tag:blogger.com,1999:blog-7123542260692860177.post7049152265597079811..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Of course we're insulated on our islandHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger66125tag:blogger.com,1999:blog-7123542260692860177.post-45472841075250538292008-10-16T20:24:00.000-07:002008-10-16T20:24:00.000-07:00The banks are starting to see themselves as the on...<I>The banks are starting to see themselves as the only game in town and responding in kind. </I><BR/><BR/>It is the business of banks and similar institutions to lend money, just as it's the business of gas stations to sell gas.<BR/><BR/>Gas stations charge a given price for gas because they need to make a profit, and banks charge a given rate for loans because they need to make a profit too.<BR/><BR/>How can you imply that banks are involved in some sort of evil conspiracy to hike interest rates when they are near historic lows? Were you around in the 70's, 80's, or 90's?patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-27121611091695314042008-10-16T19:37:00.000-07:002008-10-16T19:37:00.000-07:00I'll go for the Bear Mountain interchange to halt....I'll go for the Bear Mountain interchange to halt...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-11638914906753720732008-10-16T19:04:00.000-07:002008-10-16T19:04:00.000-07:00"Of course we're insulated on the island!"Builder ..."Of course we're insulated on the island!<BR/>"Builder halts $1.4-billion Langford project"<BR/><BR/>Construction on the Capella project in Langford has been "halted" pre-sales are being refunded and work will not resume for another "year or two" says Quigg, the developer.<BR/><BR/>http://tinyurl.com/44xpjy<BR/><BR/>As one who is old enough to remember the halt in construction back in the early 80s and the half built hotel, now the Wellesley senior's residences - this is just another case of déjà-vu!<BR/><BR/>Any bets on the next project to "halt"<BR/><BR/>Do a search on that developer, he's been around long enough to see a recession or two. He's even had his hand in on a senior housing or two.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-76969017509048322042008-10-16T18:58:00.000-07:002008-10-16T18:58:00.000-07:00Patriots said: "You're talking as though retail in...Patriots said: "You're talking as though retail interest rates ought to be controlled by some authority. That's central planning. They should be set by the market, just like the price of everything else."<BR/><BR/>Ya... like the price of gas???Maybe milk??? Bread??? I'm not talking about what ought to be happening I'm talking about what IS happpening. The banks are starting to see themselves as the only game in town and responding in kind. <BR/><BR/>What free market are you referring to??? Where do you not see the BOC managing the economy??? You're probably well aware of the acronym BOHICA, eh? Well get ready.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-30233954351083428752008-10-16T11:55:00.000-07:002008-10-16T11:55:00.000-07:00link to full article from abovehttp://tinyurl.com/...link to full article from above<BR/><BR/>http://tinyurl.com/3pu5wmRobert Reynolds - HMR Insurancehttps://www.blogger.com/profile/10939128478955272061noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81757051872439086922008-10-16T11:35:00.000-07:002008-10-16T11:35:00.000-07:00Toronto stocks slump furtherSTEVE LADURANTAYEGlobe...Toronto stocks slump further<BR/>STEVE LADURANTAYE<BR/>Globe and Mail Update<BR/>October 16, 2008 at 1:18 PM EDT<BR/><BR/><I>Meanwhile, the Dow Jones industrial average flirted with a small gain in early afternoon before sliding back. It started the day 39 per cent lower than its all-time high of 14,164.53 reached in October, 2007.<BR/><BR/>The drop doesn't put it anywhere near the losses seen during the Depression, when the Dow lost 89 per cent of its value. It is, however, worse than the 1987 crash, when the Dow lost 37 per cent of its value.</I>Robert Reynolds - HMR Insurancehttps://www.blogger.com/profile/10939128478955272061noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-54243124621255203422008-10-16T10:56:00.000-07:002008-10-16T10:56:00.000-07:00Infinity Surrey bankruptcy troubleSeveral people j...Infinity Surrey bankruptcy trouble<BR/><BR/><BR/>Several people just posted this news - another lower mainland condo tower has run into money troubles. The Infinity at Central City' is the largest residential complex in the history of Surrey.With just one of the 35-storey towers completed and occupied, Infinity's South Korean developers have been granted protection from their creditors. The Infinity is supposed to have five high-rise towers and 1400 units. Robert Millar, lawyer for Jung Developments and Hee Yong Yang says Yang has been adversely impacted by these changes and world wide tightening in the credit and financial markets. ...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-43956336669291780982008-10-16T10:39:00.000-07:002008-10-16T10:39:00.000-07:00"Any bets on the next project to "halt"It's a diff...<I>"Any bets on the next project to "halt"</I><BR/><BR/>It's a difficult choice - there are so many to choose from. My prediction is the Oak Bay Beach Hotel.Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-73442336889504996362008-10-16T09:47:00.000-07:002008-10-16T09:47:00.000-07:00Any bets on the next project to "halt"I'm gonna go...<I>Any bets on the next project to "halt"</I><BR/><BR/>I'm gonna go with the Hudson.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-64137932879590227662008-10-16T09:28:00.000-07:002008-10-16T09:28:00.000-07:00The banks have decided to take on the role of the ...<I>The banks have decided to take on the role of the BOC and manage the economy on their own terms.</I><BR/><BR/>What are you talking about?<BR/><BR/>First of all, it is not the role of the BoC to "manage the economy". The role of the BoC is to maintain price stability, and the integrity of the banking system. All other economic management functions belong to government.<BR/><BR/>Two, when a bank sets the interest rates it charges it is not trying to "manage the economy". It's just trying to make a profit, like any other business.<BR/><BR/>You're talking as though retail interest rates ought to be controlled by some authority. That's central planning. They should be set by the market, just like the price of everything else.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-71931802778289778112008-10-16T08:29:00.000-07:002008-10-16T08:29:00.000-07:00It's peculiar that according to Quigg, "60 per cen...It's peculiar that according to Quigg, "60 per cent of the first offering of units were sold", yet he can't get financing. In the meantime, the Silkwind has only 35 per cent sold and their financing is supposedly in place. Maybe the "first offering" was just a dozen or so units. Or maybe everyone is lying like crazy as they CYA before bailing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-54645829001510576442008-10-16T07:42:00.000-07:002008-10-16T07:42:00.000-07:00Of course we're insulated on the island!"Builder h...Of course we're insulated on the island!<BR/>"Builder halts $1.4-billion Langford project"<BR/><BR/>Construction on the Capella project in Langford has been "halted" pre-sales are being refunded and work will not resume for another "year or two" says Quigg, the developer.<BR/><BR/>http://tinyurl.com/44xpjy<BR/><BR/>As one who is old enough to remember the halt in construction back in the early 80s and the half built hotel, now the Wellesley senior's residences - this is just another case of déjà-vu!<BR/><BR/>Any bets on the next project to "halt"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-60056787589141998112008-10-16T06:26:00.000-07:002008-10-16T06:26:00.000-07:00That's really great, but the change in interest ra...That's really great, but the change in interest rate POLICY just wiped out $100,000 of any drop in prices - present or future. The banks have decided to take on the role of the BOC and manage the economy on their own terms. This will effect new buyers for the short and long term forseeable future.<BR/><BR/>I just hope people aren't saving their nest egg downpayment anywhere outside of a GIC.<BR/><BR/>Mortgage payments will still be the same. Only rent keeps going up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-53759563343427530662008-10-14T13:34:00.000-07:002008-10-14T13:34:00.000-07:00Paul Kedrosky, who writes the Infectious Greed blo...Paul Kedrosky, who writes the Infectious Greed blog, made a list of dire predictions - plus a few opportunities - for the next stage in the business cycle. The way he sees it:<BR/><BR/>S&P 500 earnings forecasts are about to plunge faster than at any time in recent history, which presumably includes the sharp revisions that followed the technology bust at the start of the decade. This could lead to a revaluation of the markets. “After all, at S&P 1010 we are trading at 19-times trailing earnings, and 18-times forward [earnings], neither of which are inexpensive, historically speaking,” he said.<BR/><BR/>The U.S. economy is already in a recession, which will last well into the fourth quarter of 2009.<BR/><BR/>U.S. unemployment, currently sitting at 6.1 per cent, could rise as high as 9 per cent.<BR/><BR/>The housing market will fall another 10 to 15 per cent in the United States, and Canada is just at the start of a major decline.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-37720693776358520272008-10-14T12:44:00.000-07:002008-10-14T12:44:00.000-07:00looking for offers - some of those haircuts are ev...looking for offers - some of those haircuts are even worse than Roger's slideshow shows since the properties were previously listed at even higher prices. For instance 102 Moss was originally at 799K and 632 harbinger was at 699 KAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-40173637948572223312008-10-14T11:27:00.000-07:002008-10-14T11:27:00.000-07:00That property also sold for 425K April 30, 2007. C...That property also sold for 425K April 30, 2007. Consider selling costs, holding costs, probable renovations and the owner must be out over 50K.<BR/><BR/>It was assessed for 431K.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-78710628886449107222008-10-14T10:52:00.000-07:002008-10-14T10:52:00.000-07:00Olives,I have to agree with you. When did we last...Olives,<BR/><BR/>I have to agree with you. <BR/><BR/>When did we last see detached homes in Gordon head that were 20 years old <A HREF="http://img384.imageshack.us/img384/6776/gordonheaduc5.png" REL="nofollow">selling for 425K</A> with a 90K price reduction??<BR/><BR/>Things are changing quickly!!Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-28026294082017937912008-10-14T10:40:00.000-07:002008-10-14T10:40:00.000-07:00Thanks Roger. I think you're going to have a lot...Thanks Roger. I think you're going to have a lot more material soon for your "offers" slideshow.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-63439174737811671862008-10-14T10:17:00.000-07:002008-10-14T10:17:00.000-07:00Interesting Roger to see so many houses with DOM o...Interesting Roger to see so many houses with DOM only 30 or 40, but with massive price reductions. One would assume, reading between the lines, that they would have had next to 0 interest in that month of being on the market to make such a reduction.<BR/><BR/>This is in line with anecdotes I've heard, such as a couple up island who had their first open house recently and had not a single person show up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39359083827772866532008-10-14T09:57:00.000-07:002008-10-14T09:57:00.000-07:00My last slideshow Real Estate Haircuts showed wh...My last slideshow <A HREF="http://photoshare.shaw.ca/messages/viewshow/12871954327-1223771440-57774/parm/page/" REL="nofollow">Real Estate Haircuts</A> showed what happens to unrealistic sellers in the current market. <BR/><BR/>Today there is still a lineup outside the barbershop with more nervous owners <A HREF="http://photoshare.shaw.ca/messages/viewshow/12871990093-1223837010-14949/parm/page/" REL="nofollow">looking for offers.</A><BR/><BR/>You can use the pause and single step controls to run in manual mode. I suggest that you click the big <B>X</B> and run in full screen mode.Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-82704101587133409182008-10-14T09:08:00.000-07:002008-10-14T09:08:00.000-07:00TSX jumps +17% at open today. Currently up around ...TSX jumps +17% at open today. Currently up around +11%<BR/><BR/>Let me be the first to call it:<BR/><BR/>Dead Cat BounceRobert Reynolds - HMR Insurancehttps://www.blogger.com/profile/10939128478955272061noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-83615836077395506022008-10-13T21:43:00.000-07:002008-10-13T21:43:00.000-07:00Many of us have heard homeowners talk about how mu...Many of us have heard homeowners talk about how much they made on their house in the last few years. Recently the chat around the water cooler has been on losses in the stock market.<BR/><BR/>Here is a different perspective on the "paper profits & losses".<BR/><BR/><A HREF="http://tinyurl.com/lostcash" REL="nofollow">All that money lost in stock market, housing never really existed: economist</A><BR/><BR/><I>Robert Shiller, an economist at Yale, puts it bluntly: The notion that you lose a pile of money whenever the stock market tanks is a "fallacy." He says the price of a stock has never been the same thing as money - it's simply the "best guess" of what the stock is worth.<BR/><BR/>Shiller uses the example of an appraiser who values a house at $350,000, a week after saying it was worth $400,000. "In a sense, $50,000 just disappeared when he said that," he said. "But it's all in the mind."<BR/></I>Rogerhttps://www.blogger.com/profile/08266466833259484873noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-11272581993273881962008-10-13T19:43:00.000-07:002008-10-13T19:43:00.000-07:00Wait until the negative wage inflation. As soon a...Wait until the negative wage inflation. As soon as the developers see that there are excess construction workers, then they'll be 'asking' their subcontractors to work for less. I'd give it a month until it happens. Then we'll see a lot of shiny pick up trucks for sale beside the main roads.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-51625389569213507232008-10-13T13:10:00.000-07:002008-10-13T13:10:00.000-07:00Ask all the builders if there's been wage inflatio...Ask all the builders if there's been wage inflation. Starting wages $18 / hour. Tim Hortons can't find employees. Oh no, no wage inflation at all...???Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-42148668745727969402008-10-13T09:50:00.000-07:002008-10-13T09:50:00.000-07:00anon said:I bet this guy is worried right about no...anon said:<BR/><BR/><I>I bet this guy is worried right about now.<BR/><BR/>The Reflections in Langford</I><BR/><BR/>Seems like this guy is left <A HREF="http://img380.imageshack.us/img380/2095/reflectitaj3.png" REL="nofollow">holding the bag</A>Anonymousnoreply@blogger.com