Friday Free-for-all!

Its the end of another week and that means its Friday free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend.

Let’s kick off the chat.

-links to come soonish

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

Sort by:   newest | oldest | most voted
Devore
Member
Devore

@5 George

I don’t get it. Why have a referendum at all then, if the outcome is pre-determined? The referendum should list all options on the table, including no transit expansion. That’s how a referendum works. There’s only 1 taxpayer, at the end of the day. So, vote yes to use taxes to pay for transit expansion, or vote no to… use taxes for transit expansion?

Ah, truly democracy at work!

Brian Ripley
Guest
Brian Ripley

The FX and CB rate wars (China drops its rate) and the pop in CAD inflation is probably going to strengthen the resolve of corporations in Canada to continue their pursuit of the ultimate 24/7 worker. My new post on Outsourcing:

http://www.chpc.biz/history-readings/outsourcing

If labour wages are not growing with inflation, I doubt we will see a BoC rate hike.

kabloona
Member
kabloona
Okay, so it’s only the Maritimes….. 😉 https://ca.finance.yahoo.com/news/saint-john-real-estate-market-100000269.html “Saint John’s home foreclosure rate worst in decades, experts say. CBC – Wed, 19 Nov, 2014 5:00 AM EST Real estate observers say the foreclosure rate in Saint John is the worst they’ve seen in three decades. Close to 3.7 per cent of the homes listed for sale in the greater Saint John area this year have been foreclosed on by banks or other lenders. Hodges Hamm, a long-time real estate agent and broker, says 210 of the Saint John Real Estate Board listings, so far this year, are foreclosures. “The last time I saw foreclosures in the numbers I’m seeing was in 1980. That’s when interest rates were at 18 and 21 per cent,” said Hamm. Mortgage rates today are as low as three per cent. That’s why John Eisner of… Read more »
Tiger
Guest
Tiger
world wide wet
Guest
world wide wet

My Chinese neighbors have 2 BMWs. They also take cans and bottles out of my blue bin.

Marco
Guest
Marco

This from the Vancouver Sun a few weeks ago:

“The truth is, the housing sector here is not like other markets.

That’s because, to a degree, it relies on the unpredictable — personal inclinations of a growing number of retiring baby boomers; pollution levels in China; the whims of ice storm-weary Canadians yearning to ditch their snowshovels.”

So let me get this straight. The housing bubble, and affordability for residence relies on baby boomers inclinations, Chinese pollution and snow shovels.

Thanks for that hypothesis from a newspaper that relies heavily on Advertisement revenue from the real estate cartel.

Cheers.

Ulsterman
Member

It’s easy to only see the big gains SFH’s have made over the past 5 years and overlook the many “homeowners” of condos who have not made much or even lost money (what!?!, but i was told it only goes…).

I noticed 303-1333 W 7th Ave (V1088944) listed in the Georgia Straight p72 of Nov 20-27 issue). It’s a 1bd/1bath unit listed for $355,000. The key detail was of course, “Amazing deal, listed $20,000 below where it sold in 2009.”

So after paying $70k in interest, $15k’ish in taxes and strata fees, $20k capital loss, CMHC fee when buying (10k) (3%?), $13k selling fees. This gets expensive really fast ($128,000 over 5 years or $2133/month). It probably rents for $1300/month.

Not such a slam dunk.

Whistler or bust?
Guest
Whistler or bust?

@57 – Great point.

Everyone is breathlessly talking about the gains made on SFH’s in the Westside but condo’s and townhouses (where the vast majority owns) have at best flatlined and at worst down 20% in inflation adjusted dollars.

Joe Mainlander
Guest
Joe Mainlander

@#57 & 58

Yep. Even the REBGV HPI stats point to a sinking condo market (not 20% though);

Metro Van Apartment HPI;

July 2008 = $367k
July 2014 = $380k

There’s been 10% inflation since then, so HPI would need to be $403k just to keep up.

A 6% drop in real dollars.

ooo
Guest
ooo

Say what you want about mainlanders, at least they are happy to buy American cars.

Doge minivans, Jeep SUVs, 5.0 Mustangs.

Their Cantonese cousins wouldn’t be seen dead in anything American. They love everything Japanese.

And no, not all mainlanders are rich.

I didn't vote for LH
Guest
I didn't vote for LH

Earth to Hepner: First things first….Surrey doesn’t need light rail nearly as much as they need that insidious toll taken off the Port Mann bridge.

@57,58,59
Guest
@57,58,59

The problem with the numbers are they don’t account for the decreasing size of units. Many new builds since 2008 are sub-500 square feet per unit. The large sales numbers of these smaller new builds over the last 5 years dramatically skews the indexes.

The reverse is likely true for SFH. The new builds in this segment have if anything gotten larger since 2008.

patriotz
Member

@62:

I’m not a big fan of the HPI but I will say as a quality adjusted benchmark, not an average or median, it shouldn’t be affected by changes in sales volume by size.

Another way of looking at it is since it comes from the REB, I doubt the index would look bad if the reality wasn’t bad.

Also @57 is talking about an actual sale in 2009, which was the bottom of the mini-bust. If the owner had bought a year before or later the decline would be even greater.

@patriotz
Guest
@patriotz

Depends when it sold in 2009. Early 2009 was the bottom of the mini-bust. By late 2009 the REB average price had already passed the previous 2008 peak.

Mick Murphy
Guest
Mick Murphy

Chinese national arrested while trying to flee US months after high-speed car chase

http://shanghaiist.com/2014/11/11/chinese-national-arrested-while-trying-to-flee-us-months-after-high-speed-chase.php

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Lots of court ordered sales in Richmond all of a sudden. Statistical anomaly or something else?

bobwestsiderealtor
Guest
bobwestsiderealtor

@58 Everyone is breathlessly talking about the gains made on SFH’s in the Westside but condo’s and townhouses (where the vast majority owns) have at best flatlined and at worst down 20% in inflation adjusted dollars.

Soft-landing. Just not evenly distributed.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@bobwestsiderealtor

Condos and townhouse market is driven by locals. SFH market is driven by HAM and locals are almost completely excluded from it.

Whistler or bust?
Guest
Whistler or bust?

Surrey doesn’t need light rail nearly as much as they need that insidious toll taken off the Port Mann bridge.

I love that toll. No more traffic. For the price of a Gande Super-Mocha Fudge Latte I don’t waste 30-45 mins a day. You don’t get something for nothing. Everything needs to be paid for.

realist
Member
realist

short anecdote for a slow w/e:

While grocery shopping yesterday, on a whim I dropped by Binning Tower
presentation centre at UBC’s Wesbrook village:

http://www.binningtower.com

Spoke (after a fashion) with a perfectly nice sales lady whose command of English was shaky at best…and I expect that this language limitation is irrelevant to her sales endeavours.

realist
Member
realist
Insecure White Guy
Guest
Insecure White Guy
I saw an Asian guy in a Mercedes. He must be a corrupt Chinese government official. I mean how else could someone have a nice car? He must be insecure if he has nice stuff. Only an insecure person would buy an expensive car. People who are secure drive Kias and old Chryslers not newer German cars. There was a Chinese women at McDonalds taking food to go. She is so cheap and must be picking up junk food for her kids. What a terrible mother. I saw a sold sign go up on a Westside house yesterday. The realtors name on the sign had an Asian last name. It must have been sold to a foreign Chinese person who will let the house sit vacant and rot. There was Chinese family walking in Stanley Park. I bet they don’t… Read more »
Barb Rennie
Guest
Barb Rennie

Hey, insecure white guy – you sound like you are ignorant too.

McDonalds is junk food. Many homes are left vacant and used for investment purposes only. Tax evasion is a big problem that the CRA is looking into. “Discarded pop can someone “through” threw in the bushes should be picked up and recycled.

You are pathetic because you are stupid. I love this country and I get upset when others don’t. These are big problems that need immediate attention, and if you don’t care then shut up.

realist
Member
realist

@72 Insecure White Guy:

Your post would be funnier if it were not a little closer to the truth than you think.

Political correctness has made all allusions to race, ethnicity, cultural values, language, citizenship, etc unmentionable, except to say that they are all equal and wonderful and irrelevant. Consequently, in (usually) polite discourse, such as this blog, we cannot hope to analyze impartially the enormous demographic & other changes that have occurred in the Lower Mainland in the last 30 years. This is not realistic.

Delusional Paranoia
Guest
Delusional Paranoia

@73 “These are big problems that need immediate attention”

@74 “Your post would be funnier if it were not a little closer to the truth than you think.”

http://www.webmd.boots.com/mental-health/mental-health-delusional-disorder