Archive for the ‘data’ Category

Housing costs in bc ‘pretty reasonable’

Monday, May 18th, 2015

The BC Housing Minister has clarified whether or not his ministry or the government will collect data on real estate buyers:

“I don’t believe we should be in the market place,” Coleman said, referring to his ministry, “and we have not had any request to go and do this work … There is no initiative at this time in government to go and interfere in the market place in regards to housing.”

The collecting of any data is not necessary because housing cost are actually pretty reasonable when you look at it right:

“I believe that the market place adjusts. If you notice over the years, it has fluctuations up and fluctuations down. If you look at the mean cost of housing across British Columbia and you compare it to other major cities worldwide, the reason it is attractive internationally is because it’s actually pretty reasonable compared to other cities like London, Singapore, Tokyo,” Coleman answered.

It’s actually a VERY favourable comparison. Initially we thought he was asking us to compare Vancouver housing prices to London house prices, but then we realized he was actually asking us to compare the mean cost of housing across the province of BC to a city like London.

Other than the differences those two things are very much alike.

Read the full article over at VanCity Buzz.

Friday Free-for-all!

Friday, May 15th, 2015

It’s that time of the week again…

Friday Free-for-all time!

This is our standard 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:

-How about more taxes?
-Not all owners oppose lower prices
-Equity Protection
-What a realtor says
-The premier wedge issue?
-Lessons learned in the 80s?
-Harper warns of high debt

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

 

Canadians deep in debt and getting deeper

Monday, May 11th, 2015

The Globe and Mail nicely sums up the current Canadian obsession with taking on household debt. This infographic has all the pretty charts related to the current situation in which current debt totals a record $1.8 trillion. Just over a trillion of that is Mortgage debt, with the other big growth seen in lines of credit and car loans.

One Trillion is a big number and it can be hard to visualize.  Here’s one way to put it into perspective:

If you spent $1-million every day, it would take you 2,740 years to spend $1-trillion.

Albertans carry the largest debt to income ratio followed by BC. It seems the nation loves debt, but the west loves it best.

Read the full article here.

Vancouver Realtors getting less hungry.

Tuesday, May 5th, 2015

RFM has posted an updated Vancouver Realtor Hunger Index for April 2015.

The index now stands at 37%.

As RFM says:

he VANCOUVER REALTOR HUNGER INDEX is the percent of realtors who earned no commission income for the stated month. For April 2015 the VRHI was 37%. How does this compare? The 18-year average for April is 41%. At 37%, the 2015 April VRHI was higher than 5 years, the same as one year and lower than 11 years since 1998. Sales outpacing listings? Prices strongly increasing? Consult the DSM-5 for a complete explanation! (The Diagnostic and Statistical Manual of Mental Disorders (DSM-5), published by the American Psychiatric Association, offers a common language and standard criteria for the classification of mental disorders.)

Details and comparison data for 18 years at: http://vancouverpeak.com/showthread.php?tid=64

Report your neighbours vacant home

Thursday, April 30th, 2015

The city of Vancouver is looking at the issue of vacant homes and has expressed interest in building a website to allow people to report vacancies.

“We’ve all heard people asking why Vancouver is so expensive and telling us to look at all these empty houses. It’s a persistent question, so let’s get to the bottom of it and find out,” Coun. Kerry Jang said on Sunday.

Jang said he often receives feedback from frustrated residents blaming vacant homes and prospective foreign owners on Vancouver’s high housing prices, but the city is unsure whether those claims are justified and to what extent.

Jang said he personally is unsure whether those claims are true or not.
“That’s what we’re trying to find out,” he said.

Read the full article over at metronews.

Hey Vancouver! Why so unhappy?

Monday, April 27th, 2015

Imagine this:

There’s a city in Canada that has a temperate climate – it’s not frozen half the year. It’s widely acknowledged as a beautiful place with access to nature and people are willing to pay some of the highest prices in the world just to buy a bit of real estate there.

And yet the citizens are some of the most unhappy in the country?

What gives you bunch of ungrateful louts?

According to Statistics Canada the entire province of BC is filled with a bunch of unhappy people. Not a single city in BC even cracks the top ten happiest places in Canada.

And our fair city of Vancouver? Well 33rd place isn’t really that bad is it?

Stop crying and move to Quebec already if you’re so miserable!

 

Dutch Disease: Alberta Canada vs. Norway

Wednesday, April 1st, 2015

The term ‘Dutch Disease‘ refers to an increase in natural resource based economy crowding out manufacturing and other sectors. It’s also a stand in descriptor for taking all your winnings in a booming market and re-investing them in the same market.

When Oil prices were high, both the province of Alberta and the country of Norway benefited from a petroleum based economy, but they approached the future in different ways.

Brian Ripley over at CHPC summarizes Bruce Campbells take-away of the differences between these two economies approach to oil wealth:

Alberta’s so called “progressive” conservative governments; 7 consecutive iterations since 1971, have squandered their provincial energy resources leaving their treasury with a CAD 12 billion dollar debt and a 500 million dollar deficit.

Norway, a county of 5.2 million people (Alberta’s population is similar at 4.2 million), began their first successful North Sea oil drilling in 1971 and by maintaining sovereign control and creating partnerships with the private sector “… now sits on top of a CAD ONE TRILLION DOLLAR pension fund established in 1990 to invest the returns of oil and gas. The capital has been invested in over 9,000 companies worldwide including over 200 in Canada. IT IS NOW THE LARGEST SOVEREIGN WEALTH FUND IN THE WORLD”

Read the full article over at CHPC.

Where’d yo job go? Build or perish.

Tuesday, March 31st, 2015

Good news!

There was a big jump in full time jobs in February!

The bad news?

Some people think this is ‘unsustainable‘ because most of the jobs were in construction or ‘public sector’ and the recent drop in oil prices may have an effect on these parts of the economy.

Screenshot 2015-03-29 18.03.24

 

But in the meanwhile if you’re looking for work and want to know who’s hiring find your nearest construction pit or government office.

Read the original article over at wolfstreet.

Economic Inaction: Record low job growth in Canada

Wednesday, March 25th, 2015

There’s not a whole lot of hiring going on across Canada at the moment.

For the last 15 months year over year job growth has been under 1 percent.  Apparently this makes it the longest stretch of such low growth outside of recessions in almost 40 years of record keeping.

Employers shed 1,000 positions last month, according to Statistics Canada, and the jobless rate rose two notches to a five-month high of 6.8 per cent as more people looked for work. Annual employment growth has hovered at about 0.6 per cent in the 15 months since December, 2013.

The last period of least 15 months of growth below 1 per cent was during the 2008-2009 recession, when often it slumped into negative territory, according to Statistics Canada.

It’s not all bad news though. While full time employment is not seeing gains temporary and self employment is growing:

In the past year, temporary employment has climbed 2.3 per cent while permanent positions are up 0.1 per cent.

Temp employment – which includes seasonal, contract and casual jobs, accounts for 12 per cent of the total. Self-employment has jumped 2.2 per cent in that time, public-sector employment by 1.2 per cent and that in the private sector by by 0.2 per cent.

Read the full article here.

IMF issues fresh warning on Canada housing market

Monday, March 9th, 2015

Apparently it’s not just the Bank of Canada that thinks Canadian RE buyers are suckers. The IMF is issuing yet another warning of potential problems in the Canadian Real Estate Market.

The International Monetary Fund is raising red flags about Canada’s housing market, warning that moves by Ottawa in recent years to tighten mortgage lending standards and boost oversight of the country’s financial system haven’t gone far enough.

Household debt levels remain well above those in other Western countries, the organization said in a commentary posted to its website Monday. Home prices have jumped 60 per cent in the past 15 years and remain overvalued from 7 per cent to 20 per cent, in line for a “soft landing” over the next few years, the IMF said.

At the same time, it reiterated its call for Canada to collect more data on its housing market and to centralize oversight of the financial sector. As it stands, regulation remains fractured among the Department of Finance, the Office of the Superintendent of Financial Institutions, the Canada Mortgage and Housing Corporation and provincial governments all playing separate roles in regulating the housing the market.

Read the full article in the Globe and Mail.

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