FFFA! Bubble, Oil, Toil

You made it to the weekend!

And that means its time for another Friday Free-for-all! 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:

End of the boom?
A look at bankruptcy and foreclosure
Alberta anxious over dropping oil
HAM or BCM?
Prices wont go up or fall

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

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Polozi Scheme
Guest
Polozi Scheme

China RE crashing and umpteen other problems – the peak for Canada including Van RE has been called. It’s all down from here

Polozi Scheme
Guest
Polozi Scheme

regardless of the “new norm” interest rates. Canadians and foreign buyers are tapped/crisis point has been reached. The deadline for them is quickly approaching.

Westside Realtor
Guest
Westside Realtor

Pontiac, I a free and know for a fact that the IIP and China RE slow crash have dramatically slowed the HAM.

New wire tsf rules should further impact as of January.

Oracle, I’ve been buying equities hard all week. If it keeps going down/capitulates I will buy more. I am buying everything in sight (casting a wide net – I don’t have the laser perfection that you profess, so u use a healthy level of diversification which works well for simpletons like me).

Unlike you, I can’t time things perfectly, so I do the best that I can. Let us know how your omnipotence works out this time
With your perfect batting average I will pre assume that you will make a killing. You make warren buffet look like a country bumpkin. I am so sure.

George
Guest
George

The perils of shoddy construction during a real estate boom. Half of a new townhouse complex in Surrey has been without running water for 6 days. From CBC:

Fortunately, the common area has water, so people are using it to fill up jugs and even shower, say residents.

“We’re all like early settlers,” says resident Ron Irving, “hauling our water back down to our townhouses. Yeah, it’s been a bit of a pain.”

http://www.cbc.ca/news/canada/british-columbia/arlene-and-dieter-ramiro-s-housing-complex-without-water-for-6-days-1.2802086

Westside Realtor
Guest
Westside Realtor

I love when underdogs win.

Congrats Oracle.

It was only a few months ago that you were blathering on about how u couldn’t afford to live here and how u would have to move away to have any hopes of buying a house so that your can afford to have a family.

Now you are rolling in cake and have supermodels dripping off of you at every turn.

Well done. You are the man and YOU know it.

Just keep repeating that to yourself.

chinoria
Guest
chinoria

Looked at the court site.
70% of the cases are Motor vehicle related in Vancouver. That’s the other big industry after RE and pot..suing ICBC

southseacompany
Member
southseacompany

“How young Vancouver buyers are crashing the real estate party” Globe & Mail

http://www.theglobeandmail.com/life/home-and-garden/real-estate/how-young-vancouver-buyers-are-crashing-the-real-estate-party/article21142644/

“A recent analysis of home-ownership rates in Canada done by Vancouver-based Urban Futures shows that the proportion of young homeowners increased from 2006 to 2011, a period when prices appeared to be climbing out of reach in many urban centres, including Toronto, Calgary and Ottawa.”

“Home-ownership rates among younger people in B.C.’s Lower Mainland went up more than the national average. Vancouver homeowners in the 20- to 24-year-old age bracket increased four percentage points, to 25 per cent, in those five years – putting young Vancouverites near the top of the list among Canadian cities in proportion of homeowners under 25. The rate went up to 37 per cent from 35 among those 25-29. It stayed around 50 per cent for the 30- to 34-year-olds.”

southseacompany
Member
southseacompany

“Only 3% of Vancouver residents think they have reasonable rents or mortgages: poll. Livability poll finds we love Vancouver, but hate real estate prices”

http://www.vancouversun.com/business/Only+Vancouver+residents+think+they+have+reasonable+rents+mortgages+poll/10296811/story.html#ixzz3GPnmzcfE

southseacompany
Member
southseacompany

WHERE IN METRO VANCOUVER CAN YOU AFFORD TO LIVE?

Enter your family’s income on the interactive map below to see which neighbourhoods in Metro Vancouver are within your price range.

http://www.vancouversun.com/business/realestateprices/index.html

Many Franks
Member
Here’s a hilarious litany of Vancouver real estate orthodoxy straight from the punch bowl. Read it: How young Vancouver buyers are crashing the real estate party …the city renowned in popular mythology as a place with such astronomical house prices that its young will be forced to live in basement suites forever… “…There’s definitely sacrifices. I budgeted. I didn’t eat out. Some could say I missed some life experiences. But if you have that [home ownership] as your goal, anything is possible…” …the proliferation of condos and townhouses here gives them a lower-priced product to choose from compared with other cities that are dominated by houses… …siblings or friends will buy an apartment together until they’ve built up enough equity to sell and take their proceeds… …they’ve decided they’re going to buy in, no matter what… …buying became an emotional… Read more »
Softy
Guest
Softy

“the peak for Canada including Van RE has been called. It’s all down from here”

Actually, for Vancouver it is all flat from here, like it has been for the last four years. It’s a soft landing.

history
Guest
history

Carey, i will accept your apology that There is no Dutch Disease in Canada.
Oliver, it’s too early yet to ask you the same thing… but the AB Patch is clearly worried the price of the slop they sell, moving lower yet.

@1
Guest
@1

Also, the greatest fool – patriotz – has already bought.

patriotz
Member

@13:

If you hold me responsible for any ensuing bust in Vancouver, I will accept the honour gladly. 🙂

Joe Mainlander
Guest
Joe Mainlander

@#7 & 10 Not surprised the % of young homeowners has gone up.

It’s the usual media pattern, have a few well placed articles about asians pricing us out, followed by another few articles telling young folks they can still buy in.

And it has been working, so far.

Marco
Guest
Marco

#10 Many Franks

Wow… Thats an advert plain and simple.

The last one really stuck out:

“They don’t know anyone who owns, they don’t understand money, they just don’t think it’s possible. I keep telling them: “It’s a conspiracy to keep you as renters. Then you can pay someone else’s

I could see more truth to this if the price to rent ratio was anywhere near where it’s been historically.

In Switzerland nearly 70% of the population rents for example.

Cheers.

Son of Ponzi
Guest
Son of Ponzi

#16
HAM does not rent.
No HAM in Der Schweiz.

@Marco
Guest
@Marco

We don’t live in Switzerland. Switzerland also has a very restrictive immigration and citizenship policy. We have a buy your citizenship immigration policy, and are incapable of resisting exploitation from transnational elites.

Clearly many people who bought are in a much better position than those who did not ( obviously I’m excluding greatest fools like patriotz ). Let’s not deny reality.

Marco
Guest
Marco

#17 Son of Ponzi

No HAM. Die haben Schinken. Couldn’t resist…

Cheers.

sold out too many times
Guest
sold out too many times

As the brave young people of Hoong Kong fight for their freedom

http://www.theguardian.com/world/2014/oct/17/hong-kong-riot-police-new-clashes-protesters-mong-kok

We in Cananda support them by allowing their oppressors – the Chiefs of the Communist party come here, drop of their dough and famil;y and head back for more fun and games.

patriotz
Member

@18:

As a matter of fact 24% of the population of Switzerland is non-citizen, one of the highest figures for any developed country (and which you’d know if you’ve spent any time there). It is very hard to become a citizen though.

Slagathor
Guest
Slagathor

“…There’s definitely sacrifices. I budgeted. I didn’t eat out. Some could say I missed some life experiences. But if you have that [home ownership] as your goal, anything is possible…”

Anything is possible, as long as it doesn’t involve eating out or life experiences. That’s deep, man!

here
Guest
here

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UBC in crisis mode
Guest
UBC in crisis mode

Can any of you realtors confirm this property was sold a few months ago (listed for $4,388,000)?

Now it is back to the market, weird:

$4,380,000
MLS® ID: V1087471
5530 CHANCELLOR BV
Vancouver, BC V6T 1E3

Marco
Guest
Marco

#21 Patriotz

Yes correct. Switzerland would never let greed by a few effect their citizens…

#18 ” Clearly many people who bought are in a much better position than those who did not ( obviously I’m excluding greatest fools like patriotz ). Let’s not deny reality.”

– Bought when exactly? In a better position, how exactly? if all their wealth is in one asset and there may very well be a correction on the way.

Cheers

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