Friday Free-for-all! Crazy market edition.

Well hello there!

Looky here, it’s the end of another week already and you probably already know what that means…

Friday Free-for-all time!

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

But first a note. Many news sites have moved to a subscription model which limits views of articles (hello Globe and Mail!). This is a bit of a downer for a news and link round-up feature since you might use up your monthly limited article views on articles that don’t interest you beyond their headline.

So with that in mind we’re switching most of our FFFA links to the original VCI comment that pointed them out.  This means you get the context with selected quotes or excerpts to decide if you want to follow the link to the original article and you can see who here originally pointed out the article, but it means you need to click an extra link to read the full story.

Does this change drive you crazy as an overbred purse dog or are you west-coast chill about it? As always your comments about this change are welcome.

OK! Now here are the links to kick off the chat:

Did you short Genworth at the right time?
There will be fewer hungry realtors this month
All about those rates?
Vancouver is the next… Calgary?!?
Economy shrinks
Over 55? Stop paying property tax sucker!
Who ya gonna blame for this crazy market?
What is the Difference between bulls and bears?
An orderly correction please.

So what are you seeing out there?

Post your news links, thoughts and anecdotes here and have an excellent long weekend filled with bunnies, eggs and chocolate!

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piklishi
Guest
piklishi

Enjoy the long weekend and happy easter, don’t stress about real estate for a bit. Things will get better.

patriotz
Member

John Baird lands yet another job as adviser to Hong Kong billionaire

Former foreign affairs minister John Baird has another new job, this one advising Hong Kong billionaire Richard Li, son of one of the wealthiest men in Asia.

Dad is of course Li Ka-Shing, who got the Expo lands at the expense of the BC taxpayer.

Brian Ripley
Guest
Brian Ripley

The divergence is widening between the TSX Real Estate and Financial Services indexes with financials turning down much earlier than at the 2007 top. Here is the March data:

http://www.chpc.biz/tsx-indexes.html

Is this a prelude to a plunge? In 2007 as the divergence widened on financial fears and energy anxieties, real estate appraisers had to dust off their calculators and return to adding the income approach and replacement calculations back on to their comp-heavy arguments.

Corrupt in Canada
Guest
Corrupt in Canada

http://www.vancitybuzz.com/2015/04/st-pauls-hospital-demolished-condos-ndp-mla/

More condos for those dam foreign investors to snap up and rent back to the lowly local. AMIRITE?

Corrupt in Canada
Guest
Corrupt in Canada

That homophobic dude was right, no rate hikes in the US for awhile. Sigh Canada is never going to raise rates.

http://www.bloomberg.com/news/articles/2015-04-03/weak-jobs-gain-gives-fed-new-reason-to-delay-first-rate-increase

Corrupt in Canada
Guest
Corrupt in Canada
southseacompany
Member
southseacompany

“The average price for a Vancouver detached home just hit a new record: $1.4 million”, Financial Post

http://business.financialpost.com/personal-finance/mortgages-real-estate/the-average-price-for-a-vancouver-detached-home-just-hit-a-new-record-1-4-million

nufio
Guest
nufio

like ive been saying for a long time now.. rates will never be raised… all developed nations are following the japan playbook.

Yunak
Guest
Yunak
Wearehere
Guest
Wearehere

@ 5
and Garth is out saying again that despite the bad US Non-farm payroll numbers we will have rate hikes. Of course he has been saying the same things for a LONg time

Not that I see how the US raising rates will affect our housing.

Wearehere
Guest
Wearehere

@2

Sure stinks ti high heaven!

Corrupt in Canada
Guest
Corrupt in Canada

@#2
“Dad is of course Li Ka-Shing, who got the Expo lands at the expense of the BC taxpayer.”

How was it at the expense of BC taxpayers? He bought during the dip like the smart investors do.
The idiots are the government who was so short sighted to sell it off, much like what happened recently with the Olympic Village.

Funny how history repeats itself.

Son of Ponzi
Guest
Son of Ponzi

#12
who elects the government?
Stupid taxpayers.

Oracle
Guest
Oracle

Was with a bunch of wealthy gov connected people today. Here’s what I found out.

1. The YES side campaign has decided to only advertise in Vancouver and not the suburbs. New strategy is to get vancouverites to vote (most likely to vote yes) and to erase the vote from memory of people in the suburbs.

2. Prime minister of India is coming to Vancouver and Christy is getting set to expand the international student program. 300 people to be invited to dinner. I’m putting in n application as we’ll. I’ll let you know how that goes.

3. Hepner, the mayor of Surrey, will in a few weeks threaten homeowners that their property taxes will rise if there is a NO vote.

Oracle
Guest
Oracle

And to the idiots who still live by GT blog and its conclusions….fuck are you guys ever dumb.

The USA will raise rates by 0.25% over the next few years and he will say ‘told you so’

Makes me want to vomit not only at him but the cult followers.

patriotz
Member

@12: “How was it at the expense of BC taxpayers?”

You answered your own question:

“He bought during the dip like the smart investors do. The idiots are the government who was so short sighted to sell it off”

I’m not saying he stole it. I’m saying Vander Zalm gave it away.

“much like what happened recently with the Olympic Village. ”

Not like the OV at all actually. The OV disaster happened because the CoV thought they could get an excessive price for the property by taking on completion risk. So it’s really the opposite situation.

patriotz
Member

@14: “The YES side campaign has decided to only advertise in Vancouver and not the suburbs.”

I don’t know whether this is true or not, but it’s CoV residents who would actually get the short end of a new transit tax as they have been getting the short end on transit all along.

It’s the suburbs which have the lowest fare recovery (i.e. highest subsidization) and future improvements whether in the City or suburbs would mainly benefit the latter.

CoV residents would be better off if they didn’t have to support the regional system and paid for their own bus system themselves.

franko
Member
franko

I was seriously considering voting yes.
That all changed when I learned that the package includes the extension of the regions cycling networks.

Until climate change reduces the amount of rain and time erodes all the hills in this city, cycling will continue to be more of a recreational exercise than a necessity. Nothing wrong with recreation, but it should not compete for funds that are desperately needed to reduce traffic gridlock, mainly during our soggy nine month long winters.

I keep hoping for a vacancy in Amsterdam that might appeal to Gregor.

Frosty One
Guest
Frosty One

“Until climate change reduces the amount of rain and time erodes all the hills in this city, cycling will continue to be more of a recreational exercise than a necessity.”

Man I really don’t understand this attitude. Just because you’re too lazy to bike in the rain doesn’t mean that everyone else is. Would you rather have someone getting to work on a bike off in a dedicated route or sitting in front of you in a car or truck adding to gridlock?

Not everyone cycles, rides the bus, uses skytrain, uses the HOV, walks AND drives to get around, but that doesn’t mean that all of them aren’t valid forms of transportation that should be encouraged to cut down on traffic.

bobwestsiderealtor
Guest
bobwestsiderealtor

“The entire 82-hectare site on which the future Creekside Park sits used to be an industrial site. It was bought by the provincial government for $60 million in 1980 and used for the world fair Expo 86.

In 1988 the entire parcel was sold by the Social Credit government of the day for a reported $320 million to Concord Pacific, whose majority shareholder was Hong Kong billionaire Li Ka-shing.”

http://www.theprovince.com/technology/False+Creek+residents+shocked+when+assessment+reduced+chunk+Expo+lands/8813037/story.html

$240 Million profit in 8 years. Not to mention the millions in revenue from taxation of condo owners.

How is that giving it away? It tool the visionary free market leadership of Mr. Ka-shing to make False Creek what it is today.

bobwestsiderealtor
Guest
bobwestsiderealtor

“Not like the OV at all actually. The OV disaster happened because the CoV thought they could get an excessive price for the property by taking on completion risk. So it’s really the opposite situation.”

Because the COV should not be in the real estate development game – you are arguing with yourself.

Westside Realtor
Guest
Westside Realtor

Oracle,

Some good posts.

USA will only increase interest rates by 0.25% over the next few years…

I beg to differ (in my opinion) and am of the view that a synchronized global recovery will drive rates up more sharply by that.

I assume if rates rise by more than a quarter point, that you will pull a GT and spin around it and claim to have been omnipotent the whole time…:-)….that guy is a master communicator, I give him that.

On another note, a 54% increase in sales volumes and all we get is a modest increase in prices for the month, despite the pidly inventory (no one wants to sell when they think they can get more later). Classic market top/exhaustion.

I stick to my view that prices and the whole gasbag looks shaky in a few months time.

WSR

Joe Mainlander
Guest
Joe Mainlander

Here’s Bob Ransford’s take on the Expo Land sale, from Gordon Price’s PriceTags Blog:

https://pricetags.wordpress.com/2015/01/06/the-mostly-untold-story-of-the-sale-of-the-expo-lands/

What the?
Guest
What the?

17 Patriotz

I did not agree with you that Vancouver residents get the short end of the stick with transit

In the greater vancouver area transit is all aimed towards Vancouver sort of like all roads leading to Rome

When I was younger it was affordable to live in Vancouver and travelling by bus was easy and quick in fact it was better than driving as no parking hassles

Then I lived in Mount Pleasant and worked downtown now I live in the tri cities area and work in Delta

Now I live in the suburbs and transit is not convenient at all try taking transit from Port Coquitlam to Langley probably 2 hours

Westside Realtor
Guest
Westside Realtor

At my second Open House today, traffic is slllloooooowwwww.

WSR

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