A $6.74-million chunk of prime real estate that was once slated for an upscale condominium tower known as Soaring Peaks at Bear Mountain Resort near Victoria was sold to the municipality of Langford yesterday for just $350,000.If this isn't front page news in Victoria, I don't know what is. Oh, wait, apparently it's Wendy the Whippet.
Bear Mountain is crumbling. The TC wants you to read about a celebrity dog.
Nothing could be better confirmation that advertising makes the news in the TC. Pathetic.
19 comments:
That is pathetic but what can we expect from this garbage rag,it's all about painting this fair city in a perfect light and not offending the big money. Barely a peep on LB owing Langford $5 million on the road to nowhere either. If this was happening on the mainland the Vancouver media would be all over it.
Well we are insulated on the island... From reality.
TC says they did this story a week ago when questioned on Twitter. Amazing since the tax sale was yesterday ! lol, what a joke. Can you say out to lunch ?
They mean this story by the way: http://www.timescolonist.com/news/Bear+Mountain+owes+taxes/2019354/story.html
Same issue, but earlier in the process.
Funny how no mention of yesterday's tax auction in the TC article and then no follow through either. Guess we can be happy the G&M is on the ball and no bias reporting. If anything they have said so far was BS there would have been lawsuits by now.
TC/CW attempts to redeem themselves with coverage of the land auction. Way to light the fire HHV.
Canada’s stalled economy ‘a shocker’ 0% growth
OTTAWA -- Canada’s economy stalled unexpectedly in July due to mining shutdowns and a drop in construction activity, sending a “shocker” of a message to economists and the Bank of Canada that the country is still struggling to get out of the recession.
Agreed. CW seems so throw some attitude towards this site in her article.
Bob, definitely, "As already stated". Give me a break, she dropped the ball and was upstaged by a national paper.
Too bad CW forgot to mention "the upcoming auction" in the old article and failed to cover the actual auction til HHV and others pointed it out to them. TC credibility in major decline if not at rock bottom.
Who reads newspapers? Are there any left?
With this kind of crap, not for long.
Businesses reap what they sow.
In other news... Here come another 7 Million foreclosures in the USA. I'm not even sure that includes the Summer 2010 Option+ ARMs resets in California, which combined are 2/3 the size of sub-prime.
I thought I'd include a few other interesting charts for you guys from my itulip subscription, even if this is US centric, because ultimately what goes on down there affects Canada.
1. 69.6% of ARMs located in California (the world's 7th largest 'nation').
2. Of all the ALT-A's in California, 43.5% are now in late payments!
3. Itulip's projection of USA Real Estate crash recovery, places reversion to normal at Q2 2014, including an overshoot in 2013. Great Graph, I challenge Roger or others to do something like this - I like the
yellow line showing what should be the reality of RE asset appreciation.
4.US Real Estate 2009 Echo Bubble(aka. dead cat bounce). Sound familiar?
Hope you found these interesting.
Mr.4AM
Some real estate agents know how to evaluate current market conditions and present an opportunity to potential clients...
Kijiji Ad by Victoria Realtor®..
Important Disclaimer: Put down your coffee before clicking link..
"Important Disclaimer: Put down your coffee before clicking link.."
OMG - this is everything that is wrong with real estate wrapped into one ad.
Shiller Sees 5 Years of Stagnant Home Prices
http://tinyurl.com/y8ar9pg
That's gotta be a joke advertisement in Kijiji.
Its a contest to see which falls further her credibility or her dress neckline. Either way, its gonna get ugly.
The last two posts over at garths haven't made a lick of sense.
Higher rates, lower rates
inflation, deflation
stock market recovery, market crash
dude, shit or get off the pot. Garth has no idea what's going on, I don't know why I bother reading his blog anymore.
Though his posts seem flip floppy I think todays economic news of no growth in Canada has sank alot of economist's bull market theories on when inflation will happen. The longer that takes,the higher the risk deflation could kick in. He's still an inflationist but is just making us to beware that there is a 20% chance still of it going the other way. But either way it goes, real estate is going down.
Vic
I think Garth is just trying to cover his own butt, if we get inflation he praises himself and if he gets it wrong, he still covered his ass and will spin what he wrote to look like he guessed right. He is a politician after all.
Inflation or Deflation, real estate looks to get slammed, which is why I think we are going to have a whole lot of flat.
If inflation comes, interest rates have to rise to slow it. If we subscribe to the maximum monthly payment theory prices will have to fall accordingly to allow people to buy. However, inflation will eat away at the debt of current home owners, allowing them to take on more debt.
If deflation comes, interest rates will stay low, more economic magic will be used to prop up markets and prices, people's incomes will drop, unemployment will rise. People won't have as much income to buy as much house. There will be fewer buyers in the pool as some will be un/underemployed. Prices fall. people without debt, are now wealthier and will vultch property at the right time and create the next wave of wealth needed to rebound the cycle.
I think the financial powers that be, will not allow either to happen, they are arguably keeping the closest watch on the economy ever. They want a little bit of growth to spur on optimism, but full blow inflation isn't their aim. We are gonna chug along sideways until the world gets its act together and we can get back to normal.
Make no mistake it will be a bumpy ride but at the end of the day its gonna be pretty horizontal.
Did I cover my butt enough?
The way that I read this is:
The government has increased the money supply by billions. This would be inflation.
However, the increase in the money supply is not inflationary as it never ends up in your or my pocket. Its locked up in the banks in order to keep the banks liquid. If it were given to us, then the price of chocolate bars and Corvettes would be bid up.
But the money is not in our pockets, and in fact we are worried about the future and are holding back in purchasing items, which causes the price of chocolate bars and Corvettes to get a little cheaper, which is deflation.
That is deflation in most items except those that we consider to be a hedge against inflation like housing, gold, oil and condoms (really how many of us haven't inflated a condom).
So in the macro sense its inflation but to the working Jane and Joe its deflation, except for Saturday nights when were hoping to get a little condom inflation.
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