Friday Free-for-all!

It’s that time of the week again, time for our regular end of the week news round up and open topic discussion thread for the weekend.

It’s Friday Free-for-all time!

Here are a few recent links to kick off the chat:

Trade deficit widens
The problem with everyone
$2m house on 19k a year income
Wealthy Chinese blamed
Not the most rigorous study
How to solve the Vancouver problem
Overbuilding?

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

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Westside Realtor
Guest
Westside Realtor

Slowdown in Westside SFH sales = CANARY IN THE COAL MINE.

Those who fail to learn from history are destined to repeat it.

Some great posts as of late….

I stand by my forecast, lower prices in a year..heck prices fell in September, perhaps a new trend is underway!!!!!

WSR

bullwhip29
Guest
bullwhip29

and as if there wasnt enough evidence that masses of zombie like sheeple out there are completely detached from reality, we get more of this engineered animal feed…

http://www.businessinsider.com/ap-the-latest-lamar-odom-hospitalized-with-ex-by-his-side-2015-10

i dont know if people genuinely believe it, just prefer to follow this scripted, staged nonsense or have nothing better to do. perhaps it is all of the above? hey, while were at it, let’s buy another house…(like the one the kardashians live in…)

bullwhip29
Guest
bullwhip29

“…no matter where I go and how hard I try, I cannot avoid being ambushed with credit card offers…”

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/everywhere-i-go-im-ambushed-with-credit-card-offers/article26785215

>>>again, the record debt levels are not the fault of the consumer 😉
i say, if you couldnt really afford to be shopping for “stuff”, maybe you should not be making those unnecessary trips to the mall in the first place? maybe for some consumers the lightbulb has finally gone on (or perhaps it is an alarmbell?) as evidenced by the mass slaughter walmart shareholders are experiencing this morning…just sayin’…

bullwhip29
Guest
bullwhip29

@ #185
if this was something that could easily be fixed with a broad pen stroke or a simple press of the EASY button someone would have made a more concerted effort to deal with it head on. unfortunately, as many here already realize, it is not that simple. there is no quick fix that doesnt sacrifice the longer term financial health of both the individual and the nation as a whole. at some point in time the medicine will need to be taken. the only questions that remain are what brand it will be and who will end up footing the bill. it also no wonder we are hearing this sort of BS from poloz on cbc too. now everybody go out and pickup a copy of bernanke’s book now..alrightly then..

southseacompany
Member
southseacompany

“Pattie Lovett-Reid: Don’t expect Stephen Poloz to help Canadians kick the debt habit”, BNN Video

http://www.bnn.ca/News/2015/10/13/Pattie-Lovett-Reid-Dont-expect-Stephen-Poloz-to-help-Canadians-kick-the-debt-habit.aspx

“Many are worried about the rising debt levels of Canadians given the ultra-low interest rate environment. However, not everyone is worried.”

“In case you missed it, Bank of Canada Governor Stephen Poloz says it’s not his job to stop people from making “bad choices.””

“In other words, borrowers and bankers “ bear the ultimate responsibility for their own decisions,” said Poloz on the weekend. “It is not the role of monetary policy to protect individuals from making bad choices.””

southseacompany
Member
southseacompany
southseacompany
Member
southseacompany
“Canada’s hot housing market debated everywhere but the campaign trail”, BNN video http://www.bnn.ca/News/2015/10/14/Canadas-hot-housing-market-debated-everywhere-but-the-campaign-trail.aspx “The subject of whether Canada’s red-hot housing market is heading for a crash has been a hot topic of debate everywhere but the campaign trail. Canada’s political leaders have been largely quiet about whether they think the housing market is sustainable.” “Despite those warnings none of the political three major political party leaders are proposing measures to cool the housing market – or Canadian’s mounting mortgage debt.” “In an interview with BNN last month NDP Leader Tom Mulcair said historically low mortgage rates are fueling mortgage growth, but stopped short of saying whether a New Democrat government would further tighten the market.” ““Right now there is a serious danger. I think that (in) some cities the prices are too high,” Mulcair told BNN. “There could be a… Read more »
Loon
Guest
Loon

@tedeastside

So good to have you back.
So nice to see you are your positive, upbeat self as usual 😉

Doc
Guest
Doc

“Detached home sales volumes in the city of Vancouver fell 41 percent from June to September”

Great Scott!

vangrl
Member
vangrl

“But cracks could be starting to show. Detached home sales volumes in the city of Vancouver fell 41 percent from June to September, with listings down just 3 percent, the largest drop in sales for that period since 2008.”

http://ca.reuters.com/article/businessNews/idCAKCN0S81I920151014

vangrl
Member
vangrl
right-or-wrong
Guest
right-or-wrong

All the media talking about the crazy price increases in Vancouver and Toronto.
15% increase YOY in Vancouver 20% in Richmond and Burnaby

All the usual RE suspects were on trying to take the blame off HAM ( eg Lovett-Ried) and on BNN analysts saying don’t blame Poloz and Harpo. We are the ones taking on the debt.

What a joke? They set the rules and then blame everyone else when they play by those rules. Those who have been prudent and have not gone deep into debt are the ones that have lost out.

Egg Hunt
Guest
Egg Hunt
southseacompany
Member
southseacompany
CBC News on Poloz: “Stephen Poloz says Bank of Canada not responsible for record debt” http://www.cbc.ca/news/business/stephen-poloz-says-bank-of-canada-not-responsible-for-record-debt-1.3268738 “It’s not the Bank of Canada’s job to fix bad decisions consumers make with regard to debt loads in the current low rate environment, Stephen Poloz says.” “The central bank has come under fire in recent years for repeatedly warning Canadians about the dangers of taking on debt once rates inevitably increase, but then failing to actually move rates higher.” “”Since we are an inflation-targeting central bank, our policy tool must always be directed first at our inflation target,” was how Poloz summed it up. That poses a problem when the cheaper lending tailored to the business community spills over into other parts of the economy, such as the housing market, where it sometimes encourages recklessness.” “There’s evidence that’s happening, as housing prices set… Read more »
Oracle
Guest
Oracle

Yunak:

China imports numbers are directly correlated with illicit money outflows out of China. So there is a slowdown of money leaving China.

tedeastside
Member
tedeastside

a city like vancouver???

what does lamecouver have to offer???? you can go for a walk in the park and then have a coffee , then you can sit on a bench and look at some trees, then have a coffee, and do it all in the cold rain too…..wow what a city.

Yunak
Guest
Yunak

@169

“Six houses have sold in the 3200-block of West 21st this year, and it’s only a half block. Two were torn down. One has been empty for months and is attracting rats.”

Attracting rats… means business investment, so price will go up

http://www.nbcnews.com/id/19852455/ns/business-small_business/t/mmm-rodents-china-feasts-rat-infestation/#.Vh3oqZRfOK0

Yunak
Guest
Yunak
Shut It Down Already
Guest
Shut It Down Already

$3.6m is a great price for a detached freehold property close to the centre of a city like Vancouver. It only seems expensive now because 12-13 years ago they were practically giving them away.

Do you still think that you’ll be able to snag one for $500k if you just wait a couple of years?

Talk about price to income ratios all you like, but the fact is local average incomes in Vancouver aren’t too dissimilar to other places with comparably priced properties.

Based on what I know some recent arrivals are paying for their rents, then in many cases price:rent is within a justifiable range also.

Vanco
Guest
Vanco

So what’s so bad about foreign investments?

They move money out of China (not good for China due to capital loss, tax evasion, etc.)

But perspective, my bear friends.

In Canada, Billions in Land transfer tax (pays for MSP, public projects), Increase in construction (local jobs, consumption of wood and other natural resources we produce), increase in net worth of 70% of Canadians (remember every transaction takes a buyer and a seller).

I guess the only people affected in Canada are the priced out, SFH hoping bears and that’s why they are so angry.

Vanco
Guest
Vanco

Dunbar house sold for 3.6M; Vancouver housing went up 20% YoY; HNWI has highest rate of increase in Asia Pacific; Chinese buying up properties in major world cities.

Bears cry out in unison: It’s not fair! How crazy is it all! Call the politicians, call any one!

I think the angry bears will get more angry in the next 5 years. I guess only some people make lemonade.

Laundry-city
Guest
Laundry-city

“But hiking PTT on luxury homes — a move B.C. Finance Minister Mike de Jong has hinted is coming — will not address the equally pressing issue of millionaire migrants who avoid or evade paying appropriate levels of income and capital gains taxes.”

No kidding!!

These politicians are too dumb to do anything meaningful.

Best place on meth
Member
Best place on meth

@168

“It’s probably a tear-down,” observes Geoff Peters who lives across the street. Hasman “sent a promotional letter immediately to neighbours implying he could do the same for us.”

And the fact is, he probably could.

Peters says he was not impressed by the apparent increase in his own home equity. “We are upset about the decreasing affordability of homes in Vancouver, and especially our neighbourhood.

“Six houses have sold in the 3200-block of West 21st this year, and it’s only a half block. Two were torn down. One has been empty for months and is attracting rats.”

Actually Mr. Peters, the house attracted rats the moment it was listed.

vangrl
Member
vangrl

“How crazy has Vancouver’s housing market become?

Well, you decide: The 80-year-old Dunbar home in the accompanying photo sold recently — for $802,000 above the asking price.

The four-bedroom home on West 21st Ave., featuring a two-bedroom basement suite and views from its second storey, was listed by realtor Andrew Hasman in late September at $2.788 million. The winning bid — of the 12 received within nine days, all from “immigrant” buyers — was $3.6 million.”

http://www.vancouversun.com/opinion/columnists/barbara+yaffe+politicians+largely+avoid+topic/11435155/story.html?__lsa=c565-7f6c

Best place on meth
Member
Best place on meth

Friends,

The fact of the matter is, and let me be perfectly clear on this, if my opponent is elected, the Canadian economy will be destroyed, ISIS will overrun every city and town in our nation imposing sharia law, every middle class Canadian will pay 150% more taxes and our dear Israeli friends will cease to exist.

The choice here couldn’t be more clear, you can choose to stay the course with my steady, tried and true leadership or you can choose armageddon.