Anyone got any data?

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.

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UBC in crisis mode
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UBC in crisis mode

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

patriotz
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patriotz
Member

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.

Westside Realtor
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Westside Realtor

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

RFM
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RFM
The US Housing News [with editorial comments added by yours truly]: U.S. home resales surged to a 5-1/2-year high in May as first-time buyers stepped into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter. The National Association of Realtors said on Monday existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009. That left sales this year on track for their strongest performance since 2007. First-time buyers accounted for 32 percent of transactions, the largest share since September 2012. Still, the share remains well below the 40 percent to 45 percent that economists and realtors say is required for a robust housing market. [Continuing low interest rates, alone, made this possible] The strengthening economic outlook keeps the Federal Reserve on… Read more »
mls watch
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mls watch

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.

http://business.financialpost.com/personal-finance/mortgages-real-estate/theres-a-rental-renaissance-underway-in-toronto-and-vancouver-thanks-to-sky-high-home-prices

I totally agree 🙂

VanFlippers
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Christy Clark’s approval rating not looking too good. Maybe she should stop mocking her constituents?

https://twitter.com/vanflippers/status/613004291855417344

w
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w

@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/

Shut It Down Already
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Shut It Down Already

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”….

Ex-pat
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Ex-pat
southseacompany
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southseacompany

“Vancouver inventory squeeze finds buyers panicked, sellers anxious”, Globe & Mail

http://www.theglobeandmail.com/life/home-and-garden/real-estate/vancouver-inventory-squeeze-finds-buyers-panicked-sellers-anxious/article25045218/

“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.””

southseacompany
Member
southseacompany

Same in the US:

“US home sales climb 5.1 per cent in May; tight supplies drive up prices” Toronto 680 News

http://www.680news.com/2015/06/22/us-home-sales-climb-5-1-per-cent-in-may-tight-supplies-drive-up-prices/

“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.”

southseacompany
Member
southseacompany
“Investors buying Canadian debt at fastest pace on record”, Globe & Mail http://www.theglobeandmail.com/globe-investor/investment-ideas/investors-buying-canadian-government-debt-at-fastest-pace-on-record/article25050214/ “The world’s appetite for Canadian government bonds this year is the heartiest ever as the country wins back its status as a haven for global debt investors.” “Foreign buyers have been rewarded this year. The country’s government debt is alone among Group of Seven countries to make investors money as the U.S. central bank plans to raise interest rates this year and signs of inflation have appeared in Europe.” “Buyers may also take comfort with futures prices showing the Bank of Canada won’t increase interest rates until the middle of next year.” “The central bank’s interest-rate cut in January increased the value of existing Canadian bonds. And with a policy rate at 0.75 per cent, coupon payments are generally higher than in the U.S., where the benchmark… Read more »
patriotz
Member

@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”.

rally
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rally

@ #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!!!

VanRant
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VanRant

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.”

http://www.24news.ca/the-news/canada-news/140572-freedom-to-annoy-at-67-pollster-angus-reid-says-he-is-ready-to-do-some-s-disturbing

Westside Realtor
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Westside Realtor

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

southseacompany
Member
southseacompany
“Major U.S. money manager braces for bond-market collapse”, Globe & Mail http://www.theglobeandmail.com/globe-investor/investment-ideas/major-us-money-manager-braces-for-bond-market-collapse/article25060593/ “TCW Group Inc. is taking the possibility of a bond-market selloff seriously.” “Mr. Cudzil’s reasoning is that the Federal Reserve is moving toward its first interest-rate increase since 2006, and the end of record monetary stimulus will rattle the herds of investors who poured cash into risky debt to try and get some yield.” “Of course, U.S. central bankers are aiming to gently wean markets and companies off zero interest-rate policies. In their ideal scenario, borrowing costs would rise slowly and steadily, debt investors would calmly absorb losses and corporate America would easily adjust to debt that’s a little less cheap amid an improving economy.” “That outcome seems less and less likely to Mr. Cudzil, as volatility in the bond market climbs.” ““If you distort markets for long… Read more »
Bull! Bull! Bull!
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Bull! Bull! Bull!

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

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

it’s different this time!

Gnomes of Zurich
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Gnomes of Zurich

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.

Shut It Down Already
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Shut It Down Already

Still 2.44% 5yr fixeds available on ratehub…

Mortgageslave
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Mortgageslave

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???

Mortgageslave
Member
Mortgageslave
This 1 year run in the Chinese stock market describes Vancouver real estate to a tee!! http://www.bloomberg.com/news/articles/2015-06-22/china-margin-trades-buckle-as-selloff-puts-364-billion-at-risk Except we’re way worse off.. With at least $364 billion of borrowed money riding on stocks in Shanghai and Shenzhen… Yes it is…. “It’s a self-fulfilling prophecy,” Roshan Padamadan, the founder and manager of Luminance Global Fund, said in an interview on Bloomberg Television from Singapore. “As people try to book profits, they’ll find out that there’s nobody on the other side of the trade.” See rising rates… Chinese stocks have been “heavily reliant on margin financing,” Wan said in an interview on Bloomberg Television. “If the government actually cracks down on certain forms of financing, a correction is unavoidable.” Margin Financing – buying an “investment” with money you don’t actually have. This is what should be normal in Real Estate as well…..4X:… Read more »
patriotz
Member

@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?

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