@McLovin:

Hey, you pay property taxes too – they're just hidden in your rent. What? You think your landlord doesn't pass those costs on to you?

Look at casinos…they exist because there are always people who think that they can beat the odds. Most end up losing money…and there are lots of them in Richmond too.

The Chinese will continue to buy everything and bid everything up right until it completely blows up in their faces. Chinese GDP (what their Government tells us, anyway) is apparently at 10.5% and they acknowledge a slowing (as well as the IMF) to 9.5% or less. Most independent economists believe that a drop to 6-8% is likely, and there are a growing number of analysts who believe those numbers are seriously cooked (of course they are, but we won't know how much until years later). Yet RE prices have grown at over 30-40% per year. 100% per year in some places. People are forced to put more "cash" down but the source of that cash is also very likely to be borrowed. It's a bubble there, and when it pops, it will be extra painful for the speculators who have… Read more »

@No More Gordocracies:

Think about it – the Japanese housing crash, the slowdown in China.

Who's behind both of these?

Asians.

@Vanrod:

This one condo doesn't reflect what's going on in the market as a whole. I guess these people missed the memo. Vancouver real estate is on it's last leg.

I see that the new condo complex in Richmond sold out in minutes

I saw it on the news

What I also saw was a room full of Chinese and not a single white person.

I'm sick of the politically correct MORONS on this site that say our real estate is not being sold offshore to foreigners and that it doesn't affect the prices here.

I'm not interested in debating this with the industry shills here like Patriotz who are against controls similar to what Australia just brought in.

When all you FOOLS here unite against the industry then let me know. If you are still at the debating stage then all is lost.

Man this city SUCKS along with most of the retards who live here.

McLovin,

The 40 year mortgage expired in October of 2008…it did not "save" the market in 2009/2010…

Please try to keep you Gen Y angst to yourself…there are plenty of Gen X'ers ahead of you still waiting and complaining about the market…

Central 1 Credit Union on the Housing Market

http://tiny.cc/sq3a9

Laugh it up Bulls! Prices are dropping 3-5% per month and none of your snide remarks or cheerleading can stop it. In 2008 you were saved by 0% interest rates and 40 yr. mortgages. That is the only thing that stopped Vancouver from dropping 40%. Those bullets have been used up and the gun is empty. I'm quite sure there were a lot of wealthy Asian's in Dubai who "didn't have to sell" when the prices there dropped 50%. The writing is on the wall and only fools will disagree. Vancouver is toast and the multi year grind down has started and won't stop until prices drop or incomes rise by 40%. Property Tax is due in 12 days!!!! Foreclosure proceedings begin Sept 3rd if you haven't paid. Thanks so much for the new roof on BC Place. Shame you… Read more »

@4slicesofcheese:

A no-subject offer doesn't necessarily imply payment in cash.

@Vanrod

I remember last month looking at these bears and there formula on how much inventory would go up…

Vanrod, here's an English lesson for you from Wiktionary:

It is important to distinguish “their” from “there” and “they’re”. “Their” signifies ownership.

***************************************

A bull who doesn't know how to use a basic English word that signifies ownership. How funny is that?

@Vanrod

Inventory is what it is. Not far off 2008 levels. The numbers don't lie. You have a problem with that?

@Premature Bear Ejaculation:

Good commentary. I remember last month looking at these bears and there formula on how much inventory would go up and I knew it was full of shit. No point saying anything it will just get voted down. This blog is turning into the biggest joke of the internet. Day after day, year after year (soon to be decade after decade) of being wrong. Its like the movie groundhogs day up in here! But I will keep coming back for a laugh…so funny to see these guys get all jazzed up and cocky over nothing and then fall back to earth over and over

@vreaa

http://www.bclocalnews.com/news/96514714.html

as much as I wish it was all speculation buyers, "To this point, no purchase offers containing subjects have been accepted. That means people are paying in cash." I think this means the people buying are just that stupidly rich, I can assume majority would be asian. Lets be honest only asians would pay that much for richmond. If they were non-asians and wanted "luxury" waterfront condos, they could have just bought in oly village.

Oh bears… Once again you jinxed yourselves and every other individual hoping to buy a place because of your premature celebration… You cheered on 15, 16, 17, 18k inventory parties and professed the end had started.. Many of you "went on record" as stating that the collapse started in April… Now we see increasingly strong sale/list ratios despite the increase in mortgage rates and the new April 19th rental income rules… You cling to May stats of 5% price declines for Vancouver SFHs, but ignore the increases in attached and condos… On bears, you have been wrong for so long that it has become boring listening to your constant Face it, Vancouver is different – who cares if its rich asians, drug trade money, retires, leveraged gen y' ers…. There is some validity in all of these "explanations" Such a… Read more »

W@acefupn</a

150 of a proposed 2600. Good luck with that Richmond.

The final nail in the coffin as the greatest fools get in before the tide turns. Just when you think you’ve seen a moron along comes another one. Richman will be the next frontier. The new Asian riviera.

The final nail in the coffin as the greatest fools get in before the tide turns. Just when you think you've seen a moron along comes another one. Richman will be the next frontier. The new Asian riviera.

@Vanrod:

Our wealthy Chinese buyers will piss Vancouver bear off once more time and again and again.Their ain't no resistance to turn the tide of Van RE well and solidly supported by trillion and trillion Chinese money.

suck it bears:
http://www.news1130.com/news/local/article/68508-…

The great Canadian bank bailout