FFFA! Spring Break!

Yessireee, it’s Friday again!

That means it Friday Free-for-all time, our regular end of the week news round up and open topic discussion thread.

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

We’re the 39th best place to live
Don’t worry about debt
Flaherty’s ‘dangerous meddling’?
Canadian banks at risk
Did Carney damage economy?
Bye bye Fanne and Freddie

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

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No Noise
Guest
No Noise

Sweet FFF. It’s goin on and it’s strong! Did someone say all time Vancouver RE high? haha, that was 2 years ago. Feel sorry for all the latest greatest fools.

I'm Out....
Guest
I'm Out....
I am so fed up with this market, and in fact, the whole Canadian market. Yes, we all seem to know that these prices are unsustainable, that they are being propped up by low interest rates and lax CMHC lending practices, but it is now clear that RE dominates the provincial and federal economies. When RE constitutes a quarter of the GDP and major cities are dominated with by the RE industrial complex, the feds My regrets – thinking rationally, looking at economic fundamentals, and observing lax lending standards with a critical eye instead of taking advantage of the conditions created to buy and make a profit. Above all, thinking that I was ‘smarter than the herd’ and adhering to the principle of deferring gratification, saving money, and conservatively investing. It is truly sad and ironic that the least educated… Read more »
Brian Ripley
Guest
Brian Ripley

From the point of view of yield there is no point in bidding up the price of Vancouver real estate and it is evident that strata buyers have kept prices within in a 7 year range: http://www.chpc.biz/vancouver-housing.html

But if inflation fears get stoked (CPI jumped up on the last data point), the bulls may use this as a raison d’etre.

In Toronto and Calgary, the party continues.
http://www.chpc.biz/toronto-housing.html
http://www.chpc.biz/calgary-housing.html

patriotz
Member

@2: “When 2008 hit, bears cited fears of 1980s style double digit inflation around the corner”

It’s those “bears” again. Who said what?

“With 250,000 immigrants coming in every year, coupled with hundreds of thousands of temporary foreign workers”

You can’t add those numbers together, because TFW’s eventually either leave, or become immigrants who are included in the count for that group.

Softy
Guest
Softy

The temporaries can and often do still buy houses.

At 50% of the open houses of existing homes (not new builds) on the west side that I have attended, the reason given for selling was that the “kid finished school so the family moved back to china”.

There is likely no data to track home purchases by foriegn students or by the parents of foreign students but in my experience, it is a huge percentage of west side sales.

There are way more foriegn students than IIP immigrants. And the foriegn student program has not ended.

aa4
Guest
aa4

One nice thing about astronomical prices is you can’t accidently turn into a bull and buy. As you simply cannot qualify for the loan.

Royce McCutcheon
Guest
Royce McCutcheon
Was going to post in the previous thread: I find density discussions in this city very frustrating. There’s this false dichotomy presented, where it’s either detached SFHs or built up 1-2 bedroom condos. Three years ago, my spouse and I were looking at potential moves to Philadelphia, Boston, and other Eastern US cities (we’ve since had two kids here but will revisit leaving before school starts for the eldest). Let’s put aside the pay increase we were looking at and the fact that comparative housing was massively more affordable than in Vancouver. What also popped out was the ability to get family-sized attached housing (esp. townhouses). It boggles the mind that this city doesn’t seem to try zoning for greater density AND incentivize construction of 3 bdr, 4 bdr, or even larger townhouse units. Things like the gorgeous 2500sqft 3… Read more »
patriotz
Member

@6:

Separately titled row housing would be great for Vancouver (the CoV or suburbs for that matter) but I don’t think that it would keep families from leaving the CoV, because they would be outbid by no-kid households regardless of what’s built.

The row housing in central Toronto for example is more expensive than many SFH’s in the suburbs.

Son of Ponzi
Guest
Son of Ponzi

Vancouver, City of Transients.
No longer a place to raise a family.
A home is no longer a home, just a commodity.

Royce McCutcheon
Guest
Royce McCutcheon
#2 said: “Of course, since we have had a decade of growth, I don’t want to wait out a decade of decline” Yep. My family has been fortunate to earn well and find stable family-friendly renting options to date. I’m (somewhat) optimistic that our good shelter options will persist and certainly we’re doing a decent job of checking off our financial goal boxes in this set-up so far (no debt, lots of savings, etc.). I wouldn’t be invested in this issue if not for the fact that it has contaminated everything else. When the Canadian housing bubble turns – and when it turns big in Vancouver – I would love for a Rorschach-type figure to be presiding over the event: “This city is afraid of me…I have seen its true face. The streets are extended gutters and the gutters are… Read more »
Royce McCutcheon
Guest
Royce McCutcheon

@7: Totally fair point.

UBC in crisis mode
Guest
UBC in crisis mode

No discussion about sale collapse of Van West? So far 3 sales of SFH for March, and it was 136 for Feb and 136 for Jan. Because of slow spring, or cold weather? Where is Vancouver Sun and Global TV when our RE industry needs you!

space889
Member
space889
@I’m Out…. – that’s an honest assessment of who’s right and wrong about this RE market for the last decade…unfortunately I don’t think you will see many other bears be this honest with themselves. Rather they will cling to their wrong believes and spout things like we were right because renting was cheaper than buying, I moved to Ottawa and saving money renting, my portfolio went up 10% last year, I was right if it weren’t for fed, immigrants, etc, etc…. Face it, you were wrong and if your job was forecasting the RE market or invest in it, you would have been fired long time ago. Only by owning up to your mistakes can you ever have a hope for redemption, to see the errors of thy ways and correct them, properly research and forecast the market, and potentially… Read more »
space889
Member
space889

The healing process can only start by first telling the truth to yourself – I was wrong for the last decade/since 2008/or however long you’ve been bear. Only then can you maybe see the light of hope.

tedeastside
Member
tedeastside

any proud vancouverites out there …tell us what you love about your third rate town

cris
Guest
cris

hey UBC,

Where you get you number? 3 sales in the West side? Are you a realtor?

PizzaEater
Guest
PizzaEater

@11 – doesnt it take two weeks for sales to show up? If so we would only start seeing the beginning of the months data now right?

Happy Renter
Guest
Happy Renter
arit
Member

Hey Space 889, I’m out,

You guys make an interesting point. I’d like to mention that it’s not valid for everybody.
I am one of those which haven’t bought. Since 2003. Buying would have castrated me financially.
So by renting, I am OK economically. I save, invest, and sleep well at night. I rent a modest townouse for my 5 member family.
During the decade, I have saved enough to buy a house in a “normal market”. Not in Vancouver.

If house prices continue to climb, I’ll keep renting and saving.
So.. what is the problem?

Have a great weekend!
Cheers

arit

(non PC statement: Jesus saves, but Moses invests!)

Son of Ponzi
Guest
Son of Ponzi

#18
the joke used to go:
Jesus saves, but Phil Espisito scores from the rebound.

Snake
Guest
Snake
Snake
Guest
Snake

tedeastside Says:
any proud vancouverites out there …tell us what you love about your third rate town
———————

Because you don’t live here in vancouver,thats a good reason to to live here.

Happy Renter
Guest
Happy Renter

http://www.vancouversbestlistings.com/Properties.php/Details/707

276K for this?

hehehahaha a 39 year old shoebox

Its Fabulous!

You can buy a new shoebox in Vancouver for that kinda $$

must...protect...monster...mortgage..
Guest
must...protect...monster...mortgage..

http://www.megaphonemagazine.com/magazine/858/opinion-rejection-of-housing-funds-in-abbotsford-is-a-loss-for-all-residents

Abbotsford’s struggle to address the issues faced by its most vulnerable citizens has been well-publicized since city staff dumped a load of chicken manure on a homeless camp last June. In many ways, the chicken sh*t dump on a homeless camp was the best/worst thing that could have happened in this community. It has served as a catalyst to bring to light a number of ongoing atrocities and acts of violence the homeless face every day.

Melba
Guest
Melba

…Costly nightmare for dozens of B.C. homeowners…

That’s not a nightmare; that’s pride of home ‘boner-ship’

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