Category Archives: hype

A note from Ben Rabidoux

Ben Rabidoux runs a blog called The Economic Analyst that features focused analysis of economics and the Canadian housing market.  He is currently in Vancouver to do a presentation with David Lepoideviv titled Vancouver Real Estate: What’s Next?

This is happening tonight Wednesday the 28th – 7:00 pm at the Westin Bayshore in downtown Vancouver.

Update: the talk was last night, you can find some participant impressions in the comments below.

We don’t normally post about events, but many readers here may be interested in this one.  Here’s a comment Ben left here yesterday:

 

Hey to the VCI crowd.

I’m enjoying my time in this beautiful city, although I’ve been looking over my shoulder a lot with the CAAMP conference in town. I keep waiting to get jumped. So far, so good.

Had the pleasure of meeting a few of the forum characters. Most casual readers of this forum have no idea how many really smart professional analysts and portfolio managers read and contribute to this site. VCI is without a doubt the top online real estate forum in the country (should also give a shout-out to House Hunt Victoria which is also very solid).

One final plug for what brings me to the city: The seminar will be tomorrow at 7pm at the Westin Bayshore and as a teaser, the staff at the Lepoidevin Group have printed (in colour) and bound the entire presentation for every person in attendance to take home. Should be a fun conversation piece if you leave it on your coffee table.

http://www.realestate2013.ca for more info.

-Ben

Mark Carney, we hardly knew ye’

Can you believe this?

Mark Carney is leaving us for the Bank of England!

Carney said he and Flaherty had enjoyed an effective partnership and added he will miss the camaraderie and clear sense of purpose he experienced with the finance minister. He praised the strength of the central bank and reiterated his confidence in it.

A smiling Flaherty said this moment is “bittersweet,” and that the loss of Carney will be felt in Canada.

Carney’s rumoured appointment to the Bank of England was the source of published reports last spring, and at the time he and the Bank of Canada denied the reports.

“I’m totally focused on my two responsibilities: as governor of the Bank of Canada, and the Financial Stability Board,” Carney told reporters on April 18. “I can assure you they add up to more than every waking hour of the day.”

I’d leave a job that added up to more than ‘every waking hour of the day’ as well.

$100k price drop guarantee

With more and more noise in the news lately about falling sales and prices in the Vancouver real estate market developers are getting creative.

When even the real estate industry predicts prices to be lower in the future how do you sell new condos?

How about offering a $100k price drop guarantee?

Crabman points out that’s what the Kimpton in North Van is offering.

It’s not entirely clear how it works, but lets assume they don’t mean that they guarantee prices will drop $100k in the next two years.

“New guaranteed prices are what you will pay today and are net of the $100,000 price protection guarantee provided by the developer and registered on the title on closing”

Here’s the ad:

And here’s a shot of the sign currently on the building exterior:

This is certainly an interesting alternative to the many stealth price drops that we usually see: free car, etc.

What do you think? If you’re looking to buy but concerned about falling prices would the price drop guarantee make you more willing to purchase?

Rabidoux in Vancouver / HK property tax

A couple of news tidbits today:

First off Ben Rabidoux will be putting on a seminar in Vancouver about how to get rich flipping presales condo contracts.

At least I assume that’s what he’ll be talking about, what else could you talk about at a Vancouver real estate seminar?

Ben will be joined by David LePoidevin and they’ll actually be talking about the current state of the market, what comes next and what a ‘hard landing’ would look like for the economy and your investments.

Could Canada be facing a housing crash similar to what the US experienced?  As Canada’s most expensive real estate market, how will Vancouver fare?  What are the broader implications of a significant housing correction on the Canadian economy and job market?  What would a housing crash mean to your investment portfolio, and how can you protect yourself?

The event is at the Westin Bayshore on Wednesday November 28th at 7pm.  Registration is free, but first come first served.  There will be a Q&A session and a speculator dunk tank.  (Sorry, made that last one up.)

Also in the news, Mike sent in this note about a new property tax imposed in Hong Kong for non-resident buyers. Non-local and corporate buyers will now pay an extra 15% tax on purchase of property.  Hong Kong joins similar moves by Singapore and Australia to squeeze extra money out of foreign investors and give local buyers a market advantage to housing.

The 15 percent tax “will be effective in curbing foreign demand – mostly from mainland buyers – and avoiding ‘hot money’ influx into the property market,” Alfred Lau, a Hong Kong-based analyst at Bocom International Holdings Co., wrote in a report today. “However, local demand is not affected.”

The new property tax doesn’t apply to Hong Kong permanent residents. Inhabitants need to live in the city for seven straight years to be eligible for permanent residency, according to immigration rules, while Chinese citizens born in the city are automatically granted that status.