tag:blogger.com,1999:blog-7123542260692860177.post5388474088531398844..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Nov 13 Market UpdateHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger91125tag:blogger.com,1999:blog-7123542260692860177.post-66327769583628475032013-11-18T18:39:10.730-08:002013-11-18T18:39:10.730-08:00"The problem with housing is that it’s expens..."The problem with housing is that it’s expensive compared to our incomes. I will document this further in an upcoming column, but for now let’s just say that mortgages plus other basic costs of day-to-day living, such as cars and daycare, may leave us with little money left over. And so we borrow more through credit lines and credit cards. That’s our unofficial second income."<br /><br />Carrick really nails it here. In a time of amazing affordability total cost of ownership is just an abstract concept. Till you buy that is. Then the harsh reality of home ownership hits you like a ton of bricks. Wait, are houses still made out of bricks?koozdrahttps://www.blogger.com/profile/16879691936698695299noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-68457622532508194222013-11-18T15:16:44.843-08:002013-11-18T15:16:44.843-08:00The rise of the miserable home owner ?<a href="http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/the-rise-of-the-miserable-canadian-homeowner/article15495215/" rel="nofollow">The rise of the miserable home owner ?</a>caveat emptorhttps://www.blogger.com/profile/15318994505715193523noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-1011818507377827672013-11-18T08:41:51.964-08:002013-11-18T08:41:51.964-08:00Monday, November 18, 2013 8:00am
MTD November
2...Monday, November 18, 2013 8:00am<br /> <br />MTD November <br />2013 2012 <br />Net Unconditional Sales: 224 366 <br />New Listings: 408 706 <br />Active Listings: 4,077 4,488 <br /><br />Please Note<br />•Left Column: stats so far this month<br />•Right Column: stats for the entire month from last year<br />Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-42103662351051877062013-11-17T12:52:18.842-08:002013-11-17T12:52:18.842-08:00Has that ever happened?
Various price series indi...<i> Has that ever happened?</i><br /><br />Various <a href="https://www.google.ca/search?q=herengracht+index&source=lnms&tbm=isch&sa=X&ei=0yiJUra6MsrKigLtzYDgAw&sqi=2&ved=0CAcQ_AUoAQ&biw=1074&bih=835#facrc=_&imgdii=_&imgrc=ARAwBMd0cgiFaM%3A%3B_zH4DiZpzPzsqM%3Bhttp%253A%252F%252Fwww.theeconomicanalyst.com%252Fsites%252Fdefault%252Ffiles%252Farticle_inside%252F2011%252F03%252Fherengracht-canal-real-price-index.jpg%3Bhttp%253A%252F%252Fwww.theeconomicanalyst.com%252Fcontent%252Fhouse-prices-examining-inflation-and-supplydemand-factors%3B601%3B410" rel="nofollow">price series</a> indicates that it has, e.g., the US where prices were relatively stable from around 1890 to 1918, but slumped with the outbreak of the Spanish flu. remaining low until the great post-WW2 credit expansion. <br /><br />Or in Amsterdam, where prices were high between around 1725 to 1780 and then slumped by more than 50%.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-20491254678965983662013-11-17T09:54:14.290-08:002013-11-17T09:54:14.290-08:001852 San Pedro Ave sold on Sep 15th at 660k.
again...1852 San Pedro Ave sold on Sep 15th at 660k.<br />again, on Nov 17th sold at 661500 with 329975.... looks like a nice home... what's going on ? the owner is taking a loss?? can somebody tell me more detail about it?<br /><br />Trenhttps://www.blogger.com/profile/14016616434806766707noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49351418885945126452013-11-17T00:49:38.653-08:002013-11-17T00:49:38.653-08:00This comment has been removed by the author.infohttps://www.blogger.com/profile/02848148105386213925noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-57221220230429930412013-11-17T00:25:10.356-08:002013-11-17T00:25:10.356-08:00This comment has been removed by the author.infohttps://www.blogger.com/profile/02848148105386213925noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-62762831793857948002013-11-16T22:26:54.594-08:002013-11-16T22:26:54.594-08:00Or FTFI?Or FTFI?Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81220304975912397362013-11-16T22:21:57.764-08:002013-11-16T22:21:57.764-08:00I think I'd have fewer problems
FTFY
Leo, wo...<i>I think I'd have fewer problems<br /><br />FTFY</i><br /><br />Leo, would that be "Fixed That For You" or "Fuck This Fuck You"? Or both?Introverthttps://www.blogger.com/profile/03333045260631104757noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-61501119497037713022013-11-16T21:36:07.404-08:002013-11-16T21:36:07.404-08:00Increased real incomes are most unlikely.
Not nec...<i>Increased real incomes are most unlikely.</i><br /><br />Not necessary though. Incomes just pacing inflation will still improve the affordability picture. You can correct both prices and incomes for inflation but it doesn't matter to the end result.<br /><br /><i>Moreover, if there is a sharp increase in price and then a sustained high plateau, can you call it a bubble if the market craters many years later? </i><br /><br />Dunno. Has that ever happened?Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49489864536909099892013-11-16T21:12:41.437-08:002013-11-16T21:12:41.437-08:00I'm not saying there is no bubble. There is/wa...<i>I'm not saying there is no bubble. There is/was for sure.</i><br /><br />A bubble involves not only a sharp increase in price but also a subsequent sharp decrease, which is why Greenspan said you can't tell if there's a bubble until afterwards. <br /><br />Moreover, if there is a sharp increase in price and then a sustained high plateau, can you call it a bubble if the market craters many years later? <br /><br />I think all that one can say is that there can be eras of high or low price and, currently, we are in an era of high price. That might end in the next couple of years, or it might last for a generation. CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-57313690017500963002013-11-16T21:07:38.441-08:002013-11-16T21:07:38.441-08:00There is no more room on rates,
That is not so. A...<i>There is no more room on rates,</i><br /><br />That is not so. At present, rates are still positive by one or two percent, relative to the CPI.<br /><br />But negative real mortgage rates have prevailed on various occasions in the past and so, presumably, can again.<br /><br /><i>so any further correction will have to come via house prices or increased incomes.</i><br /><br />Increased real incomes are most unlikely. Real incomes in the US and presumably Canada have been flat or declining for more than a generation. With more Americans receiving some form of welfare than a paycheck, the likelihood of increased real wages is between nil and less than nothing.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-14378457876477512842013-11-16T21:01:29.568-08:002013-11-16T21:01:29.568-08:00One ignorant change compounded with another would ...<i>One ignorant change compounded with another would soon lead to utter nonsense with the written word.</i><br /><br />But apparently not! For example:<br /><br />Aoccdrnig to rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht the frist and lsat ltteer be at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit a porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe. CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49071256507333806082013-11-16T20:19:56.566-08:002013-11-16T20:19:56.566-08:00I think I'd have fewer problems
FTFYI think I'd have <i>fewer</i> problems<br /><br />FTFYLeo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-8059304940042553022013-11-16T19:16:34.219-08:002013-11-16T19:16:34.219-08:00I think I'd have less problems with spelling a...I think I'd have less problems with spelling and grammar if they were more axiomatic. Instead of memorizing all the stupid little exceptions to the rules I would like our language to have well defined rules. Why is there a k in knife? Just because, that's why. Just memorize it. Obviously the grammarista's will complain about any changes. You know what they say, progress is made one death at a time.koozdrahttps://www.blogger.com/profile/16879691936698695299noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81407649400617941022013-11-16T19:05:43.641-08:002013-11-16T19:05:43.641-08:00So some of you think Spelling and Grammar are unim...So some of you think Spelling and Grammar are unimportant. It's just a missing comma, or a misplaced whatever... One ignorant change compounded with another would soon lead to utter nonsense with the written word.<br /><br />Right then, lets make some changes:<br /><br />It finally has been agreed<br />That English now will be<br />Officially the language of<br />Our nations' destiny.<br /><br />We first considered German but<br />Consensus has agreed<br />That English is the proper tongue<br />To serve our future need.<br /><br />There'll be a few small changes in<br />The spelling of some words<br />Because we've found that many now<br />Are strictly for the birds.<br /><br />We've settled on a a five-year plan<br />To implement this change;<br />The first year we'll let "s" replase<br />Soft "c," which may seem strange<br /><br />And for a while perhaps may make<br />Our sivil servants sad;<br />But when the hard "c" next bekomes<br />A "k" they'll all be glad.<br /><br />Konfusion will be kleared up and<br />The sekond year much better<br />When "ph" is replased by "f"<br />To save another letter.<br /><br />Then publikly akseptanse of<br />This fase kan be expekted<br />And any komplikations kan<br />Be kleverly korrekted.<br /><br />The third year double letters which<br />Enkumber now our speling<br />Wil disapear with al of us<br />Kontent and not rebeling.<br /><br />The fourth year we wil al agre<br />The silent "e" 's not neded<br />And its elimination wil<br />Be cherfuly konseded.<br /><br />"Th" wil be replased by "z"<br />And "w" zen wiz "v"<br />And ozer useles leters dropd<br />By law ofishily.<br /><br />So in ze fifz year ve vil hav<br />A ritn styl zat's nu;<br />Zer vil be no mor trubl and<br />Ze drem vil zen kum tru.<br />LeoMhttps://www.blogger.com/profile/13407650823511000293noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-18594762024947774262013-11-16T15:56:03.267-08:002013-11-16T15:56:03.267-08:00This comment has been removed by the author.infohttps://www.blogger.com/profile/02848148105386213925noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-2477368541826908682013-11-16T15:53:22.276-08:002013-11-16T15:53:22.276-08:00This comment has been removed by the author.infohttps://www.blogger.com/profile/02848148105386213925noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-29964631305735970732013-11-16T15:49:53.394-08:002013-11-16T15:49:53.394-08:00This comment has been removed by the author.infohttps://www.blogger.com/profile/02848148105386213925noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-68857215246300575162013-11-16T15:47:36.359-08:002013-11-16T15:47:36.359-08:00This comment has been removed by the author.infohttps://www.blogger.com/profile/02848148105386213925noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-22817819695708530182013-11-16T13:25:52.901-08:002013-11-16T13:25:52.901-08:00Drove by a condo development in Langford. "99...<i>Drove by a condo development in Langford. "99% financing" the billboard read. <br /><br />Perhaps 99% seems less like a scam than 100% financing.</i><br /><br />That development is in receivership.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-47192209221300160012013-11-16T12:37:31.210-08:002013-11-16T12:37:31.210-08:00Good. No surprises so far about the house which is...<i>Good. No surprises so far about the house which is always good on a place that some self-proclaimed handyman has had their mitts on. Like the location, but then again we had long enough to think about it so that's not a surprise!</i><br /><br />Glad to hear it.Introverthttps://www.blogger.com/profile/03333045260631104757noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-75679009378954404542013-11-16T11:40:13.680-08:002013-11-16T11:40:13.680-08:00Leo, how's homeownership treating you? Do you ...<i>Leo, how's homeownership treating you? Do you like where you are?</i><br /><br />Good. No surprises so far about the house which is always good on a place that some self-proclaimed handyman has had their mitts on. Like the location, but then again we had long enough to think about it so that's not a surprise!<br /><br />Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-86487331515730534152013-11-16T11:37:40.139-08:002013-11-16T11:37:40.139-08:00The decline in condos has been mostly due to overb...The decline in condos has been mostly due to overbuilding for the market. Developers have been building like boom times in a very slow market.<br /><br />The decline in SFHs in the periphery will eventually migrate to the core if it persists long enough. Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-82662834170994491492013-11-16T11:35:18.028-08:002013-11-16T11:35:18.028-08:00We haven't cured the disease we have only trea...<i>We haven't cured the disease we have only treated the symptoms. Thus saying the plateau of prices is proof that there is no bubble is premature.</i><br /><br />I'm not saying there is no bubble. There is/was for sure. Just that the bubble is in what people were paying relative to their incomes, not in house prices per se. That's why house prices haven't crashed yet because lower rates and increasing incomes were able to bring down monthly payments. Going forward I don't know what will happen. There is no more room on rates, so any further correction will have to come via house prices or increased incomes.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.com