Friday free-for-all!

June 27th, 2014

Its that time of the week again!

Friday free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend.

-we’ll add links later! (Hopefully)

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

This is an interesting post over at medium- basically positing that high home prices in Vancouver threaten it’s future, and proposing a tax to try to change that risk:

The secret that no-one actually wants to talk about is that the quality of a city is mostly determined by a simple factor — the number of smart, ambitious people who live there. These people are the ones who want to drive that city forward by investing in opening businesses, donating their time to the arts & community, participating in city planning, etc… Without them, growth wouldn’t happen and you wouldn’t get all of the benefits that great cities enjoy.

The biggest contributor to the decline of a great city is simple — it’s the decline of those smart people. When they decide that the cost of living in a place outweighs the benefit, they move. They don’t just take their money with them, they take their intellectual and future capital with them. This is dangerous. When people aren’t willing to make an investment in a place to live any more, the city doesn’t just lose their taxes for the year, they lose a massive function of potential jobs created, culture added and future capital they can put to work.

There are two issues here: the generation of local business opportunity and an attempt to draw established business head offices to town.

What do you think of a proposal for a housing tax that attempts to encourage economic development?

Friday Free-for-all!

June 20th, 2014

It’s that time of the week again!

It’s Friday Free-for-all time!

This is when we round up recent news and have our open topic discussion thread for the weekend, so lets get to it.

-CMHC looks to fill gap in research
-Pipeline approved (sort of, kind of)
-Biggest bubble is here at home?
-CMHC to return to lower risk roots
-Targeting the wealthy by an on ramp
-Gay neighbours raise RE values
-Wilmar estate on the block
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So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

This story has been mentioned before, but this looks like the end of it. The RCMP has removed the condo owners.

RCMP escorted Cheng-Fu Bea from his home of 17 years under a court order issued last month that ruled the Beas must sell.

“The lawyer used the RCMP to force me out of my unit. It’s abuse,” said a visibly distressed Bea. “Where can I go? I have no place to go.”

Ah, that condo owning lifestyle!

Posted in BC | 111 Comments »

Friday Free-for-all-fail!

June 13th, 2014

Remember Friday?

That’s the day when we post our regular end of the week news round up and open topic discussion thread for the weekend – our so called ‘Friday free-for-all!’

Slipped in there with 20 minutes to spare!

What? You’ve never forgotten to update a blog with a regular feature you’ve been running for years?

Here’s a few links to kick off the chat:

-IMF spotlight on booms and busts
-Who wants a depreciation report?
-Steele on whose side?
-Definitely not Poloz fault
-Dutch disease.. is that bad?
-

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

You want the pride of ownership.

And maybe buying a condo is like training wheels for real home ownership.

You get the practice of paying property tax and maintenance.

But over at the Globe and Mail Rob Carrick is trying to talk down the market again – he says maybe you should rent the condo and save the difference on the cost of buying.

“I would say buyers in their 20s probably won’t live in that condo for five years,” Mr. Fleming said. “They’re going to either outgrow it, or find a mate and want a bigger, better or different place.”

Even if you meet someone and live together in your condo, you’ll probably want to move when you have kids. Mr. Fleming said an increasing number of couples are starting families in condos, but a house is still seen by most as the best place to do this.

Moving from a condo you own to a house will cost you a lot. If you used a real estate agent to sell the place, you might pay a $15,000 commission plus HST to sell a $300,000 condo. “It’s expensive to move,” Mr. Fleming said. “Hopefully you purchased that condo for $250,000.”

Read the full article here.

Hey! Look at that!

It’s the end of another week.

Let’s get this party started!

It’s Friday Free-for-all time. This 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:

-Get well Skook!
-What is fair value?
-Cheapest places to buy citizenship
-Do away with the ALR?
-Who’s the racist?
-Good investments in Canadian RE?
-Some local condo incentives
-Euro rates go subzero
-Extrapolations for fun and profit
-

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

Here’s an extrapolation for you: Altus group does home appraisal and valuations.

They looked at the numbers and say if everything carries on as usual the average home price on the west side will be 7 million in 10 years.

“If [the current] trend continues, in the year 2024 the average price for older [detached housing] stock could be greater than $2 million on the Eastside and $7 million on the Westside of Vancouver. We are not saying this will happen, we are simply applying the math from the past decade and extrapolating forward to the next decade,” said Pedro Tavares, Altus Group’s director of research, valuation and advisory.

And as any investor will tell you, past performance practically guarantees future results right? So what are you waiting for? Get out there and buy something!

The Canadian Mortgage and Housing Corporation (CMHC) is the crown corporation that backs the majority of Canadian mortgage products.  They have recently decide to magnanimously share more info about the Canadian mortgage market:

The changes in the CMHC’s disclosure come after some economists had demanded CMHC share more of its information about the market. Among them was CIBC deputy chief economist Benjamin Tal who published a report suggesting that the lack of market information makes its harder to get an accurate picture of the stability of the market.

Read the full article in the Financial Post.

Hey! It’s the end of another work week!

Lets do 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:

-Vancouvers problems start at home
-Condo battle
-Affordable New York
-As long as rates stay low..
-Yellen driving our market?
-Salaries to buy in 25 cities
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So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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