Housing Bubble Fraud

[VancouverGoinUp]

Folks,
There was never a housing bubble. That's right folks there was never a housing bubble in the most beautiful place on Earth Vancouver BC. Those of you who have followed my advice are now millionaires; some of you many times over. Things are so red hot and skyrocketing that it is even beyond my wildest dreams. I want to give you an example of how the suburbs of Vancouver could of made you rich. Take Richmond BC, a forty year old house was going for $250,000 7 years ago - now that same house is $900,000!! Folks I'm not making this stuff up do your own due diligence. This is a suburb!!! Folks, houses in Richmond are now rising at $25,000 or more per month - DO THE MATH. Here is a typical real estate page from Richmond where houses are going for dirt dirt cheap- Unbelievable as it may sound you can still buy a house for under $1 million!!
http://www.accoladerealestate.ca/monds

Folks, the information given by the so called experts was fraudulent and charges and jail time should be given to these scam artists. Do you want to know the truth? Do you want to know why the experts were touting doom and gloom bubble real estate with one incredibly uneducated expert stating "vancouver is the bubbliest city in the world". I'll tell you why - these experts in my opinion were suppresing the truth in order to keep prices low so they could load up. It is no secret that the average price of a house in Vancouver will surpass 1.5 million by 2020. Folks it's still dirt cheap. 1 billion people from Asia want to live here!!! Do the math, do your own due diligence but please for the sake of your family's wealth do not listen to the "bubble experts" they have been wrong for 10 years and counting.
God Bless and God Bless the greatest place on earth Vancouver

[metalman]

Re: Housing Bubble Fraud

Folks,
There was never a housing bubble. That's right folks there was never a housing bubble in the most beautiful place on Earth Vancouver BC. Those of you who have followed my advice are now millionaires; some of you many times over. Things are so red hot and skyrocketing that it is even beyond my wildest dreams. I want to give you an example of how the suburbs of Vancouver could of made you rich. Take Richmond BC, a forty year old house was going for $250,000 7 years ago - now that same house is $900,000!! Folks I'm not making this stuff up do your own due diligence. This is a suburb!!! Folks, houses in Richmond are now rising at $25,000 or more per month - DO THE MATH. Here is a typical real estate page from Richmond where houses are going for dirt dirt cheap- Unbelievable as it may sound you can still buy a house for under $1 million!!
http://www.accoladerealestate.ca/monds

Folks, the information given by the so called experts was fraudulent and charges and jail time should be given to these scam artists. Do you want to know the truth? Do you want to know why the experts were touting doom and gloom bubble real estate with one incredibly uneducated expert stating "vancouver is the bubbliest city in the world". I'll tell you why - these experts in my opinion were suppresing the truth in order to keep prices low so they could load up. It is no secret that the average price of a house in Vancouver will surpass 1.5 million by 2020. Folks it's still dirt cheap. 1 billion people from Asia want to live here!!! Do the math, do your own due diligence but please for the sake of your family's wealth do not listen to the "bubble experts" they have been wrong for 10 years and counting.
God Bless and God Bless the greatest place on earth Vancouver

[GRG55]

Re: Housing Bubble Fraud

Folks,
There was never a housing bubble. That's right folks there was never a housing bubble in the most beautiful place on Earth Vancouver BC. Those of you who have followed my advice are now millionaires; some of you many times over. Things are so red hot and skyrocketing that it is even beyond my wildest dreams. I want to give you an example of how the suburbs of Vancouver could of made you rich. Take Richmond BC, a forty year old house was going for $250,000 7 years ago - now that same house is $900,000!! Folks I'm not making this stuff up do your own due diligence. This is a suburb!!! Folks, houses in Richmond are now rising at $25,000 or more per month - DO THE MATH. Here is a typical real estate page from Richmond where houses are going for dirt dirt cheap- Unbelievable as it may sound you can still buy a house for under $1 million!!
http://www.accoladerealestate.ca/monds

Folks, the information given by the so called experts was fraudulent and charges and jail time should be given to these scam artists. Do you want to know the truth? Do you want to know why the experts were touting doom and gloom bubble real estate with one incredibly uneducated expert stating "vancouver is the bubbliest city in the world". I'll tell you why - these experts in my opinion were suppresing the truth in order to keep prices low so they could load up. It is no secret that the average price of a house in Vancouver will surpass 1.5 million by 2020. Folks it's still dirt cheap. 1 billion people from Asia want to live here!!! Do the math, do your own due diligence but please for the sake of your family's wealth do not listen to the "bubble experts" they have been wrong for 10 years and counting.
God Bless and God Bless the greatest place on earth Vancouver

All the classic signs of a double top in Vancouver housing prices are coming together...

First let's look at affordability:

Affordability Ranking of Canadian Cities

Least to Most

This table is sorted with the highest ratio of median housing cost
to median household income at the top showing that Vancouver is
the least affordable city requiring a buyer to pay 8.4 times annual income.
Red = Least Affordable Cities~Green = Most Affordable Cities
Blue = Moderately Affordable Cities

Q3 2008 Cities	INT-al Rank	NAT-al Rank	COST / INC	House Price	House Income
Vancouver, BC	262	34	8.4	$492,600	$58,400
Sydney, Australia	261	25	8.3	$529,000	$64,000
San Francisco-Oakland, US	260	174	8.0	$615,700	$76,700
Victoria, BC	258	33	7.4	$418,600	$56,300
London, England	248	15	6.9	£249,900	£36,300
Kelowna, BC	245	32	6.8	$362,100	$53,200
Abbotsford, BC	241	31	6.5	$375,300	$57,600
Dublin, Ireland	233	5	6.0	€ 390,000	€ 64,600
Edinburgh, Scotland	216	11	5.5	£148,700	£26,900
Calgary, AB	190	29	4.8	$366,200	$75,800
Toronto, ON	190	29	4.8	$324,700	$67,100
Montreal, QC	182	27	4.6	$229,900	$49,800
Saskatoon, SK	182	27	4.6	$256,800	$55,900
Edmonton, AB	167	26	4.2	$292,100	$69,700
Hamilton, ON	157	25	4.0	$250,500	$63,400
Sherbrooke, QC	150	24	3.8	$164,300	$43,800
Las Vegas, US	135	112	3.7	$211,600	$57,400
Halifax, NS	129	21	3.6	$206,300	$56,700
Peterborough, ON	129	21	3.6	$199,500	$55,100
St. Catherines-Niagara, ON	129	21	3.6	$197,800	$55,500
Tampa-St. Petersburg, US	129	109	3.6	$173,400	$47,700
Kingston, ON	121	18	3.5	$201,700	$58,100
Kitchener, ON	121	18	3.5	$237,600	$67,000
Regina, SK	121	18	3.5	$212,600	$60,800
Barrie, ON	112	14	3.4	$233,000	$69,100
Guelph, ON	112	14	3.4	$235,000	$69,100
Ottawa-Gatineau, ON-QC	112	14	3.4	$236,700	$69,500
Quebec,QC	112	14	3.4	$173,800	$51,500
Brantford, ON	102	12	3.3	$196,000	$59,300
Sudbury, ON	102	12	3.3	$188,500	$57,600
London, ON	98	11	3.2	$188,600	$58,500
Winnipeg, MB	80	10	3.0	$167,100	$54,800
St. John's, NL	61	9	2.8	$158,400	$56,700
Saint John, NB	48	7	2.7	$139,700	$52,500
Trois-Rivieres, QC	48	7	2.7	$114,000	$42,100
Saguenay, QC	39	6	2.6	$124,600	$48,100
Moncton, NB	24	5	2.4	$129,000	$53,900
Chatham, ON	17	3	2.3	$122,600	$53,400
Windsor, ON	17	3	2.3	$143,600	$62,300
Thunder Bay, ON	12	2	2.2	$121,100	$56,200
Cape Breton, NS	5	1	2.1	$90,800	$42,400

Next let's take a peek at the price behaviour of Single Family Detached housing since the peak in 2008. Lo and behold, Vancouver SFD prices have rebounded almost back to the all time nominal high set in April 2008. To put the rebound in perspective, prices for Vancouver SFD rose 1.3% in December 2009, and 18.3% over the year from the trough in December 2008.

~

*SFD Prices Vancouver Calgary Edmonton Toronto Ottawa Montreal Prices at Peak $771,321 $505,920 $426,028 $423,559 $318,655 $246,000 Peak Price Date Apr-2008 Jul-2007 May-2007 Oct-2009 Oct-2009 Jul-2009 Prices Now $766,816 $451,349 $366,761 $411,931 $307,807 $240,000 Prices Now Date Dec-2009 Dec-2009 Dec-2009 Dec-2009 Dec-2009 Dec-2009 Months since Peak 20 29 31 2 2 5 $ Plunge from Peak -$4,505 -$54,571 -$59,267 -$11,628 -$10,848 -$6,000 $ Plunge per Year -$2,696 -$22,532 -$22,891 -$69,576 -$64,909 -$14,313 % Plunge from Peak -0.6% -10.8% -13.9% -2.7% -3.4% -2.4% % Plunge per Year -0.3% -4.5% -5.4% -16.4% -20.4% -5.8% Deflation per Month $225 $1,878 $1,908 $5,798 $5,409 $1,193 **Price Support Target $491,821 $265,173 $204,886 $334,272 $240,533 $209,216 Months Until Target 1224 99 85 13 12 26 Price Support Date Dec-2111 Apr-2018 Jan-2017 Feb-2011 Jan-2011 Feb-2012

And here's a look at Brian Ripley's Vancouver Bubble Deflator. According to Ripley more than 82% of the current SFD listings in Vancouver, West Van, and North Van combined are asking more than $750,000.



And finally a bit of fun courtesy of Brian Ripley [Ripley's website can be accessed here]:

[GRG55]

Re: Housing Bubble Fraud

And for anyone who thinks the upcoming Winter Olympics are going to somehow save the Vancouver real estate market...well here's some sobering thoughts - and a pretty clear leading indicator that property and other taxes in Vancouver and the GVRD are going up to pay for these games for years to come:

Let the Bailout Games Begin

NBC expects to take a bath and VANOC, rocked by recession, still has its hand out.

Once upon a time, when Vancouver 2010 was an itty-bitty bid, they were called the "Sea to Sky Games."

Then the International Olympic Committee (IOC) gave its seal of approval in 2003, when President Jacques Rogge opened an envelope in Prague and read "Vonn-KOO-vah!"

Hello, Canada's Games.

The years turned to months and months turned to weeks. Now we count the days and hours until the wintry version of the Montreal Olympics.

Welcome to the Bailout Games.

Even with the intense participation of some of the world's biggest corporations, the 2010 Winter Olympics are being held together by government spending -- much of it never contemplated before the economic bubble burst weeks after the 2008 Beijing Games.

A year ago, amid the doldrums of the Great Recession, VANOC's message was all about being the shining light that would guide British Columbia safely through the turmoil of the times because it had a billion dollars to spend. Then came the spring, and chief executive John Furlong's admission that making a profit was unlikely. Canadian Olympic Committee CEO Chris Rudge said in May there would be no financial legacy of Vancouver 2010. Just venues.

VANOC's chief financial officer, John McLaughlin, said it best on June 16th in a teleconference discussing quarterly financial results.
"While some experts are suggesting the worst is behind us, we don't believe we'll see a marked improvement," McLaughlin said...

...Ultimately, B.C.'s taxpayers will be called upon to make the budget balance when VANOC winds up in 2011...

...Everyone in the media knows that recessions are not kind when advertising is the primary source of revenue. The Olympics are the biggest marketing event in sports -- and advertising is what fuels an organizing committee's operations budget...

...Rookie Vancouver Mayor Gregor Robertson began the year with a bang, proclaiming Vancouver taxpayers were "on the hook" for the entire cost of the $1.1 billion Olympic Village...

...Fortress' parent, Fortress Investment Group, is the owner of the debt-laden Intrawest, whose jewel is Whistler Blackcomb. If Intrawest can't refinance the $524 million it owes, the site of sledding sports and alpine skiing may be operating under receivership by the time the Games begin.

Sponsors Nortel in January and then General Motors in June sought bankruptcy protection on both sides of the border...

...That's also the date that chief financial officer John McLaughlin sent a letter to Philip Steenkamp, head of the B.C. Winter Games Secretariat, seeking more money for ceremonies and torch relay. The amount was redacted, for fear of compromising business interests.

The provincial government quietly spent another $8 million to rent the fourth floor of the Vancouver Art Gallery for a B.C. Pavilion that wasn't previously planned. It also assumed Paralympic spending. Meanwhile, massive cuts to community arts and sports spending happened before the throne speech declared "the cupboard is bare" with a $2.8 billion deficit budget.

Ottawa also went on a $37 million spree over two weeks in September, including $11 million for Own the Podium, a $10 million Canada pavilion, $7.7 million for bilingualism, $6.2 million for tourism and trade promotion and $400,000 on the Cultural Olympiad.

The year ended on a low note with General Electric (GE) CEO Jeff Immelt telling investment analysts that the Olympics would be a bust. NBC made $70 million on Salt Lake 2002. Vancouver 2010, just 50 km from the Excited States, in a Pacific time zone, will cause the same broadcaster to report a $200 million loss...

...Enjoy the Bailout Games. You're paying for them.

[jpatter666]

Re: Housing Bubble Fraud

I find it of note that for the Beijing Summer games we here in Virginia were inundated with constant commercials about the upcoming games.

This year -- next to nothing.

[GRG55]

Re: Housing Bubble Fraud

One last chart from Brian Ripley's site:

The beneficial effects of ultra-low interest rates knows no national boundaries. Need we say more?

[GRG55]

Re: Housing Bubble Fraud

I find it of note that for the Beijing Summer games we here in Virginia were inundated with constant commercials about the upcoming games.

This year -- next to nothing.

Could be that everybody already knows that B.C. stands for "Bring Cash", and VANOC sees no need to advertise that fact...:rolleyes:

[GRG55]

Re: Housing Bubble Fraud

One last chart from Brian Ripley's site:

The beneficial effects of ultra-low interest rates knows no national boundaries. Need we say more?

Okay, we will say more...

From last week's Maclean's magazine:

Awash in a sea of debt

Oblivious to the risks, Canadians are piling on record debt loads

by Jason Kirby on Tuesday, February 2, 2010 9:00am

Room 32 of the B.C. Supreme Court in Vancouver is where dreams of owning a home go to die. It’s the main foreclosure court in the Lower Mainland, where banks and other lenders ultimately turn when homeowners can’t keep up with their mortgage payments. The homes get seized, then sold off. “There are many tears on that carpet,” says Andrew Bury, a partner at Gowlings and the top foreclosure lawyer in the city. But lately the cramped courtroom has come to represent something else entirely—the utter insanity of Canada’s red hot housing market.

Last week Bury was in court to seek approval for the sale of a one-storey foreclosed home in central Richmond for $670,000. That was already $40,000 more than the house had been valued at two months earlier. Then, as he always does, Bury asked whether any other bidders were interested in the 2,000-sq.-foot home. Ten hands shot up. What happened next left him stunned. After a secret auction, the winning couple offered a whopping $852,500. “That’s an extreme case, but it’s the kind of thing we’re seeing all the time now,” says Bury. “It’s a feeding frenzy out there.”...

Enough said? ;)

[jk]

Re: Housing Bubble Fraud

Okay, we will say more...

From last week's Maclean's magazine:

Awash in a sea of debt

Oblivious to the risks, Canadians are piling on record debt loads

by Jason Kirby on Tuesday, February 2, 2010 9:00am

Room 32 of the B.C. Supreme Court in Vancouver is where dreams of owning a home go to die. It’s the main foreclosure court in the Lower Mainland, where banks and other lenders ultimately turn when homeowners can’t keep up with their mortgage payments. The homes get seized, then sold off. “There are many tears on that carpet,” says Andrew Bury, a partner at Gowlings and the top foreclosure lawyer in the city. But lately the cramped courtroom has come to represent something else entirely—the utter insanity of Canada’s red hot housing market.

Last week Bury was in court to seek approval for the sale of a one-storey foreclosed home in central Richmond for $670,000. That was already $40,000 more than the house had been valued at two months earlier. Then, as he always does, Bury asked whether any other bidders were interested in the 2,000-sq.-foot home. Ten hands shot up. What happened next left him stunned. After a secret auction, the winning couple offered a whopping $852,500. “That’s an extreme case, but it’s the kind of thing we’re seeing all the time now,” says Bury. “It’s a feeding frenzy out there.”...

Enough said? ;)

sounds to me like vancouver's still goin' up.

[aaron]

Re: Housing Bubble Fraud

How can I short the Vancouver real estate market? Now THAT would be a good ETF!