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FFFA! Income, Losses, Investment

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Its the end of another beautiful week and a long weekend to boot!

And that means it’s time for our regular Friday Free-for-all post, this is our end of the week news round up and open topic discussion thread for the weekend.

Here’s a few recent links to kick off the chat!

–19.8% Avg loss at Olympic Village 2011-2014
–Retirement savings at risk?
–Oliver sees no bubble
–CMHC brings risk to taxpayers
–BC buyers seek investments
–Canadian RE among most overvalued
–$1000 house
–

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

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Westside Realtor
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This sharp buying weakness in the upper end of the sfh market has every possibility of turning into a rout.

Jmho

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3 years 7 months ago
patriotz
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Well I thought I had the perfect plan. Rent a nice place in a trendy part of town, and wait for prices to go down.

What went wrong? Landlord wanted to move back in. Now if it was just me I would have rented another place, but as it isn’t just me I decided to see if I could make buying work.

Had to look outside my old neighbourhood, but I found a house on a big lot, price $330,000. Taxes about $3000/year, rental value about $1750/month. Great deal? No. But one I can live with. There might be some downside on the price going forward, but what matters to me is value, i.e. ownership costs versus rent, not expectation of price changes going forward.

Hope you all have the opportunity to get a comparable deal some day. Happy Thankgiving everyone.

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3 years 7 months ago
patriotz
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Ottawa slow to monitor temporary foreign worker program compliance

Newly released details on the temporary foreign worker program reveal that only a handful of public servants – and for many years none at all – were assigned to investigate whether employers were following the rules.

Before 2010, not a single government worker was responsible for monitoring compliance with the program, even as about 200 federal employees processed employers’ applications to bring in foreign workers.

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3 years 7 months ago
Westside Realtor
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Not a bad deal at all Patriotz.

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3 years 7 months ago
Sunny SoCal
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oh its coming!!

“British Columbia, which has the most expensive homes in the country in Vancouver, had the worst record. Only 48% of households said they could still afford their home if interest rates were to climb by two percentage points.”

http://www.theprovince.com/business/mortgages/refinancing/What+your+mortgage+rate+went+points/6373794/story.html

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3 years 7 months ago
William
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A friend trying to sell in east van said he thinks he missed the peak in buying strength.

Is east van finally stalling out?

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3 years 7 months ago
George
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New reality show coming soon to a TV near you is called Ultra Rich Asian Girls in Vancouver:

http://www.vancouversun.com/entertainment/Photos+Ultra+Rich+Asian+Girls+Vancouver+show/10278268/story.html

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3 years 7 months ago
Westside Realtor
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Just wrapped up coffee with a colleague who does about 7x’s the dollar volume of my team, well placed in HAM circles.

She basically said that the flow of $ has trailed off sharply and she’s not seeing any changes to that trajectory, although she still thinks the pricing will stay firm.

On that factor, I disagree with her, but it’s just my best guess/assessment of what we are seeing (and her also), the bids are fewer and weaker than I can recall in quite some time.

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3 years 7 months ago
Zero Down Forty
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Patriotz bought! This must be the peak.

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3 years 7 months ago
Loon
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@patz

330k is a steal for an sfh anywhere in the lower mainland, so I’m guessing you are looking way out of town ?

If you are not anticipating gains but downside risk in the near term, are you not an anti-speculator ?

I’m sure most buying now are anticipating downside, so why buy now ?

Back at you, and happy thanksgiving to all.

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3 years 7 months ago
Bull! Bull! Bull!
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LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL!

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3 years 7 months ago
Bull! Bull! Bull!
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#9 says it all. patriotz has been wrong about EVERYTHING for as long as he has been on this site, and for all we know even longer.

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3 years 7 months ago
Van Coffee
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#10
Clearly not the Lower Mainland with those metrics relative to rent.

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3 years 7 months ago
Van Coffee
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and I ^^^^^^^ to Bull Bull Bull

LOLOLOLO

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3 years 7 months ago
Bull! Bull! Bull!
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patroditz lives in ontario.

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3 years 7 months ago
chilled
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You’re all a bunch of turkeys!!!!!

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3 years 7 months ago
Van Coffee
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“Patroditz”…… CLASSIC. You’re on fire.

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3 years 7 months ago
Many Franks
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@Patriotz: Congrats! I hope you’ll be sticking around here? I’d miss your commentary.

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3 years 7 months ago
Garbage
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The Cat in the Hat say:

Patriotz bought. Time to close the blog.

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3 years 7 months ago
crikey
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Welcome to home/mortgage ownership and all it entails, Patriotz. Happy to see you join patiently on your terms.

Remember, ownership doesn’t mean you can’t believe that Vancouver is in a bubble, has fundamentals completely out of whack that is also destroying the social infrastructure. I’ve been this way all along since my first post here.

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3 years 7 months ago
Oracle
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Congrats Patriot ,

Poloz just announced that the next rate move might be down.

Plus the Express Entry Immigration program is set to become online in January 2015. Huge inflows of permanent workers..

Unfortunately, its all one big ponzi like everything else..

On a side note, the new BC liquor laws..unbelievable corruption. JP owns the Lib gov.

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3 years 7 months ago
Oracle
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PS. Way to play the blog dwellers here. Well done.

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3 years 7 months ago
Dave
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In all sincerity, when a voracious bear purchases, it may signal a top. Market trends often reverse at points like this.

To let you guys in on a secret, yours truly is no longer a home owner. I rent. I do have other real estate interests though.

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3 years 7 months ago
Van Coffee
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Dave –
Smart move.
You are in Vancouver where it makes no sense to buy anything.

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3 years 7 months ago
VMD@work
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Congrats patriotz on the home purchase!

Bears can rent or own depending on lifestyle needs/wants and financial capability. Bears just don’t buy investment properties.

I will likely buy later next year for own residence (and no, no basement “mortgage helpers” for me. Pool table and wet bar it shall be). But I will remain bearish Vancouver RE for the next several years, i.e. I won’t buy condos here for pure investment.

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3 years 7 months ago