Bloomberg on Chinese buyers in Vancouver

Breaking news from February just released!

Realtors say Chinese buyers drive the Vancouver market.

“I hope the government can do something to control the price” so younger generations can buy, said Huang, who paid almost C$1 million for a condo in the Westside’s Kitsilano neighborhood two months ago so her daughter, now aged 6, could attend school nearby. She couldn’t afford a house and prefers apartment living because she doesn’t like yard maintenance. She also likes the views from her sixth-floor condo.

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james
james
9 years ago

http://www.globaltvbc.com/world/Fake+health+care+

3 guesses as to the ethnticity of 90% of these fake cards

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[…] from heaven at vancouvercondo.info May 19th, 2011 at 7:03 pm- “This market would have to move down dramatically for me to afford where I want to live. My […]

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[…] from heaven at vancouvercondo.info May 19th, 2011 at 7:03 pm- “This market would have to move down dramatically for me to afford where I want to live. My […]

AG Sage
9 years ago

>Dave Says:

May 19th, 2011 at 10:16 pm

@rp1:

> Prices are where they are because interest rates are low.

Actually, not exactly. Prices are what they are because excess liquidity gets pumped into the system. 90% of the growth in mortgage debt in the last 3 years in Canada has been fueled by securitization.

patriotz
9 years ago

@Garth “the tool” Turner:

The party can keep going for some time

Well sure it can. But the only justification for buying at today's prices is if the party keeps going forever, and that's not going to happen.

Garth "the tool
Garth "the tool
9 years ago

"If economy tanks, low aren’t aren’t gonna fuel anything." Why, because we are at all time highs with homeownership rates? Sure, bears have been saying that for 5 years now. With over 250k immigrants coming in, there are plenty of non-native born buyers out there to soak up all of the supply. And that supply includes the pending demographic crisis where are the boomers are supposed to compete as they sell you their houses to live – lol. And yes, some of those immigrants might be the hot asian money that everyone dismissed 6 months back (including the tool Turner) but which are acknowledged as a key factor. There are plenty of measures that can be contemplated to keep the party going – and many of those measures have been outlined on this very blog. The party can keep going… Read more »

Devore
Devore
9 years ago

@Garth “the tool” Turner:

if the economy tanks again, then rates will stay low, fueling the continued “bubble.”

If economy tanks, low aren't aren't gonna fuel anything.

GR Guy
GR Guy
9 years ago

Please…

Dave is in no way connected to any backroom dealings with the government.

As a lobbyist, I can tell you that the provincial Ministers are just as oblivious to the negative impact of high housing prices as your neighbour is….because they are your "neighbour."

Just as the average joe who owns thinks that rising house prices are great, so to do your provincial ministers and senior bureaucrats.

jesse
9 years ago

@Dave: Ah yes that is something that could be done: extend PTT relief as part of Clark's "families first" agenda, to fund all those family services.

Seriously though a change to property based HST or the PTT is almost certainly up for discussion in the back rooms in Victoria in the coming weeks. And you can trust Dave on that, but common sense would tell us the same thing. Remember most of the province ex Vancouver is at high risk of entering a severe housing recession. Remaining oblivious to this risks Clark looking like an out-of-touch west side neo liberal elitist.

Garth "the tool
Garth "the tool
9 years ago

When is that tool Garth ever going to post any comments that don't agree with his little spiels? His predictions are so 2008…. He has been banging the "interest rates will rise" drum for three years now… Of course interest rates are in their third year of being at "emergency" low levels… Just face it bears – you were all wrong about rates rising and only the dumbass realtors knew that they would stay low for a long time. Dave is right – the smart money, and lots of it – is betting on rates being low. You guys are screwed – if the going goes well, then rates may go up but so does everyone's income and ability to pay – if the economy tanks again, then rates will stay low, fueling the continued "bubble." Don't bet against the… Read more »

Dave
9 years ago

@rp1:

If your proposition was true, the market would not have gotten to where it is, nor would it have recovered in 2009. Like it or not, the banks do actually check what your income is and whether it can support the mortgage. Prices are where they are because interest rates are low. You can call that artificial and manipulated and I would have trouble arguing against such a position. But, I recognize reality for what it is and rates are currently very low. Vast sums of money to the tune of billions of dollars thinks that rates are going to remain low for many many years. It really is that simple.

Let's also face reality that inflation is baked into the system. Wages go up. Rent goes up. Such is life.

rp1
rp1
9 years ago

#57 @Dave: "This isn’t going to be 2008 again. I think we are in for a soft Winter market though. I think prices will be lower 9 months from now." Oh Dave, come on. Stop feeding the bears. How about "nominal prices will never fall, therefore you can safely borrow 20 years of income now." There is no reason aside from a credit bubble for prices to be as high as they are. There is no reason they can't keep going higher either. How high is "too high" ? There is no such thing. As long as banks believe the valuations are sound, and they are willing and able to lend the amounts, that will be the price. Prices have nothing to do with fundamentals and everything to do with lending practices. Prices can and may go to infinity, rental… Read more »

Dave
9 years ago

@Special investigation:

Ya, we have been talking about lowering some real estate taxes. Trust me on this.

Flying Dutchman
Flying Dutchman
9 years ago

@Special investigation:

Yes, it is obvious who Dave is;
What a sick poor , lonely man

Patiently Waiting
Patiently Waiting
9 years ago

Hmmm very interesting. I went to deposit a cheque today, and the bank machine offered to increase my Credit Card limit by $1500. I just had to press a button to agree.

I agreed out of curiousity (don't need it as I pay it off every month). The bank machine slip thanked me for "consenting to a credit limit increase" and included a confirmation number.

Funny thing is this bank knows my income has dropped over the last couple years because I deposit all my money there. I guess that doesn't matter.

TB
TB
9 years ago

Hey Best Place on Meth,

How is that March 18th collapse working out for you?

Lookee lookee the market is collapsing all around you!

Sales are strong and prices rising!

Better stay in school given your predictive abilities – the real world does not operate according to your theories…

Ravishing Rick
Ravishing Rick
9 years ago

Done!

Hit the music!

Best place on meth
Best place on meth
9 years ago

@Troll:

"Who wants bet that the list sell ratio is over 100% this evening?"

Ooh, can I still bet?

"Since Tuesday’s numbers were not posted, here they are."

They were posted, this morning. See post #5, dimwit.

Special investigatio
Special investigatio
9 years ago

Dave, you are so much more entertaining when your pumping Re on your blog.

Anything going on at Tea Party HQ?

What are they saying about Arnold?

chip
chip
9 years ago

@paulb.:

We're moving there this fall and have been watching MLS for the last few months. Prices are falling steadily. I think the April sales number was the worst in 15 years or so, and May looks pretty bad as well.

paulb.
paulb.
9 years ago

@Ravishing Rick:

Pick me up in 30 mins.

paulb.
paulb.
9 years ago

@manna from heaven:

Good choice in the Gulf islands; make it happen! Why not?

Personally I would love to move to Vancouver Island, Victoria in particular. Living in Oak bay would be great! When I get out of the fire academy I will definitely apply there.

Ravishing Rick
Ravishing Rick
9 years ago

Cut the music!

Those are good digits….

i just bought a new pair of chrome plated balls to hang off the rear bumper of my honda ridgeline. Ill slap the balls on, pick you up, and drive around richmond with you in the bed holding up these numbers. We can stop off at Li kai's house aka my favorite asian brothel and do doughnuts In his front yard.

Ill be over at 9

hit the music!

Extremely rich Van h
9 years ago

@manna from heaven:

(move down dramatically for me to afford where I want to live)

Well the chance is as dim as winning the Lotto Max man,Van is a heaven city reserved for the succeccful citizens who have the talent in earning power,in China there are millions of individuals who belong this catgory.If you are a white you might have a better chance somewhere. I would suggest U move to those typical white Canadian cities such as ,Edmonton,Thunder Bay,Regina,Saint John………….where GDP income are in par of second world level Such as Mexico,Greece,and Groatia.

manna from heaven
manna from heaven
9 years ago

Thanks Paul,

Numbers have been looking better for quite some time. However, this market would have to move down dramatically for me to afford where I want to live.

My wife and I are trying to start a family and we are seriously considering moving to one of the gulf islands when a baby arrives. We could buy a nice house with several acres outright and still have a very nice cushion. Doesn't sound too bad does it?

I hate to admit it but it looks like Vancouver has got the better of me.