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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 07-09-2015, 09:47 AM   #51
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Read more about it since yesterday.

China's stock market has gained 110% in value this year, lost 30% in the last couple of days, then the western mainstream media calls it a crash. Lol
It doesn't matter how much it went up, it's still a crash. That's not what "western media" calls it, it's what it literally is.
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Old 07-09-2015, 09:49 AM   #52
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People leveraging their debt based on the value of their home, and using that to buy a luxury car. It's absolutely insane!
Prior to the 2007 US crash, I heard lots of stories of people in the US were doing that.
Bought a $200K house in Riverside, CA. Value shoots up to $400K so they get a second mortgage and buy a Hummer, fancy furniture, holidays....
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Old 07-09-2015, 09:52 AM   #53
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It doesn't matter how much it went up, it's still a crash. That's not what "western media" calls it, it's what it literally is.
Then we better see a recession or depression as days follows as that's normally what a real crash is.

This is more of a correction than a crash to me.
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Old 07-09-2015, 09:56 AM   #54
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Then we better see a recession or depression as days follows as that's normally what a real crash is.

This is more of a correction than a crash to me.
Whatever you want to call it I guess... Media here is covering it the same way as there. Don't look for reasons to be mad where there are none is all I meant to say.
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Old 07-09-2015, 09:57 AM   #55
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Whatever you want to call it I guess... Media here is covering it the same way as there. Don't look for reasons to be mad where there are none is all I meant to say.
The mainstream media here is bias as hell as always pertaining anything to Russia and China.
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Old 07-09-2015, 10:01 AM   #56
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The mainstream media here is bias as hell as always pertaining anything to Russia and China.
How do you think that news is covered in Russia and China? Keeping in mind that there is no free press in either of those countries - media is all state run. No bias there I'm sure!
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Old 07-09-2015, 10:03 AM   #57
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How do you think that news is covered in Russia and China? Keeping in mind that there is no free press in either of those countries - media is all state run. No bias there I'm sure!
I read propaganda from both to form my own opinion. Your average joe don't.
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Old 07-09-2015, 10:12 AM   #58
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I read propaganda from both to form my own opinion. Your average joe don't.
Propaganda only comes from one side... The other may or may not have a bias, it depends on the source.

The only reason to read state run media is for the comedy, IMO.
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Old 07-09-2015, 10:32 AM   #59
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this is good news for current home owners in vancouver. we can expect home values to only remain steady rise in the coming years. vancouver RE is like the ideal substitute good to holding stocks
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Old 07-09-2015, 11:06 AM   #60
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Originally Posted by originalhypa View Post



People leveraging their debt based on the value of their home, and using that to buy a luxury car. It's absolutely insane!



source:Luxury car sales in B.C. nearly 50 per cent above the national average - British Columbia - CBC News
Nothing in the article talks specifically about people putting up loans on their homes for luxury cars.

While I don't doubt that this is happening since us North Americans are dumb with our money but I don't think its a key player in why BC is up 50%. I believe it's mainly because of the influx of mainlanders and mainlanders kids with mommy and daddy money, others because BC has the best weather for super cars, and also the Canadian dollar being low which also boosts some sales from US customers from the west coast
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Old 07-09-2015, 12:39 PM   #61
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Nothing in the article talks specifically about people putting up loans on their homes for luxury cars.
While that is true, one has to wonder where is the money coming from?
If my house goes up, which it has over the last few years, I'm actually poorer for it based on higher property taxes. If my house goes up on paper, I'm not earning any more than I was prior to the bump.

Unless you take into account the one thing that paper value will give you, and that is higher leverage for borrowing.



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Hello, Capital Direct? I need a loan based on my home going up in value so I can buy a Porsche.




Quote:
While I don't doubt that this is happening since us North Americans are dumb with our money but I don't think its a key player in why BC is up 50%. I believe it's mainly because of the influx of mainlanders and mainlanders kids with mommy and daddy money, others because BC has the best weather for super cars, and also the Canadian dollar being low which also boosts some sales from US customers from the west coast
The Globe and Mail article on the subject is a lot more in depth than the CBC article and it goes into detail about the factors.

Quote:
Several factors account for the trend:

*The international flavour of high-income people flocking to British Columbia and the Lower Mainland.

*A “business-friendly” provincial government that has residents feeling flush, willing to spend money on strong automotive brands.

*British Columbians are leveraging equity on their homes to help finance new cars. Residents are accustomed to dealing with a high cost of living, so why not throw a premium car into the game?
It comes down to consumer confidence being very high, just like it was in the US in 2007, a year prior to their major crash.

British Columbia?s luxury car boom is in full swing - The Globe and Mail
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Old 07-09-2015, 12:49 PM   #62
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Prior to the 2007 US crash, I heard lots of stories of people in the US were doing that.
Bought a $200K house in Riverside, CA. Value shoots up to $400K so they get a second mortgage and buy a Hummer, fancy furniture, holidays....
I bought a GMC Typhoon(Mistake, they are money pits to the extreme!!!) off a guy who rode the real estate boom up. He had one house that tripled in value in like 3 years, then mortgaged it to the tits to buy like 5 properties and build 5 houses or something on it, an entire cul-de-sac

Then the crash started early in Colorado and he had to sell all the toys to survive, I think he even lost his original house...
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Old 07-09-2015, 12:51 PM   #63
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this is good news for current home owners in vancouver. we can expect home values to only remain steady rise in the coming years. vancouver RE is like the ideal substitute good to holding stocks

Yeah but it destroys the social fabric of your city, people cannot afford to have children so many people drown themselves in liquor, drugs and hookup sex!
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Old 07-09-2015, 01:28 PM   #64
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Yeah but it destroys the social fabric of your city, people cannot afford to have children so many people drown themselves in liquor, drugs and hookup sex!
that just sounds like a normal friday night at the Roxy, bud
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Old 07-09-2015, 02:04 PM   #65
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Yeah but it destroys the social fabric of your city, people cannot afford to have children so many people drown themselves in liquor, drugs and hookup sex!
Just over 7 billion people on this earth,

I don't think we need more kids.
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Old 07-09-2015, 02:26 PM   #66
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Just over 7 billion people on this earth,

I don't think we need more kids.
we need more kids.

to create more real problems.

so we can solve those real problems, therefore become more advanced.

imagine the technology needed to sustain like 18 billion people on this planet or something.
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Old 07-09-2015, 03:36 PM   #67
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I bought a GMC Typhoon(Mistake, they are money pits to the extreme!!!) off a guy who rode the real estate boom up. He had one house that tripled in value in like 3 years, then mortgaged it to the tits to buy like 5 properties and build 5 houses or something on it, an entire cul-de-sac

Then the crash started early in Colorado and he had to sell all the toys to survive, I think he even lost his original house...
To think, Colorado is in a housing boom right now.
Colorado home prices rising at fastest rate in country - The Denver Post
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Old 07-09-2015, 03:42 PM   #68
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We don't need any more people. This planet is already over-populated. For the rest of the world to have our living standards here in Canada. We need a population of 3 billion.
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Old 07-09-2015, 05:18 PM   #69
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should we all be concern about china having a crashed with the market? If I dont have any money invested with china I shouldnt care right?
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Old 07-09-2015, 06:03 PM   #70
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Face it, us poor folks in Vancouver are just HOPING this 'crash' helps our real estate problem. Reality is (and deep down you know it too), this 'crash' is unlikely to change anything in this overpriced city.
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Old 07-09-2015, 09:47 PM   #71
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should we all be concern about china having a crashed with the market? If I dont have any money invested with china I shouldnt care right?
You may not have any money invested in China, but your employer, your clients, city, friends might have. So yes you should care.
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Old 07-09-2015, 10:22 PM   #72
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We don't need any more people. This planet is already over-populated. For the rest of the world to have our living standards here in Canada. We need a population of 3 billion.

I want someone to carry on my traditions, way of life, and care for me when I'm too old to chirp 2nd...





...





Who am I kidding I'll never be too old to chirp 2nd
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Old 07-09-2015, 10:39 PM   #73
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Old 07-09-2015, 11:29 PM   #74
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Supposedly a good time to find some deals on the Hang Seng.
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Old 07-10-2015, 12:15 AM   #75
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should we all be concern about china having a crashed with the market? If I dont have any money invested with china I shouldnt care right?
That's like saying if I don't have money invested in NASDAQ (US stock market), and it crashes. It shouldn't affect me.

It did and it will.

China is too intertwined with the world economy. If China's economy crashes, it will take everybody else along with it, just like the US back in '08.

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Face it, us poor folks in Vancouver are just HOPING this 'crash' helps our real estate problem. Reality is (and deep down you know it too), this 'crash' is unlikely to change anything in this overpriced city.
When and if China crashes, it will affect more than just real estate in Canada. it will affect our cost and standard of living.
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