Friday Free-for-all!

Summertime!

And the weekend is nigh!

Let’s do our regular end of the week thing – our news round up and open topic discussion thread for the weekend.

Here are a few links to kick off the chat:

Lenders ‘concerned’ about bubble
Rent VS. Buy in Canada
How well managed is the CMHC?
Canada not immune to a crash?

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

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George
Guest
George

RBC is trying to drum up business for mortgages on US real estate purchased by Canadian snowbirds. Maybe a sign that the mortgage business on Canadian real estate is slowing?

http://www.theglobeandmail.com/report-on-business/economy/housing/rbc-touting-us-mortgages-for-cash-paying-snowbirds/article19666213/

emmi
Guest
emmi

>delinquencies on home loans are sitting at near historical lows

In a healthy market prices go up and down and some % of people should be in a worse off position. Doesn’t this seem like a warning by itself? I’m not wishing foreclosures on people, but just wondering that if literally everyone can get out of the market on a positive then something is wrong with the market.

Girlbear
Guest
Girlbear
Softy
Guest
Softy

“Vancouver’s chief housing officer, Middle class vancouver items now enjoy a lifestyle once suffered only by the poor:

“Mukhtar Latif, in a presentation on affordable housing to city council last week, reported that more than 11,000 families with children are living in studios or one-bedroom units in the city. The trend is so pronounced that it’s skewing school planning. A new school that is about to be built near Chinatown has had to have more space tacked on at the last minute. Planners never expected that so many children would appear in the areas nearby, because most of the units were small. It turned out they were wrong.”

http://m.theglobeandmail.com/?service=mobile

space889
Member
space889

Human house managers to give mansions energy and hopefully faster sale in Florida. Apparently, $750K there is considered to be a mansion.

In Vancouver, that house would probably be $3M+ and be swarmed with offers.

https://ca.shine.yahoo.com/blogs/at-home/meet-family-lives-florida-mansion-1-200-month-193900905.html

Guess it is all just location, location, location….

david
Guest
david

#5 You misspelled delusion. Three times.

Oracle
Guest
Oracle

Westside Realtor is playing you guys.

Can’t believe the upvotes…lol

Son of Ponzi
Guest
Son of Ponzi

#7
until Westside Realtor gives us more details, I’d advise on the side of caution.

VanRant
Member
VanRant

It’s coming.

China credit crash would make ’2008 look like a garden party’

http://business.financialpost.com/2014/07/18/a-china-credit-crash-would-make-2008-look-like-a-garden-party/

Oracle
Guest
Oracle

Let’s invite the world to Canada and let them have kids. Who cares about the immigration system..

http://m.thetyee.ca/News/2014/07/18/Vancouver-Hidden-Children/

franko
Member
Active Member
franko

Obama’s speech about the shot down plane sounded like it may have been written by Putin, or at least sent to Moscow for approval before it’s release.

UBC in crisis mode
Guest
UBC in crisis mode

I hope “westside realtor” is for real.

So far west side SFH sales: 77.
Prediction for the month: 141, -16% compared to June, 2014 (167 sales).

Fewer HAM purchases because fewer livable houses on the market in the westside.

Who wants to buy a $7 million tear-down assessed for $5 million?
http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=V1066490&rowc=3&rowp=1&BCD=GV&imdp=9&RSPP=5&AIDL=21&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=5&MNPRC=6000000&MXPRC=7000000&SCTP=RS

OV
Guest
OV

china needs to launch an attack in the pacific soon, otherwise it will not be able to in the foreseeable future due to it’s aging population ( one child policy ).

i wonder what our biggest ally will think of us when that happens?

even worse:

China’s one-child policy has produced adults that tend to have personality traits unsuited for starting businesses or managing companies, according to a study that adds to economic concerns surrounding the rule.

http://freakonomics.com/2013/01/17/chinas-little-emperors/

UBC in crisis mode
Guest
UBC in crisis mode

“Who wants to buy a $7 million tear-down assessed for $5 million?”
Someone needs to laundry / hide the money badly. Maybe a deal is in the making.

Son of Ponzi
Guest
Son of Ponzi

Meet Chak Au, the next major of Richmond.
http://www.richmondreview.com/news/267583941.html

polarbear
Guest
polarbear
BPOM FAN
Guest
BPOM FAN

http://www.bloomberg.com/news/2014-07-18/chinese-gets-422-million-amex-points-with-36-million-cup.html

This just in, locusts are now able to buy Vancouver real estate with their credit cards and get AMEX points. No need to setup a fake company or carry suitcases of cash.

Softy
Guest
Softy

http://m.theglobeandmail.com/life/home-and-garden/real-estate/two-kids-two-salaries-and-an-extremely-compact-inner-city-loft/article19655824/?service=mobile

Here is the link to the article showing two engineers living like poor people in Vancouver.

“While many of the city’s crowded households are undoubtedly the traditional poorer families who’ve always packed into small spaces, some are not.”

South for the winter
Guest
South for the winter
Just came back from my vacation in Vancouver. Everyone and i mean EVERYONE i talked to keep saying real estate will only go up with Chinese buyers buying anything over 7 figures. Some told me stories of people wanting to sell their homes in the 900K only to have realtor advise them to price over 1 million as that would attract offshore buyers. They did, and ended up selling what they would initially price at mid 900K for 1.15 Mil. Some fam/friends that are in condos and town homes keep saying how they’ve been priced out for ever, and when they upgrade (and many believe they will as its an excellent investment) they will have to dish out at least 600K+ (and this is for surrey/langley) and a starter home at that. When i suggested that prices are not sustainable,… Read more »
space889
Member
space889

@Softy – as some illustrious posters have commented in the past, it is their own damn fault for having children when they can’t afford it and having this entitled attitude about where they should live. They should either delay having kids, have less kids, and/or move out. No one owes them a nice living place in Vancouver with subsidized childcare.

I used to have sympathy for these individuals but after reading this blog for years, I don’t anymore…

space889
Member
space889

@South for Winter – Standard lots in the Marpole area is going for $3M – $4M to builders building new condo/TH complexes. RE doesn’t look to be slowing down much and locals still have lots of pend up demand. Cambie corridor TH are now starting at over $1M each and looks like there are demands for them.

tedeastside
Member
tedeastside

so Miami real estate crashed.. you cant go skiing and snowshoeing in Miami… like you can in world class vancouver…

and who wants to retire in South Florida when you can retire in vancouver and pay $5 for a sour papaya…..

space889
Member
space889

@OV – I take a study with a grain of salt.

Given the requirement of a paid off house, luxury car, and loads of cash to land a wife in China, I would be surprised if many young single males in China would be as incapable as the study suggests. Necessity have a tendency to make people do/achieve what they otherwise wouldn’t do/achieve.

Also, Chinese don’t believe everyone is winner just for showing up crap that schools preaches here. You can call that pessimistic or it could just be realistic at realizing one’s limit in abilities.

patriotz
Member

@18: “Here is the link to the article showing two engineers living like poor people in Vancouver.”

Like poor people my ass, they are living like DINKS in a trendy condo that’s all.

They bought the condominium unit in 2003 for $269,900 (it’s now assessed at $481,000).

They could sell the condo and easily buy a house in the burbs to make room for the kids.

patriotz
Member

@23: “Given the requirement of a paid off house, luxury car, and loads of cash to land a wife in China”

China has 93 million private cars (that’s all cars, not luxury cars), which is less than 1 per 10 persons:

http://www.chinasignpost.com/2013/06/23/counting-cars-rising-private-automobile-ownership-in-chinese-cities-paves-road-for-gasoline-demand/

Any Chinese woman holding out for a husband with a luxury car is in for a long wait unless she’s already hooked into the upper class. I think that goes for the other items too.

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