Many Franks says:
With the “Give Us The Data” rally upcoming, I think it would be useful to collect past unanswered calls for data. I’ve started a thread for this:
http://vancouverpeak.com/showthread.php?tid=5329
If the speakers at that rally can say that consistent, clear calls for data have gone unanswered for half a decade, rather than “hey, does anyone have data?” I think it’ll be much tougher for the old “we shouldn’t do anything until we know more” line to prevail.
From bcassessment.ca
5791 NEWTON WYND VANCOUVER
Total Value $19,318,000
Assessed as of July 1st, 2014
Land $16,676,000
Buildings $2,642,000
Previous Year Value $15,995,000
Land $15,985,000
Buildings $10,000
Year Built 2014 Description
In China, Illegal Drugs Are Sold Online in an Unbridled Market
In a country that has perfected the art of Internet censorship, the open online drug market is just the most blatant example of what international law enforcement officials say is China’s reluctance to take action as it has emerged as a major player in the global supply chain for synthetic drugs.
It’s more than just the buyer/seller data.
We need the tax data. This is what will create bite.
Pressure on CRA and the regulators on ensuring Cdn taxes are paid.
And closure of easily manipulated scenarios such as when the husband maintains offshore residency while wife and kids collect welfare, child tax credits and schooling and medical benefits, and then husband joins family officially here as resident and citizen after he’s made his dough and then collects OAS and gets his hips replaced.
We poor cdn saps who pay taxes carry the full burden of this.
This needs to be fully examined.
Shut down the gravy train/free lunch….sick and tired of it!
Once cdn taxpayers are made fully aware of the tax dodge and what it’s costing us the Pols will make some changes.
Tired of the tax cheats, all of them.
WSR
Renting from an investor has other drawbacks, as well. It can be tricky to get a hold of the owner when repairs are needed, and many investors lack the knowledge required to be a good landlord.
I totally agree 🙂
Christy Clark’s approval rating not looking too good. Maybe she should stop mocking her constituents?
@5
from the article:
““There just needs to be more rental stock because there’s such a demand for it,” says Kevin Hoffman, senior vice-president at Aquilini Development and Construction Inc.
The company is currently putting the finishing touches on of three towers that will form its downtown Vancouver rental community, the Aquilini Centre.”
Rents start at $1,550 for one-bedroom suites of around 450 square feet.
There’s your renaissance.
https://www.biv.com/article/2015/5/aquilini-completes-first-downtown-rental-tower/
Nothing says “entitlement” like a rally at 5pm on a Wednesday, when most people are still at work. And they wonder why they “don’t have a million”….
Nanaimo is not excited about Chinese “investment.”
http://www.timescolonist.com/life/islander/nanaimo-grapples-with-50-million-hotel-plan-1.1975179
“Vancouver inventory squeeze finds buyers panicked, sellers anxious”, Globe & Mail
“Inventory is low and demand is high, which is pushing prices up with each passing month. Buyers are getting anxious and so are sellers, who are questioning whether they’re getting top dollar. Sellers often change their minds on the asking price and re-list higher after receiving a flood of offers.”
““They want to buy because the interest rates are very low, and they are panicking because the market keeps going up.””
Same in the US:
“US home sales climb 5.1 per cent in May; tight supplies drive up prices” Toronto 680 News
“More Americans bought homes in May, a sign of economic strength that is pushing up average prices.”
“Some of the buying might also reflect a rush to capture the benefits of lower interest rates and relatively cheap prices that are jumping higher each month.”
“Economists say that the sales gains of recent months could be short-lived if prices increase so sharply buyers are priced out of the market. The recent rise in mortgage rates could also curtail sales, similar to the higher mortgage rates slashing into sales in the middle of 2013.”
@5: “First-time buyers accounted for 32 percent of transactions… well below the 40 percent to 45 percent that economists and realtors say is required for a robust housing market… A survey by the Realtors association showed homeowners on average staying in their homes for 10 years instead of the typical seven years.”
Isn’t there a contradiction here? If homeowners on average own for 10 years, doesn’t that mean they will buy 4 or 5 times in their lifetimes? So how can you expect first time buyers to account for 32%, never mind 40% to 45% of sales?
This can only happen when you have a large demographic getting into ownership for the first time, like after WWII or when the boomers bought their first homes.
Or during bubbles when people who shouldn’t buy decide they “have to”.
@ #8
rally after work in the middle of the week is not entitlement, people work in downtown and will be there.
Data is mportant, but interest rates hike will be importantER 🙂
watch for Greece staying in Euro and US economy going up and up for the summer…
Write to your MP and all the candidates for the fed elections what will be their idea of making house affordable. Post the replies here… should be fun
Do something!!!
In the expanding debate over unaffordability, Reid also finds it “ridiculous” Metro Vancouver’s major condominium marketer, Bob Rennie, is taken so seriously by the media, Vancouver city council and the B.C. Liberals, the latter for whom Rennie functions as chief fundraiser.
“I don’t know Bob Rennie well. But it is pathetic that a major developer (sic) should be driving policy on an issue that’s this important in this community.”
Without another round of mortgage rate decreases, sales volumes and bidding wars are set to wane.
If we get some rate increases, expect a modest buyer surge as sidelines rush to beat the increase.
Other than that, this market is cooked.
Peak Insanity is moving to the rear view mirror.
WSR
Exit From the Bond Market Is Turning Into a Stampede
New York Times – Jun 24, 2013
Bond yields spike to 2-year highs
CNNMoney-Jun 20, 2013
Bill Gross: Bull Market in Bonds Is Over
Wall Street Journal (blog)-May 10, 2013
GOLDMAN: ‘The Bond Sell-Off: It’s For Real’
Business Insider-May 23, 2013
it’s different this time!
Considering that the 2013 bond sell off happened in anticipation of the US Fed’s December 2013 commencement of its QE tapering, it appears that the current bond sell off (the biggest in 30 years) which is in anticipation of an improving US economy/rising FED overnight rate, seems quite similar.
Just another step in the slow contraction of the world’s money supply, after years of easing.
Still 2.44% 5yr fixeds available on ratehub…
I’m sure that’s what my coworker must have qualified for. He makes around 70K, don’t think his wife make much more. They just bought 2 year old house in NewWest for 1.2 million. 20% down. I think they just made the threshold to qualify for CMHC. I feel very sorry for them.
Oh and he is still trying to sell his place to pay for part of their “borrowed” down payment. No risk as all…
When I spoke to him, he was dreading the day that his mortgage payments start?!?!? And you bought because???
@23: “20% down. I think they just made the threshold to qualify for CMHC”
I think you mean the threshold not to need CMHC insurance.
But those $1,000,000+ prices are somebody else’s fault, right?