’s only the beginning.

Round 2 of higher mortgage fear is just around the corner. Probably just in time for the spring listing surge.

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jesse

@VanRant71: ““U.S. Federal Reserve will reduce its $85-billion a month in bond purchases by $10-billion” Part of the reason they are doing this is because mortgage applications have decreased and they were consuming the entire MBS market. In other words they had no market price signal. The other reason they tapered, in some analysts’ view, is that Bernanke wanted to taper under his watch to smooth the transition to Yellen’s chair-ship. Tapering would have either been December or January, but given strong job growth and what they view as transient tempering effects on inflation, they have pretty much hit their stated conditions to begin scaling back LSAP. At current pace they will have stopped LSAP by mid next year. Then the problem is how to convert back to interest-rate monetary policy. We’re into the second innings of a US recovery.… Read more »

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nice one

‘LNG stands for Liquor-N-Gambling’

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