debt, economy, Open Topic

Friday Free-for-all! Luxury Credit.

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162 Comments

You made it to the end of another work week, and that means it’s time to do our regular Friday Free-for-all post here at VCI.

This is our 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:

–Price changes and credit (graph)
–Why so many doomers?
–High prices raise debt levels
–Perspective on foreign buyer levels
–3rd try for Versace in Vancouver
–

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

162 Comments
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Loi bai hat

hello!,I really like your writing so much! percentage we be in contact more approximately your post on AOL? I need an expert in this space to solve my problem. Maybe that’s you! Taking a look ahead to see you.

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Joe Mainlander

And Calgary is catching up to Van.

“Calgary closing in on Vancouver and Toronto for title of wealthiest city”

http://www.calgaryherald.com/business/Calgary+closing+Vancouver+Toronto+title+wealthiest+city/10109312/story.html

““While increases in liquid asset and debt were similar among the three cities, the key differentiator was real estate values — up a modest 2.8 per cent in Vancouver, a strong 6.6 per cent in Toronto and roaring 9.1 per cent in Calgary.”

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Joe Mainlander

The ego problem is Canada wide. Canada ‘beat’ the recession and housing is not bubble and home prices won’t fall. It’s the majority wisdom.

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crabman

Vancouver has 16,000 high-tech jobs, Portland has 57,000. Today Intel announced plans to invest $100bn over the next 30 years in the Portland area. And Vancouver thinks it’s Silicon Valley North?!

Vancouver is only the 49th biggest metro area in North America, yet it continually compares itself to cities like New York, Paris, London and Tokyo?!

The ego of this city is truly astonishing!

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George

I’m getting really sick of the exchanges between Westside Realtor and Oracle. I rarely come to this blog anymore mainly because of them. They have been having a back and forth personal fight for it seems like weeks now. I think anyone who engages in too many personal attacks should be banned. Maybe they should both be banned–I’m not sure, I don’t really read their immature posts. People should be able to have a debate and disagree without it going to the level of personal insults. I really don’t like the idea of banning IP addresses and I think there should be maybe some warning–but if these two have made several posts that are personal attacks on each other then they should be banned. Either one of them, Westside Realtor or Oracle, could have stopped this by now. You simply… Read more »

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crikey

I wonder if this is like the time Oracle tried to convince everybody that he could see everybody’s IP addresses.
Westside Realtor and Admin, don’t let yourself be bullied by somebody that desperately wants to scare you off thus site.

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Oracle

Westside Realtor: I post under my own name. You have threatened me multiple times on this blog using vulgar language. I had my car vandalized recently. Coincidence? Maybe. But this info has been forwarded to the authorities.

Admin: you should take threats seriously. I do now. Just be aware that you may be contacted.

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southseacompany

CTV: “Canada’s housing starts up in July; concern voiced about ‘unsustainable’ activity”

http://www.ctvnews.ca/business/canada-s-housing-starts-up-in-july-concern-voiced-about-unsustainable-activity-1.1954797#ixzz3A9WyazXK

“Some economists warn that the surge in the number of new homes being built in Canada is unsustainable and could approach “worrying” levels if interest rates remain at the current level.”

“”This level of activity is unsustainable over the near term, on account of an already moderate level of overbuilding as well as the likely gradual increase in interest rates,” says TD economist Jonathan Bendiner.”

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Westside Realtor

Oracle – try to stay away from the hard stuff. Take each day one at a time. I am rooting for you.

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Westside Realtor = Romeo Jordan

Wow, Romeo, I mean Westside Realtor, I mean Romeo…

How do you manage your schizophrenia? What life must be like in your make believe world..

Remember Romeo, ‘the trend is your friend’

Tool…

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George

BC Liberals are using conservation officers to investigate the Mount Polley Mine disaster.

http://www.theglobeandmail.com/news/british-columbia/ndp-questions-personnel-use-in-bc-mine-spill-investigation/article19998597/

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Westside Realtor

Oracle,

As an olive branch, please look up the latest blog article from Steadyhand asset management. Smart fellow and I 100% agree with his thesis.

If you don’t, then fuck off.

Oops, I mean move away.

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Westside Realtor

Oracle ,

I see that you are smoking the good stuff, again.

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Oracle

Spent day in Downtown and Stanley Park.

Lots of tourists. Vancouver is well on its way to becoming a resort town. The rich buy here and probably spend the winters somewhere else.

Why here and not Santa Monica…..because you can’t bring your extended family here. Try bringing in your parents or your friends under a TFW program in the USA. Simply not possible.

My advice. During the next RE correction, buy. A detached preferably.

Metro Vancouver (& the Greater Toronto Area ) aren’t going down anytime soon.

The crash/correction if it occurs will be everywhere else in Canada.

Not here. Too many foreign born here now.

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fitzrovia

Two SFH homes sold in West Van and IMVHO hoarded by HAM- $10 M for the two. A mere bargain.

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Interest Only

This is an older article from July 2013:

“Canada has always been seen as a safe haven for the rich and the crooked from China. Over the years dozens of them have fled to Vancouver and Toronto with their families and illegal fortunes mainly because Canada has no extradition treaty with China.

Some have been found and returned, but their ill-gotten gains have remained in Canada with their families or in banks and invested in real estate. Now Beijing in addition to signing an agreement to get at the fugitives, is working on plan with Ottawa to share the assets that Chinese fugitives illegally transferred to Canada.”

http://www.asianpacificpost.com/article/5518-fugitive-fortunes-tracked-canada.html

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Interest Only

China has over 150 economic fugitives in the US: Bloomberg

http://www.bloomberg.com/news/2014-08-11/china-has-over-150-economic-fugitives-in-u-s-daily-says.html

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Boombust

Something I have noticed in ALL THE 60+ YEARS I have lived in the Lower Mainland.

Vancouver is the “last in and the last out” of any recessions and the same holds true for RE booms and busts. (not exactly sure why)

This next meltdown will be a doozy, though.

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paulb

New Listings 209
Price Changes 109
Sold Listings 163
TI:16399

http://www.paulboenisch.com

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Blister in the Sun

@#140

Since HAM doesn’t like to go out in the sun, this shows that most Vancouver buyers aren’t HAM.

Mostly Millennials basking in the sun with no worries as they will get DP from boomer parents.

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Best place on meth

#138

Retired welder by the looks of it.

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Yunak

@137

Vancouver buyer is at the beach when weather is hot, the rest of 11.5 months they can spend going to open houses.

http://talk.onevietnam.org/assets/qingdao-china-sun-protection-mask-facekini-2-537×402.jpeg

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Boombust

#137

Just so you know, that photo you posted typifies many inexperienced buyers who wade into this gargantuan Vancouver RE bubble with blinders on.

Well done on your part. A picture truly IS worth a thousand words.

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Son of Ponzi

#137
I gonna get myself one of those visors.
Advise others to do the same.
Time to blend in.

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Bull! Bull! Bull!

more plausible than you think.

Westside Realtor Says:
August 11th, 2014 at 2:02 pm 130
At this morning’s sales meeting, one of my colleagues’ suggested that the muted buyer demand could be a function of the hot weather.

http://i.dailymail.co.uk/i/pix/2013/08/20/article-0-1B6038EB000005DC-114_634x476.jpg

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