Friday Free-for-all!

It’s that time of the week again!

Friday free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

How much is Canada overvalued?
More on debt levels
CMHC rates correction risk low
Raise taxes?
Everyone wants to live in… LA?
Poloz: no risk of bubble
Developer is corruption suspect?
What if you could only get 5 mortgages?
Yellens’ zombie economy

So what are you seeing out there?

Post your news links, thoughts and anecdotes here and have an excellent weekend!

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biron
Guest
biron

I with you completely agree. orthomol Vital f

trackback

[…] RFM has posted an updated Vancouver Realtor Hunger Index for April 2015. […]

Apita
Member
Apita
Guys, I’m new to this forum. I used to live in Vancouver but moved back to Hong Kong 18 years ago. I am still holding rental properties in Vancouver from family inheritance. Hong Kong real estate market is much more unaffordable than Vancouver. We used to blame it on Mainland buyers. 5 years ago our government issued restrictions on non-local buyers with an extra 15% stamp duties on top of a 8.5% max stanard rate. That’s as much as 23.5% of stamp duties for foreign buyers! Selling a property within 2 or 3 years from possession will also trigger an extra 10 to 20% of special levy on selling price, regardless if the seller is making a profit from the sales or not, local or foreign. Guess what? Real estate prices just keep shooting up despite much less participation of… Read more »
vangrl
Member
vangrl

“Muir says on a numbers level, data from Statistics Canada data doesn’t indicate a significantly higher level of foreign ownership in Vancouver compared with the rest of Canada.”

http://www.news1130.com/2015/05/04/adding-extra-fees-to-foreigners-buying-real-estate-likely-wouldnt-ease-interest-economist/

no words…

Wearehere
Guest
Wearehere
trackback

[…] southseacompany pointed out this article in the Financial Post: […]

Best place on meth
Member
Best place on meth

@83

“Excuse me?” I ask, a little less civilly than I should.

“Does a Chinese family live here?”

“No. Just us.”

“Oh, sorry…”

“Can I help you?”

“No, no. We were inviting to a dinner for Chinese community.”

“Maybe I’d like to come.”

“Haha. Do you speak Chinese?”

“No. But I can sit and listen politely.”

“This dinner is only for Chinese. Canadians have their own dinners.”

Oh cool, Chinese only dinners. What’s next, separate drinking fountains and shop entrances?

vangrl
Member
vangrl

“Bank of Canada Governor Stephen Poloz, during a 2013 visit to Vancouver, told The Vancouver Sun’s editorial board that nothing can be done about foreign ownership; Canada is an open market governed by forces of supply and demand.”

Read more: http://www.vancouversun.com/business/Barbara+Yaffe+time+restrict+foreign+property+buyers/11028605/story.html#ixzz3ZET8aeGO

Best place on meth
Member
Best place on meth

@70

“The Irony is that Garth Turner called the “I don’t have a Million dollars” movement self-entitled!”

Garth represents the most self-entitled generation in Canadian history, the baby boomers.

You know, the ones who were fortunate to grow up in a time when a single income could support a family of 4 and a house in the city cost 3x annual salary.

Now these same people have the “I got mine, screw the rest of you” attitude and if you can’t afford to live here you should work harder or move elsewhere.

Worst off all they’re now “helping” their offspring get on the property ladder just so they can keep the real estate market rolling along and protect their own home values.

Thank god these assholes are starting to die off.

Shut It Down Already
Guest
Shut It Down Already
vangrl
Member
vangrl

#86

“He called us 2 days later asking if we are at all interested in selling …I’m guessing maybe some guy looking to lock in properties for a land assembly?”

what are they going to build to replace your imaginary house on your imaginary street? Hogwarts School of Witchcraft and Wizardry?

YLTNboomerang
Member

Well, the Liberal party is out with its platform and right up front they are blaming income inequality for why Canadians have the high debt, higher than the US and UK:

https://www.liberal.ca/what-we-stand-for/economic-policy/

Of course we all agree the high debt level held by Canadians is due to low interest rates fuelling a housing bubble and yes, these rates are from the Harper government so not defending that but they need to acknowledge the debt bubble. If the Liberal policy is to increase wages, this is just going to inflate prices higher, what we need is a government that is going to raise rates – whichever party is most likely to raise rates will get my vote.

paulb
Member

New Listings 334
Price Changes 100
Sold Listings 263
TI:13170

http://www.paulboenisch.com

Bo Xilai
Member
Bo Xilai

#84 StupidityCheck

“… agents Caroline Hong and Fred Zhang say they’re “bridging the gap between east and west,”

————————-

Hong and Zhang are bridging the gap between east and west, the same way Cortes bridged the gap between Spaniards and Aztecs…

space889
Guest
space889
@hahaha – I don’t think a bear desperation index can be constructed when the values can only be infinite and beyond. Seriously, if the most ardent bears on this blog believes the only thing that is standing between them and a cherished “heritage” SHF house in their childhood neighborhood is a few thousand scums/locusts buying houses they could afford anyways, then there really isn’t much more desperate they can get. Well, I guess they could always you know like work harder, make more money, or since they are so talented and in demand move to areas where they are paid more and houses are actually fairly valued. But that would actually require things like motivation, ambition, rational thinking and planning, skills, and intelligence. On second thought, that’s too much to ask for from most of them. Instead, they will just… Read more »
space889
Guest
space889

@StupidityCheck – I heard that Julia Lau got into real estate after univ cuz she can’t find a decent job in her area of study. She was helping her fellow foreign students buying houses and decided to go into it as a job full time. Now apparently she and a few others are making over $1M+/year and the new queens of Van RE, replacing old guards like Patsy Hui.

So I guess it turned out well for her.

Though, I don’t find any of the ladies you listed to be even average. You would think RE being sales & marketing heavy would have a higher percentage of younger & prettier looking people.

space889
Guest
space889

I got an enveloped dropped in my mail box last week with a biz card from some guy at Amex Realty. He called us 2 days later asking if we are at all interested in selling our place cuz some investor client of his drove by and wanted to buy our lot. I said no and not for the next few months, and he hang up.

The realtor is Caucasian.

I’m guessing maybe some guy looking to lock in properties for a land assembly? Or maybe just a way to solicit listing?

history
Guest
history

“Even Christy noticed that (not verbatim) ndp has a history of kicking one of their own in the face just when the wind is blowing their way.”

Christy’s astrologer would say ‘history of Self Undoing’.

StupidityCheck
Guest
StupidityCheck
From above vanmag article: “But it’s the real-estate ads that are most plentiful. If offshore money, specifically from China, is not behind the changing face of Shaughnessy, then what passes through our mailbox is testament to the most spectacular misdirection of advertising dollars in the history of this, or any other, universe. “I have an international network of wealthy buyers for your property,” claims realtor Julia Lau, whose “local expertise, global connections” hardly soft-pedals offshore associations. Victor Kwan assures he’s “working with many wealthy new immigrants, investors and builders,” while Denny Deng can hook you up with “immigrant rush buyers.” Allie Hu has “qualified buyers who are new immigrants from China.” When agents Caroline Hong and Fred Zhang say they’re “bridging the gap between east and west,” it’s a fairly sure bet they’re not talking about the cultural differences that… Read more »
Champlain
Guest
Champlain

Very articulate article about “life” (or lack of) in Shaughnessy

http://vanmag.com/live/shaughnessy-is-anybody-home/

UBC in crisis mode
Guest
UBC in crisis mode

No new topics?
It is Monday now.

@crikey
Guest
@crikey

@crikey #56

The desperation of some of the so called biggest bears on here to make cheap credit and offshore investment mutually exclusive goes beyond reason.

There can be only one reason, (hence the lack of decent response to your post) but I suspect you already realize that that..

Keep it up.

Van_Coffee
Guest
Van_Coffee

Bull Bull Bull

Worst case for whom?

VC

flaneur
Guest
flaneur

@#72
Even Christy noticed that (not verbatim) ndp has a history of kicking one of their own in the face just when the wind is blowing their way.

hahaha
Guest
hahaha

while you are at it, why don’t you create a jealousy index, and bear desperate index, and see how it stacks.