tag:blogger.com,1999:blog-7123542260692860177.post7443151534298401751..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Monday market updateHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger167125tag:blogger.com,1999:blog-7123542260692860177.post-29771964668587067032012-06-03T09:06:09.411-07:002012-06-03T09:06:09.411-07:00His point, that without a new construction boom We...His point, that without a new construction boom Western economies will remain in recession seems compelling, and the Western World <a href="http://www.forbes.com/sites/joelkotkin/2012/05/30/whats-really-behind-europes-decline-its-the-birth-rates-stupid/" rel="nofollow">no longer has the demographics for a new construction boom</a>. So unless the floodgates to Third World immigration are opened wide -- but Europe has done that without obvious benefit, and Canada <a href="http://www.theglobeandmail.com/news/world/applicants-furious-at-change-in-canadas-immigration-law/article4226070/" rel="nofollow">appears intent on greater restriction</a>.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-73853277155991194232012-06-02T14:06:08.689-07:002012-06-02T14:06:08.689-07:00I bet that old fella was saying the exact same thi...I bet that old fella was saying the exact same thing thirty years ago, ie. one of the last times every one thought we were running out of land& energy. <a href="http://news.google.com/newspapers?id=-YI0AAAAIBAJ&sjid=dqcEAAAAIBAJ&pg=3909,5694616&dq=running+out+oil&hl=en" rel="nofollow">Here's an entertaining example</a>. Never underestimate how wrong smart people can be. <br />For the next economic wave I think I will go with the same old same old. Falling energy prices.Philhttps://www.blogger.com/profile/00550264432110709714noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-21165408810293474092012-06-02T10:30:04.939-07:002012-06-02T10:30:04.939-07:00Talking of apartment size, etc. this comment on th...Talking of apartment size, etc. <a href="http://www.guardian.co.uk/commentisfree/video/2012/may/28/david-harvey-financial-crisis-urban-crisis-video" rel="nofollow">this comment on the financial crisis as an urbanization crisis</a> is interesting. <br /><br />The message being that the process of suburbanization, which has driven Western economies since 1945, is reaching physical limits of both land and energy. <br /><br />The implication is that revival of Western economies may not occur without a trend reversal leading to re-urbanization of suburbanized communities, i.e., Marko and others opting for limited living space downtown, may be at the leading edge of the next economic wave.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-38890086822148704752012-06-02T10:22:49.279-07:002012-06-02T10:22:49.279-07:00"e.g. Finland versus Portugal, and as I said ..."e.g. Finland versus Portugal, and as I said that difference looks set to increase"<br /><br />The difference is 2.5-fold, which is rather small as compared with the 30- to 40-fold difference between Bangladesh and Italy. <br /><br />But, yes the difference between Finland and Portugal may need to increase if Portugal is to have full employment, which is what I said. And which is not possible within the Eurozone, which lacks an adjustment mechanism to deal with relative changes in productivity.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-33433679257024108422012-06-02T07:48:58.571-07:002012-06-02T07:48:58.571-07:00"The EU is far more integrated than the world...<i>"The EU is far more integrated than the world as a whole will ever be, and not only have wages not converged there ..."<br /><br />The problem within the Eurozone </i><br /><br />Don't know the difference, or do you just think we don't?<br /><br />Anyway even if you want to stick only to the Eurozone there is a huge difference in wages, e.g. Finland versus Portugal, and as I said that difference looks set to increase, not decrease.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39095537379702268652012-06-01T23:34:50.375-07:002012-06-01T23:34:50.375-07:00@Marko Nice!@Marko Nice!Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-42575045469772922732012-06-01T22:41:50.842-07:002012-06-01T22:41:50.842-07:005 listings in your building. Hmmmmm.
S2 (Just Ja...5 listings in your building. Hmmmmm.<br /><br />S2 (Just Jack's wife)Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-22428716871587038442012-06-01T19:27:49.455-07:002012-06-01T19:27:49.455-07:00^^Ha Ha, Leo_S. I must admit, for full disclosure...^^Ha Ha, Leo_S. I must admit, for full disclosure, owning in a building also has strong spinoffs for my real estate business. I am easy going and very approachable with my neighbours which has already resulted in one sale in my building plus as of last night I have 5 listings in the building :) I think my creative commission models also help...<br /><br />Probably will never sell my unit at 834 unless a smarter REALTOR® buys into the building and starts taking listings from me :)Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-32431381652754153442012-06-01T17:41:45.819-07:002012-06-01T17:41:45.819-07:00Marko - I commend you for having 2 people live in ...<i>Marko - I commend you for having 2 people live in less than 600 sq. ft. Frankly, that is unrealistic for most people</i><br /><br />I wouldn't say it's completely unrealistic. We have about 600-650sqft and for two people it's fine. Yes the storage cabinet is stuffed full, but we have a lot of outdoor gear and motorcycle stuff, etc.<br /><br />The space is fine, but only until a point. Eventually you will want more for sure, whether that is because of family growth or just after a few years. <br /><br />Hence you're far better off renting that space, then buying into a bigger place when you need it*<br /><br />*unless you're a realtor that can wait 2 years for a pre-sale to be ready and then want to rent the place out when you move.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39470704290958854802012-06-01T16:20:08.513-07:002012-06-01T16:20:08.513-07:00"Look at Figure 1"
Many of those countr..."Look at Figure 1"<br /><br />Many of those countries are not in the Eurozone! The UK for example, or Poland. <br /><br />And low wage competition from low-wage eastern Europe is driving down wages and inducing permanent stress in high-wage Western Europe, particularly the least competitive PIIGS. <br /><br />Germany bucks the trend by snapping together cheap components from E Europe and Asia and selling the exporting the products as made in Germany.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-8831482547702433752012-06-01T15:40:24.011-07:002012-06-01T15:40:24.011-07:00The problem within the Eurozone is that wages are ...<i>The problem within the Eurozone is that wages are more or less uniform</i><br /><br />Emphasis on "less":<br /><br /><a href="http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/Wages_and_labour_costs" rel="nofollow">Look at Figure 1</a>patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-594040145898581582012-06-01T14:51:50.706-07:002012-06-01T14:51:50.706-07:00@Patriotz
"There are many factors which can m...@Patriotz<br />"There are many factors which can maintain wage differentials"<br /><br />Of course. But when you have <a href="http://www.ventureoutsource.com/contract-manufacturing/2011-china-manufacturing-hourly-labor-rate-compensation-costs-ems" rel="nofollow">ten-, twenty-fold differences</a> those with the higher rates tend to lose jobs until their wages fall.<br /> <br />That Canadian wages have not yet fallen enough is, presumably, one reason that Bombardier Recreational is currently transferring 450 jobs from Quebec to Mexico. <br /><br />"The EU is far more integrated than the world as a whole will ever be, and not only have wages not converged there ..."<br /><br />The problem within the Eurozone is that wages are more or less uniform throughout although productivity, days worked, and age of retirement differ among nations. Greek public sector employees, for example, earned more than Germans, although they worked fewer days a year, and retired earlier. <br /><br />To make matters worse, Greeks are skilled tax evaders snd have little productive industry to provide a tax base. But the Greek government avoided the necessity of making wage/staffing adjustments by borrowing 14% of GDP in contravention of the Maastrict Treaty. <br /><br />Basically, Greece had a corrupt government that bought votes by spending money the knew they could never repay. In the process the scammed creditors and drove the country inexorably toward bankruptcy, but not during the term of the government responsible.<br /><br />So yes, much though you may wish to close your eyes to it, global wage arbitrage is forcing global wage convergence, which is why real incomes in North America have been flat or downward for years past, and why unions are largely powerless to negotiate wages. <br /><br />For example, the BC Government is offering the BCGEU 1.9% over two years while the Bank of Canada is targetting 2% annual inflation. In other words, Government policy is real wage reduction.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-46532449961823658832012-06-01T13:29:05.740-07:002012-06-01T13:29:05.740-07:00As for condominiums in the urban town areas. If y...As for condominiums in the urban town areas. If you had bought a condominium last year with 95% financing, you have now lost your 5% down payment. As the typical condominium price has dropped from $284,000 to $272,000 yoy.<br /><br />You should have bought a house in Oak Bay.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-80329728096649824742012-06-01T12:56:09.017-07:002012-06-01T12:56:09.017-07:00Under the existing globalist regime, real wages of...<i>Under the existing globalist regime, real wages of those in the West will have to converge with those of the Rest, which means living space per person will converge also.</i><br /><br />The EU is far more integrated than the world as a whole will ever be, and not only have wages not converged there, but it's the low wage countries that look set for even lower wages.<br /><br />There are many factors which can maintain wage differentials under free trade and even under a common curency. You don't even have wage parity within the US, which has been around for over 200 years.<br /><br />Also even within Canada the areas with highest real wages do not have the highest living space per capita. Never mind comparing Canada with the affluent European countries.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-48567007651671081032012-06-01T12:30:14.262-07:002012-06-01T12:30:14.262-07:00When was the last time you saw one of the 50s ranc...When was the last time you saw one of the 50s ranchers sell for $600k in that area? The assessment is obviously wrong.<br /><br />I guess you would have to factor in how may coats of paint it would take to cover up those screaming red walls though. I remember painting a red "feature" wall in my dining room in about 92. I have never seen so many red walls in one house. I wonder if the owner is a n early 90s aficionado?omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-61569655073372927782012-06-01T12:26:45.487-07:002012-06-01T12:26:45.487-07:00I wouldn't buy into the hotel but I'm pret...I wouldn't buy into the hotel but I'm pretty sure that people who will are not in my league ie. what is a million or two extra dollars..<br /><br />As for renting when you are not there, one of my properties is a vacation rental and I can assure you that it works well and makes money. Cleaning fees and damage deposits are good things. A little wear and tear can be fixed up quick when you have the rental income to pay for these minor items.<br /><br />Yes, saw that Eastdowne was assessed at $603,000 - not sure what is up with that.Anonymoushttps://www.blogger.com/profile/08188115284116016130noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-32735125959224050662012-06-01T12:00:14.165-07:002012-06-01T12:00:14.165-07:00Easdowne is assessed at $603K - does not seem like...Easdowne is assessed at $603K - does not seem like a screaming deal - I guess we will see.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-3251526557689790922012-06-01T11:43:30.460-07:002012-06-01T11:43:30.460-07:00@tt Victoria,
"the oak bay hotel redevelopm...@tt Victoria, <br /><br />"the oak bay hotel redevelopment which has spa, concierge and heated outdoor pool on the waterfront and is also a high-end hotel and you can rent your unit out for these purposes if you want."<br /><br />Yah, right. You get to rent it out and have people scuff the paint and spill coffee on the carpet. Adds a lot to the value. Plus, like some other condos, it has a pool. <br /><br />Perhaps the concierge is unique. Nice to be saluted on your way in or out, I suppose. But how many hundred per square foot does that add?<br /><br />Not that I question the price. For people who don't want to live next door to Rhino, it's probably well worth the money.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-19342178189050134622012-06-01T11:41:52.302-07:002012-06-01T11:41:52.302-07:00Oak Bay is terrible. Nothing but old people and o...Oak Bay is terrible. Nothing but old people and old houses. Don't try and buy a house here - it is miserable - I will man the station and make sure everyone gets out ok ;)a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-13953666614235271812012-06-01T11:40:01.967-07:002012-06-01T11:40:01.967-07:00I enjoyed the picture of the couple on the rocks i...I enjoyed the picture of the couple on the rocks in CS's link. Nothing against spending 4 million on a condo, if that's your dream. I just thought it was a strange marketing photo.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-18746371671085444812012-06-01T11:35:16.203-07:002012-06-01T11:35:16.203-07:00CS - you picked the oak bay hotel redevelopment wh...CS - you picked the oak bay hotel redevelopment which has spa, concierge and heated outdoor pool on the waterfront and is also a high-end hotel and you can rent your unit out for these purposes if you want. This development is not normal in Oak Bay - in fact it is the only one I am aware of. It is like buying a full ownership of something that would normally be sold in fractions (like downtown high end hotel developments).Anonymoushttps://www.blogger.com/profile/08188115284116016130noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-31698175692874615882012-06-01T11:32:32.614-07:002012-06-01T11:32:32.614-07:00Trying to protect your equity by pricing too low i...Trying to protect your equity by pricing too low is a weird strategy. That is more like an equity loss strategy. The market will set the price for you if you are slightly over so pricing low is... not smart.Anonymoushttps://www.blogger.com/profile/08188115284116016130noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-25406403536094911212012-06-01T11:28:09.631-07:002012-06-01T11:28:09.631-07:00Some parts of OB are still quite pricey, that'...Some parts of OB are still quite pricey, that's true. For example <a href="http://www.realtor.ca/PropertyDetails.aspx?PropertyID=11865177&PidKey=995367965" rel="nofollow">this</a> at $1,697.46 per square foot.CShttps://www.blogger.com/profile/03399620869685840906noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39770865077293077352012-06-01T11:19:59.185-07:002012-06-01T11:19:59.185-07:00Or maybe 2880 EASTDOWNE is paying attention to the...Or maybe 2880 EASTDOWNE is paying attention to the '08-like deflation heading our way, and want to protect any equity they have.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-81852395155649072722012-06-01T11:15:35.262-07:002012-06-01T11:15:35.262-07:00I like living in Oak Bay. I like walking to the s...I like living in Oak Bay. I like walking to the shops and not using my car. I like no Colwood Crawl. I like my that the kids and I walk to the rec centres and schools and library in a relatively safe area with lower traffic levels and it takes them no more than 10 minutes. I don't even use my car for shopping. I also enjoy the waterfront. <br /><br />You don't have to be old to like Oak Bay. The Penny Farthing is not the only place to go here - there is Ottavios, Japanese, Chinese... and downtown is 10 minutes away. <br /><br />As for old houses, I like the fifties houses. I don't love new construction unless it is really modern. The 1910 ones are too old for me though... too many problems.<br /><br />Where else is better? James Bay is pretty high density, Fernwood is okay but has a highish crime rate near the school and below, Gordon Head is too far out for me... <br /><br />Fairfield is great with a lot of the same amenities as Oak Bay except the rec centre and library but, it is just as expensive and the high school is further away.Anonymoushttps://www.blogger.com/profile/08188115284116016130noreply@blogger.com