FFFA! Debt! RRSP! Cars!
It’s that time of the week again – Friday 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:
-Canada’s skidding economy
-Fear of the Looney
-Blanket on head for driving
-Debt ridden young flee BC
-Inventory back to 2005
-Debt monster killing RRSPs
-Canadians take on longer auto loans
-Comox Valley: Rent too damn high
–
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
January 17th, 2014 at 1:21 am 1
Just a rough summary:
The Canadian economy is sliding, mostly because of ridiculously high debt to income levels for canadian consumers. This is driving the looney lower and generates a high risk of rising interest rates in the near future.
If you have short term debt and are stretching… might be a time to look at changes. Either lock in a longer interest rate at current low rates or get out while house prices are near record highs? I dont know, this advice is worth what you paid for it.
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January 17th, 2014 at 3:45 am 2
Comox landlord: “It’s not just rent that is high, it’s mortgages that are high. The cost of living is high.”
The landlord doesn’t seem to understand that he is responsible for the high price he paid for the property. Nobody is forcing him or anyone else to buy properties and rent them out.
It’s like a stock market investor complaining: “Look at the terrible yields I’m getting. Stock prices are so high”.
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January 17th, 2014 at 3:47 am 3
@2:
I should have added, but yields on stocks are better than yields on RE. Stock market investors tend to be smarter, and the government doesn’t assist the dumb ones to buy by guaranteeing 95% margin. You can also short sell stocks if you think prices are too high.
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January 17th, 2014 at 3:56 am 4
As Ottawa pushes for foreign students, universities worry about spaces for Canadians
Yep, Harper & Co. aren’t just stopping at recruiting foreigners to keep Canadians out of work, they’re recruiting foreigners to keep Canadians out of university.
Of course, this would have no effect if provincial governments simply gave priority to Canadians for university admission… er right Crusty?
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January 17th, 2014 at 4:56 am 5
Mish casts his baleful gaze North of the border:
Mish is still bearish but declining to speculate on timing having gotten tired of making premature calls. That’s a pretty familiar position around here; those of us who have been around for a while have gotten pretty comfortable.
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January 17th, 2014 at 5:47 am 6
If Canadian real estate is the Energizer Bunny, what does that make Australian housing? When all was done and dusted Sydney prices were up 13.5 per cent in 2013. The only people not making money on Australian real estate are lowly renters and celebrities. It was just reported that Adam Scott sold a Surfers Paradise property he paid $4.4 million for in 2004 for $1.94 million. Ouch!
Everyone’s predictions for 2014 are suggesting that it will be a good year for property and shares here, and by everyone I mean pundits who take what happened last year and assume it will just happen again this year.
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January 17th, 2014 at 6:53 am 7
The Comox landlord has it worse than he thinks. $326 mortgage payments biweekly is equivalent to $706 per month, not $652. So he is $54 per month worse off than he calculates. Why doesn’t he sell his rental condo?
Hot debate. What do you think?
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January 17th, 2014 at 7:03 am 8
Neil, oops, that’s another $600 down the tube…
I’m sure he could sell but let’s be realistic, what else is this guy going to do with his investment dollars? Once he looks at alternatives, given his mathematical nous, maybe he should stick with his losing hand.
Hot debate. What do you think?
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January 17th, 2014 at 7:54 am 9
CBC reports on house poor Vancouverites. No talk of bubble, though. But talk of how some will be surprised when interest rates eventually go up.
http://www.youtube.com/watch?v=S1ZLQLE-8BQ
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January 17th, 2014 at 8:12 am 10
.
You are going to be flooded with rich international students who are going to buy property, displace your kids from getting an education, and try to get PR any way they can.
Oh wait, they are coming here for the education….hahaha
Hot debate. What do you think?
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January 17th, 2014 at 8:29 am 11
B.C. residents owe much more than the rest of Canada
Life and debt in B.C.: Sandwich generation finds that extravagant habits don’t add up
Life and debt in B.C.: Many young people are thinking of fleeing the province to get out of hock
Life and debt in B.C.: Over-55s feeling a heavy burden
https://www.google.ca/search?q=SUSAN+LAZARUK%2C+THE+PROVINCE&oq=SUSAN+LAZARUK%2C+THE+PROVINCE&aqs=chrome..69i57&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8
Hot debate. What do you think?
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January 17th, 2014 at 8:45 am 12
If it was my money I was lending out, I would charge substantially higher interest rates to people who were heavily in debt relative to their income. As it is blatantly obvious to anyone not enthralled by the ‘housing always goes up’ mantra that it is much more likely for such a person to get into financial difficulty.. eg.. divorce, job loss, disability of one of the couple, declining business income etc.
Instead our banks have chosen another path, charging amongst the lowest rates on mortgages in the history of Western civilization.
Hot debate. What do you think?
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January 17th, 2014 at 9:19 am 13
@CanuckDownUnder
And as AUDUSD continues its plummet, wonder how the holders of AUD RE will feel…
(AUDUSD = 1.0580 in Jan 2013)
(AUDUSD = 0.8773 in Jan 2014)
(17% drop in 1 year)
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January 17th, 2014 at 10:35 am 14
@aa4, they can do this because they are pushing all of their risk on to Canadian tax payers through CMHC. Nice system we have, isn’t it?
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January 17th, 2014 at 10:59 am 15
How much do you need to retire? Rich British Columbians say they need at least $2.3 million
http://www.vancouversun.com/news/much+need+retire+Rich+British+Columbians+they+need+least+million/9399673/story.html#ixzz2qgRY3bGo
“The majority of respondents among the affluent — 70 per cent — expected stocks to generate the most solid returns over the next five years, well ahead of real estate, bonds and cash.”
Interesting. This opinion contrasts with the RE bulls of this board. Is it a logical inference that the RE bulls here are not affluent? Yet they keep dishing out “buy buy buy” advices like it’s now or never.
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January 17th, 2014 at 11:18 am 16
The water mains in Richmond are 60 years old and are bursting.
And still they build like there is no tomorrow.
http://www.richmondreview.com/news/240579251.html
Hot debate. What do you think?
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January 17th, 2014 at 1:16 pm 17
@Son of Ponzi,
If you think Greater Vancouver’s infrastructure is crumbling, I’d encourage you to visit Montreal. We could redirect all maintenance funding directly to organized criminals and it would still take 20 years to “catch up.”
(…although when it comes to Translink, it seems like the BC Liberals are trying to fast-track the process.)
Hot debate. What do you think?
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January 17th, 2014 at 1:24 pm 18
if you were rich would you waste your time in vancouver canada
Hot debate. What do you think?
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January 17th, 2014 at 1:49 pm 19
@turkey.
The Economists estimates that Canadian Municipalities have about 280 billion in aging infrastructure that are in need of upgrading.
the reason why I’m pointing out Richmond is because I live here and all these new highrises build on a floodplain on top of rottening infrastructure seems insane.
Hot debate. What do you think?
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January 17th, 2014 at 2:06 pm 20
Sure — but a month-long water-main rupture at Peel and Sherbrooke in -25° weather might change your definition of “insane” a little. The water here gets from point A to point B, with a minimum of lead or leakage, and it’s pretty tasty stuff.
Water main ruptures happen, and it sucks to be downhill. As far as I know, it doesn’t mean city works is particularly dysfunctional. It also doesn’t have much to do with the building boom.
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January 17th, 2014 at 2:13 pm 21
I am 34 years old, and I actually left Vancouver in August to move to Whitehorse. This place is amazing. I hated my old career in Vancouver that took up 60 hours a week for mediocre pay, the constant congestion of Vancouver’s streets (my job had me on the road often), and the rain honestly bummed me out. I was literally spinning my wheels.
Whitehorse has been amazing. There is a strong sense of community here, perfect strangers say “hello” to you on the street, and I was quickly able to get involved with some organizations that share the same interests as me and have really expanded my social circle in a short time. It took me three weeks to land a job with a great company up here and my future with them is looking bright. It does get cold, but you would be amazed at how quickly your body adjusts to the climate. The daylight hours are short, but it’s always sunny and I have no complaints about that.
I still follow this blog because I definitely lean to the bear side of the real estate market. As for Whitehorse, I have noticed they have definitely overbuilt in the last few years, as real estate signs are littered throughout the expansion neighborhoods (as well as the established ones, but to a lesser extent) up here. I have been following a few properties and have noticed a price drops around here, as it will be interesting to see how this all unfolds with the current “stand off” that is apparent.
All in all, I wish I made this move years ago. I do definitely miss a lot of people from down south and access to the great amenities Vancouver does have to offer, but it’s pricing and cost of living can suck a bag of flaccid dongs.
I like this site, keep up the good work!
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January 17th, 2014 at 2:53 pm 22
Low morale runs rampant for City of Vancouver employees: survey
Employees feel stressed and overworked, results reveal
Read more: http://www.vancouversun.com/business/morale+runs+rampant+City+Vancouver+employees+survey/9392422/story.html#ixzz2qhOnjmFM
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January 17th, 2014 at 2:55 pm 23
#15
Do what the rich do, and not follow those who are indentured.
Hot debate. What do you think?
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January 17th, 2014 at 4:45 pm 24
Car loans. Heard on CKNW today, Maple Ridge Chrysler-Fiat is advertising a 96 month, zero down, no payments until June, $12K cash back deal for a $13000 Fiat. When all the extra costs are in, their target customer will probably have a $30K loan for a car worth 10K once they drive it off the lot! $10K cash back has been around for a while, first time I’ve noticed $12K.
“Nothing to see here, move along folks.”
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January 17th, 2014 at 5:10 pm 25
Just finished reading “The Buy Side, A Wall Street Trader’s Tale of Spectacular Excess”.
Fascinating story.
Hot debate. What do you think?
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January 17th, 2014 at 6:37 pm 26
Hidden due to low comment rating. Click here to see.
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January 17th, 2014 at 7:25 pm 27
New Listings 207
Price Changes 55
Sold Listings 87
TI:12499
http://www.paulboenisch.com
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January 17th, 2014 at 9:52 pm 28
The comox landlord sounds like a genus!
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January 17th, 2014 at 10:09 pm 29
I’m a bear but I think the Comox landlord is actually doing fine.
Each month, he is putting $40 as an investment into a condo and his tenants are putting in a few hundred into his condo for him (I have no idea if he bought the place last year or twenty years ago.)
There are subtleties (the lost opportunity of his downpayment, the risk of the house losing value, etc.) but this is not a dramatic case in either direction.
Hot debate. What do you think?
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January 17th, 2014 at 10:53 pm 30
Canada’s real estate making headlines in Time Magazine:
“Canada Has Its Own Housing Bubble—And It’s About to Burst” Jan 17, Time.
http://business.time.com/2014/01/17/canada-has-its-own-housing-bubble-and-its-about-to-burst/
First paragraph:
“Ever since the real estate bubble burst in the United States in 2007, observers have pointed to Canada as an example of a well-regulated financial system that has avoided many of the regulatory mistakes that helped lead to an American crash. But Canadians weren’t able to perch on their high horse for very long, as a bubble of their own has been inflating for the past couple years. And now many analysts are watching for that bubble to burst, and soon.”
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January 18th, 2014 at 7:43 am 31
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January 18th, 2014 at 7:50 am 32
There have been articles questioning the soundness of the Canadian housing market for the past 5 years, and rightly so. However without a doubt the amount of negative international attention directed at our housing market has picked up significantly in the past 6 months.
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January 18th, 2014 at 9:30 am 33
vancouver is defined by it’s colonial mentality.
Hot debate. What do you think?
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January 18th, 2014 at 10:37 am 34
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January 18th, 2014 at 10:42 am 35
Vancouver housing: it is DIFFERENT here:
From Hurun Report (about China’s super rich):
In recent years,purchasing holiday homes has become very popular. 60% of high net worth individuals are interested in purchasing a holiday home, representing a 5% increase from last year. Yunnan has entered the top 6 for the first time ever as an increasingly popular location in which to buy such homes. Sanya, however, remains the preferred location, especially among the super-rich.
Nearly 40% of high net worth individuals are planning to use private jets on a regular basis, with half of those opting to time share.
The number of high net worth individuals who have emigrated, or are planning to do so, rose from 60% to 64%, accounting for 1 in 3 super-rich.
The United States is still the destination of choice, while the number of individuals emigrating to Europe has increased. Although the amount of people emigrating to Australia has increased in comparison to last year, very few of the super-rich choose to move there. It is worth noting that of the 64%, only 15% are looking to give up their Chinese nationality, with the majority looking to a permanent residency overseas.
Emigration Destination
1 United States
2 Europe
3 Canada
4 Australia
5 Singapore
6 Hong Kong
Source：《Best of the Best – Chinese Luxury Consumer Survey 2014》
http://www.hurun.net/usen/NewsShow.aspx?nid=2485
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January 18th, 2014 at 10:49 am 36
This seller is delusional, I actually feel for the Realtor who is never going to get a sale. Prices in general in this area (Edgemont) are delusional however this one is out to lunch not just compared to Price/Rent but just comparing to other houses for sale in the area:
Delusional:
http://beta.realtor.ca/PropertyDetails.aspx?PropertyId=13982687
Here is what $100K less gets you just down the road:
http://beta.realtor.ca/propertyDetails.aspx?PropertyId=13461833
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January 18th, 2014 at 11:17 am 37
@31: “Southsea, there has been an article like that every week for the last five years.”
The Canadian RE market (coast to coast) actually was crashing 5 years ago.
Hot debate. What do you think?
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January 18th, 2014 at 12:33 pm 38
If I am going to get downvoted for my comment on the Comox Condo, does anyone care to explain to me how he is in a bad situation?
At $40/month, he will invest $12,000 over 25 years (plus his downpayment,) and will end up owning 100% of a condo unit.
Hot debate. What do you think?
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January 18th, 2014 at 12:49 pm 39
@38:
Condos depreciate down to zero because they have negligible land value. That is of course, without substantial future renovations which you are not accounting for.
Hot debate. What do you think?
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January 18th, 2014 at 2:36 pm 40
@patriotz, this is Comox so he is almost certainly talking about a three or four story building. I don’t think that the land value is completely negligible.
Besides, lots of 20 – 30 year old condos in Vancouver are still selling for significant $$.
I think there are three categories:
Landlords win: Renters are paying all of your costs(interest, tax, etc.) and all of your principal and giving you additional cash flow at the end of the month.
Renters win: Renters aren’t even covering costs (interest, tax, strata.) Landlord has to pay all of the principal and some of the costs.
Fair: Renters pay all of the costs and some of the principal. Landlord has to pitch in for some of the remaining principal each month.
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January 18th, 2014 at 2:38 pm 41
“At $40/month, he will invest $12,000 over 25 years”
You mean he pays $40/month and eventually will own the whole condo outright? That kinda seems to be the wrong direction. Typically investments pay you, not the other way round.
Juuuuuuuust sayin’!
Hot debate. What do you think?
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January 18th, 2014 at 3:55 pm 42
@40: “this is Comox … I don’t think that the land value is completely negligible”
This is Comox… I think that the land value is completely negligible.
Hot debate. What do you think?
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January 18th, 2014 at 4:11 pm 43
….I’m a bear but I think the Comox landlord is actually doing fine…..
I have large sum of money to invest and would like to realize some significant ongoing losses. Would you be kind enough to provide me with some advice?
Hot debate. What do you think?
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January 18th, 2014 at 4:16 pm 44
…..“Canada Has Its Own Housing Bubble—And It’s About to Burst” Jan 17, Time…..
And they’re referring to Canada in general! When Vancouver bursts, the detritus is going to land in the prairies.
TTFN suckers!
Hot debate. What do you think?
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January 18th, 2014 at 4:23 pm 45
……It is worth noting that of the 64%, only 15% are looking to give up their Chinese nationality, with the majority looking to a permanent residency overseas.
Emigration Destination
1 United States
2 Europe
3 Canada
4 Australia
5 Singapore
6 Hong Kong
So, there’s a whack of rich Chinese that want permanent residency overseas in Hong Kong? Riiiiiight! I’m so pissed off at Canada I’m considering moving offshore to Vancouver Island. Why can’t we get smarter rich people wanting to move here?
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January 18th, 2014 at 5:48 pm 46
How do we get this too?
Speak English or lose benefits!
http://www.dailymail.co.uk/news/article-2541892/Speak-English-lose-benefits-Cameron-stop-payouts-immigrants-use-taxpayer-funded-translators.html
Hot debate. What do you think?
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January 18th, 2014 at 10:31 pm 47
#46
what’s wrong with expecting immigrants to have some basic English skills.
Hot debate. What do you think?
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January 18th, 2014 at 10:39 pm 48
167 open houses in Maple Ridge !!!
And it’s not even spring.
Sellers are tired of 2 hours commute and no prospect of Skytrain to
Hot debate. What do you think?
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January 18th, 2014 at 10:52 pm 49
Another ESL challenged Realtor in Ditchmond.
MLS listing V1042386
________________
First time homebuyer alert!! Nicely kept and renovated 2-storey townhome in Woodwards!! This unit functions practical layout with three bedrooms and one bathroom on above and kitchen, living room, dining room and powder room on main. Right beside reputable Steveston-London Secondary School and bus stops. Few mins drive to malls and community centre. Quiet but not far!! Strata fees even include annual city utilities!! This is where you wanna raise your children. Searching no more. Call now for your private showing!!!
Hot debate. What do you think?
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January 18th, 2014 at 11:06 pm 50
How can Realtors with limited English get a License?
Another example:
-____________
Astoria, locate near Blundell and Heather St. Quiet inside unit with 9′ high ceilings on main floor. 3 bedrooms up and 2 bathrooms. Well managed complex with a spacious playground for kids. Spacious tandem parking where owner has built in big shelves to keep stuff. Well keeping by original owner. Walking distance to Garden city shopping mall. Debeck elementary and Palmer secondary. A pleasure to show. All measurements are approximately. Buyer to verify if important.
Hot debate. What do you think?
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January 19th, 2014 at 12:49 am 51
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January 19th, 2014 at 12:57 am 52
51 most of the addicts and pan-handlers on the street seem home grown. When I visit a nursing home I see only Phillipinos looking after the old residents.
As to London the most of the Welfare recipients are coming Eastern Europe… is that Third World?
http://www.economist.com/blogs/blighty/2014/01/romanian-immigrants
http://www.ft.com/intl/cms/s/0/75f9ffb6-7a0c-11e3-a3e6-00144feabdc0.html#axzz2qphpvIno
Facts often get in the way of our opinions.
Hot debate. What do you think?
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January 19th, 2014 at 4:24 am 53
@47: “what’s wrong with expecting immigrants to have some basic English skills.”
They are, in the case of independent (skilled) immigrants anyway.
Family class immigrants are sponsored and the sponsor is responsible for supporting them. If they’re getting away with not supporting them, the government isn’t doing it’s job. Also I don’t think we should be bringing in parents and grandparents in family class anyway.
I don’t think many investor class immigrants are ending up on welfare, but in any case I think we should get rid of it too.
As for the situation in the UK, the people described in these articles aren’t immigrants as we use the term, but EU citizens who have the legal right to live in the UK.
Hot debate. What do you think?
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January 19th, 2014 at 6:30 am 54
@ Johnny-boy #52
You said: “As to London the most of the Welfare recipients are coming Eastern Europe… is that Third World?”
The term “Third World” does not have a single, precise definition. It can be different things in different contexts. However, without making things too complicated, the answer to your question is yes, many Eastern European countries can be considered Third World. The label “Third World” can be and has been applied to Eastern European countries like Albania, Belarus, Romania, and parts of Russia at various times. “Third World” does not necessarily mean non-European and non-white.
Hot debate. What do you think?
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January 19th, 2014 at 8:33 am 55
Can someone tell me the sold price for 8064 19th ave Burnaby and when? Thanks in advance.
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January 19th, 2014 at 10:16 am 56
Vancouver Chinese business elite honouring Mao outrages locals
http://vancouver.24hrs.ca/2014/01/15/vancouver-chinese-business-elite-honouring-mao-outrages-locals
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January 19th, 2014 at 1:04 pm 57
Oh, no. Helicopters over White Rock are back;
“Sleepy White Rock, B.C. catches the developer’s eye” Globe & Mail, Jan 18/14
http://www.theglobeandmail.com/life/home-and-garden/real-estate/sleepy-white-rock-bc-catches-the-developers-eye/article16387138/
News or real estate advert? You decide.
“Mayor Baldwin recalls daily helicopter flights during the past year – Asian buyers circling potential properties.”
Will the helicopter meme never die?
Hot debate. What do you think?
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January 19th, 2014 at 1:56 pm 58
Are there really that many people out there rich enough to buy real estate by helicopter and too stupid to use Google Maps?
Hot debate. What do you think?
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January 19th, 2014 at 2:10 pm 59
@ 58
No, but there are really that many people who can be fooled into believing that they will be priced out by asians in helicopters and that Van real estate will never go down because of those same supposed asians in helicopters.
As the market slows, the re industry is still working on that shtick.
Hot debate. What do you think?
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January 19th, 2014 at 2:14 pm 60
@59 Agreed.
Does anyone know if there is any way to fact check just how many helicopter flights (of any kind) there have been over White Rock in the past year?
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January 19th, 2014 at 2:33 pm 61
https://www.khanacademy.org/economics-finance-domain/core-finance/housing/renting-v-buying/v/renting-vs–buying-a-home?utm_source=Sailthru&utm_medium=email&utm_term=Stuff%20you%20might%20like%20After%20Test%20Cohort%20Made&utm_campaign=Highlighted%20Content%204%20120413%20RentOrBuy&utm_content=Final
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January 19th, 2014 at 2:50 pm 62
61:
First comment:
The song remains the same.
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January 19th, 2014 at 4:49 pm 63
1)Shopping Gets Cheaper in B.C
http://www.bcbusiness.ca/retail/shopping-gets-cheaper-in-bc
2)Investors have never faced more confounding markets: stocks defied traditional wisdom last year by soaring despite sluggish economic growth, and interest hovered near zero— for yet another year.
http://www.bcbusiness.ca/finance/hanif-mamdani-rbc-global-asset-management?utm_source=MagMail&utm_medium=BCBusiness+Newsletter&utm_campaign=BCBusiness+enewsletter+17Jan2014
3)Demand Outpaces Supply of Vancouver Office Space
http://www.bcbusiness.ca/real-estate/demand-outpaces-supply-of-vancouver-office-space?utm_source=MagMail&utm_medium=BCBusiness+Newsletter&utm_campaign=BCBusiness+enewsletter+17Jan2014
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January 19th, 2014 at 4:59 pm 64
Lou Says:
Can someone tell me the sold price for 8064 19th ave Burnaby and when? Thanks in advance.
————————
8064 19TH AVE BURNABY V5K 3V9 16/Jul/2013 $815,000
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January 19th, 2014 at 5:21 pm 65
tedeastside Says:
welfare abuse by immigrants is Legendary in London,
almost the entire third world is on UK Benefits,
if it wasn’t for London, Vancouver would be ground zero, but there’s still massive abuse in Vancouver too
———————-
How so ?
Go hang out on around main & Hastings at 2 am in the morning of welfare day, the banks around the area have a line at up 2 am because people get direct deposit at that time of the night. i am sure they are grocery store open at that time of the night to service these people or they are getting the money to hit the pipe?
Do u see immigrants lining up that time to buy drugs now you tell me me whose abuse it more ?
Do yo know on that day of welfare and the next three days Vancouver police add more personal to the payroll in the patrol district of DTES and Granville area because of drug dealing and public mischief .
Hot debate. What do you think?
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January 19th, 2014 at 5:39 pm 66
http://www.channel4.com/programmes/benefits-street/4od
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January 19th, 2014 at 6:28 pm 67
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January 19th, 2014 at 8:51 pm 68
@62
The narrator was describing the difference in cost between renting for $26k a year, vs paying purely the interest on the mortgage plus tax and expenses. Some people’s mindsets are so narrow that buying a house is their main goals in live.
Hot debate. What do you think?
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January 19th, 2014 at 11:37 pm 69
Mega Default In China Scheduled For January 31
http://www.forbes.com/sites/gordonchang/2014/01/19/mega-default-in-china-scheduled-for-january-31/
Hot debate. What do you think?
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January 20th, 2014 at 12:53 am 70
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January 20th, 2014 at 9:12 am 71
Here’s the top 100 companies in BC.
http://www.bcbusiness.ca/finance/bcs-biggest-companies-2013-by-revenue
Hot debate. What do you think?
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January 20th, 2014 at 1:41 pm 72
Stephen Harper, CFP® (status pending…)
“Need investment advice? Ask Harper”
http://ca.finance.yahoo.com/news/need-investment-advice–ask-harper-211724887.html
This part had me in stitches, I must say….
“Canada’s high level of household debts, Harper said in 45-minute interview, which was posted to SoundCloud, are largely because so many Canadian have taken advantage of historically low interest rates to buy homes and cars. Given that mortgage rates have in recent times fallen as low as 2.99 per cent and car loans are often interest-free, he says, Canadians are making what “I, as an economist, would argue is a rational decision to borrow more.”
Get out there and SPEND, SPEND, SPEND!!! Dear Leader has spoken!!
Hot debate. What do you think?
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January 20th, 2014 at 1:55 pm 73
I always thought that Lawers make bad politicians.
But this proves, Economists are worse.
Hot debate. What do you think?
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January 20th, 2014 at 3:29 pm 74
Anyone else think this fire seems a bit suspicious in light the home was on the market?
Could it be that an insurance claim will provide the liquidity the owner needed:
http://www.vancouversun.com/news/Fake+Ferrari+erupts+into+flames+blaze+destroys+waterfront+home/9406176/story.html
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January 20th, 2014 at 3:32 pm 75
@74
Fake Ferraris, Fake Asian Buyers, Fake McMansions.
Connect the dots.
Hot debate. What do you think?
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January 20th, 2014 at 3:36 pm 76
@74:
I thought insurance companies will only pay out to rebuild in such situations, precisely to discourage owners from burning their own properties down.
Like or Dislike:
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January 20th, 2014 at 3:51 pm 77
B.C. Held Back by Few Jobs and Even Fewer Workers warm beaches and ski resorts are no longer enough to attract the talent the province needs to build a strong economy
http://www.bcbusiness.ca/your-business/bc-held-back-by-few-jobs-and-even-fewer-workers?utm_source=MagMail&utm_medium=BCBusiness+Newsletter&utm_campaign=BCBusiness+enewsletter+20Jan2014
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January 20th, 2014 at 3:56 pm 78
“Faux-rrari”…..love it.
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January 20th, 2014 at 4:31 pm 79
Small Spaces: A 290-Sq-Ft Home for Two
http://www.hgtv.ca/photos/gallery/?gid=44cf0be42fb37d2dbb812bf08be20818#!/0
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January 20th, 2014 at 4:37 pm 80
#76
personally, I don’t come to this site for facts.
Anecdotes, rumors and the occasional lie are just fine with me.
As many of us know, RE in Vancouver is a big lie, perpetrated by Realtors and Developers.
So some of us, are just fighting fire with fire.
Hot debate. What do you think?
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January 20th, 2014 at 4:40 pm 81
Royal Bank “quietly” cuts mortgage interest rates.
Discuss amongst yourselves.
http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/royal-bank-quietly-cuts-mortgage-rates/article16402627/
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January 20th, 2014 at 4:43 pm 82
@79
As long it has granite countertops the wifey can hug every morning, it’s o.k..
Like or Dislike:
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January 20th, 2014 at 4:50 pm 83
Hidden due to low comment rating. Click here to see.
Poorly-rated. Like or Dislike:
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January 20th, 2014 at 4:51 pm 84
Jack up the price of housing with cheap money……
Let the dollar drop by not raising rates which makes imported goods more expensive and
makes aformentioned housing cheaper for foreigners to buy while retaining
cheap money which……discourages saving.
Where am I going wrong?
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January 20th, 2014 at 5:13 pm 85
@Snake – I find the argument about the lack of skilled workers bonus when right near the end of the article it says there are hundreds of graduate students doing part time jobs due to lack of jobs. As well as the fact that companies aren’t willing to pay up for the talents (local and foreign) they need.
The problem is really to fix – pay more like on par with Seattle, and actually train people. How do you expect people to have minimal 5 years of working experience if no one will hire anyone withou 5 years work experience? Just yesterday I heard on the radio that Jim Flarty is complaining about the lack of training Canadian companies provides to employees.
Frankly this problem these companies are constantly complaining about are exactly the end result of being cheap, cheap, cheap. But unfortunately there are also more than enough sheeples who truely believe this is the best of Earth and refuse to seek opportunities elsewhere (especially while they are still young and single), all the while complaining about lack of job prospects and pay.
If you can’t attract talents from elsewhere without paying a big premium then frankly you aren’t the best place on Earth. Hawaii despite the lack of job opportunities outside of tourism continuely attracts huge number of immigrants worldwide because it is a great place, a best place on Earth contender. Vancouver’s biggest fans on the other hands seem to be its local population and that’s about it.
Hot debate. What do you think?
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January 20th, 2014 at 5:14 pm 86
arrr….I meant to say “argument about lack of skilled workers bogus”, not “bonus”
Like or Dislike:
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January 20th, 2014 at 5:21 pm 87
New Listings 309
Price Changes 87
Sold Listings 105
TI:12640
Contact me anytime with any real estate questions. http://www.paulboenisch.com
Well-loved. Like or Dislike:
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January 20th, 2014 at 5:48 pm 88
There we go, Bloomberg article calling Vancouver as second most expensive city after Hong Kong, first article that came up on Bloomberg:
http://www.bloomberg.com/news/2014-01-20/hong-kong-vancouver-least-affordable-home-markets-survey-shows.html
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January 20th, 2014 at 6:18 pm 89
Bank sneaks out its results on a Sunday night, they can’t be good
https://www.google.ca/search?q=When+Deutsche+Bank+sneaks+out+its+results+on+a+Sunday+night%2C+they+can’t+be+good&oq=When+Deutsche+Bank+sneaks+out+its+results+on+a+Sunday+night%2C+they+can’t+be+good&aqs=chrome..69i57&sourceid=chrome&espv=210&es_sm=122&ie=UTF-8
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January 20th, 2014 at 6:29 pm 90
i totally agree with your comment(#85) space889
My two favourite quote from the article
1)We identified the absolute perfect person that we needed to come and help us and be a success, and they said the wage, and the salary, and the cost of living is now punitive for me to actually move to Vancouver. “The mountains are beautiful,” he said. “But if you can’t afford to actually ski, they are just an annoyance.”
2)How come Jimmy is still living in the basement without a job and apparently we need folks up north?” h
Like or Dislike:
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January 20th, 2014 at 6:46 pm 91
Hidden due to low comment rating. Click here to see.
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January 20th, 2014 at 6:54 pm 92
@90: “How come Jimmy is still living in the basement without a job and apparently we need folks up north?” he asked. “We’ve got to solve that problem now.”
You offer Jimmy a high enough wage so that he’d rather work up north than stay in the basement.
That’s your solution, which is something employers used to do all though Canadian history, until they wanted to come up with an excuse for importing slave labour.
Hot debate. What do you think?
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January 20th, 2014 at 7:23 pm 93
@ Softy
So the government acually wants expensive housing?
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January 20th, 2014 at 7:28 pm 94
“So the government acually wants expensive housing?”
The gov wants flat housing. Falling prices are bad for the gov because CMHC will have to pay for defaults.
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January 20th, 2014 at 7:36 pm 95
so i’ve heard this ad on am730 a few times recently as I make my way through the best traffic on earth ™. It is advertising a seminar where you can learn to flip houses, a simple three step plan to “build wealth” with “other peoples money”. Lol I think they’re a little late to the party !
Hot debate. What do you think?
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January 21st, 2014 at 9:02 am 96
white culture is extremely disturbing yet fascinating at the same time
http://www.youtube.com/watch?v=XOMT3bRJXOo
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January 21st, 2014 at 10:32 am 97
…Fake Ferraris, Fake Asian Buyers, Fake McMansions.
Connect the dots……
You say: “Ferrari”, I say “Fiero”, you say “Tomato”, I say what the #$@& ?
Like or Dislike:
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