FFFA! Houses, Garbage, Income, Listings

Hey! It’s Friday already, that means it’s 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:

Housing Bubble set to burst?
Surge of listings in metro Van
Realtor Hunger Index a bit over avg.
Garbage piling up around charity bins
We have lowest incomes for educated

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

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patriotz
Member

After the crash: Even Ben Bernanke can’t refinance his mortgage

The Dow Jones news service, however, speculates that his mortgage may be too fat to qualify for government support.

According to the news service, he and his wife bought the Washington home for $839,000 (U.S.) a decade ago and have since refinanced twice.

In 2011, when they last refinanced, Dow Jones said, they owed $672,000 and closed the deal just before the maximum to qualify for government backing was cut to $625,500 from $729,750.

See that? The limit for government-backed mortgages in the most affluent metro in the US in $625,500.

Loon
Guest
Loon

@Patriotz

Bernanke wouldn’t be able to buy a laneway house in BPoE with that chump change.

southseacompany
Member
southseacompany

“Housing distortion: Vancouver, Toronto, Calgary”, BNN

http://www.bnn.ca/Blogs/2014/10/02/Housing-Distortion-Vancouver-Toronto-Calgary.aspx

With Video

SmartMoney
Guest
SmartMoney

I’ve been a lurker here for quite awhile, I decided to analyze the Vancouver chart from 1970s to now using Elliott Wave counts. It seems any way you look at it, we are at the peak, an imminent decline is about to take place that may last for over a decade. I sure won’t be buying now with the risk that is present.

Charts for your viewing pleasure. I favour chart 2 where wave major (5) has already occurred, and we’ve topped out. we’ll find out in 2015.

Chart 1: http://goo.gl/6m1SYW
Chart 2: http://goo.gl/S0p7gz

Housing is an asset like any other, which can be analyzed and charted just like stocks, bonds, futures, etc. Watch out below, the risk is too high.

M
Guest
M

Has anyone seen this interview with Jared Dillian talking about Canadian housing market, supply will cause the housing market to crash, over investment is over investment.
http://www.bnn.ca/Video/player.aspx?vid=453777

space889
Guest
space889

Bernanke earns $250K per speaking engagement, I think he can afford to pay the mortgage off easily, unless he or his wife got some really degenerate spending and/or gambling problem.

tedeastside
Guest
tedeastside

….but we have 800-lulu-lem and junk or something.

sorry guys. i’m partially retarded. too much crack.

not me…my mom. bitch.

Son of Ponzi
Guest
Son of Ponzi

ESL classes don’t teach newcomers not to dump old mattresses on the side of the street.

Son of Ponzi
Guest
Son of Ponzi

Despite the million $ homes, Richmond is not so rich.
It’s actually a disgrace.

http://www.richmondreview.com/news/277674091.html

Richmond received a D in all health categories—including hospital bed availability and access to family doctors—and was the only city outside Ontario to receive the low grade.

The study ranked Richmond nearly at the bottom in the housing category. Only Victoria scored worse. Poor indicators included income spent on mortgage and rent, meaning the total household income spent on housing in the 2011 census year was among the worst in Canada.

Income inequality also earned Richmond a D grade. The city ranked 48th in one poverty indicator that signals a high percentage of the population is classified as low-income.

Richmond also ranked near the bottom in the study’s measure of success of foreign-born residents, comparing the average income of university-educated immigrants to that of Canadian-born residents.

Son of Ponzi
Guest
Son of Ponzi

$ 380 monthly maintenance fee for a fixer upper.Insane!

Twentysomething buyer nabs Richmond condo under asking
KERRY GOLD
Special to The Globe and Mail
Published Friday, Oct. 03 2014, 12:53 PM EDT
Last updated Friday, Oct. 03 2014, 2:02 PM EDT
0 comments

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1

AA

8720 NO. 1 RD., UNIT 106, RICHMOND, BC

ASKING PRICE $190,000

SELLING PRICE $180,000

DAYS ON MARKET 12

TAXES $770 (2013)

MAINTENANCE FEE $380

YEAR BUILT 1975

Quantumind
Guest
Quantumind

Smartmoney (#4):

Where did you get the raw data?

Son of Ponzi
Guest
Son of Ponzi
HK
Guest
HK

HK residents have turned on protesters. reminds me of the BCPF

At least some were local residents fed up with the inconvenience of blocked streets and closed shops, and were perhaps encouraged to take matters into their own hands by police calls for the protesters to clear the streets.

“It’s not about whether I support their cause or not. It’s about whether what they are doing is legal or not,” said Donald Chan, 45. “It is illegal. It has brought chaos to the city.”

http://abcnews.go.com/International/wireStory/hong-kong-protests-shrink-leader-oks-talks-25935866

Son of Ponzi
Guest
Son of Ponzi

“Skytrain brought down by faulty modem”.
Welcome to Vancouver, world class city wannabe.

Son of Ponzi
Guest
Son of Ponzi

#13
HongKongers are only interested in making lots of money.
That’s why they want be coming to Vancouver.

Status Quohog
Guest
Status Quohog

http://qz.com/275562/anti-occupiers-are-tearing-down-protesters-tents-in-hong-kong/

important message when conducting state sanctioned civil disorder: the mob watching the mob is their greatest fear

Boombust
Guest
Boombust

#16

You mean it’s different here?

Loon
Guest
Loon

…and it’s off to court we go at tax payers expense:

City of Van v. CP Rail:

http://www.theglobeandmail.com/news/british-columbia/arbutus-corridor-dispute-headed-to-court-as-city-of-vancouver-sues-cp-rail/article20916672/

Imagine if they started running cargo trains through Arbutus again, property values would surely decline and that would probably have a knock on effect for the rest of the west side.

Slagathor
Guest
Slagathor

….Imagine if they started running cargo trains through Arbutus again, property values would surely decline and that would probably have a knock on effect for the rest of the west side…

There’s a distinct possibility that trains will be running through the corridor no matter what happens, either freight trains or transit trains – that’s what the city would have you believe. More likely, the notion of running transit trains through the corridor is nothing but a ruse by the city to depress the apparent value of the land. Once the city gets their hands on the property, it’ll be full speed unabated development with a few parks (i.e. gardens) left intact the mask the larger land flip.

Son of Ponzi
Guest
Son of Ponzi

I guess they could run “The Bautiful Empty Houses Sightseeing Train” down the corridor.

Dave
Member

M at post 5, construction rates are above the trend-line, but only barely. I don’t think that suggests a supply driven correction.

I think we are stuck in a stagnant market. Interest rates are going to go up eventually and that will decrease affordability. But, on the flip side, wage growth and a stronger economy will likely offset that.

At this point, the only hope bears really have for a correction is the NDP winning the next election and crashing the economy.

ham
Guest
ham

Garth has revised his forcast for Van and TO. 15% correction from 30%. Dr Doom giving up soon. Blog will shut doqn soon. How much more humiliation can one take? 7 yrs of spooking people to not buy homes when they should be buying.

Son of Ponzi
Guest
Son of Ponzi

#21
don’t get out much.
Been to Richmond lately?

Dave
Member

#23… today in fact.

ham
Guest
ham

Ponzi,

I live in Richmond. Market is fine. Homes over 2 mil, doing not as well. Who here has money for 2 mil homes? Who gives a fuck abt those homes. All u talk abt here is high end homes are in trouble when most u fools cant afford them.

What happened to 75% off by 2014? huh, what a bunch of doomers here. Oh ya, SPX was suppsoe to crash in 2011. Damn u fools dont know how to cash in at a time of opportunities.

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