tag:blogger.com,1999:blog-7588496932754350322.post3193881463565491932..comments2023-09-10T03:39:48.166-07:00Comments on Alberta Bubble: Weekend Open ThreadUnknownnoreply@blogger.comBlogger441125tag:blogger.com,1999:blog-7588496932754350322.post-74197739557241501312008-04-10T00:14:00.000-07:002008-04-10T00:14:00.000-07:00I shudder at the coming wealth destruction.It is g...<I>I shudder at the coming wealth destruction.</I><BR/><BR/>It is going to happen on a large scale like hasn't been seen before by anyone who isn't retired yet. Which is why it is going to happen because it isn't in their lifetime of experience.<BR/><BR/>My wife calls it the "generation of entitlement" and boy will some eyes get opened.<BR/><BR/>But we are going to see some serious social unrest. In the 30s and after the War there was "community" that kept people going to some degree according to my grandparents and parents (gone) and aunt who's 92. Nobody was perfect and there were a lot of jerks even then but the "generation of entitlement" is quite different from people then. So expect big problems. Wrecked homes (split-ups), way more unemployed, politicians doing what they have to do in order to get elected instead of doing what they should do to straighten the mess out. It won't be pretty not even for us bears because it's just going to be one big mess.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-44511204588092218242008-04-09T22:03:00.000-07:002008-04-09T22:03:00.000-07:00I know an individual who is convinced that the Pon...I know an individual who is convinced that the Ponzi scheme is going to go on forever.<BR/><BR/>I have given my response to his opinion and told him that prices have to and will go down.<BR/><BR/>However...he owns a couple of condo's, a house (currently occupied by him) and has just signed a purchase contract for his new home which he plans on upgrading from his current house.<BR/><BR/>So this guy is 3 mortgages deep with 1 additional purchase contract. He rents his condo's out and they nearly pay for themselves.<BR/><BR/>He and his family are now ass-deep in debt and have been given a new surprise. New kid on the way!!<BR/><BR/>Can you imagine putting yourself in such a position? Good grief what an idiot!!!<BR/><BR/>-> What if one of his renters leave and he has trouble filling the place?<BR/>-> What if some large home maintenance bills crop up?<BR/>-> What if something happens to his earning potential?<BR/><BR/>With this type of leverage, he stands to amplify his losses when prices decline.<BR/><BR/>What irks me about him is the smugness and confidence that he spews about when this topic comes up. I don't wish the guy financial sodomy, but my wishes aren't going to stop what is coming for him and many others.<BR/><BR/>I shudder at the coming wealth destruction.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-19175908886963018762008-04-09T21:46:00.000-07:002008-04-09T21:46:00.000-07:00and you can bet that i will keep insulting these f...and you can bet that i will keep insulting these free loading bums<BR/>con-men and ponzi players<BR/>fraudsters and crooks<BR/>wimps nothing but spineless bullys who want to be feared<BR/><BR/>they are 98 pound wimp that never got the hot chicksquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-67133675830292630112008-04-09T21:40:00.000-07:002008-04-09T21:40:00.000-07:00just curiousyou have no idea how ugly they can bet...just curious<BR/>you have no idea how ugly they can be<BR/>these are greedy people<BR/>their lusting for free money has led them to staying at the table to long<BR/>they are about to lose it all<BR/>expect it to get very ugly<BR/>stay in there and keep postingsquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-20375933701208371982008-04-09T21:36:00.000-07:002008-04-09T21:36:00.000-07:00go flames gogo flames gosquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-21944150580210968132008-04-09T21:31:00.000-07:002008-04-09T21:31:00.000-07:00Seriously Pierre, you have got to stop being so an...Seriously Pierre, you have got to stop being so antisocial. Life is too short. For you. For me. At a certain time the blog sparring stops being fun. The world is an ugly place. Often it starts with things that don't seem bad and maybe even fun but then one thing leads to another. I'm going to stop tossing insults at you. See if you can do something better, OK?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-27586794537777194572008-04-09T20:56:00.000-07:002008-04-09T20:56:00.000-07:00He says we're IRRELEVANT.Tell that to some of your...He says we're IRRELEVANT.<BR/><BR/>Tell that to some of your clients who can't sell right now. Tell that to some of the specs that borrowed money to gamble on the market, and now can't sell.<BR/><BR/>And I like how all the ramens say that at least half of the inventory on the market is "junk".<BR/><BR/>Well, what was it when prices were going up? Were houses nothing but golden buys when prices were rising? I didn't hear mention of "overpriced junk" at that time.<BR/><BR/>-Jim_shttps://www.blogger.com/profile/00994819826572974422noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-19737152420617946482008-04-09T20:42:00.000-07:002008-04-09T20:42:00.000-07:00There's that ramen rage again. Ramenware is alive...There's that ramen rage again. Ramenware is alive and well in cyberspace.<BR/><BR/>If homes were selling, would there be rage??? Maybe.... their all lose canons.<BR/><BR/>But what about the ramens that bought at the peak in '07?? They believed their own hype... bought the "forecasts" with future retirement money. <BR/><BR/>Now thems some smert folk.<BR/><BR/>-Jim_shttps://www.blogger.com/profile/00994819826572974422noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-64819633420746552922008-04-09T20:41:00.000-07:002008-04-09T20:41:00.000-07:00but 18 months lateri am proven rightbut 18 months later<BR/>i am proven rightsquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-9356807798001547732008-04-09T20:39:00.000-07:002008-04-09T20:39:00.000-07:00pierre....your insults are puny compared to the on...pierre....your insults are puny compared to the ones i used to get on the old contrairian blog<BR/>those guys bashed me over and over<BR/>your like a mini mousesquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-51942835737699809152008-04-09T20:37:00.000-07:002008-04-09T20:37:00.000-07:00jim_s..agreed a long long timejim_s..agreed a long long timesquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-11013804575538867972008-04-09T20:36:00.000-07:002008-04-09T20:36:00.000-07:00Hey losers.SFH homes resale price up 0.5% in first...Hey losers.<BR/><BR/>SFH homes resale price up 0.5% in first week of April...<BR/>Sales are at par with March.<BR/>Where's that crash, numb nuts?<BR/>Week after week, month after month, you folks here are proven IRRELEVANT.<BR/>You promote a crash but there is no crash.<BR/>squiddly77 is a drunken idiot that can't even write... Get committed you moron. There will never, ever be a crash.<BR/>Time will prove you wrong. All of you.Pierrehttps://www.blogger.com/profile/17851003146514134024noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-73341787158376864232008-04-09T20:35:00.000-07:002008-04-09T20:35:00.000-07:00Hey Pierre;You got all bent outta shape when I sai...Hey Pierre;<BR/><BR/>You got all bent outta shape when I said "just wait 'till Edm falls another 15-20%.....".<BR/><BR/>Well, guess what? Vanman posted that Edm is now down 9% so far in April.<BR/><BR/>What say you?<BR/><BR/>Hurry.... think of something before next weeks stats show 14% declines.<BR/><BR/>-Jim_shttps://www.blogger.com/profile/00994819826572974422noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-72921076284513383042008-04-09T20:31:00.000-07:002008-04-09T20:31:00.000-07:00Inventory is a major problem. It came about for 2...Inventory is a major problem. It came about for 2 reasons:<BR/><BR/>1) Speculators and greedy tots wanting to make a quick buck, over-building beyond natural absorption levels.<BR/><BR/>2) Migrant workers coming, then leaving.<BR/><BR/>Since price hit the ceiling, #1 can't make much of a buck anymore, and since #2 is now negative, #1 is f@&ked. No buyers.<BR/><BR/>Inventory is standing between the ramen predictions, their retirement fortunes, and total bankruptcy.<BR/><BR/>If there were buyers, like last year when we had huge inventory, I might listen to the rants. But anything they say at this point is just self serving dribble. No ones buying. What can make prices rise?<BR/><BR/>The shine on housing is gone - for a LONG time.<BR/><BR/>-Jim_shttps://www.blogger.com/profile/00994819826572974422noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-47799496293326227072008-04-09T20:22:00.000-07:002008-04-09T20:22:00.000-07:00something for everybody to think about even ramens...something for everybody to think about even ramens<BR/>foreign workers come over on 6 month work visas<BR/>if they start coming en masse it will directly cut down on migration<BR/>to this province<BR/>and no..they dont buy housessquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-37005568460007954472008-04-09T20:16:00.000-07:002008-04-09T20:16:00.000-07:00jim_s agreed....foreigners could easily replace re...jim_s agreed....foreigners could easily replace realtors..no problem<BR/>in fact ifthe alberta gubbermunt has its way..there will be many foreigners replacing many cdns jobssquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-13180327440912183162008-04-09T20:14:00.000-07:002008-04-09T20:14:00.000-07:00I say we import foreigners to sell homes. They wo...I say we import foreigners to sell homes. They would do it for probably 1% total - not this 7%ish crap now. They would treat you with respect and work hard for their pay.<BR/><BR/>-Jim_shttps://www.blogger.com/profile/00994819826572974422noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-24687629887957380242008-04-09T20:12:00.000-07:002008-04-09T20:12:00.000-07:00vanman;It has to drop that and more. Houses aren'...vanman;<BR/><BR/>It has to drop that and more. Houses aren't selling, buyers aren't buying, banks aren't lending as easily, AB migration is negative.<BR/><BR/>Oil can go to $400 / brl, who cares at this point.<BR/><BR/>-Jim_shttps://www.blogger.com/profile/00994819826572974422noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-92155757768515223962008-04-09T20:10:00.001-07:002008-04-09T20:10:00.001-07:00you can absolutely trust me on this one...the fore...you can absolutely trust me on this one...the foreign labour experiment at cnrl has been a total bust<BR/>they have sent over supposedly skilled tradesman from india the philipines and a host of other countries<BR/>they are not near the level of canadians<BR/>instead of giving cdn/alberta jobs away to other countries<BR/>perhaps we should train canadians to do these jobs<BR/>the problem ? wages<BR/>an alberta pipefitter working 40 hours a week makes about $70,000 yearly<BR/>at those wage levels and considering where you have to work<BR/>500 miles away and live in a camp<BR/>young people simply wont enter into apprenticeshipssquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-42652242446071308762008-04-09T20:10:00.000-07:002008-04-09T20:10:00.000-07:00If people can't see the writing on the wall by now...If people can't see the writing on the wall by now - they need to open their eyes. Hoping that prices go back up isn't going to help. It didn't help for people when prices were going skyhigh and people were hoping prices would go down.<BR/><BR/>Has ANYONE studied the history of prices in Edmonton? Look at 82. Look at 92. Look at 2001. Look at 2009...yes 2009. <BR/><BR/>I predicted towards the end of 2006 that by the summer of 2008 we'd see price drops. I posted on this blog as vancredibly (I can't remember my password so i created a new account:)). I never realized by summer 2008 it would get this ugly so quickly. <BR/><BR/>California is dropping fast. Nevada. Florida. Alberta then British Columbia will follow.vanmanhttps://www.blogger.com/profile/15367498672798335326noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-69348894591683644292008-04-09T20:06:00.000-07:002008-04-09T20:06:00.000-07:00If there are 2600 new jobs coming, what's the big ...If there are 2600 new jobs coming, what's the big deal? They claim half will come from outside the province, or 1300. The 10,000 refers to all the associated spinoff jobs / contractors that will benefit.<BR/><BR/>1300, or even 2600, is hardly a dent in total AB inventory. I bet this quarter at least 1300 people leave AB.<BR/><BR/>-Jim_shttps://www.blogger.com/profile/00994819826572974422noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-9098041584991942372008-04-09T20:05:00.000-07:002008-04-09T20:05:00.000-07:00Looking at Bob Truman's edmonton SFH stats...The f...Looking at Bob Truman's edmonton SFH stats...The first week of April have prices down 9% (AVG) and 8.4 (Median) from last April (Year Over Year). Last month we had a 4.2% drop YoY. May was the peak last year for prices. November was the low for prices in 2007. So we got another 6 months of INCREASING YoY price drops. If March was down 4.2% and April goes down 8%...what will the drop be by November? 20% YoY?<BR/><BR/>It's getting ugly out there.vanmanhttps://www.blogger.com/profile/15367498672798335326noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-25394018139878988292008-04-09T19:58:00.001-07:002008-04-09T19:58:00.001-07:00"Steel work off to oilsands" - Edmonton JournalA s..."Steel work off to oilsands" - Edmonton Journal<BR/><BR/>A snippet from the article about Petro-Canada trying to lower their construction costs by moving the fabrication to on site.<BR/><BR/>"If we were on tidal water, we could bring the modules in on barges, but they are built to go on highways. We'd rather bring in foreign workers and build them on site."<BR/><BR/>He acknowledged the plan will affect Edmonton steel fabricators, "but we have to reinvent how we do things."<BR/><BR/>They also looked at having offshore-built modules barged up the Mackenzie River, but there's too much risk of the Bering Sea freezing early.<BR/><BR/>Camarta said the shortage of skilled tradespeople means they have to bring in foreign workers.<BR/><BR/>Petro-Canada needs up to 10,000 construction people at Fort Hills at the same time that other companies are also building huge projects.<BR/><BR/>There will be 2,600 permanent jobs at the site.<BR/><BR/>"At least half will have to come from outside Alberta, and that probably means temporary foreign workers. And you need quality workers or you won't get the job done."<BR/><BR/>....Does this mean sales are going to bounce?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-68177310358372147292008-04-09T19:58:00.000-07:002008-04-09T19:58:00.000-07:00i think we can put pierres rant down to...realtor ...i think we can put pierres rant down to...realtor rage<BR/><BR/>if he gets that mad<BR/>how do his recent buyers feel ?<BR/>is he safe ?<BR/><BR/>tempers will be blowing all over the placesquidly77https://www.blogger.com/profile/05932628180799650933noreply@blogger.comtag:blogger.com,1999:blog-7588496932754350322.post-11075588256910730682008-04-09T19:54:00.000-07:002008-04-09T19:54:00.000-07:00Because nobody is willing to fall for the ramen gi...Because nobody is willing to fall for the ramen gimmick anymore or listen to their childish rants.<BR/><BR/>"Priced out" will soon refer to those who owe more to the bank than what the home is worth.<BR/><BR/>-Jim_shttps://www.blogger.com/profile/00994819826572974422noreply@blogger.com