Friday Free-for-all!

It’s that time of the week again…

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:

What size house are you happy with?
CMHC no longer loans for condo dev
Bidding wars spread to suburbs
Minimum loan payment reduced
Low rates to save housing market?
Shiller worried about canada prices

Thanks to southseacompany and everyone else for the links!

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

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Brian Ripley
Guest
Brian Ripley

While we wait for the February data, I thought perhaps a back of the napkin look at rental stock available might be of interest:

http://www.chpc.biz/history-readings/condo-glut

Toronto, Montreal and Vancouver are the biggest markets in Canada for rental housing available. I’m surprised that Vancouver’s supply is not larger, but perhaps that is a reflection of the long standing anecdotal claims of vacant suites that have been bought but not for immediate occupancy. Clearly different markets prefer different advertising providers (ie: Craigslist vs Kijiji).

space889
Guest
space889

So this morning driving south bound across a fairly low traffic Cambie bridge in the leftmost fast lane, 2 cars in front of me was this your typical environment & outdoor loving hippie car with the canoe and camping gear strapped to the car roof. This car in the fast lane on Cambie bridge going like 45km/hr, holding up cars behind while the cars in the slower lanes ar whizzing right by.

Finally got off the bridge and the car went into the left turn lane to 7th Ave. Sneak a look at the car, yeap, your typical hippie Vancouver driver smoking it up. I guess this is part of the price we pay to live in this city, dealing with drivers who prefers to kill their brain cells while driving.

hoax
Guest
hoax

2
Are they chinese with small dicks?

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

space889, cambie st bridge doesn’t have fast lanes nor does it have slow lanes. you’ll know that there is a fast lane when you see a sign that says “slower traffic keep right”. i suggest you review the rules of the road.

here is the english vesrion. i’m sure you can find the chinese version on their sight easier than me.
http://www.icbc.com/driver-licensing/Documents/drivers4.pdf

Nom Nom Nom
Guest
Nom Nom Nom

If this was a stock trade, someone would be going away for insider trading! FFS!?!
http://www.theprovince.com/business/Harcourt+Golden+Mile+windfall+Former+premier+family+could/10846074/story.html

space889
Guest
space889

@Bull! Bull! Bull! – So why do the left lane almost always go faster than right or center lane? Usually 15km/h+ over the speed limit??

Wait is it you Bull x3? You always drive 45 – 50km/h regardless of lane you are in while driving on city roads?

Yunak
Guest
Yunak

@2 …your typical hippie Vancouver driver smoking it up. I guess this is part of the price we pay to live in this city, dealing with drivers who prefers to kill their brain cells while driving.

How about the other part of the price we pay to live in this city while dealing with newly arrived idiots in fancy cars, without brain cells, totally clueless about driving but driving with fake driving licences?

https://www.facebook.com/RichmondLearnstoPark/photos/pb.218515995025423.-2207520000.1425075070./261870050690017/?type=3&theater

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

@space889

because there are a lot of people like you who don’t know how to drive and want to get to the next red light before everyone else.

tedeastside
Member
tedeastside

Vancouverites are the worst and most aggressive drivers in the world, and the way they walk on the street is the same ……slow down by one step and the person behind you will run you over and swear at you.

vancouver’s miserable me-first culture is evident everywhere you go.
you’ll never see anything like it anywhere else in the world, Vancouverites are vile people.. the RE bubble created all these smug cocky vancouver pukes who act like their the star of the greatest movie ever made

space889
Guest
space889

Nike proposes 31,000+ sq ft retail store with 17″ ceilings!! Is this going to drive West Coast Woman crazy and stop shopping at Nike?? Oh wait, no HAM involved so all is fine then….

https://ca.finance.yahoo.com/news/nike-proposing-31-500-square-170615998.html

space889
Guest
space889

@Bull! Bull! Bull! – Yes please remind yourself of that the next time you race a yellow, cut someone off trying to merge, cut in lane with turn signal after the fact, or busy posting on twitter/FB while at a stop light.

@Yunak – you know what they say about the ying & yang….. Wonder how much traffic ticket revenue the province is getting from these drivers…

StupidityCheck
Guest
StupidityCheck

@5:

Not only did Harcourt buy a house near there before the plan was official, but so did Gregor.

http://www.huffingtonpost.ca/2013/07/10/gregor-robertson-kitsilano-move-point-grey-bike-lane_n_3575451.html

space889
Guest
space889

Some hard numbers – Money Sense survey of Canadian income and wealth.
http://www.moneysense.ca/planning/the-all-canadian-wealth-test-2015-charts

The top 20% family in Vancouver has an average/median(?) income of almost $240K. At current interest rates, they can easily get a mortgage amount of 5x income assume they have no other debts and good credit. So that’s $1.2M mortgage limit. Add in $200K – $300K down payment, they can easily buy a $1.5M house roughly. Incidentally, most of the good working professional areas have houses between $1M to $1.8M.

paulb
Member

New Listings 190
Price Changes 57
Sold Listings 147
TI:12878

http://www.paulboenisch.com

Joe Mainlander
Guest
Joe Mainlander

Re: @13.

Yep, you are right. Top 20% could afford over $v 1mil. Yet, as much as the media hype the plus $ 1million market, there’s not really that much activity up there.

Southeby’s produces half yearly reports on the ‘luxury’ home market. Yearly sales of homes over $1 mil amount to around 2700-3000 sales a year for Greater Vancouver. Last year they report there were 3,000 +$1 million sales out of a total of 33,000 sales in the REBGV area. That’s less than 10%.

Even looking on the MLS map right now I see only about 4,000 units (of all types) over $1 ml listed out of a total of 15,000 listings for Metro Van area.

Most of the market is driven by the 90% mortgaging themselves to buy cheaper houses/condos.

West Coast Woman
Guest
West Coast Woman
Nom Nom Nom @5: Thanks for pointing this out. I was wondering if the media would ever get onto this story. When Harcourt wrote his letter to the Vancouver Sun he made it sound like Vision was implementing some longstanding policy of the City. As a third generation Vancouverite, I can tell you there never was a policy that would take away the roads along the waterfront for use only by cyclists and pedestrians – in fact, Point Grey Road was part of the City’s Scenic Drive around the waterfront. For many years, there was a longstanding policy to buy up all of the properties along the waterfront, including on Point Grey Road, in order to ensure there was public access from the scenic drive to the water, but it was informally discontinued because the Parks Board lacked the funds… Read more »
EngineerWhoRents
Guest
EngineerWhoRents

@13 – what complete bollocks! The average income of the richest 20% of BC families may be 240k, but the distribution of riches is far from uniform and has a very long tail. This means that the richest 2% horribly skew the average for the top 20%. This is another reason why real estate and banking should be handled by engineers/scientists/mathematicians. Your average realtor or “financial planner” has probably never heard of a statistic called a median.

The moneysense blogger is devoid of sense.

seven
Guest
seven

I’m going to spread thumb tacks all over the point gray bike lanes. And open up a bike tire shop nearby. Fu cyclists

history
Guest
history

Here is a good example of how you should have at least NINE data points before making your assertions

http://dutchsinse.com/2262015-southern-california-dormant-volcano-shows-movement-keep-watch-on-area/

The author does not realize it, but he has hit the magic number good statisticians look for. (9) EQs at Dormant Volcanoes, in the US-Mexico area. The EQs are all in February, with one day to go.

Best place on meth
Member
Best place on meth

Speaking of bad drivers, how come Canada’s Worst Driver NEVER has any Chinese contestants?

That’s pretty fucked up.

YLTNboomerang
Member

Interesting thread on Reddit tonight: where do you want to live? If you live there, why should they not want to live there?

Big surprise, Vancouver did not make the list though Seattle did and here was the response:

“I’m required to say the following:
It’s always raining, and it’s dark and gloomy all the time. It’s all depressing, and everyone is all introverted and you won’t make friends, so on and so on?”

Add to this for Vancouver, and it’s expensive and there are no good paying jobs.

realist
Member
realist

#17 EngineerWhoRents “Your average realtor or “financial planner” has probably never heard of a statistic called a median”
Median? Mode? Mean? Don’t confuse me with concepts! Where’s my comish?

patriotz
Member

@17:

It would appear that about 1.5% of Vancouver CMA families have incomes over $250K:

http://www.statcan.gc.ca/pub/75-001-x/2007109/article/10350-eng.pdf

See page 11. This is T1 source data.

Serious studies of income distribution report decile boundaries. That is, the bottom decile makes less than $X and the top decile makes more than $Y, etc. That way you know that everyone in a decile makes at least a certain amount (except the bottom of course), and you know what everyone in the decile can afford.

tedeastside
Member
tedeastside
Guy Smiley
Member
Guy Smiley

Totally. Imagine if everyone in Vancouver had the same sunny, lovable disposition of tedeastside….. This place would be heaven!

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