First! Joe Owe is sweating – IMF says Canada RE is overpriced by 5-20%. Polizi scheme has lost his mandante. OECD says Canada is at risk and will rises rates in step with the us which starts 6 months from now. Correction coming all you house horny.

Correction – Crash Coming.

Even a slow motion train wreck is a train wreck.

Surrey building/datong lots and delta snuggledomes will get smashed the most.

From The Province:

“Shelly Moffat doesn’t recognize her Kitsilano neighbourhood any more. The homes are empty. The streets are like investment portfolios. And Moffat believes that in this part of Vancouver families like hers are becoming historical artifacts.”

http://www.theprovince.com/business/Vancouver+rental+home+supply+dries+with+video/10417103/story.html

imho, rates are not going up in may; if anything the powers that be will be more accomodative

a hard landing is coming for alberta RE next year; how will this affect prices nationally?; will slumping oil and gas prices also have an impact on Christy Clark’s pet project?

@6 Southseacompany

Thanks for the chuckle. Looks like he was up all night trying to figure out how to reassure the public that there is no housing bubble. He says income catching up and population growth fuelling house and condo sales. Ha ha, incomes increasing to match housing and condo costs, that’s rich, pardon the pun. these vested groups better hope the rich foreign investor group doesn’t trickle to a stop. As well baby boomers buying their kids condos etc… When interest rates rise all bets are off.

Cheers.

@ #6 not sure what is more absurd, the comment about housing or the one about BBRY

@ #7

imho, michael levy and his flunky kid have no business commenting on financial matters (aside from otc penny stock pump and dump promotions, of course); wonder what global’s angle is here? i don’t get it. you’d think they could find someone who at the very least has some credentials and qualifications. even cameron muir has some schooling and background as a former RE salesperson, which give him the tools to at least sound somewhat credible when acting as a talking head for the RE industry.

@ #6… Nope… I tried, but I threw up a little in my mouth by the 2 minute mark.. I will refortify myself and have another run at it in a bit.

Indeed, the classic Alberta bumper sticker of the 1980s was “Please God, let there be another oil boom. I promise not to piss it all away next time.”

http://www.theglobeandmail.com/report-on-business/economy/twilight-of-an-energy-boom-albertas-new-fiscal-challenge/article8415713/?page=all

I can understand…

http://www.dailymail.co.uk/news/article-2853216/Chinese-clothing-store-bans-Chinese-shoppers-annoying.html

A couple of remarkably astute posters have mentioned the vulnerability of Western Canadian real estate in the face of the Dutch Disease canadian economy(oil,oil,oil), most painfully expressed by those enormous Alberta incomes, which are, arguably, driving much of the West Coast real estate appreciation of the last 12 years. But how much? We have a front row seat. Keep those stats and anecdotes coming! Especially that Ripley guy.

For years on these blogs I’ve been reading “once interest rates rise it will all be over”, “all the vested interests are pumping this teetering market”, “A colleague who’s in over his/her head in mortgage debt confided in me”, and on and on and on. It’s always the same (since the early 2000;’s). The constant predicting of an imminent correction is as bad as the “vested interests”. The one I clearly remember is “Yaletown Park is going to be ground zero for the correction as all that supply hits the market at once”. Sorry but that’s the way it’s been.

@ Billy Bob

Interest rates haven’t risen yet.

Yaletown Park has flatlined since it’s inception, a 2% gic beats that dump

Vancouver Sun headline: “Life next to derelict million-dollar Vancouver home is far from rosy”.

In most parts of the world the term ‘derelict million-dollar home’ would sound like an oxymoron, a contradiction in terms. The article talks about how the home, purchased for speculation purposes and left vacant, is occupied by transient drug addicts. Vancouver is the only city where literal crack shacks are valued over a million dollars.

http://www.vancouversun.com/news/Life+next+derelict+million+dollar+Vancouver+home+from+rosy/10424444/story.html

Too much hope on this blog.

Oil prices have nothing to do with Vancouver Real Estate. The only way this ship will go down is by ending the massive amount of immigration to Vamcouver. Mainland Chinese don’t care about oil prices. They care about sending their kid here for school and buying a house in the process.

The foreign students coming now are from rich families.

A new immigrant investor program is on its way. Google or Twitter it. Only need $1 Million.

The $25million net worth families from China are going to start coming. No 6 year backlog. Watch what happens to the nicer areas prices.

Happy Thanksgiving weekend to the south of the border VCI contributors !

Enjoy the cheap gas while it lasts !

Took a look at charts of stocks for the last 4 years.

Most doubled or tripled. Someone with say 500,000 in them is now a millionaire. There is too much money around because of the asset bubbles helped on by the central banks.

I seriously suspect that there are hundreds of specuvestors/specudevelopers in Alberta absolutely shutting their pants right now.

I met up with some albertans who moved from here a few yrs ago and they boast about how there are ten jobs for every one person looking (vs the opposite here)…that can turn on the proverbial dime I see pain ahead.

It could turn to shit there in a few months.

I bet there are a lot of people seriously shitting the bed this weekend.