Open Topic

Hey Slackers! It’s Friday Free-for-all time!

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94 Comments

Hey, look at that, it’s the end of another work week!

And that means it’s time for another Friday Free-f0r-all, 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:

–money laundering in RE
–Poloz, king of the economy
–Ready for another rate cut?
–Calm down!
–Keep market buoyant
–the 30% pay cut
–Bubbles and balloons
–The bullish point of view
–

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

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realist

@83 Kabloona @87 patriotz “Oz’ “restrictions” on foreign ownership are a complete sham. Foreigners can buy any new property or any existing property provided they tear it down and build a new one.” Agreed — Oz’s “restrictions” on foreign ownership are a gift to developers catering to off-shore money, dressed up as helping the locals attempting to enter the property market. As in, buying little people’s votes while shovelling money to their big donors – Good onya, mate! & nifty politics if you can get away with it. However, one positive about Oz’s approach is that their ineffectual regulations do not expose taxpayers as direct subsidizers and ultimate bagholders of their housing speculation to the same extent as in Canada, via CHMC. I predict that any “solution” to Canada’s housing affordability problem proferred by our present or wanna-be governments will… Read more »

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Bull! Bull! Bull!

@90

if i was you i’d be more worried about the impact of the chinese stock panic on your online trading accounts.

“The drop in commodity prices could have further-reaching effects. The economies of Canada and Australia have been driven to an important extent by booming commodity exports. These economies recovered much more rapidly from the 2008 crash than most other wealthy countries, in part because house prices in both countries quickly returned to bubble levels.”

hmm… interesting. the chinese crash is going to impact the economy, huh? i wonder what is driven by the economy… could it be stocks?

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Oracle

Just saw the Vancouver airport expansions plans. Massive expansion coming. Huge new terminal, new super runway , new skytrain station, etc. new bridges to sea island from west drive/arbutus.

Tolls to use sea island bridges.

The stakeholders are planning for a massive influx of wealthy people from Asia.

The renters here will have no say. Downvote all you want but it’s true.

New mega mall coming to Tsawassen, huge port expansion and a dwindling supply of sfd homes.

If you want to live here, buy at the next correction. I sure am.

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southseacompany

“China stock panic could pop housing bubbles”, AL Jazeera http://america.aljazeera.com/opinions/2015/8/china-stock-panic-could-pop-housing-bubbles.html “Chinese economy will likely recover, but drop in commodity prices could have far-reaching effects in wealthy countries” “The drop in commodity prices could have further-reaching effects. The economies of Canada and Australia have been driven to an important extent by booming commodity exports. These economies recovered much more rapidly from the 2008 crash than most other wealthy countries, in part because house prices in both countries quickly returned to bubble levels.” “The price of a typical home in Canada is 13 percent higher than in the U.S., despite the fact that its per capita income is more than 20 percent lower. In Australia, with an average income that is 93 percent of the U.S. level, the median house price is almost twice the U.S. level. Market fundamentals don’t explain this… Read more »

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southseacompany

“Presales lead Toronto condo boom in first half of year” BNN

http://www.bnn.ca/News/2015/8/31/Presales-lead-Toronto-condo-boom-in-first-half-of-year.aspx

“Toronto’s condo sector is shaping up to have one of its strongest years on record, dispelling fears that Canada’s largest housing market is ripe for a correction.”

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southseacompany

“Metro Vancouver housing affordability nears worst ever seen: RBC”, Vancouver Sun

http://www.vancouversun.com/Metro+Vancouver+housing+affordability+nears+worst+ever+seen+Canada/11329756/story.html

“Housing affordability in Metro Vancouver is nearing the worst level ever seen in Canada, RBC Economics says.”

“The index, which captures the proportion of pre-tax household income needed to service the costs of owning a home, rose the most for B.C. among all provinces.”

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patriotz

@83: This article is full of contradictions and nonsense. Our government should follow the examples set by other governments in similar situations, such as Australia and New Zealand. This is the last thing we should do. Oz’ “restrictions” on foreign ownership are a complete sham. Foreigners can buy any new property or any existing property provided they tear it down and build a new one. This has the same effect on aggregate demand, and thus prices, as if they could buy any property. The proof for all to see is that Oz has an even bigger bubble than Canada. Oz’ prime minister isn’t even pretending he wants lower prices – he says openly that he thinks RE prices should keep going up. What Canada should be doing is making it undesirable for offshore buyers, or local ones for that matter,… Read more »

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YLTNboomerang

Done! And copied to many others.

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southseacompany

“World to Fed: We’re ready for US rate hike, so don’t delay”, CNBC http://www.cnbc.com/2015/08/30/world-to-fed-were-prepared-for-us-interest-rate-hike-so-dont-delay.html “Central bankers from around the world are telling their American counterparts that they are ready for a U.S. interest rate hike and would prefer that the Federal Reserve make the move without further ado.” “In private and in public at last week’s global central banking conference in Jackson Hole, the message from visiting policymakers was that the Fed has telegraphed an initial monetary tightening and, following a year-long rise in the dollar, financial markets globally are as ready as they can be.” “An end to more than six years of rock bottom U.S. rates will touch off a wave of potentially painful adjustments as countries deal with the likelihood of an even stronger dollar as well as capital outflows from some emerging markets and changes in… Read more »

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mls watch

I used to complain about Vancouver, but the more I travel, the more I realize how lucky I am to be living here. All cities have pros and cons. Just find a town that matches your priorities.

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kabloona

In case anybody missed it in the Mop ‘n Pail this weekend….. 😉 “Stephen Harper’s approach to real estate issues is flawed” http://www.theglobeandmail.com/report-on-business/rob-commentary/stephen-harpers-approach-to-real-estate-issues-is-flawed/article26151677/ (note: headline in the actual paper reads: “The real estate election?”) DAN BARNABIC Contributed to The Globe and Mail Published Saturday, Aug. 29, 2015 3:00AM EDT “What else but bizarre would you call Conservative Leader Stephen Harper’s re-election promise to spend a half a million dollars of taxpayers’ money to collect data on foreign ownership of our real estate market to ensure that the purchase of homes by foreign, non-resident investors doesn’t affect the “availability and affordability of homes for Canadians”? As if the government couldn’t readily obtain such data from the Canada Revenue Agency’s tax records of foreign buyers. Better yet, Mr. Harper’s policy advisers could call major Canadian real estate brokers, such as B.C.’s Macdonald… Read more »

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vangrl

“If you own property in Calgary and are worried about your home’s value, it’s probably just best to wait this energy recession out and apply prudent debt management practices to your personal finances – reduce or consolidate high interest debt, make your payments on time and in full, and try to build up some emergency savings in the event that unemployment comes knocking.”

if only it were that easy…

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vangrl

“According to the Calgary Real Estate Board, MLS sales in the Calgary apartment category this month, to Thursday, have fallen 38.1 per cent compared to the same period a year ago, with 245 transactions. The average sale price has dipped nearly 11 per cent, to $296,304.

In contrast, detached home sales in August are down 20.7 per cent from last year to 862 units and the average sale price is down by about one per cent to $541,004.

“Certain types of housing are more vulnerable to price fluctuations than others. Condos happen to be the most vulnerable and single-detached homes are the least. So, owning your own piece of the rock can actually protect you somewhat in a volatile economy,” said Lesley-Anne Scorgie, founder of MeVest and a bestselling author on personal finances.”

http://calgaryherald.com/business/real-estate/calgary-condo-market-sees-big-decline-in-sales-and-prices

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History

This week we’ll find out which restaurants had back up generators and which ones did not. In the meantime, feast time at the foodbanks and soup kitchens.

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vangrl

Wow 2 full days no power, or hot water, that was fun! If any of you are for preserving our heritage, please take a minute to e-mail your thoughts! EMAIL – mayorandcouncil@vancouver.ca It’s going to vote soon, and they take every e-mail into consideration. You can copy and paste the wording below, or just write your own words, or just change the wording a bit….you get the idea. “RE: First Shaughnessy Heritage Conservation Area Dear Mayor and Council, I wholeheartedly support the establishment of Heritage Conservation Area in First Shaughnessy. Municipalities across North America have policies and programs in place to protect heritage neighbourhoods and districts. British Columbia has 70 Heritage Conservation Areas, 10 of which are in Victoria, yet Vancouver has none. First Shaughnessy is recognized as a unique architectural and historical area. Despite this, 56 of the 317… Read more »

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GreenSalad

Canada’s housing bubble: Not on the election agenda

That the Conservatives might want to juice the market isn’t really surprising. Harper’s core of support is those home-owning Boomers and seniors who would benefit. If higher prices anger younger Canadians, well, they were unlikely to vote for him anyway.

Yet, during the campaign, even NDP Leader Thomas Mulcair has done little but warn that “there could be a bubble created there, and we could be in for a terrible surprise.” The NDP’s platform does include subsidies in the form of tax breaks for landlords to construct affordable rental units, but Mulcair has refused to say if he would use the federal government’s regulatory powers to tighten lending rules and cool the market. In fact, he believes CMHC has done a “fine job.”
http://www.macleans.ca/economy/realestateeconomy/why-the-housing-bubble-is-not-up-for-debate/

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StupidityCheck

76: No, most can’t buy groceries with that money. They need every penny going towards the mortgage.

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bobwestsiderealtor

@67 you are a terrible investor, you bought in (finally), 14 years into a generational bull market. You have missed on every call for as long as you have been on this board (4yrs? 6yrs? 8, 10?). Face facts, your inability to analyse the Canadian real estate market has been nothing but an ongoing comedy of errors. Whatever you are doing, stop, and try something else. Your macro analysis has utterly failed you and your listeners.

43% of Vancouver home owners generate cash flow with an income suite. Number, which could in fact be a lot higher. That is real, hard cash that they can buy groceries with:

http://www.vancouversun.com/business/Mortgage+helpers+mainstream+Vancouver/11314324/story.html

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Loon

What the heck is up with BC hydro’s 3rd world response to the power outages ? I feel embarrassed for them.

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Spec

65, 66 & 73. Please pick a handle and stick with it.

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Shove it Shutter

SHUT it down ….quack quack quack. ..keep quacking if that what fills your boots.

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patriotz

China punishes 197 over stock market and Tianjin ‘rumours’

Chinese authorities have punished 197 people for spreading rumours online about the recent stock market crash and fatal explosions in Tianjin, according to state news agency Xinhua.

A journalist and stock market officials are among those arrested, Xinhua said. It gave no other details.

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Shut It Down Already

65, so it’s me who is making this site boring and not the endless “Free for all” threads, constant whining about things people don’t like about Vancouver, flame bait links to any and all negative news stories about China, and lack of any real discussion of real estate despite Paul’s rockstar persistence in providing daily stats? Gotcha.

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History

wolfstreet.com/2015/08/29/china-entering-a-recession-not-just-a-hard-landing/

evidence is piling up that the Chinese economy is actually shrinking.

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Bestplaceonearth

How is you portfolio in the recent days?
” Cash isn’t threatened by raising interest rate ”
Have you checked your grocery bills lately, Mr. Arm chair economist? Oh wait, you can’t afford steak.

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