The Province ran the announcement ‘First-time buyer seminar‘ as a ‘news’ item, 27 Feb 2011. Seems like an ad to us. We hope no innocent FTBs see the ‘article’, or the seminar itself, as anything other. Excerpts follow. [hat-tip joycer at vancouvercondo.info]
“The Greater Vancouver Home Builders’ Association is once again offering a seminar aimed at helping first-time homebuyers sort through the often overwhelming process of making the jump into home ownership.”
“The presenting sponsor is the provincial Homeowner Protection Office, branch of BC Housing, and corporate sponsors are The Vancouver Sun, The Province, Canada Mortgage and Housing Corporation, Real Estate Board of Greater Vancouver, Genworth Financial Canada, Scotiabank, Travelers Guarantee, Sheraton Vancouver Guildford Hotel, Shaw Cablesystems, CKNW, Rock 101, AM 730 and 99.3 the FOX.”
Posted in 02. Profiting from the Boom, 08. Overextended Buyers, 15. Misallocation of Resources
Tagged Anecdotes, Banks, British Columbia, Bubble, Canada, CMHC, Construction, FTBs, Media, Real Estate, Realtors, Vancouver
Maclean’s 23 Feb 2011 article highlights BCs vulnerable personal debt situation.
‘Canada’s Worst Spenders’
British Columbia has been Canada’s real estate debt champion since at least 1999
There’s been plenty of speculation that Vancouver’s hot housing market is in bubble territory, and as interest rates rise, that view is going to be put to the test. A new Toronto-Dominion Bank report says that one in 10 British Columbia households could find themselves scrambling to pay their bills if the Bank of Canada ups rates, as TD predicts it will—up to three per cent by the end of 2012.
The province has been Canada’s real estate debt champion since at least 1999, and it is the only one where the average savings rate is negative, according to TD.
Vancouver in particular seems to most resemble the housing run-up seen in the U.S. Two weeks ago, Robert Shiller, an economist at Yale University who correctly forecast the U.S. housing bust and helped develop the influential Standard and Poor’s Case-Shiller real estate index, likened the B.C. capital to San Francisco, one of the areas worst hit by the slump in the States.
Posted in 05. Where do Buyers get the money?, 08. Overextended Buyers
Tagged Anecdotes, British Columbia, Bubble, buyers, Canada, Debt, Housing, Real Estate, Speculators, Vancouver