Friday Free-for-all!

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

You made it to the weekend and that means it’s time for another Friday Free-for-all!

This is our regular end of the week news roundup and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

A petition for change
A variation
No more goofy superstitions
Reverse mortgages popular
Mo Debt
Royal Bank scraps limit
Uncle and Aunt-ecdote
Times they are a changin’

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

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CG
Guest
CG

“This is, by definition, anti-democratic. No individual American has the resources to ensure his or her economic and political interests are safeguarded within this vast global regulatory structure. The predictable and surely desired result of the TPP is to put greater distance between the governed and those who govern. It puts those who make the rules out of reach of those who live under them, empowering unelected regulators who cannot be recalled or voted out of office. In turn, it diminishes the power of the people’s bulwark: their constitutionally-formed Congress.”

Jeff Sessions: Kill The ‘Anti-Democratic’ Trans-Pacific Partnership In The Crib, Repeal Fast-Track Authority Now

http://www.breitbart.com/big-government/2015/11/05/jeff-sessions-kill-the-anti-democratic-trans-pacific-partnership-in-the-crib-repeal-fast-track-authority-now/

Oracle
Guest
Oracle

Bulls and Bears:

We got to unite and fight the TPP.

Nothing good can come out of this for us 99% who already enjoy a better standard of living than most of the world. This only benefits the 1% in Canada.

Let’s fight this.

Even if you own a Westside home, you will be relegated to a unit of labour.

Divided we fall.

w
Guest
w

Housing not a priority for Christy Clark government

https://www.youtube.com/watch?v=ZzdBMNzKe_Y

southseacompany
Member
southseacompany

“‘Astounding’ U.S. jobs gain bolsters December rate hike case”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/economy/jobs/robust-us-jobs-report-bolsters-december-rate-hike-case/article27141387/

“U.S. job growth surged in October after two straight months of tepid gains, with the unemployment rate hitting a 7-1/2-year low of 5 per cent in a show of domestic strength that makes it more likely the Federal Reserve will hike interest rates in December.”

southseacompany
Member
southseacompany

“Canada’s new Finance Minister urged to act on hot housing market”, Globe & mail

http://www.theglobeandmail.com/report-on-business/top-business-stories/canadas-new-finance-minister-urged-to-cool-down-housing-market/article27140929/

“The country’s new Finance Minister had better look soon, and possibly act, given what’s happening in soe of Canada’s hot housing markets, the chief economist at HSBC Bank Canada warns.”

“Mr. Watt believes Bill Morneau, the rookie Finance Minister named to the post just this week, may need to take a page from one of his predecessors, the late Jim Flaherty, and move to cool down the market.”

““In our view, there is a strong case for further macro-prudential measures to manage potential risks to economic growth and financial stability from the housing sector,” he added.”

southseacompany
Member
southseacompany

“Mortgages For All: How over-leveraged homeowners are turning to private lenders and threatening the economy”, Toronto Life

http://torontolife.com/how-private-lenders-and-debt-crazed-homebuyers-are-pushing-torontos-real-estate-market-to-the-brink/

space889
Guest
space889

@southseacompany – Aren’t private lenders not back by CMHC or gov’t and hence is currently the only free market left in the housing industry? Where the company bears the full credit risk?

If bears want free market in housing then they should cheer for this and increase bigger market share for private lenders. Rather than trying to regulate it on the pretense that it is a threat to the economy.

space889
Guest
space889

So 80% of poll respondents don’t like Chinese buying $3M+ houses which even in normal markets with 5% mortgage rate and NO chinese buying, they couldn’t afford anyways. And those bastardly Chinese buying the $3M+ are also driving up the prices of tens of thousands of other homes being sold in all of GVRD, including 1br 450 sq ft condos or 800 sq ft 3br townhouses going for $800K+ or more?? Seriously??? The 1% of the housing market transactions have that much power on the rest of the housing market?

The fact that 1br sub-500 sq ft new condos in Metrotown, or Marine Drive & Cambie going for $400K+ and renting for like $1500/month is the fault of Chinese buying $3M+ mansions??

UBC in crisis mode
Guest
UBC in crisis mode

A Brave New World:

China replaced Canada, becoming US’s largest trade partner for the first time:
http://www.cbc.ca/news/business/canada-us-trade-1.3307544

Best place on meth
Member
Best place on meth

@9

War will take care of that relationship.

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

@Oracle

i’ll support your stance on TPP if you support my stance on bringing back serfdom.

Best place on meth
Member
Best place on meth
China’s Money Exodus: Here’s how the Chinese send billions abroad to buy homes http://www.bloomberg.com/news/features/2015-11-02/china-s-money-exodus The ranks of China’s wealthy continue to surge. As their economy shows signs of weakness at home, they’re sending money overseas at unprecedented levels to seek safer investments — often in violation of currency controls meant to keep money inside China. This flood of cash is being felt around the world, driving up real estate prices in Sydney, New York, Hong Kong and Vancouver. The Chinese spent almost $30 billion on U.S. homes in the year ending last March, making them the biggest foreign buyers of real estate. Their average purchase price: about $832,000. Same trend in Sydney, where Chinese investors snap up a quarter of new homes and are forecast to double their spending by the end of the decade. In Vancouver, the Chinese have… Read more »
AtomicFrog
Guest
AtomicFrog
You want the Vancouver housing market to crash? Look for these few things to happen: 1. Massive layoffs, people are losing their jobs in metro Vancouver, and even if they find a new one, the salary is much lower than before (part time or self-employed). 2. Interest rate going up: this one is very unlikely to happen. 3. Lots of ppl got fed up with Metro Vancouver, and just plainly move out of the region driving the rental demand downwards. Most of my friends are local Chinese, and almost all of them are paying a big mortgage payment every month like 4K+. 2 basement suites renting out getting them 2K+ in cash per month (no need to pay tax). Then it is just 2K+ a month to pay the rest of the mortgage, lots of local Chinese in Vancouver can… Read more »
Maria
Guest
Maria

Brian Jackson, retiring Vancouver city planner “foresees no change in ever-upward pricing pressures on housing unless Ottawa shifts immigration policy or applies land purchase restrictions on foreigner buyers or the Bank of Canada hikes interest rates”.

http://www.vancouversun.com/opinion/columnists/barbara+yaffe+retiring+vancouver+city+planner+blasts/11496039/story.html

Zero Down Forty
Guest
Zero Down Forty

Of course Brian Jackson stopped renting and bought an apartment in False Creek.

It’s like being stuck in traffic. You look around and blame everyone else, not realizing you’re an equal part of the problem.

Whistler or bust?
Guest
Whistler or bust?

“Interest rate going up: this one is very unlikely to happen”

Interesting to note that the Gov’t of Canada 5 yr. Bond has gone from 0.75% a few weeks ago to 1.03% today.

That does not sound like much but that is an huge move for a short period of time. Look for the 5 yr. mortgage rates to tick higher 10-15 bps soon.

Not much but a move in the right direction.

Whistler or bust?
Guest
Whistler or bust?

Question for the group –

In a lease that automatically converts to month to month at expiration does the tenant have to wait until the lease goes month to month before serving 30 days notice?

For further clarification: The lease ends Dec 31 and goes month to month after that. Can the tenant serve 30 days in late Nov and move out Dec 31?

Thank you in advance for your answers.

crikey
Guest
crikey

#17 said, “The lease ends Dec 31 and goes month to month after that. Can the tenant serve 30 days in late Nov and move out Dec 31?”

I would think that the answer to your question is “yes”. That said, without seeing your contact I cannot be sure.

This BC tenant resource and advistory centre includes an infoline that I should be able to answer your question with authority:
http://tenants.bc.ca/

space889
Guest
space889

@Whistler or bust? – For someone who claims to own thousands of real estate, your knowledge of renting and lease agree seems very lacking.

LS in Arbutus
Guest
LS in Arbutus

If you need any info on BC residential tennacy issues you can always call them as well. They are very helpful. I agree that a Dec 1 notice for Dec 31st lease termination is OK. If lease terminates Dec 31st, I don’t know how you would say they have to stay longer as that is the end of the lease period.

realist
Member
realist

@5 “The country’s new Finance Minister had better look soon, and possibly act, given what’s happening in soe of Canada’s hot housing markets, the chief economist at HSBC Bank Canada warns.”

Hahahahaha! The fox is worried about the condition of the chicken coup, especially its future earnings. And this particular fox is knowledgeable about current conditions in the coup, and can extrapolate.

And no one cares more about a chicken coup than a fox, do they?

Whistler or bust?
Guest
Whistler or bust?

@19 – Don’t need to. They do it.
http://www.milestonereit.com
http://www.puremultifamily.com

I sit back and wait for my monthly cheques to come into my bank account. And unlike you, I can get any or all of my money on 3 days notice for $15.

Diadora
Guest
Diadora

How grey the world’s best city is. I wish I am in californa now.

Oracle
Guest
Oracle

I can give you one pice of advice that you can take to the bank.

Indians consider it to be a taboo to live in a condo or townhouse. Community looks down upon them. The goal is always detached.

Thats why prices in Surrey won’t go down until concentrated immigration both perm and temp is decreased.

Oracle
Guest
Oracle

@Maria Post#14.

He is absolutely correct.

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