Island Off-Topic "Must you always talk about cars?" Not in here.
For other things in life.. |
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11-15-2008, 10:58 AM
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#101 | | Rs has made me the woman i am today!
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A few Save on Foods within a month
One of them being duncan
Last edited by oldsnail; 11-15-2008 at 11:02 AM.
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11-15-2008, 11:00 PM
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#102 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Jun 2005 Location: Victoria
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It's way worse in housing, because you're leveraged by all the money you borrowed.
Say you put $100,000 in stocks. Market tanks by 30% and you lose $30,000. Shit.
Say you invest that $100,000 in a 3-bed house plus suite worth $500,000. Market tanks by 30% and you don't just lose part of your cash, you lose it all, and then some. You lose $150,000.
Now your house is only worth $350,000, you're paying interest on a $400,000 mortgage, and your $100,000 in savings is gone. Even worse, the bank has you by the balls. If you need to sell, you can't cover the money owed to the bank. You HAVE to keep making the outrageous payments you signed up for, knowing that your neighbours who bought at the bottom are paying way less than you, every month, for the next 30 years.
Being in this situation weighs on people.
This is already the fastest decline in prices in the last 26 years, and those prices have only been going down for 6 months. Wait another six months, and this will be the fastest decline we've ever seen.
I'm not trying to act like the sky is falling, but I get pissed when I read shit like this in our newspaper. People are still out there trying to convince us to buy into this market when they know that it would very likely ruin us.
Bitches.
You know what REALLY pisses me off? If someone decides to walk away from their house by declaring bankruptcy, they get fucked. Fair enough. Everyone who he owed money to gets fucked. I guess that's fair too. The only guy who doesn't get fucked is the guy who sold him the mortgage. Because it was probably a CMHC insured mortgage, meaning they just raise taxes to cover the loss. Meaning our tax money goes to paying off a bank that made a bad choice in lending some guy more mortgage than he could afford.
Fuck!
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12-05-2008, 06:51 AM
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#103 | | Guest | | |
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12-05-2008, 07:12 AM
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#104 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
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How can anyone deny that houses are overpriced... They got too expensive too quick and now they're being corrected.
I love it, I'm contently amassing money in my bank account just waiting until prices hit their floor.
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1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
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12-05-2008, 07:14 AM
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#105 | | Banned (ABWS)
Join Date: Nov 2007 Location: Edmonton
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I just read that too...you know...it's kind of funny.
1: Everyone's saying "BUY BUY BUY!!!," if you don't buy and wait for prices to go down you're contributing to the recession/depression around the corner.
2: Everyone's saying how horrible of a fate the downturn is.
I don't know about you guys, but the downturn has been nothing but GREAT to me. 
- I drive a LOT (about 40-50K a year)...even with my gas-sipping car, the difference between gas at 69.9 - which is what I filled up at yesterday - and gas at 1.40 works out to $2,800 a year...that's a SHITLOAD of money I'm saving. That's something you notice month-to-month.
- My student loan and line of credit are tied to the prime interest rate, which is the lowest in quite some time, saving me a few hundred bucks more per year.
- With the housing market slumping, my g/f and I might actually have a chance to buy a house (if I ever decide to settle down lol), something that was going to be difficult when the AVERAGE house in Vic was going for nearly half mil. Even if I keep renting for a while ('cuz I move around so much), rent will follow house prices in the downhill slide, which is good enough for me.
- The price of consumer goods is going down, that's just a no-brainer. And yes, I AM holding off on buying stuff (ie: GPS, etc) and waiting for the deflation and price slashing that's already happening and they're predicting more of to hit full-force.
On top of all that, my company slashed jobs a few years ago, which means there's no threat of what CanWest-Global did a few weeks ago. I've been at the paper the third-longest (for reporters) and been with the company the second-longest (also for reporters), which means that as long as I don't get my ass fired, I won't get laid off.
I fail to see how this massive economic turndown is anything but a heaven-sent and much-needed and much-appreciated break for me
Last edited by OffroadZuki; 12-05-2008 at 09:40 AM.
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12-05-2008, 11:36 AM
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#107 | | Guest | Quote:
Originally Posted by fenge  | Wow, Ontario got screwed...
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12-05-2008, 06:34 PM
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#108 | | Banned (ABWS)
Join Date: Nov 2007 Location: Edmonton
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| "Even the silver lining of the current job numbers, the remarkably low unemployment rates in Alberta and Saskatchewan at 3.4 per cent and 3.7 per cent, is at risk. As energy prices fall, Western Canadian companies are scaling back their capital budgets and cancelling and postponing major projects, and some economists are warning that the oil and gas sector will see slumping employment as prices continue to skid. "
Interestingly enough, they fail to point out that Alberta's unemployment actually went DOWN 0.3%...(was 3.7%)
on the bright side...crude is pennies above $40/barrel  That lowered Ford Lighting on 20s that's been collecting snow on a dealer's lot is starting to look pretty damn good lol
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01-07-2009, 02:23 PM
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#109 | | Guest |
Predicting 475,000 job losses in December for the US, and they're also predicting steady job losses into 2010...
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01-07-2009, 02:50 PM
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#110 | | I subscribe to the Fight Club ONLY
Join Date: Jan 2002 Location: Victoria, BC
Posts: 7,111
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Originally Posted by Great68 How can anyone deny that houses are overpriced... They got too expensive too quick and now they're being corrected.
I love it, I'm contently amassing money in my bank account just waiting until prices hit their floor. | you're not the only one. I can't wait to see what happens with real estate in the spring...
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88 Toyota Supra Turbo.... maybe ready to drive soon.
05 Subaru Legacy GT - for sale
04 Volvo V70R
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01-07-2009, 03:37 PM
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#111 | | I answer every Emotion with an emoticon
Join Date: Sep 2002
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With the american dollar back up compared to Canadian, I think things don't look too bad for BC. Plus, our banks are fine.
__________________ Quote:
Originally Posted by MajinHurricane who would ban me? lol. Look at my post count. |
Last edited by Nightwalker; 01-07-2009 at 03:37 PM.
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01-07-2009, 04:03 PM
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#112 | | Banned (ABWS)
Join Date: Jan 2009 Location: vancouva
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yuppp
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01-07-2009, 04:25 PM
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#113 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Jun 2005 Location: Victoria
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Originally Posted by Nightwalker With the american dollar back up compared to Canadian, I think things don't look too bad for BC. Plus, our banks are fine. | Oh, I was wondering why our banks issued $6.5 billion worth of common and preferred shares last year. It's because they're fine?
lol
Last edited by fenge; 01-07-2009 at 04:25 PM.
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01-07-2009, 04:53 PM
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#114 | | I answer every Emotion with an emoticon
Join Date: Sep 2002
Posts: 7,655
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Originally Posted by fenge Oh, I was wondering why our banks issued $6.5 billion worth of common and preferred shares last year. It's because they're fine?
lol | Compared to every other country in the world, yes. Canada has recently been rated the safest and soundest jurisdiction for banks globally: http://www.weforum.org/documents/GCR0809/index.html
There will be -no- bailouts as none are needed.
__________________ Quote:
Originally Posted by MajinHurricane who would ban me? lol. Look at my post count. | | |
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01-22-2009, 02:01 PM
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#116 | | Rs has made me the man i am today!
Join Date: Apr 2001 Location: Victoria
Posts: 3,336
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Originally Posted by Great68 How can anyone deny that houses are overpriced... They got too expensive too quick and now they're being corrected.
I love it, I'm contently amassing money in my bank account just waiting until prices hit their floor. | Too bad the only way to know they have hit the floor is for them to go up eh.
It is said that people only buy when the price is going up, that is more true than people know. :-)
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*2003 White Ford F350SD XLT Crew Cab Diesel
*1972 Ford Gran Torino Sport (351C)
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01-22-2009, 06:52 PM
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#117 | | Guest | Quote:
Originally Posted by sixthgear Too bad the only way to know they have hit the floor is for them to go up eh.
It is said that people only buy when the price is going up, that is more true than people know. :-) | I bought when prices were rock bottom. $130,000 for a house that is now assessed for more then $400,000. Woots!
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01-22-2009, 08:02 PM
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#118 | | Rs has made me the man i am today!
Join Date: Apr 2001 Location: Victoria
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Originally Posted by dustinb I bought when prices were rock bottom. $130,000 for a house that is now assessed for more then $400,000. Woots! | Profit not taken isn't really profit though
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*2003 White Ford F350SD XLT Crew Cab Diesel
*1972 Ford Gran Torino Sport (351C)
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01-22-2009, 09:17 PM
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#119 | | Guest | Quote:
Originally Posted by sixthgear Profit not taken isn't really profit though | Agreed, and I have no plans on selling the house. But it's nice having the banks wanting you to use your equity, and I can just say, meh.  | |
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01-23-2009, 07:20 AM
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#120 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
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Originally Posted by sixthgear Too bad the only way to know they have hit the floor is for them to go up eh.
It is said that people only buy when the price is going up, that is more true than people know. :-) | Meh.
I can't see them going back up for quite a while.
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1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
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01-23-2009, 07:29 AM
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#121 | | Island Mod
Join Date: Jan 2002 Location: Victoria
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Well maybe they won't jump as fast as they did in the past few years but I know for one example that my moms office is busy again. They were dead in November and even a bit in December but since the beginning of the new year business seems to be picking up again. Mind you she said its still not what it was 2 years ago but she is saying things are defanitly moving better. I guess we will all have to wait and see what happens. In fact she just got into a bidding war on the weekend on a property that has been on the market for 120days with no prior movement. 3 bidders on the same place.
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1993 Civic Si - b18c1
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01-23-2009, 12:19 PM
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#122 | | Even when im right, revscene.net is still right!
Join Date: Apr 2004 Location: Da Island mon!
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We're hiring right now and I've getting more resumes in a day than I've gotten in a week in the past.
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2002 GMC Envoy SLT - Mmm... Heated leather.
2000 Chevrolet Cavalier Z24 - The built, bottled, and extremely obnoxious race car err lawn ornament.
2003 Saturn Ion-2 Sedan - Wife's daily driver.
1965 Chevrolet Nova SS - BBC powered gasser in the making.
1963 Acadian Beaumont Convertible - My silver on red baby.
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01-23-2009, 05:09 PM
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#123 | | Proud to be called a RS Regular!
Join Date: May 2008 Location: home
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Originally Posted by ostampflee We're hiring right now and I've getting more resumes in a day than I've gotten in a week in the past. | wow where do you work? something similar was happening in our office.
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01-23-2009, 05:16 PM
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#124 | | I subscribe to the Fight Club ONLY
Join Date: Jan 2002 Location: Victoria, BC
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we just laid off another guy this week. sucks, he was a nice guy to work with.
looks like the Obama bounce died off...
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88 Toyota Supra Turbo.... maybe ready to drive soon.
05 Subaru Legacy GT - for sale
04 Volvo V70R
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01-24-2009, 01:55 PM
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#125 | | Island Mod
Join Date: Jan 2002 Location: Victoria
Posts: 6,179
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Where do you work?
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1993 Civic Si - b18c1
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