Wednesday, January 31, 2007

waiting for some news

All this waiting is putting me to sleep. The MSM is the same thing day after day. This blog is the same day after day. I don't have time for diatribes right now, so all there is to do is cut and paste. The following article is excerpted from the CBC. They seem to have the same trouble I do - just empty reports to fill column inches.

I did have fun with the photoshopping though.

CBC News

The average price of a resale home in Canada rose by 11.1 per cent in 2006, according to year-end figures released Wednesday.

The 11.1 per cent increase was the largest since 1989, CREA said.

The biggest jump was in booming Alberta, where the average resale home was up 30.8 per cent in 2006 over 2005.

The highest average price, meanwhile, was in British Columbia, with an average price of $390,963 in 2006, a rise of 17.7 per cent from 2005.

"The resale housing market became more balanced in 2006 due to an increase in new listings but it was still a seller's market..." CREA said.

However, the real estate association said prices showed unmistakeable (sic) signs of easing in the fourth quarter.

It pointed out that the average year-over-year price in December rose by 8.4 per cent over the previous December. That was the smallest increase of the year.

I did like how at the end they said prices were easing. That's a nice distinction from increases easing. And they did point out that the December yoy increase was the smallest of the year. What's the point?

But what does it mean? Confirmation of a country-wide bubble? We know it's a global one. It's amazing how Alberta had the highest increases, but is still (on average) $100k cheaper than BC. And what's up with NWT? Mining? Oil? Certainly not the climate and the mountains.

I'm waiting for the news about panicked flippers in trouble. We have heard that up to 50% of downtown condos were bought by investors, but no one is blinking yet.

I look forward to having some good news some day soon.


Real estute said...

I like your blog because it seems to echo my own thoughts better than any other BC RE blog. I'm also sick and tired of waiting for this market to do something that is going to prove there is solid value out there to be had. It's just so frustrating... Bloggers like you are going to run out of material soon if the flippers don't make the run to the exits and buyers continue to tolerate the current prices.
How about a Photoshop blog?

mk-kids said...
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Alpha_Bear said...

The Waiting (with my apologies to Tom Petty)

Oh baby don’t it feel like heaven right now
Don’t it feel like something from a dream
Yeah I’ve never known nothing quite like this
Don’t it feel like this year might never be again
We know better than to try and pretend
Baby no one could have ever told me bout this

The waiting is the hardest part
Every day you see one more “press release”
You take it on faith, you take it to the heart
The waiting is the hardest part

Well yeah I might have chased a couple of “good deals” around
All it ever got me was down
Then there were those that made me feel good
But never as good as I feel right now
Baby you’re the only one that’s ever known how
To make me wanna rent like I wanna rent now

The waiting is the hardest part
Every day you see one more “great deal”
You take it on faith, you take it to the heart
The waiting is the hardest part

Don’t let it kill you baby, don’t let it get to you
Don’t let em kill you baby, don’t let em get to you
I’ll be your breathing heart, I’ll be your renting fool
Don’t let this go too far, don’t let it get to you

bc_cele said...

The thing about bubbles is that they last a lot longer and inflate a lot higher than anyone can imagine.

Just remember that patients is a virtue, but low-balling after a crash makes it all worth while. ;-)

patrick said...

patience is also a virtue, as are doctors

wg2c said...
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wg2c said...

be patient,
 be patient,
  don't be in such a hurry.

be patient,
 be patient,
  you'll only start to worry!

solipsist said...

Thanks for your comments all.

real estute - yer in trouble if our thinking is so alike. You may want to speak to your doctor about that. I don't know about running out of material - I can just make stuff up! My wife would just love it if I started another blog (wink).

alpha - very clever re-tooling of Tom Petty's tune.

bc_cele - agreed.

patrick - are you alpha_bear's doctor? You may want to look into the brain function there.

wg2c - I am a good patient. I promise to keep taking my meds, especially the anti-anxiety ones. Soon, I'll be as laid back as Perry Como, but my tones are not as dulcet.