For The Record: Bob Rennie said “This is speculation by spineless, signature-less individuals on a blog that in most cases has less than 500 followers. Vancouver’s RE fundamentals cannot be captured in a 90-second elevator conversation, a sound bite, and especially not on a blog or 140-character tweet.”

“This is speculation made by spineless, signature-less, individuals on a blog that in most cases has less than 500 followers. Vancouver’s real estate fundamentals cannot be captured in a 90-second elevator conversation, a sound bite, and especially not on a blog or 140-character tweet.”
– Bob Rennie on negative market commentary, in the current ‘New Condo Guide’, a free RE-promotion document available at corner dispensers throughout the city.
[hat-tip RaggedyRenter at VCI 29 Jun 2012 11:32pm. See that VCI thread for discussion.]

Vancouver RE bulls are forced to contend that the market’s fundamentals “cannot be captured” for the simple reason that the metrics simply do not withstand an scrutiny whatsoever. That can readily be demonstrated in brief posts, and has been done so repeatedly on the bear blogs. In fact, we suspect that, if pressed, one could indeed make a convincing bear argument in 140 characters or less.
Bulls need to resort to hand-waving and magic to argue for ongoing market strength.
It is noteworthy that Bob Rennie has seen fit to even mention the existence of bear blogs. This likely reflects the market’s increasingly precarious health.
– vreaa

37 responses to “For The Record: Bob Rennie said “This is speculation by spineless, signature-less individuals on a blog that in most cases has less than 500 followers. Vancouver’s RE fundamentals cannot be captured in a 90-second elevator conversation, a sound bite, and especially not on a blog or 140-character tweet.”

  1. These pretzels are making me thirsty

    Never trust a man who stands to profit by lying to you.

    Vancouver, where charlatans are aplenty.

  2. Who’s “signature-less”?

  3. Looking forward to Rennie becoming the poster boy for Vancouver’s collective idiocy. I hope he’s held to account.

  4. When the ashes have settled, I wouldn’t be surprised to see Rennie proclaim his true passion is outside RE… as a self-help guru, or something similarly flaky.

    • He’ll go into debt-counselling or bankruptcy consolidation and ride the wave of foreclosures down just as he rode the housing bubble all the way up.

      • Of course I meant “debt consolidation or bankruptcy counselling”.

      • “Bankruptcy consolidation” has potential among our “new aristocracy” of leveraged extended families.

      • Bulk-packaging numerous individual bankruptcies into a securitized debt product? That’s brilliant!!!! Triple A rating for sure! Where can I buy some?

      • A prescient call, CrankyCorvid… Alternatively, BR might simply steal a page from UAE/Dubai’s PlayBook, engage in a little political pillow talk with Christy&Stevie… and open his own PrivateDebtorsPrison! (after all, he already knows a lot about maximizing the utility of ‘small living spaces’)…

        [AlArabiya!] – UAE cheque fraud laws benefit property market recovery: Chairman of property developer Nakheel, Ali Rashid Lootah, accredits the initial financial recovery of Dubai’s property market to a strict enforcement of a policy that criminalizes debt

        …”Eventually, by implementing a cheque fraud law, those who could not pay their loans found themselves criminally liable. However, dozens of ‘real estate’ prisoners have gone on hunger strike to protest against their jailing, seeing themselves as victims of the emirate’s property crash, not as criminals. “It’s a criminal action here, and people should know that,” said Ali Rashid Lootah, in an interview with the Financial Times.”…

        http://tinyurl.com/bq8tv7e

      • IllustriousEd will undoubtedly punish me for pointing out the obvious… But you’ve got to admit, a PropertyDeveloper whose surname is “Lootah”!?

        Must have something to do with the TruthInAdvertising provisions of ShariaLaw.

      • And now that I think of it, RMS in its new guise as RennieInternmentSystems could finally solve that little problem better known as ‘OlympicVillage’… WinWin!

  5. Ralph Cramdown

    OK, here’s my “bear twitter”: Price/rent, price/income, abnormally low rates that have nowhere to go but up, rentals that don’t cash flow, momentum playing speculators

  6. For context, it seems that the quote was from a speech he gave in May entitled “is it a bubble.” There is a pdf summary of the speech on the rennie.com site:

    http://forms.rennie.com/RMS/2012%20UDI%20Speech.pdf

    Lots of interesting things in there, particularly the claims of spinning the “ghost town” description of the OV.

    • So,,, it’s been nearly 2 months and… things have become worse. Maybe Mr. Rennie should correlate his recent oratory endeavors to how the market is going and STFU.

  7. Mr. Rennie: *I’m* not signature-less. Hell, most people who read these blogs know, within a block or two, where I live too.

    Getting pretty tough watching your empire of greed crumble all around you, huh?

  8. Carioca Canuck

    When you cannot defend “your message” with facts, logic, and reason………you attack the messenger who is debunking you……..heh.

    His commentary is most typical of those employed in the REIC and proof they are flailing in the wind with torn sails.

  9. He sounds a bit panicky.

    • Renters Revenge

      He sounds a lot scared.

      • He sounds like a guy who is hooked on this site and maybe needs a bit of rest and relaxation. Or treatment! I mean, how funny is it that Bob Rennie thinks that he alone is the voice of reason while 500 spectators are just wasting words? How arrogant is that guy anyway? Are Bob’s words and opinion worth more than any one single voice on this thread?

  10. Van east guy

    You don’t get rich if you don’t lie. It’s part of business.

    • Talk about ‘BuyersRemorse’! BR must be positively seething that all he got for his campaign contributions was a paltry BoardSeat! NiceOnes Paul!

  11. Just wait until the crash happens. He’ll be blaming those same signature-less, spineless bears for “fomenting an atmosphere of pessimism and panic that ultimately became a self-fullfiling prophecy.”

    I put that in quotes not because anyone has said those exact words (yet), but because I fully expect that argument to be made, and made forcefully, by a very large number of angry bulls caught with their pants down.

    Really, it’s funny to see the industry adopt a defensive position, and start fighting a rear-guard action against the bears before the correction even gets started. Or perhaps he’s seeing evidence of it starting, and it’s making him a little cranky?

    • Yup, agree Cranky. You know what the industry and types like Bob are really fighting though? They are in a war for our minds as they realize they just lost the battle for public sentiment before the really nasty parabolic moves happened. These guys were betting on much more price appreciation before the curtain came down. They bought up enough ad space in the hot markets to drown out any major media opposition but they simply do not have enough money or connections to successfully lobby the policy guys. And that is why they got sunk and that is why they are pissed off at this internet thingy because it rained on their parade.

      The people have spoken. Very convincingly too.

  12. Just watch, as developers turn off the condo tap in response to the bear, they will blame the NDP for creating a poor investment climate.

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