B.C.’s household debt-to-income ratio is 160 per cent; B.C. is the only province with negative savings rate

From a report from TD Economics, cited in the Vancouver Sun 9 Feb 2011 -

B.C. households are the most vulnerable in Canada to interest rate hikes or an economic downturn. B.C.’s household debt-to-income ratio is 160 per cent, far above the Canadian average of 127 per cent. B.C. is also the only province to have a negative savings rate, as every available dollar is directed toward mortgage and other debt or living costs.

Higher interest rates over the next few years threaten to leave as many as one in ten households in B.C. in a position of financial stress. The 10-per-cent figure is based on TD’s projection of gradual rate hikes from the current one per cent to three per cent by the end of 2012.

“On the plus side, rapidly-appreciating home prices in the province has left the debt-to-asset ratio — a metric of household leverage — below the Canadian average.”

Spot The Speculator #27 – “She is a lawyer and is quite set financially and probably did this flip for a bit of fun: well, she got ~150k clear.”

Anonimi at VREAA 8 Feb 2011 10:42pm – “My aunt bought a condo in UBC south campus three years ago (pre-sell) – she is a lawyer and is quite set financially and probably did this for a bit of fun: well, she flipped and got ~150k clear (tax not inc;): for all you race profilers out there – the condo is almost 100% chinese, the creame de la creame of mainland China.”

Story of a local speculator flipping a presale for a profit of (150K – taxes/costs), and, it seems, for the pleasure of the diversion. Reminds us of the statement from Tracie McTavish, president of Rennie Marketing Systems, “Real estate is like a sport here.” … Extreme condo flipping. -vreaa

“I was at a Superbowl party yesterday in Burnaby. There was a traffic jam on their street because of an open house on the block.”

Vansanity at vancouvercondo.info February 7th, 2011 at 7:05 am-
“I was at a Superbowl party yesterday in Burnaby. There was a traffic jam on their street because of an open house on the block. I wouldn’t have believed it if I didn’t see it for myself. All Asians, just flocking to the open house in droves. It was pretty discouraging.”

There are also some current stories of quiet open houses. We appear to have a mixed market at present, hot in some areas, less so in others. The numbers will tell all, eventually. Regardless, we will continue to capture a chronological series of anecdotal snapshots, as a record of what people in our city have been seeing and thinking and feeling as the RE bubble plays out. -vreaa

Is Vancouver A Fringe Of The China Property Bubble? – “It sounds like a criminal or insane or whatever you want to call it, a total misallocation of capital.”

Possibly. If so, what are the implications? Could run up even further, could blow up in a spectacular fashion. See this interview with Jim Chanos, currently short China, from FT.com, 1 Feb 2011.

Quotes:
“China is in a very major property bubble”
“70% of their GDP is in fixed asset investment.” … [and this is NOT from infrastructure development. For instance, high speed rail is only 2% of that 70%.]
“At the peak of the bubble in the US, fixed asset investment was 16-18% of GDP, of which 6% was property.”
[The bubble is affecting tier 2 and tier 3 cities as much as Beijing and Shanghai.]
“Prices relative to incomes are in nose-bleed territories by Western standards.”
“A lot of the property that is being built is not affordable by about 99% of the Chinese population”.
[Interviewer: "So it sounds like a criminal or insane or whatever you want to call it, a total misallocation of capital."]
“One of the bull cases is that this will deflate gently, and that the Chinese economy will seamlessly move to a consumer-led burgeoning middle-class economy… The problem is that consumers are less and less of this economy, as the property bubble has gone on.”
“Anytime you take something that is 70% of your economy and rein it in, history tells us that usually the risks are to the downside… but, who knows, they might do it.”
“The Chinese bankers do see problems, you can see it in their pronouncements.”
“The Western investor is getting a lot of opportunities to buy into this boom, and we’re taking the other side of that trade.”

“There are lots of things that people say about China that, when you examine the data, falls apart”.

“Now they are about 1.3 million into a house that might be worth 1 million tops AND they still need bank financing.”

John Davies at VREAA 3 February 2011 at 11:19 am-
“Back in 2007, I bought a house for 725K$ in North Vancouver, put 70K$ in materials renovating it and sold it for 925K$ 8 months later which netted me 100K$. I had to change the closing date 3 times because the purchaser had problems closing (financing) and I was very reluctant to keep his deposit. This purchaser loved the renovations and the sale price was an area record.
So one would think end of story, No it gets worse for very nice couple.
These buyers that the bank reluctantly approved got hold of a builder that quoted them 200K$ and 3 months to renovate again. So they are renting as we speak.
They ripped out all the renovation that I did (new kitchen, new bathrooms, new flooring, everything) and are up to 350K$ in this new renovation.
They joking tell the neighbours that they are wondering if the bank will finance this.
Meanwhile, I am happily renting and although we are all adults and each person has a head on their shoulders, I wonder what some people are thinking.
Now they have about 1.3 million into a house that might be worth 1 million tops AND they still need bank financing.
I hope this ends better for them than I think it will!”

Spot The Speculator/s #26 – “At Walmart I overheard 2 guys talking about how easy it was to make an extra 50,000-$75,000 a year by flipping.”

buylow at greaterfool.ca 5 Feb 2011 12:39 pm-
“A “friend of a friend” rushed to get this on the market as a flip:

MLS®: F1101125
2720 Countess St, Abbotsford, BC
2672sqft house; 7029 sqft lot
Asking price: $399,900

“The difference in pricing is getting weird for sure in the Fraser Valley.
$400,000 for a house built in 1967 (yes they renovated it) in a not so great neighborhood. One street over there’s a similar reno’ed place as a FSBO for 330,000.
I think these flippers are delusional and are going to get hit hard. Marriages will likely suffer to because off the extra stress added when one spouse starts saying “I told you so!”

“At Walmart I overheard 2 guys talking about how easy it was to make an extra 50,000-$75,000 a year by flipping. One of the guys was planning his next 5 years already and what he was going to do with all the money – and it was “buy their dream house”.
yikes!
I hate to say it but it is like looking at an accident scene, I can’t help but watch it all.”

The accident hasn’t happened yet, but we get ‘buylow’s ideas and share the sentiment. We are similarly fascinated by the inevitability of the upcoming accident. And the ‘Walmart moment’ is yet another sign of a top. -vreaa

“My real estate agent is VERY pushy. He told me: you are NOT buying a dwelling, you are getting hold on an INVESTMENT for 5 years, until you can find the next SUCKER to sell it to, at an inflated price.”

painted turtle at vancouvercondo.info February 2nd, 2011 at 6:34 pm-
“My friend Stan sat down today, with an anxiety attack: he is about to buy a 1 bdrm condo (pre-sale) for $350 000. He is single and close to retirement, so he is balancing if he will be able to pay the mortgage in 10 years. I tried to put the numbers down with him. He said: “My real estate agent is very different from you. He is VERY pushy. He told me: you are NOT buying a dwelling, you are getting hold on an INVESTMENT for 5 years, until you can find the next SUCKER to sell it to, at an inflated price.” So I asked Stan: “What does that make YOU? The previous sucker?” That anecdote is telling me a lot about the spirit in this city.”

Flip Attempt – Potential $233K Profit In 4 Months

Crash at vancouvercondo.info 2 Feb 2011 4:19pm -
“Here’s an attempted flip:
4842 Victory Street Burnaby MLS #V861597 Sold Sep22/2010 for $655,000 now listed for $888,000. House is a teardown or in need of major renovation. Was an estate sale originally in 2010 I think.”

That’s a potential profit of $233K in 4 months. And if we take into account the forced leverage that comes with RE speculation, calculate at a 10% downpayment, that’s a return of 350%. See why a housing bubble looks so great on the way up? It’s like gambling! It’s like crack cocaine! – vreaa

Debtor, Mortgagee – “Two people sat down next to me and started talking numbers and bank accounts, scribbling on some photocopied statements.”

mflat at vancouvercondo.info January 27th, 2011 at 1:18 pm -
“Small anecdote from my lunch hour: Sat at a local, downtown sushi bar, eating and reading Google Reader on my phone. Two people sat down next to me and started talking numbers and bank accounts, scribbling on some photocopied statements. Turns out the young lady (Chinese, mid-30s, stylishly dressed, likely Canadian-raised based on accent) is having massive problems with debt, including her mortgage payments, line of credit and credit cards. The mid-30′s Chinese male with her advised to put all her payments on her line of credit rather than her checking account to avoid overdraft penalties and having to worry about payment deadlines. He also advised her to start enquiring about a HELOC on her mortgage in order to consolidate her debts due to the great interest rate opportunities. Apparently her line of credit is getting a bit out of hand. Lastly, he advised that she stop contributing to her RRSP’s for the next 6 months until she gets her credit under control.
My favorite eavesdrop of the lunch hour was hearing her say: “Can I still use my credit cards? I have to put groceries on my Visa as I don’t always have money in my checking account.”
Yes, Vancouver, this is what your wealth is built on.”

Summary Snapshot – Heady Prices; Breathless Reportage; Disregard For Debt; Bull Exuberance

An average number of sales for January 2011, as monitored at VCI by VHB. [Jan 2011 sales 1876, sell/list 38.9%, MOI 6.0; Mean for 2001-2010 1732, sell/list 45.2%]

A prominent spike in average detached home price as per above REBGV chart. The detached home average price was $1,144,537. This spike may at least partly be attributable to a statistical anomaly, skewed by a few high end sales. Regardless, that’s the average, and the chart looks vicious.

In pockets of Vancouver, a fair number of over ask sales; Westside, Richmond, and Eastside, too.

Global BC runs a breathless piece on spiking prices, bidding wars, and over ask sales; with the obligatory mention of “increased Asian investment”.  [3 Feb 2011, archived by fellow archivist Greenhorn HERE.]

The Vancouver Sun runs an article ‘How much has the value of your Metro Vancouver home increased in five years?‘ [4 Feb 2011].

In a G&M article [3 Feb 2011] Benjamin Tal, CIBC ‘specialist on household credit’, argues that we’re all richer than we think, and that the 148% debt to disposable income ratio is nothing to worry about. An unwise position, in our humble opinion, and one that is likely to haunt Tal in the fiasco that will follow.

Sentiment? Not easy to distill.
In social situations there is much talk of and from those profiting (on paper) from the bubble. We have heard at least one story of people taking profits by selling investment properties (good for them).
On the blogs, some bears are definitely gobsmacked and demoralized by examples of outrageous prices achieved by sellers. Some are considering leaving town, as evidenced by the recent string of ‘disillusioned’ stories. Other bears are still showing fighting spirit and continue to point to the glaring facts of this bubble. “Just how long can this go on?”, they ask.
At RE Talks, a perennially bullish site, the bulls are even more boisterously euphoric, and any bear that ventures there is soon made to feel like a FOX reporter in Tahrir Square. Only those with the very toughest pelts remain.

This is all as good a sign of a top as any, but, then, we’ve said that before more times than we care to remember.

-vreaa

“Since I bought my home my ‘income’ has been 40% from my job and 60% from housing appreciation.”

L8erDude at yattermatters.com February 2nd, 2011 at 1:18 pm, 4:53pm & 3 Feb 2011 at 8:56am -
“Since I bought my home my “income” has been 40% from my job and 60% from housing appreciation. When I sell this is tax free money. Go ahead and rent forever – but you’re rich or poor only in relation to your peers. At 60 years of age come and talk to me about how wise it was for you to rent. … I don’t see a halt to property prices so long as immigration continues at the frenzied pace of the last 20 years. At 60 years old my home will be worth 3x today and your rent will be about the same multiplier. … I won’t take a dime less than my home is worth to sell to an über-bear.”

1. The amount of “income” from appreciation of current market value of their house should be ringing alarm bells for this owner, and telling him/her something about the market, …but it isn’t.
2. The gains are thus far only present on paper. Only a very small percentage of owners in this situation will realize their gains.
-vreaa

Globe And Mail Headlines Bearish Warning – “Rate hikes could spark house price collapse”

We agree that the RE market is vulnerable to a collapse; we don’t think that rate hikes are absolutely necessary to bring that about. The market will begin to collapse under its own weight, and price drops will beget further price drops as sellers stampede. Rate hikes would speed the process but aren’t necessary.
It may be a landmark to have the G&M headline even the possibility of a ‘house price collapse’. -vreaa

Excerpted from G&M 3 Feb 2011 -
“Any move by the Bank of Canada could “easily” cause house prices to collapse, Capital Economics warns in a bleak report that suggests the Canadian housing market is likely to suffer the same sort of crash that has plagued countries such as the United States.”
“Even small rises in official interest rates have been shown to have a big effect on homeowner confidence in other countries under similar circumstances as they can change perceptions towards the housing market very quickly,” said economist David Madani. “If the Bank of Canada does resume its monetary tightening this year, this could easily prove to be a tipping point for a house price collapse.”
“Capital Economics also warns that a crash in prices could cost Canada Mortgage and Housing Corp., which insures high loan-to-value mortgages, to lose as much as $10-billion.”

Disillusion Row, Numbers 1-12

All of the following  anecdotes are from a single recent thread at vancouvercondo.info. They are archived here as a record of some of the sentiment being expressed at this juncture. Our housing bubble is at the very least profoundly distracting. Worse, it is scaring away human capital and putting our local economy at risk of implosion. -vreaa

1. JordanClark January 24th, 2011 at 3:56 am-
“This market is insane, the longer it goes on the worse off everyone here will be in the long run. The prices just flat out don’t make sense, there is no justification and people need to realize huge debt comes with real risks. People who got in at the right time might be better off but they do so to the detriment of the younger generations, who will be relied on to pick up the economic torch some day. What will happen when they aren’t there or still up to their eye balls in debt? We’ve been waiting for years and have pretty much given up on greater Vancouver. The market here will collapse some day, but that whole process will probably take many more years, people here are extremely stubborn about the eternal value of real estate and will take nothing before reducing prices. My kids start school this year, we need to be in a home with a yard, and stability. The condo life sucks. Luckily I’m a dual citizen so I’m in the process of sponsoring my wife and moving down to Washington State. I wish this was an easier option for more Canadians/Vancouverites because I think it would offer great relief to so many other families. We’ll buy a nice 3-4 year old house, 4-5 bedrooms, 2500+ sqft, nice 8000+ sqft yard, on a nice cul-de-sac within a few blocks of school for maybe $300k. From saving all these years we can put 50-75% down, pay it off in 10-15 years while still making significant retirement contributions. I’ll be able to retire in my 40s. Adios Vancouver.”

2. Vancouverite January 24th, 2011 at 7:03 am-
“Count me among those who have had enough. I was born and raised in Vancouver. I am at the very top of my very high earning profession here, like my husband. We own a SFH on the west side (it is respectable by Vancouver standards but pretty modest by the standards of any other city) and we are almost mortgage-free. While we would like to buy a bigger house since our kids are getting older, we won’t. This bubble is certain to burst sooner or later and we work way too hard to throw our money away competing with buyers who are up to their ears in temporarily cheap debt. We know how long it takes to save $100K. Although our extended families are here, we are actually giving serious thought to moving elsewhere in Canada or even to another country. We could sell our house today and buy a nicer house in a nicer neighborhood mortgage-free, with lots of cash left over for savings. There would be some initial sacrifice professionally, but we’d probably earn more in the long run. Even if we didn’t, we don’t really care if it means a better life for our kids. Which brings me to my biggest concern, Vancouver’s future. There is almost no significant business left here that is not connected to real estate in some way. Why would you bother trying to make a better widget when you could make more money more easily by developing, constructing, or marketing $1m townhouses? Even if you wanted to make a better widget, why would you do it in Vancouver, where it is difficult to attract professional talent because of the exorbitant cost of living? When this real estate bubble collapses, and it will, I think it is going to be disastrous for this city, which has put all its eggs and then some into one basket, and for its people, many of whom depend upon rising home equity for their spending and have forgotten what actual work and business looks like. I think I might like my family to be somewhere else.”

3. LY January 24th, 2011 at 7:12 am -
“I rented for 5 years in Richmond waiting for house prices to correct. Everytime its about to go down, the gov’t will intervene. As long as mortgage terms in Canada are lax and rich immigrant’s money continue to flow in, I don’t see any sizable correction in housing prices especially in bubbly vancouver. I gave up on Vancouver, move to Toronto and bought a house. Adios Vancouver too.”

4. pricedoutfornow January 24th, 2011 at 9:04 am -
“How has RE affected me? Well, for one, I have a whole pile of cash that could potentially be used for a healthy downpayment, if prices were what they were in 2001. If I were to drop that on a downpayment today, it wouldn’t get me very far. Plus the cost of carrying the mortgage would make my living costs go up by over $1000 a month (more when interest rates rise!). For another thing, every family gathering with my SO ends with questions from the inlaws as to why I haven’t bought yet, why am I throwing money away on rent. No matter how often I explain I’m actually SAVING money, they just harp on about how “Real estate always goes up.” Talk about zombies. I do wish I had a dog though, which would be a million times easier if I had a house with a yard. I can’t wait for this bubble to pop.”

5. Vansanity January 24th, 2011 at 9:09 am-
“My inlaws saw that piece on CBC and they called up in a panic, “oh my God prices are going up again, what are you waiting for?” I told them, hey, if you want to buy us a place for $1M I won’t stop you. In other words, put your money where your mouth is, cuz I have, that’s why it’s in the bank.
My wife and I ideally would like to have a place in East Van or Burnaby but we refuse to live “house poor” as some of our friends and family do. I haven’t convinced my wife to move away, but the longer this goes we might eventually take off and move to sunnier pastures. You know the saying the grass is always greener, well when it comes to real estate and money and Vancouver to the rest of the world, it might be true.”

6. VancouverFiveOh January 24th, 2011 at 11:32 am-
“I have been bearish since 2006. I’m a logic and math type and that has served me well in my profession but perhaps not so much when it comes to housing. I could have flipped a bunch of west side homes by now, right?
Count me among those who are seriously considering leaving Vancouver. I was born and raised here but am tired of this city and it’s “best place on earth” attitude. I’m also tired of the rain. Today sucks.”

7. Dan in Calgary January 24th, 2011 at 11:45 am-
“I was born in Vancouver, left and moved back in 1975. I spent more than 30 years of my adult life in Vancouver, leaving for Calgary in 2007. Vancouver’s rain was an irritation to be tolerated as long as the city had charm, class and a friendly, laid-back kind of atmosphere, with a small enough population that one could actually enjoy what Vancouver offers. But that all changed, particularly beginning when the Olympic hype started. Then the rain became intolerable. Today Vancouver is mere hype.”

8. /dev/null January 24th, 2011 at 11:56 am-
[In response to "Let’s poll how many would have said: I wish I bought a property a few years ago."]
“I almost did but I’m glad I waited. Instead we both moved to part-time work – me to finish my degree and my wife to spend more time with our kids. With a mortgage we couldn’t/wouldn’t have done that. Now we can actually afford a house instead of that condo we were looking at, despite the run-up in prices. So we chose to invest in increasing my employment income (and raising our kids) versus real estate. So far I’m happy with the decision. Don’t assume that bears are just sitting around with their life on hold because they haven’t yet purchased a home.”

9. exWestEnder January 24th, 2011 at 1:46 pm-
“We moved to Paris (France) to see if it could possibly hold a candle to The Best Place on Earth. My partner got a transfer to the Paris office in Sept 2008. We moved in November, and man, we were we ever grateful that, as renters, we did NOT have to sell in that particular RE market. So now we’re enjoying all those French clichés: 7 weeks vacation, job security, cheap wine, amazing food, and a city where Lotsa Stuff Happens. … If our wanderlust fizzles and the Van property market ever returns to earth, we can come back knowing we already have a generous down payment….if we want to buy. On the other hand, when I remember the rain I might opt for putting it towards a farmhouse in the south of France instead….”

10. Patiently Waiting January 24th, 2011 at 1:59 pm-
“I have almost a million reasons to cheer for high real estate prices. They are the dollars my parents house is “worth”. I will inherit the house which my parents own outright. But I remain a bear because I hate what’s happening to this city culturally, feel sad for families who are struggling because of this, regret what this is doing to the economy (and my chances of getting decent work), want to see every real estate agent and mortgage broker humbled in a serious way, and logically know this can’t go on.”

11. painted turtle January 24th, 2011 at 3:05 pm-
“The real estate mania had a great positive influence on our lives. When we moved to Vancouver in 2005, as a 35 year old professional couple with 2 kids, we did not question our future: 1) Find good/secure jobs 2)Buy a house with a yard and be in debt for ever. This was supposed to be the way to happiness. Well… by the time we both had a full time job, house prices were too high. So we looked for a great rental solution (took some time). Now the kids are old enough they do not really need a yard anymore. We realized that since we are renting, we are making more money than needed. We could both put a break on our workloads and spend more time on hobbies we first thought would have to wait for retirement age. We can take care of our health, spend time with our teenage kids, take extended vacations, live a slow life. We also save money, and can look for ethical investments rather than being obsessed with ROI. We are now exploring exciting career moves/education we could have never thought of before. Somehow, it feels like being in my mid 20′s. By the time house prices will go down, our kids will be grown up, and the need for a house will have vanished. Anyway, mobility/freedom is our lifestyle, and I am happy we did not give up on that. So I would like to thank everybody who bought a house in the last six years for preventing us from entering a system we do not believe in, especially since we were about to be lured into making a wrong step. People who confuse wealth for happiness might no understand us, but fortunately, not everybody must have the same philosophy of life.”

12. YLTNboomerang January 24th, 2011 at 6:57 pm-
“I’m born and raised Vancouver and have had the opportunity to live for a few years in Germany/Belgium/Switzerland/US. I’ve been back for about 6 years now and have been a renter since selling in 2007. Does the irrationality make me want to give up and buy? NO WAY! I learned my lesson once already during the dot.com boom when I thought “maybe things are different now and the old style valuations no longer hold?”. Well, the result of that thinking lost me a fair amount on the market. I see the market today (more than ever) as a bubble and thus will never buy here until things come back in line with fundamentals. We’re happy renting and likely will do so when we move to Calgary in two years due to a planned advancement. I’ll keep an eye on Vancouver real estate and who knows, I could maybe even buy a place for retirement in the future if prices normalize.”

—
…and one bystander:

1. Best place on meth January 24th, 2011 at 11:06 am-
“I have no intention of ever buying real estate in Vancouver. I am however enjoying watching this one-industry city commit greed induced suicide. This Ponzi scheme is mere entertainment from my viewpoint.”

Spot The Speculator #26 – Vancouver doctor and condo flipper convicted of tax evasion

From the Canada Revenue Agency website [hat-tip patriotz at vancouvercondo.info]-
Vancouver, British Columbia, November 24, 2010… Vancouver psychiatrist, Dr. Raymond Ambrose Liang, was fined $85,464 yesterday in Robson Square Provincial Court, after being found guilty on two counts of income tax evasion.  The fine represents 150% of the taxes Liang evaded in 2004 and 200% of the taxes he evaded in 2006.
A Canada Revenue Agency (CRA) investigation determined that Liang had not reported $365,615 from various property transactions in 2004 and 2006.  He sold four contracts for the purchase of pre-construction condominiums, also known as assignments. Liang also profited from the sale of a townhouse which was sold by Kawa Kooksai Enterprise Ltd, a corporation he controlled.

Close Reading Of Seller Strategies

YLTNboomerang at vancouvercondo.info January 25th, 2011 at 10:24 pm
“It’s going to be listings like these two neighbors that drives the slide:
1) v858893
2) v860521
The first guy listed at $769/sqft
The neighbor then listed at $760/sqft
(literally, these townhouses are right next to each other and are essentially identical so a great comparison)
In response, the first guy dropped his price by a whopping ~1% to almost match the $/sqft of the 2nd guy a week after the listing came on. It was $761/sqft for the first and $760/sqft for the second.
After a month of no luck (stayed listed over the holidays), the first guy has now dropped his price by another whopping ~1% to $751/sqft.
I’m hoping the second listing drops their price similarly and the back and forth continues. These meager price drops are not enough to motivate a buyer (IMO) and should result in a slow steady decline of this type of unit.
I expect we’ll see this sort of slow downward creep continue where it is slight enough for Bull’s to claim that each move is just noise however the annual impact will be significant and add to the snowball rolling down the hill!”

“I sympathise completely with savers and those who behaved prudently who now find themselves among the biggest losers from this crisis.”

Mervyn King, Britain’s chief central banker, last week made some plain statements not yet heard from central bankers this side of the Atlantic [from sovereignman.com 1 Feb 2011] -
“In 2011, real wages are likely to be no higher than they were in 2005… One has to go back to the 1920s to find a time when real wages fell over a period of six years.”
“The squeeze on living standards is the inevitable price to pay for the financial crisis and subsequent rebalancing of the world and UK economies.”
“I sympathise completely with savers and those who behaved prudently now find themselves among the biggest losers from this crisis.”

Post-Olympic Sentiment Low-Point – “Canada investigates mass sled dog slaughter”

Covered all over the local press, but internationally, too. Here it is from breitbart.com 31 Jan 2011 -
Excerpt: “Police are investigating the slaughter of 100 husky dogs used during the 2010 Winter Olympics to pull tourist sleds in the Canadian ski resort of Whistler, authorities said Monday. The grisly killings were reportedly carried out by one worker over two days in April 2010 with a shotgun and a knife, with reports of injured dogs crawling out of a mass grave. Local media said the dogs were killed because business slumped in the two months following the Games and they were no longer needed by tourism companies Outdoor Adventures and Howling Dogs, which sell dog-sled rides to tourists.”

“So two new friends have decided to buy houses in Surrey before the elimination of 35 year mortgages. They’re immigrants via the temporary workers program.”

Thetruth at greaterfool.ca 31 Jan 2011 4:43am – “So two new friends have decided to buy houses in Surrey before the elimination of 35 year mortgages. They’re immigrants via the temporary workers program. They’re not investor immigrants, etc. but they have immigrated via the temporary channels and somehow think that will eventually mean permanent status. And yes they have money. Their arrival is not reflected in any statistics. It is Scotiabank that is helping them out.”

“Around us, within 1 block, there is constant turnover of property and construction. The homes are frequently bought with cash offers, torn down and reconstructed, very often never lived in as far as I can tell.”

Alice Thompson in the Vancouver Sun 25 Jan 2011 11:01am -
“For 23 years I have lived in West Point Grey, 3 blocks above Spanish Banks.  Over the years our neighbours have been fairly affluent families with 2 working professional parents.  The children went to local schools and played in the lanes  We all knew each other.  The children have grown and the parents are planning retirement over the next 5-10 years.
Around us, within 1 block, there is constant turnover of property and construction.  The homes are frequently bought with cash offers, torn down and reconstructed, very often never lived in as far as I can tell.  The owners live elsewhere.  One buyer bought 3 lots on Belmont and is building a massive “home”.  Within half a block there is a development with 22 bathrooms and 3 indoor pools.
Every Thursday at least one flight arrives from overseas full of potential buyers.  They are met by a team of realtors and lawyers and they are given a tour of the “best neighbourhoods and the best schools”.   I’ve heard 40% make a purchase.
This activity benefits realtors, lawyers, city coffers and people in every  area of construction.  In the process a vibrant neighbourhood is destroyed.”