Your racism is boring us all

Yes, yes, I know you’re not a racist.

But see the thing is it’s easy to get worked up over perceived issues of unfairness and drift into blaming entire cultures for your woes.  Are there wealthy Chinese assholes buying real estate in Vancouver?  Well yeah.  Are there wealthy assholes from other countries buying real estate?  What about wealthy asshole Canadians?  Uh huh. check and check.

But what does this have to do with the price of that leaky house in east van you’ve got your eye on?  Do you really think the global elite are competing for that unit and pricing you out and that the insane growth in Canadian debt loads and bubble prices across the country is not a factor?  If so you’re the ideal sucker for a real estate marketer.

The fact is that even if you’re on welfare in Canada you’re probably better off than most people in China.  Heck, you’re better off than the majority of people in the world.  But it’s a lot easier to notice that teenager in a Lamborghini than to be thankful for what you’ve got.

Now clearly not everyone agrees that an endless discussion over ‘HAM’ is mind-boggling boring, but if you do please consider down-voting repetitive blame comments and trolls but up voting informative fact filled comments.

For a site without active moderation we’ve been remarkably lucky to have interesting conversations and generous people sharing information and data that is hard to find anywhere else.  Lets try to keep that way.  Our hope is that the community comment rating system can be used by you the reader to shape the discussion away from blaming cultures and down to blaming the real drivers of a housing bubble: speculators, buyers, government and lenders.

 

 

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UBC in crisis
Guest
UBC in crisis

OK, some numbers for Van West SFH:

Jan. 2014
New listing: 399
Sold: 118
Feb. 2014 so far:
New listing: 108
Sold: 10

Something wrong here, you have more accurate numbers?

Many Franks
Member
Active Member
Yes. Thank-you, administrator. Now if we can return from prejudicial stereotyping to good old-fashioned personal insults, here is Barbara Yaffe’s latest bobbleheaded mouthfroth: In this city of million-dollar fixer-uppers and $1.6 million west side building lots, real estate is a religious pursuit, a hunt for the minimally affordable. So, a day-long conference bringing together about 2,500 real estate executives from across Canada, is bound to be of interest. Golly! Finally some expert advise on the subject. It is possible that, in future, a growing number of Vancouverites will be forced to rent rather than buy. Or perhaps the area gradually will become an enclave for wealthy foreign buyers. Most politicians avoid discussing the housing affordability crisis because there are no ready answers. Perhaps the realtors gathering here this week can shed some much-needed light. There’s a list of questions the… Read more »
Many Franks
Member
Active Member

(*advice)

nufio
Guest
nufio

I dont believe cancelling the iip program has a direct impact on the real estate pricing in vancouver as I feel its mostly taxpayer funded insurance and credit growth that is driving the bubble here.
BUT I do think cancelling the IIP program will have serious psychological impact because that was used as a marketing gimmick by the real estate industry. Hopefully this psychological impact can help deflate the bubble at least a little.

GO CANADA! GO!
Guest
GO CANADA! GO!
ah, good old Canadian political correctness and naivete. here are some quotes from the globeand mail “To many Chinese, buying entry to Canada was ‘paradise for the corrupt’” article. remember, these are Chinese people’s comments. So you might think the program’s demise in this week’s federal budget would be greeted with some mourning in China. In fact, it’s been exactly the opposite. Judging by the reaction on social media it was cause for celebration: By stopping the program, online writers are saying, Canada has struck a blow against corrupt Chinese. “Now there’s one less avenue for escape to corrupt Chinese officials!” said yushengai, a user of Sina Weibo This is “horrible news for corrupt officials” offered another user named sengbanjian-xiaomuma. A third, nick9550, called the program’s abolishment “great.” He added: “Before it is resumed, hopefully more [corrupt people] will have… Read more »
VMD
Member

Thanks Pope for fixing the log-in!

This news I tweeted 2 days ago got a number of retweets:
Gonna share here. This smells like an “Advertorial” written by Seattle realtors but still..

US China Press: “Canada Closes Immigrant Investor Program. Chinese Millionaires flock to Seattle” (Chinese)
Feb 15, 2014 (my brief summary of key points below)

– “Since Canada closed IIP a few days ago, many Chinese realtors in Seattle are already working overtime responding to skyrocketing Chinese demand”
– “Chinese millionaires most prefer University region & Medina region, citing reasons such as quality education for children, high rental demand, and potential to be neighbours with Bill Gates (?!)
– “Bidding wars abound.” Sought-after properties are >$1.5M houses. One $1.5M home attracted over 70 visitors on its first open house.

southseacompany
Member
southseacompany

In all the talk abiut the IIP, these ‘tweaks’ to the CMHC in Flaherty’s budget seemed to be missed.

“Budget Tweaks to Canada’s Housing Market Hardly Surprising” Epoch Times.

http://www.theepochtimes.com/n3/514052-budget-tweaks-to-canadas-housing-market-hardly-surprising/

“Through one of its Crown corporations, Canada Mortgage and Housing Corp. (CMHC), the government insures residential mortgages, which allows for more affordable housing to Canadians. The amount of bulk (portfolio of mortgages) insurance that CMHC can sell in the upcoming fiscal year was cut from $11 billion to $9 billion.

The government also reduced the amount of residential mortgages that can be securitized into National Housing Act mortgage-backed securities (NHA MBS), which are the building blocks for Canada Mortgage Bonds (CMB). “

Best place on meth
Member
Best place on meth

I’m confused by this post.

What is it we’re not supposed to be talking about?

An entire race of people that lives in many countries around the world or one particular totalitarian shithole and the corrupt filth that have been coming to Canada from said shithole to either launder their money, give birth or scam us in some other way.

Please clarify.

Ryan
Guest
Ryan

Welcome to capitalism. Evert heard of Costa Rica?

miguel
Guest
miguel

If it were wealthy Texans coming here en masse and buying up whole neighbourhoods, the author of this post would be perfectly happy with any associated USA bashing. PC drivel at it’s worst.

Teddybear
Member
Teddybear

It all nice, being open to other cultures, being Canadian etc… but what is one to do when their child starts coming home from school, crying day in, day out. No classmate will talk to your child. And then, after you take a good and serious look, you realize your child is the only white kid in his classroom.

What do you do? You move. My friends did just that. But for how long can you keep moving?

These are sensitive and serious issues, friends.

Royce McCutcheon
Guest
Royce McCutcheon

Last day to apply to become a member of the Board for the Real Estate Council of British Columbia! http://www.brainhunter.com/frontoffice/seekerViewJobDetailAction.do?sitecode=pl526&jobId=1906963&page=search&external=

VMD
Member
Just moved into a new rental house. Good time to talk about Price-to-Rent Ratio (Price/Annual Rent) Ratio 1-15: better to buy than rent Ratio 16-20:typically better to rent Ratio >21: much better to rent My old place~ 26 (assessed price ~$700k) My new place~ 32 (assessed price ~$800k) Rent’s slightly lower (after we bargained the asking rent down by $350/month – the perks for being a “desirable tenant” with a wife who can probably teach a course on bargaining) While living area increased from ~1700sf to ~2000sf, house <10 years old. Better view, pleasant landlord, looking for long-term lease. Overall a comfortable place to watch the RE drama unfold. BTW, I had heard from almost 10 people (including my mother-in-law, my parents, Chinese clients (who are home owners), friends) in the past few days telling me (without being asked) that… Read more »
mac
Member
mac

Unfortunately, the rating system on the blog shows that many people don’t agree with your assertion.

space889
Member
space889

@Teddybear – geez cry me a river…sounds like stuff any minority students go through at school…but it was ok as long as it wasn’t your daughter or the skin color isn’t white?? Geez…

space889
Member
space889

@BPOM – Since you feel so strongly about this, why don’t you take some action?? Run for city council on the platform to ban or levy excessive tax on these filth. Run for provincial or federal government to ban them altogether and kick deport existing ones? Write letters and op eds to newspaper, drop phamlets, get the word out? heck, at least go to Richmond and tell them to speak English in their face?? No?? Wouldn’t do it??

Yeah figured as much….

Joe Mainlander
Guest
Joe Mainlander

@ #11. Your complaint is legitimate. I may agree with you cultural & socially… or not. But, your story does not in anyway provide any info on what the real estate market may be doing, where it is going, or whether we are in an overvalued market or not. Perhaps you should post on a Vancouver Immigration Blog or Vancouver Multicultural issues blog, not on the Vancouver Condo Info Blog.

Newcomer
Member
Newcomer

Thanks, Pope!

tedeastside
Member
tedeastside

on the flip side Caucasians have priced out everybody else from Santa Monica, all of South Bay and Coastal Orange county, Midtown Manhattan too.

Newcomer
Member
Newcomer

Free kayaks are nothing compared to this:

“Buy a condo in Vancouver’s notorious real estate market and you’ll likely walk away with a lighter wallet and a sinking feeling you might have overspent. But what if you knew you were also providing a home for a family living beside a garbage dump in Cambodia, one of the world’s poorest countries?”

Read more: http://www.vancouversun.com/business/Vancouver+firm+will+build+developing+world+home+each+home+sold+here/9520732/story.html#ixzz2tiGuWRDL

Best place on meth
Member
Best place on meth

@space889

I have taken action.

One of those actions was to write a letter to the Federal goverment last year urging them to eliminate the IIP and detailing how it was being abused by corrupt, money laundering, non-tax paying mainland Chinese for the most part.

Last week I got my wish. The program is dead, the locusts have scattered.

Now feel free to shut the fuck up.

Bet you can’t.

tedeastside
Member
tedeastside

vancouver is an irrelavent backwater small town…its not like its a prestigious city that matter in the world

space889
Member
space889
@BPOM – wow…the Fed government cancelled IIP because of your letter…wow… Did they halt all applications in 2012 because of your letter too? Are they launching the new venture capital fund program as a replacement because of your letter too?? I will shut up about it when you shut up it. Or take it off this blog and go vent in public venues that 90% of Metro Van population actually knows about. btw, how does cancelling IIP help with existing “locust” already here? or the tens if not hundreds of thousands foreign students that will be coming? Kicking out local students from tax paying families out of local universities and depreving them of a post-secondary education that they would otherwise had? And then taking jobs here after graduation just long enough to sponse their whole family over and then move… Read more »
patriotz
Member

Sure there’s a culture that’s responsible for the bubble and it’s Canada’s own self-entitled “my house is going to make me rich and to hell with everyone else” culture so eloquently expressed by the likes of Yaffe, Pete McMartin, and Jon Ferry.

“Most politicians avoid discussing the housing affordability crisis because there are no ready answers.”

There is a ready answer and it is simply lower prices. But we can’t have that, can we Babs?

Vincent
Guest
Vincent

Hong Kong protesters call for limit to Chinese tourists

“Mainland Chinese have also taken advantage of the strong yuan to buy property in Hong Kong – whose currency the Hong Kong dollar is pegged to the weaker US dollar – and this has driven up property prices.

Waving colonial era Hong Kong flags and chanting “Chinese locusts! Go home,” ”

http://www.irishtimes.com/news/world/asia-pacific/hong-kong-protesters-call-for-limit-to-chinese-tourists-1.1695217

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