FFFA! Spring is sprung!

Hey! Welcome back!

Its that time of the week again, Friday free-for-all time!

Time to do our end of the week news roundup and open topic discussion thread for the weekend.

-we need to add links here.

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Dorothy
Dorothy
6 years ago

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[…] M- and MarKoz brought up this topic – Vancouver seems to be seriously lacking in affordable family housing. […]

Son of Ponzi
Son of Ponzi
6 years ago

Sounds like Robin just interviewed his realtor buddy.
Or watched property virgins.

crikey
crikey
6 years ago

#81
“Right Robin. So how do mortgage costs compare to rents and incomes in Vancouver and other major Canadian markets today? ”

And don’t forget to ask her what will happen to mortgage costs, and ergo housing prices, once interest rates head up from current historical lows (esp. given that they have very little room to move further down).

TPFKAA
TPFKAA
6 years ago

I love this part the best:

“homeowners will continue to believe that increased home equity is a faster highway to creating wealth than accumulating wealth by working for a living.”

Elevator to the sky, baby! No-one needs to work, as Martians will come and buy it off you at ever increasing prices.

TPFKAA
TPFKAA
6 years ago

And the added electricity to power the artificial lights and filtration pumps will result in a need for more coal burning power stations, which in turn will blacken the skies even darker with soot…. resulting in increased need of artificial lighting and filtration systems, resulting in even more electricity generation, and so on.

Real estate investment firms should stick to their areas of “expertise” when making investment predictions.

TPFKAA
TPFKAA
6 years ago

more priceless commentary:

” …a long term investment opportunity, such as taking advantage of high pollution in China, according to LaSalle Investment Management, a $47.6 billion real estate investment firm.

“Although China will be switching over to renewables by 2039, concerns about unhealthy air will be so intense after two decades of respiratory diseases that they could likely pioneer buildings with filtered air, oxygen supplements and artificial light to replace lost sunlight,” said Jacques Gordon, LaSalle’s head of global research and strategy.”

TPFKAA
TPFKAA
6 years ago

Meanwhile, in other “news”: The next 25 years bullish for all real estate, in India, China, the West, Africa… “The big money sees China, India and other Asian markets as drivers of real estate growth—and investment opportunities. “Asia will be the future of real estate over the next 25 years,” said Jonathan Gray, who manages about $79 billion for clients as global head of real estate for the Blackstone Group. “The largest investment markets will be in China, India and other countries in the region given their rate of growth. Both public and private real estate markets will be much, much bigger.” “Generally, investors are confident that real estate will continue to offer attractive investment opportunities in 25 years. “High quality, reasonably leveraged real estate is a capital preservation proxy in every cycle,” said Barrack. In the U.S., he said,… Read more »

TPFKAA
TPFKAA
6 years ago

Chinese developers cut prices by 20%; previous purchasers storm sales office and smash displays. “We aren’t speculators… return us our hard earned money… this is very unfair.”

http://www.zerohedge.com/news/2014-03-24/furious-chinese-demand-money-back-housing-bubble-pops

Many Franks
6 years ago

That’s some top-notch work, Conference Board:

But at current low rates, the typical homeowner on a posted five-year rate will have paid down $42,104 principal on a $100,000 in mortgage debt, so affordability won’t be seriously affected once it comes time to renew at a higher rate.

The national average is significantly above $100,000 per mortgageholder, never mind Vancouver’s numbers. Regardless, in no universe near this one does it prove that affordability won’t be seriously affected. This isn’t even coherent enough to be a straw man argument.

franko
franko
6 years ago

@ patriotz #57 Re: higher taxes on $2M+ properties ” In fact the NDP of the 1990’s proposed just this (with a lower threshold, but the properties would be $2M+ today) but backed off ” Backed off is right, just ahead of the lynchmob from the entire political spectrum. That was Glen Clark’s first ill fated foray as employment/investment minister under Harcourt. He wanted to cut off the homeowners grant for properties that he had had been envious of, and it appeared to be nothing more than revenge against the system that he blamed for supressing his family during childhood. C’mon patriotz, most of your comments are thoughtful and appreciated but would it be too much too much to try and tone down your relentless socialist posturing and “Con” bashing? I know it’s mostly about votes from Canadians with Ukrainian… Read more »

UBC in crisis mode
UBC in crisis mode
6 years ago

Wow, this is just brilliant.
“according to a new report by the Conference Board of Canada”.
If most of houses in Vancouver bought with case, no mortgage, then no bubble here, moving on.

patriotz
6 years ago

Canadian real estate’s next worry: commercial property

Why worry? Just turn them into condos.

Aggregator
Aggregator
6 years ago

#80 “We went through years and years when my clients who were self-employed could get a mortgage if their credit score was 680 or higher, with next to no documentation,” Broker Presentation – XCEED Mortgage Corporation PDF Here are just a few examples of the clients we can offers solutions to, who might otherwise be excluded by other other lenders: Client #1, who is gainfully employed with verifiable income, yet  has damaged credit due to a major life event and a Beacon score in the 500-575 range. XCEED can offer this client a refinance or purchase deal to 80% LTV. Client #2, who is self-employed and unable to confirm income via traditional means. He has a Beacon score between 525 and 625. XCEED can offer this client a refinance deal to 75% or a purchase deal to 80%. Client #3,… Read more »

patriotz
6 years ago

@78:

“Mortgage costs, not just house prices, are the principal deciding factor for potential home buyers,” according to Robin Wiebe, senior economist at the Conference Board’s Centre for Municipal Studies and author of the report.

Right Robin. So how do mortgage costs compare to rents and incomes in Vancouver and other major Canadian markets today?

You didn’t notice they are at historic highs?

George
George
6 years ago

Meanwhile, people who are self-employed are finding it harder to qualify for mortgages due to OSFI changes. From Globe and Mail: “We went through years and years when my clients who were self-employed could get a mortgage if their credit score was 680 or higher, with next to no documentation,” says Ms. Green, director and broker at Concierge Mortgage Group, based in Mississauga. “Today I’ve got clients going in to their bank for mortgage refinancing and they’re shocked because suddenly they’re no longer approvable.”… The more information a bank has, the better it can help self-employed borrowers qualify for the mortgage they want, says Ms. Green, whose client base is made up largely of self-employed workers. “Certain lenders allow add backs of things like car expenses, capital cost allowance or housing expenses,” Ms. Green says. “These add backs then enable… Read more »

George
George
6 years ago

So the Conference Board of Canada is saying price to income ratios don’t matter as long as people can afford the monthly payments because of low interest rates.

George
George
6 years ago

From CBC: “Fears that a housing bubble is brewing in Canada are overblown, according to a new report by the Conference Board of Canada. While house prices may be headed for a modest decline in some markets, there is no bubble to pop, the report says… The report says those calling it a bubble are looking at the wrong statistics — by focusing on the ratio of house prices to incomes and the ratio of house prices to rents. Instead, the report looks at the ratio of principal and interest costs to incomes and to rents, and finds that they are in the same range they have been in for the past 20 years. “Mortgage costs, not just house prices, are the principal deciding factor for potential home buyers,” according to Robin Wiebe, senior economist at the Conference Board’s Centre… Read more »

tedeastside
tedeastside
6 years ago

no Chinese in America period…..the main reason no free healthcare

David Lee
David Lee
6 years ago
David Lee
David Lee
6 years ago
Heard Herd selling
Heard Herd selling
6 years ago

Hard to find snow tire for Lamborghini, plus no congee in Whistler, all English speaking, lotsa Aussie accent

Son of Ponzi
Son of Ponzi
6 years ago

#72
they are afraid to drive their Lambos up to Whistler with their learner’s licenses.
Much safer to drive up and down #3 Rd in Richmond at 30 km/h.

Yunak
Yunak
6 years ago

Arrived to Whistler today. No Chinese in flashy cars here. What a refreshment, reminiscence of some Vancouver’s past days when city was cool.