Friday Free-for-Fall!

Hey there! Happy autumn to you!

It’s Friday and that means it’s time for another Friday Free-for-all!

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:

RE economy, no office needed
YOU are the marginal buyer
Homeless millionaire
The last Toronto Bubble
New York and DC losing value
Sunshine coast shift?

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

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paulb
Member
Active Member

New Listings 161
Price Changes 53
Sold Listings 159
TI:11597

For weekly sales info and/or daily new listing updates on a specific neighbourhood/city of your interest in Greater Van, email me and I will customize a weekly update for you. http://www.paulboenisch.com

Skook
Member
Skook

Bowen Island August stats now up at VancouverPeak…

http://vancouverpeak.com/showthread.php?tid=5315&pid=6500#pid6500

GreenSalad
Guest
GreenSalad

Canadian politicians jumping up and down for refugees who aren’t even here yet but Canadian families PRICED OUT OF THEIR OWN CITIES. Sickening. There should be a HOME AFFORDABILITY SUMMIT.
ALL THREE federal parties sitting on their COLLECTIVE BEHINDS on this issue. Particularily you Mulcair who supposedly represent the working person. SHAME….none of you deserve my vote. Actions speak loudest and that is saying loudly…..WE DON’T GIVE A CRAP ABOUT YOU.

vangrl
Member
vangrl
It’s a little infuriating that our politicians are all trying desperately to drum up ideas on densification, monster house issues, abandoned house/apartment issues, heritage preservation issues, affordability issues, etc… When in all probability had they implemented restrictions on foreign ownership a few years back we wouldn’t even need to be talking about all this stuff. Oh they aren’t sure it’s that? well why not just try it temporarily, like for one year, and see if it slows down sales and prices? Christy – “no prices would come down” Oh so you actually don’t care about affordability and the fact that no locals can ever live in a detached house? Make up your f’ing minds, or quit wasting our time with these lame brainstorming ideas. And yes I know, restricting F.O didn’t work for Australia, but we could find a fool… Read more »
w
Guest
w

Richmond is going to be the neighbourhood of mansions and beutiful houses. They are close to Vancouver and have big lots, and lots of Chinese. Perfect mix.

Ex-pat
Guest
Ex-pat

Vancouver Aquarium to start breeding fish for local Chinese population to eat.

http://www.vancouversun.com/news/metro/vancouver+aquarium+wants+conservation+with+commercial/11341931/story.html

History
Guest
History

President Obama thinks highly of the Chinese people’s great contribution to the victory of World War II and the US-China friendship forged during the war as China is set to commemorate the 70th anniversary of the end of the war, Rice said.

Rice said President Obama attaches great importance to the relationship with China.

The U.S. looks forward to more positive results of cooperation and will make joint efforts with China to work through “issues of difference” to advance bilateral relations in a stable way, she said.

http://usa.chinadaily.com.cn/china/2015-08/28/content_21739484.htm

Brian Chen
Guest
Brian Chen
@29 Actually it is not as easy as you think it is. Ian Young, who I think has done more research than most people on Vancouver real estate brings up an excellent point. It is not the buyers that are foreign, but the money that is foreign. Most of the buyers are legitimate locals thanks to the IIP. As a result, what really needs to happen is to stop the flow of foreign capital. But here lies the issue. How do you determine what money has and has not come through CRA? Also, there is another issue with this. What if someone, say a canadian citizen like myself, go down to work for google as a non-resident, make say a million dollars out of it, then want to come back to Canada and live here. Does it mean that I… Read more »
patriotz
Member
@33: The root cause of the problem, as I have said before, is government policies (taxation, CMHC) that encourages malinvestment, speculation, and underutilization of RE. Foreign capital is not the problem. The problem is a system that draws both foreign and domestic capital into RE malinvestment. Places that have government policies that discourage such malinvestment, such as Texas and Germany, have not had bubbles despite having no restrictions on foreign RE ownership. This system is not an accident – it was designed intentionally at both the provincial and federal levels to inflate RE prices, with the political objective of making the middle class feel richer than they really are. I have to thank Christy for being more honest about it than other politicians. No government is going to change this as long as they depend on homeowners to get elected.… Read more »
patriotz
Member

@32:

Notice that this Communist propaganda uses direct quotes from Xi but not from Obama or Rice.

Here’s a slice of reality:

http://www.nytimes.com/2015/08/17/us/politics/obama-administration-warns-beijing-about-agents-operating-in-us.html?_r=0

Happy Renter
Guest
Happy Renter

Does anybody know whether commercial real state in Vancouver is overvalued and by how much?
I want to expand my business and I was thinking to buy the new location rather than rent.
Thanks for the help.

vangrl
Member
vangrl
#33 Totally agree with many of those points, but I believe that a lot of the money that is being invested here is from Mainland Chinese with no ties to Canada. Why would the Realtors that have shown us Data say “70% are buyers from Mainland China”. And why do I read about 8 articles a day saying “Chinese are desperately trying to get their money out of China”….like trillions of dollars. I have no doubt that the IIP was a huge factor, and continues to be through the Quebec program, but I think that an even bigger problem is what I stated above. The IIP are out of China, they’re here (realizing Dad’s still in China) and yes they probably own about 4 houses each, but they can’t possibly be the ones that keep buying day in and day… Read more »
vangrl
Member
vangrl

Every day another article, and then confirmed by Vancouver Realtors…

“China’s newly emerging rich have already snapped up overseas properties in recent years. A recent survey in July by China Confidential, a Financial Times research service, showed that over 60 percent of wealthy Chinese citizens plan to increase overseas assets in the next two years, and their favorite is residential property, followed by fixed-income securities, commercial property, trust products and life insurance.

Also, Chinese investors have been flooding Canada’s real estate market in the last couple of months. Any decent property in cities with large Chinese population like Vancouver are easily sold. Overseas property investment will enable investors to diversify risk from yuan depreciation.”

http://www.ejinsight.com/20150905-why-rich-mainland-chinese-dont-trust-rmb/

Runawayscreaming
Guest
Runawayscreaming
@46 “Does anybody know whether commercial real state in Vancouver is overvalued and by how much?” I assume you are joking or trolling but I would like to emphasize the point that zoned industrial property prices in Vancouver are tied to the same speculative frenzy as residential property. Hence, Vancouver is the Worst Place on Earth for industrial activity other than granite countertops, grow-ops, Lamborghini repairs and Mandarin-speaking monster house gardeners who maintain the lawns of absentee Chinese homeowners. It’s also impossible to attract skilled workers to Vancouver because of the high cost of housing for people who actually earn their living in Vancouver (and not China). Oops, I forgot to mention that the funeral parlour business in Vancouver is doing OK due to the increasing numbers of Vancouverites jumping off the Lions Gate Bridge because their city is being… Read more »
VanRant
Member
VanRant

The IIP and Quebec’s IIP is a cancer. It has divert the possible money that should go into manufacturing or retail into real estate thus driving housing into a hyper bubble. Why should the rich Chinese invest in businesses when they know the wages here can not complete with the wages in China. But everybody knows all bubbles will pop eventually, just have to wait a little longer.

VanRant
Member
VanRant

Zhou Xiaochuan, governor of China’s central bank, couldn’t stop repeating to a G-20 gathering that a bubble in his country had “burst.”

It came up about three times in his explanation Friday of what is going on with China’s stock market, according to a Japanese finance ministry official. When asked by a reporter if Zhou was talking about a bubble, Japanese Finance Minister Taro Aso was unequivocal: “What else bursts?”

http://www.bloomberg.com/news/articles/2015-09-04/china-s-zhou-kept-repeating-the-bubble-burst-at-g-20-meeting

History
Guest
History
Best place on meth
Member
Best place on meth

@31

“Vancouver Aquarium to start breeding fish for local Chinese population to eat.”

They would be better off researching how to use stem cells to grow shark fins in tanks, preferably as soon as possible before the locusts voracious appetite for all things endangered wipes out the species entirely.

If successful they could move on to tiger penises, rhino horns and bear gall bladders thus creating an endless supply of product for the Traditional Hocus Pocus Medicine industry.

squeak
Member
squeak

#23: ““We ONLY accept Canadian-earned and taxed money!”

Perfect.

After all, it is not just a house, usually comes with infrastructure, school system, healthcare system, policing, fire dept., democracy, fresh air, quality water, parks, etc. (not perfect, needs improvements of course, but much much better than what exists in some countries whose people: usually those with wads of money, stolen, will do anything corrupt/unethical, if that is what it takes, to get a foot in on this “freebie”)

All paid for by the compliments of the TAX PAYERS.

TY.

Fu
Guest
Fu

One well Known Chinese family buy in last 3 weeks, one house for $11 Million , one apartment for $2.5 and some commercial property. I am sure there is a ‘resident’ in the family.

So is that off-shore or local money.

Fu
Guest
Fu
You call Chinese corrupt, but really it is Canada whcih is the most corrupt. how much lawyers and accountants and false companies and relators and private bankers form CIBC or Royal or Fintrac not investigating does it take to bring in so much money. your politicians talk of helping the world, but in all oppressive countries , the leaders of these countries have sent money for a big home and family here. Why because no questions asked about money. because 100 ways to come in IPP, false company and TFW, student family. because no extradition for crimes except to US , you cannot say no to US. because no one asks you to pay tax. best place for crooked money. And cheap. Singapore costs millions. Switzerland takes a few % and no house and no resident accepted. Canada nothing. Come… Read more »
Fu
Guest
Fu

in Shanghai they say if you try and bring in 20,000 dollars the bank will ask you many questions in canada.

if you want to bring in $2,000,000 they will help you!

patriotz
Member

@23: “We ONLY accept Canadian-earned and taxed money!”

Since the proceeds of a loan are neither earned nor taxed, that would exclude borrowed money.

OK with me.

Skook
Member
Skook

That Sunshine Coast market shift…well, for Onni it’s turning into a skid. Yesterday, it dropped its list prices on the smallest and largest townhomes – that’s the third price drop for the
for the latter in a year. I’ve just posted an ‘Edgewater at Porpoise Bay’ update at VancouverPeak…

http://vancouverpeak.com/showthread.php?tid=5129&pid=6501#pid6501

crikey
Guest
crikey

#23 patriot said: ” All of these reduce to: “I am willing to sell below market”.How many people are?”

I don’t think the “no Californians” stickers on For Sale signs in Oregon are being put there with the sellers’ blessings. Its more like a PR stunt to increase awareness about the problem — even encourage more open public dialogue about it, which can lead to government actually addressing the problem effectively.

So in the sticker campaign what the seller thinks is irrelevant.