Friday Free-for-all! Here comes Autumn.

It’s the end of another work week and you know what that means…

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:

World warns of Canada risk
Fed renews zero rate, hints at hike
BC too laid back for China business
HAM a myth?
How locals afford homes
Slackers are Debtors?
FIPA is coming

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

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Orthomol cardio
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Orthomol cardio

In my opinion you are mistaken, i can defend the position, write to me in PM, we will discuss Cardio Orthomol

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[…] Hat-tip to southseacompany. […]

tedeastside
Member
tedeastside

if the Iphone 6 lineup is all asians …just cut right to the front !!
what are they gonna do……asian man aint exactly Mike Tyson

Heard Herd selling
Guest
Heard Herd selling

Oracle was that you measuring your Slurry property with a 12 inch ruler today? Do you charge the rat’s rent?

300,000 Hong Kongers are heading our way
Guest
300,000 Hong Kongers are heading our way
300,000 Hong Kongers are heading our way
Guest
300,000 Hong Kongers are heading our way

China Post says 2017 election may result in mass emigration.

$10 Million detached home? Possible in Richmond.

valleyrenter
Member
valleyrenter

#oracle

Ever deal with a privateer… err developer. Wish you the best of luck selling your property to a privateer, they don’t get rich by paying top dollar for property. Be ready to be tossed into the corners elbows up with fierce negotiations while they grind you on the price, throwing in such charms as “cost to run sewer to property”, “cost to run water to property”, “new hydro lines aren’t free”, etc, etc, etc. When new construction is at a stalemate or the sale value of a new build is dropping privateers will pay even less for developable property. Look in the mirror and repeat to yourself “I am a wholesaler of this property, and add no value to it like the farmer who sells his wares to market. It is the middleman who truly adds value”.

Westside Realtor
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Westside Realtor

Oracle:

Prices are falling right now in China.

I agree with you, the same here.

Another pathetic weekend of open houses on the Westside.

I doubt anything will stem this slide.

We’ll import China’s mounting declines here. Good point, reading between your lines.

By the way, Japan is in Asia (in case you hadn’t noticed) , so we’ve seen this Asian movie before. Anyone with half a brain (no, I’m afraid not, you do not qualify, but thanks for asking) knows how it ends.

Oracle
Guest
Oracle

Don’t hate me…hate the gov policies.

Most have no idea what’s going on. Metro Vancouver will become an Asian city with prices to match.

Case in point: drove by the Landmark cinemas in Guildford surrey. On the huge display outside where movies are listed, it says “Goreyan nu daffa Karo”.

Hahaha….if you only knew what it meant!

It means ” Get rid of white people in the area”. No joke. Direct translation. I hope its a name of a movie playing. If not, the locals have no idea what’s happening .

Go see for yourself. Take a pic.

Smarmy
Guest
Smarmy

…..The price of my lot went up by about $250 this weekend alone….

What is the exchange rate for converting 250 Fantasy dollars into $CDN? I’ll trade you a light sabre and ‘one ring’ for your lot.

Corruption
Guest
Corruption

#80

Of course the head of the CMHC says everything’s fine. If everything was headed for disaster he’d be out of a job!

Ever look at the bios of the CMHC board of directors? I did a few years back. Every single one is heavily invested in a growing real estate sector. They’re all on the boards of real estate sellers, builders, or mortgage brokers.

If you want honest appraisals of the market that’s the last place you should look.

chilled
Member
chilled

Turner’s Sunday night post mentions the potential damages if unoccupied HAM in Vancouver is taxed, as per some grandstanding surrounding the civic election.

Hard to understand how taxing something he insists doesn’t exist could do so much harm?

My gawd the man is an idiot.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!
Insanity
Guest
Insanity

@85 “50% correction? Are you guys crazy?”

That is for houses and strata’s. Surrey building lots will go down by 80% or more.

Insanity
Guest
Insanity

@85 “My doctor who is 48 retired this month. He made a killing in RE AND Stocks in the last 10 years he says.”

He only makes a killing if he sells and does not buy again. Otherwise he still has the same house he bought 10 years ago. Paper gains made on a house don’t fund a retirement or pay for travel.

Insanity
Guest
Insanity

@78 “Moreover, people are too greedy to sell at losses. They’ll just hang on to it and/or rent it out.”

Some people will always have to sell for various reasons. Death, divorce, job transfers are few reasons people must sell. Busts happen because people are not willing or able to buy. It is not about the sellers. When interest rates go to normal levels people will not be able to buy regardless if they want to or not. The market will go no bid and prices will collapse.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

@77
Property Address Total Assessed
2452 CHIPPENDALE RD WEST VANCOUVER V7S 3J2 $3,979,000

Maybe the market in West Van is slow so even listed below assessed still no takers? Not because of the trees.

Oracle
Guest
Oracle

50% correction?

Are you guys crazy? Will never happen. Just because some people have not made money in the last 10 years does not mean they are the majority.

My doctor who is 48 retired this month. He made a killing in RE AND Stocks in the last 10 years he says. He want to ‘see the world’ now for the next decade.

Oracle
Guest
Oracle

Hey westside,

The price of my lot went up by about $250 this weekend alone based on current ascent rates.

Enjoying it.

How was your weekend?

Smarmy
Guest
Smarmy

Hey Oracle: Tomorrow is your first day in Grade 8! High school can be tough man, but hang in there, you’ll be fine after a few years.

patriotz
Member

@78: “Moreover, people are too greedy to sell at losses.”

RE (and by extention stock market) busts happen because people aren’t greedy enough?

OK.

southseacompany
Member
southseacompany

“Conservatives have no plans to change mortgage policy: Finance minister”, Toronto Star.

http://www.torontosun.com/2014/09/21/conservatives-have-no-plans-to-change-mortgage-policy-finance-minister

“”We do over the longer term want to reduce the government involvement in the mortgage market, not eliminate it, but reduce it gradually. We do not have in mind any major moves in this regard,” Finance Minister Joe Oliver told reporters”

southseacompany
Member
southseacompany

“No fear of housing bubble: CMHC”, Globe & Mail.

http://www.theglobeandmail.com/report-on-business/economy/housing/cmhc-doesnt-fear-a-housing-bubble-ceo-says/article20711061/

“Prices of some Canadian homes are certainly too high, but there is no immediate catastrophe looming for the country’s housing market, the head of Canada Mortgage and Housing Corp. suggested in a speech Friday.”

More of the same
Guest
More of the same
@73 “OK so at best rates rise significantly in a few years then real estate tanks by 50%. I can’t imagine why anyone wouldn’t want to buy today with that prognosis. I mean you have a few years of proud home ownership paying double what you would pay in rent before losing all or most of your equity and net worth.” /// I’m not sure how are getting to these conclusions Rates are going to rise significantly? Doubtful. I would wager another 8-10 years of low rates. Home prices tank by 50%? Not going to happen. Home prices will be more of less flat for the next 8-10 years before seeing real gains as wage inflation/rates start expanding. Moreover, people are too greedy to sell at losses. They’ll just hang on to it and/or rent it out. TBH, this is… Read more »
More of the same
Guest
More of the same
@73 “OK so at best rates rise significantly in a few years then real estate tanks by 50%. I can’t imagine why anyone wouldn’t want to buy today with that prognosis. I mean you have a few years of proud home ownership paying double what you would pay in rent before losing all or most of your equity and net worth.” /// I’m not sure how are getting to these conclusions Rates are going to rise significantly? Doubtful. I would wager another 8-10 years of low rates. Home prices tank by 50%? Not going to happen. Home prices will be more of less flat for the next 8-10 years before seeing real gains as wage inflation/rates start expanding. Moreover, people are too greedy to sell at losses. They’ll just hang on to it and/or rent it out. TBH, this is… Read more »