Vancouver Forum: Home Sales Up?! What The..are you serious

It ain't over folks...but here are the stats on home sales. Easy mortgages to make you buy into the same trap.

http://www.reuters.c...431340220090814

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Damn it

I was hoping the experts here had it in the bag with the 200k West Van homes and now the GVRD median price is up 9.8% since the start of the year.

Stephen Wright, THE ASSOCIATED PRESS
August 14, 2009
BANGKOK - Most major Asian markets advanced Friday with commodity stocks rising amid more signs the world economy is emerging from a deep recession. European shares traded higher.

In the U.S. overnight investors remained emboldened by the Federal Reserve's more optimistic prognosis of the world's largest economy, shrugging off weak retail sales figures.

Sentiment in Asia was also underpinned by news that Europe's biggest economies Germany and France unexpectedly broke free of the recession in the second quarter. Oil prices rose toward $71 on bets that U.S. crude consumption will recover later this year.

Japan's Nikkei 225 stock average added 80.14 points, or 0.8 per cent, to a fresh 10-month high of 10,597.33, and South Korea's Kospi gained 1.7 per cent to 1,591.41. Australia's benchmark was up 0.6 per cent and Singapore's main index advanced 0.5 per cent.

Hong Kong's Hang Seng recovered losses to close up 32.03, or 0.2 per cent, at 20,893.33 while China's Shanghai index tumbled 3 per cent as investors there fretted about the strength of the recovery in Asia's second-biggest economy.

As trading got underway in Europe, benchmarks in France, Britain and Germany were each about 0.5 per cent higher.

Analysts said signs the slump is loosening its grip have given investors more confidence that markets won't capitulate after posting massive gains since early March.

"The stock markets are always trading ahead of the economy. The stimulus spending in China has meant it is growing faster than other economies and Asian markets have already reflected that," said Jackson Wong, investment manager at Tanrich Securities in Hong Kong.

Still, markets are now more likely to be in holding pattern until the last quarter of the year rather than significantly adding to the rally, he said. "Chinese officials have been indicating that credit will be tightened in the second half of the year so there is a bit of caution and we are in for a few months of consolidation."

and when China pulls the string...watch out peeps
we all fall down

Actually Doc Watson, peeps believe that their monthly payments are dirt cheap because of historically super low interest rates, and they are right. I hope they are planning ahead for when rates rise....

and when money is worthless????

DocWatson, on 14 August 2009 - 05:31 PM, said:

Seriously though, you're crazy, go buy some gold or something.

everyone knows you can't have a boom based on nothing...To say that we are out of the recession is reckless at the very least. China is waiting it's time when it can pull the plug fool. Inflation will drive them to it. They know it now can you . It's called by learned economists as the "Nuclear Option"..or the ultimate demise of world currencies based on the USD and Chin's strength holding their debt/Treasuries. You make so many banal statements without any knowledge. You really need to do some reading first; you only appear foolish.

DocWatson, on 14 August 2009 - 03:42 PM, said:

OMG

Peter Schiff gets it right...Who holds the world at ransom..it's China. It's protecting itself right now but it too will say enough is enough and pull out. It knows what that means and any idiot does too.

http://www.youtube.c...feature=channel

Peter Schiff /2009

http://www.youtube.c...feature=related

http://www.youtube.c...h?v=LiIYkFXUhHs

DocWatson, on 14 August 2009 - 05:15 PM, said:

Yeah! China forced the US to fight two wars, borrow trillions from China, and go into a recession. How did they do that?

China played it smart, and DocWatson calls it evil.

damn right I do

They just sold 2 houses right in my street!

One was over 1.3 million and the other one with a really small lot (5-6 thousands) and an old building sold for +$800,000 ish. Our Realtor is just speechless about the second house that was sold! he thought it was over priced by at least 150,000! I dont know what kind of idiot would pay that much! hut hey thats a good news for us cause we'll be putting ours in the market in a week or so.


And about houses selling fast... I picked 3 potential houses to buy and they all sold in a blink of an eye

DocWatson, on 14 August 2009 - 05:25 PM, said:

But do you think that China forced the US to borrow trillions of dollars from them? Don't you think that the US got into this trouble themselves?

Qwerty, on 14 August 2009 - 05:51 PM, said:

I don't think the Chinese are evil but I do believe they are astute at business, thinking in terms of tens of decades, not weeks.

As long as the USD is seen as the most stable currency, the Chinese will invest in the US ( buy up their debt). One thing they are afraid of is instability in their own country....so they will support buying US debt......to a certain point. Already they are lecturing the US to change their consuming ways and are diversfying their investments out of USD.

So...if the USD collapses or even weakens too much...look for the Chinese to cease investments and then look out....it would have devastating impacts on the US....and Canada.

Regarding, the current local realty climate, I suspect that the good doctor is correct....it "ain't" over yet. Just one major incident could pop the bubble. (and if anyone sees the local market as anything other than a bubble, I want to sell them the Golden Gate bridge.)

This post has been edited by Saltydog: 14 August 2009 - 05:04 PM

I said:

A million bucks in a rain-soaked place like this? Talk about payin' fer your own misery.


Yeah, I keep seein' this place around the block listed at $500,000. Hasn't sold months. It's only a 1 BR. No pool, no sauna. No exercise room. Oh, but you get a parking spot and a view of somebody's else's balcony. 

As PT Barnum  used to say, "There's a Sucker born every minute!" 

...and they all must live here. 

Quote

so true! I'll bet you anything the people who bought it are new to Canada and will start to whine in a year or 2

keep crying..the people will keep coming and bringing money and the price will keep going up up up..

you salary doesn't dictate market demand and what people are willing to pay does...

Rich Chinese/EI are sinking money into safe investments that is metro Van RE and not US dollar...

CAnada is seen as a friendly place to live...

on the other hand..i think there are alot of greed out there in business as well..they pay very shitty and keep all the wealth..

commentator, on 14 August 2009 - 06:15 PM, said:

What you describe IS a bubble mentality....unique area, friendly place...price will keep going up..... now where have I heard that before...

Oh yes.....San Francisco....and Phoenix.......and Fort Lauterdale........and San Diago....to name a few friendly places. haha.

In a "normal" real estate market, prices seek an equilibrium directly connected to income...and that is certainly not the case in the lower mainland. In the fullness of time.

DocWatson, on 14 August 2009 - 03:51 PM, said:

What is this string you keep talking about?

China is an investor.

Why would an investor try to sabotage their own investment?

This post has been edited by Darwin: 14 August 2009 - 05:38 PM

Saltydog, on 14 August 2009 - 06:26 PM, said:

Which are the "normal" re markets?

Darwin, on 14 August 2009 - 06:38 PM, said:

Investors don't "sabotage" their own investments, to be sure. But when the investment becomes increasingly risky, they seek ways of diversifying, which is what the Chinese are now doing.

Today, the USD is weakening (CAD is almost at par again) but is still a haven for investors in world markets....its called risk aversion. Should the Chinese choose to discontinue buying US debt, there is real concern for global stability.

AA Lavey, on 14 August 2009 - 06:45 PM, said:

I suspect a "normal" market is more easily defined as a time than a place ie 1990. Perhaps the closest to a nomal market is back East- Thunderbay or perhaps Nova Scotia. Here you find AFFORDABLE housing that reflects the incomes of that area.

Americans are learning very painfully where that "normal" market is...a Condo in Phoenix was $300k...now 78K...getting back to normal.

Saltydog, on 14 August 2009 - 06:55 PM, said:

Thay are some depressed areas you chose

Saltydog, on 14 August 2009 - 06:55 PM, said:

So basically, Salty, yer more or less saying that a person could buy a condo outright for what people put on a downpayment for a $500,000 condo in Vancouver, right? Interestin' thing about the condo you quoted, is that at its height, a condo in Phoenix was about 1/2 the price of the same type of place in Vancouver this year. But at least those places in AZ usually come with a swimming pool, exercise room, and a golf course. Oh...and 300+ days of warm sunny weather too. Makes me wonder about that couple who spent $60,000 on a condo in Vancouver from Onni corp., defaulted, didn't get their deposit back. Now they're getting sued by Onni too. Paying for their own misery. Geez, they coulda gotten a place outright in AZ and they'd be home free today. Makes ya wonder about the mentality of people here.

This post has been edited by .or?: 14 August 2009 - 06:29 PM

in 5 yrs the same people will be whining about real estate pricing and how inflated it is or isnt but the guys that are buying today and being laughed at by some will have 5 yrs less to pay their mortgage

watcher, on 14 August 2009 - 07:32 PM, said:

I must admit, Watcher, that I have been one of those whiners here for over two years....and I have been somewhat surprised that the lower mainland prices have not followed the US market down. I still believe that the prices are not sustainable, that there is a bubble and that it will implode, perhaps after the highly touted Olympics are a memory.

Note that sales and aggregate values are down 10% YOY. Follow the money....who is making it and what is the spin- same in Canada as in US

Qwerty, on 14 August 2009 - 05:51 PM, said:

NO! Though if you really want to know what I thinlk just read the reams of posts on the matter over the last 2 years. Everyone on DV has read them, where have you been.To repeat myself answering these naive questions just bores me now and wastes everybodys time.Sujffice to say that the USA was set up so China would have the opportunity to crush it and prepare itself to step into their shoes as leaders of a New Global Order. China had been financed by bank interests and "old global hegemony". Very wealthy individuals.
We all know what China is doing. Are you feally that foolish.

getting back on topic though...[this is reality at present.] Here are reports of the USA slipping back. And no we aren't returning out of recession at all yet!

Canada is waltzing with the Devil.Flaherty is encouraging China to take over the rest of the "Oil Patch" much to the anger of Western magnates and ploitical power. Canada's last 'Jewel in the Crown.' Nice eh! COME ON DOWN. Is that desperate or what!

http://www.vancouver...4899/story.html

http://www.vancouver...html?id=1893005

OIL SLIPS

When the DOLLAR demonetizes there would be no conversation about affordability. That topic wouldn't arise. They are printing more worthless paper based on nothing yet, sillies. We haven't taken our correction like adults yet. We are pretending it never happened like a child holding their hands to their face and saying it isn't there.

DocWatson, on 14 August 2009 - 10:11 PM, said:

Why do you use CAPITALS for some words and not others. Just what the heck are you getting at Mr. Crazy Pants?

Saltydog, on 14 August 2009 - 08:14 PM, said:

politicians will have you believe we are out of the recession and talk the economy up. An old strategy. They lie. In the case of BC it's mostly about all the real estate deals with China, specially Whistler. So many of these crooks have a finger in the pie. But also about resources too.