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GRG55
10-30-08, 12:04 PM
Straight from the mouths of the head cheerleader . Must be official now, eh...:D




News from The Globe and Mail
[B]B.C. HOUSING HEADS DOWNHILL (http://www.globeinvestor.com/servlet/story/GAM.20081030.RBCHOUSING30/GIStory/) :eek: :eek: :eek: :eek:

Boom times are over for the province following explosive growth in demand, prices


DAVID EBNER AND LORI MCLEOD

00:00 EDT Thursday, October 30, 2008

<!-- Summary --><!-- dateline -->
VANCOUVER and TORONTO<!-- /dateline --> -- Canada's most expensive housing market is hitting a significant slump, with home sales numbers falling and prices declining, the British Columbia Real Estate Association said yesterday.

"The bull market in housing is over in British Columbia, and it's been over for several months," said Cameron Muir, the group's chief economist.
<!-- /Summary -->
The association, in a forecast published yesterday, said prices could average $453,000 in B.C. this year. But for 2009, prices are predicted to slump 9 per cent to an average of $413,000 - with much of the decline taking place before the end of this year.

The market peaked in the spring, the forecast said. Over the summer, cracks began to show. Consumer confidence wavered. People would go to open houses but wouldn't buy. Sales fell almost 50 per cent in July, compared with a year earlier, and fell more than 50 per cent in August. Prices weakened. And then the credit crisis hit - and B.C. and Vancouver prices kept falling...

...In Vancouver, it was similar to the frothiest moments in Toronto's real estate boom this decade, when bidding wars would see homes sold for tens of thousands of dollars more than the asking price.

No longer: The B.C. Real Estate Association predicted sales will be down about 30 per cent this year in Vancouver and around B.C.

Mr. Boenisch's experience is even more severe, saying sales are already down as much as 50 per cent.

"When you have 80 per cent more inventory with half the amount of buyers, this is a dramatically different market," Mr. Boenisch said...

c1ue
10-30-08, 07:44 PM
OK who's going to volunteer to be Vancouvergoingdown?

:D

sadsack
10-30-08, 08:16 PM
OK who's going to volunteer to be Vancouvergoingdown?

:D

"The PRECIOUS! They stolesed it from us! :mad: GOLLUM! GOLLUM! "

metalman
10-30-08, 09:43 PM
who could have guessed?

Contemptuous
10-30-08, 09:57 PM
Will Ye No Come Back Again (Vgup)?

Bonnie Vgup's noo awa',
Safely ower the friendly main;
Mony a heart will break in twa',
Should Vgup ne'er come back again.

Chorus:
Will Vgup no come back again?
Will Vgup no come back again????
Better lo'ed ye canna be,
Will ye no come back again (Vgup)?

Ye trusted in your Highrise Condo men,
They trusted you, dear Vgup.
They kent your hidin' in the glen,
Death or exile bravin'. :D
Chorus We watched thee in the gloamin' hour,
We watched thee in Vancouver's mornin' grey.
Five hundred thousand bucks they paid,
O there is nane that Vgup wad repay.
Chorus

Will ye No ... etc (to the sounds of keening). ;)

GRG55
10-30-08, 10:43 PM
who could have guessed?

Your bonars now buy more, much more, north of the border. So get up there and buy something...:p

metalman
10-30-08, 11:21 PM
Your bonars now buy more, much more, north of the border. So get up there and buy something...:p

how's inflation there? still out of control here, except for gasoline. everything else still going up, up, up.

sadsack
10-31-08, 11:09 AM
Your bonars now buy more, much more, north of the border. So get up there and buy something...:p

Kewl . . . does this mean that the strippers in St. Catherines once again prefer dollars to loonies in their g-strings? :D

GRG55
11-01-08, 01:28 AM
how's inflation there? still out of control here, except for gasoline. everything else still going up, up, up.

Pretty well the same here. Imported stuff, like food from California, is now going up as the Loonie declines.

I bought a lot of the manufactured stuff for the bunker, like kitchen appliances, this summer while the Loonie was still near par and the dealers feeling the pinch started heavily discounting then current inventory to clear it out. Stuck it all in storage until I get the project that far along. I suspect now most inventory overhang is cleared out prices on that stuff won't fall further, as most of our high end stuff is imported from the USA, the Loonie has fallen a lot, and input costs don't look like they are going down. As businesses shrink and lay off staff they have to amortize their fixed costs over a smaller revenue base. Checked out the price of diesel lately? Hasn't come down anywhere near as much as crude oil.

Enjoy the "cheap" gas while it lasts. :)