Even Garth Turber has changed his down and now says buy RE that has ‘dirt”.

SFD homes will keep going up in Vancouver. They detached from incomes a long time ago. Buy if you can afford.

If rates rise, your house will be scooped up by someone who can. At least 50,000 people moving here every year.

Talks also underway to set up a second cruise ship terminal at one of the port facilities just east of the current one.

Just saw the Vancouver airport expansions plans. Massive expansion coming. Huge new terminal, new super runway , new skytrain station, etc. new bridges to sea island from west drive/arbutus.

Tolls to use sea island bridges.

The stakeholders are planning for a massive influx of wealthy people from Asia.

The renters here will have no say. Downvote all you want but it’s true.

New mega mall coming to Tsawassen, huge port expansion and a dwindling supply of sfd homes.

If you want to live here, buy at the next correction. I sure am.

How to solve the affordability/homeless crisis.
Simple. Use the prisoner exchange method.
For every Chinese immigrant, we send them one homeless person.

I strongly disagree Oracle.

Massive downside risk. And I think much of it gets realized.

The bigger the bubble, the bigger the bang.

And this is a big mofo debt driven bubble.

Pain, directly ahead.

WSR

WSR:

It’s not a debt driven bubble for detached homes. It’s driven by immigration and foreign money. The stakeholders are not getting rid of that anytime soon. Some illegal things in this world are ‘legal’.

One of the articles from today talks about “housing prices are nearing 1990 Toronto affordability levels”. I wasn’t around then – but here is an interesting older blog post about the condo situation in the 90s. Sounds familiar in a lot of ways.

http://www.torontocondobubble.com/2013/02/toronto-housing-bubble-in-1980s.html

Not only are immigrants coming with multi-millions of dollars, even the non-millionaire immigrants beat locals in the competition for real estate because they have different values and different lifestyle expectations.

Here is one example. A relative builds houses for a living. He just sold a house to a Chinese couple and their 15 year old son. They intend that the three of them will live in one room and they will rent out every other room in the house. Even the living room and dining room will be rented out to boarders. They expect a nice profit every month after paying their mortgage.

I have been to open houses in Richmond where even the entry-way was being used as a bedroom.

>RBC estimates about 80 per cent of the pre-tax median household income is needed to carry a mortgage in Vancouver

http://www.cbc.ca/news/business/toronto-vancouver-housing-affordability-deteriorates-to-risky-levels-rbc-1.3209786

remember how when stories come out about how little income richmond reports on the census patriotz is always saying that the data is invalid because it’s a self reported survey? lmao.

well if vancouverites are paying 80% of their income PRE-TAX for their mortgage how are home owners even eating? how are they even paying their tax bill? how can you explain this other than with undeclared foreign or local income?

i pay my chinese barber in cash that she puts in a lockbox and i don’t get a receipt. this is not unusual.

vancouver is an asian city. asian norms prevail.

Westside liquidation on the horizon.

Chinese need cash to pay the loan sharks back home.

Blood in the water.

WSR

@8

this woman was staying in one such house. i know about this house. the owners don’t even live there. which is convenient for them because they don’t have to deal with the mess they create on this street.

Woman’s body found, son charged with murder

The son of a woman who went missing from Richmond in June has been charged with first-degree murder, police announced Friday.
Forty-seven-year-old Lianjie Guo and her husband were visiting their 25-year-old son Yuan Xi Tang, when she disappeared on June 7. Her family reported her missing the next day.

Police investigated the suspicious disappearance and deemed it a homicide in July.

Guo’s badly decomposed body was found in a suitcase on Harwood Island off the Sunshine Coast on July 29, police said. The remains were found by visiting boaters who immediately called Powell River RCMP.

http://bc.ctvnews.ca/woman-s-body-found-son-charged-with-murder-1.947082

Why is this a surprise? We have a supply (sfh) that has hit its cap and a demand base that gets bigger every year. As long as you have wealth migration you will always have this. Not to mention that as another poster correctly points out, immigrants tend to have values different than locals. It is not just the chinese, my east indian neighbours all live in brand new places in Vancouver, but they have two suites downstairs to rent out, plus their 3 brothers and their families all live in one house. So our old income to price ratios are completely bust.

Good for you who disagree with me.
I’m of the camp that SFD are not going down in Vancouver.

Good luck.

Oracle, you stated earlier that you would buy in the next correction. Now, a couple of hours later you indicate prices are not going down.

Which is it?

Interest rates will not stay low forever. RE is going to get creamed.

Oracle, I bet you are still holding your Nortel shares, waiting for the ‘correction’ to end and for the shares to resume back to new record highs.

Fundamentals will reassert. Just because the masses are tripping over one another to buy does not mean the dream won’t turn into a NIGHTMARE.

It’s going to crash, hard.

JMHO

WSR

Hey WSR aka Romeo Jordan,

haters will hate! FAKE!

BPoE,

Nope. Our team just received two more mandates to liquidate (that word was used by the selling client) their holdings. This client also is of the view that we should try to sell quickly and be very reasonable with the buyers, as he thinks the $ flow is starting to reverse from China.

If he is right, it’s hammer time.

WSR

you know things are worse than advertised when the msm sugar coats the situation and throws around new sophisticated sounding catch phrases to soothe everyone’s nerves. so we’re in a “recession”, but not one that conforms to the traditional definition in terms of severity and duration (as if they somehow have an effective enough crystal ball to quantify this)

http://business.financialpost.com/news/economy/canadas-technical-recession-will-be-short-lived-making-rate-cut-unlikely-economists-say

Patriotz likes to look at the puck in his own net rather than where it is going next.

China explosion: City of Shandong rocked as huge blast rips through chemical factory

http://www.mirror.co.uk/news/world-news/china-explosion-city-shandong-rocked-6357544

i’d get out of that country as fast as my money would let me.