Trapped in a starter home.

A funny thing happened on the way to financial security and easy riches, the condo promise in Vancouver didn’t really pan out for many young families according to a recent Vancity study.

The idea of a starter home is to get on the property ladder, then trade up as your family grows. But this doesn’t work as well when condo prices stagnate and single family home prices grow, especially when there are very few options available for 3-4 bedroom attached or condos.

Across the region, families who wish to move from a one-bedroom apartment or condo to a three-bedroom home with an attached yard would have to increase their debt level by an average of 95%. In Vancouver’s west side, this jumps to 158%. In the city’s east side, it is a much lower 78%. The biggest jump is found in White Rock, where debt levels would increase by an average of 164%.

Read the full article here.

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Yunak
Guest
Yunak

@66

Chinese sort of businesses like collecting welfare in the newest Porsche Cayenne Turbo.

fanaticallybroke
Guest
fanaticallybroke

A businessman in Richmond, B.C., wanted by Chinese authorities for fraud, is suing the Canada Border Services Agency and Canada’s attorney general for failing to disclose information he says could have helped his refugee claim.
Shiyuan Shen arrived in Canada in May 2007 but has been wanted in China since 2002. He’s named on an Interpol warrant in relation to a $20-million fraud scheme involving a steel company he ran in Shanghai

https://ca.news.yahoo.com/chinese-fraud-suspect-shiyuan-shen-090000173.html

Seems to me like there is a high level of self entitlement here!

GreenSalad
Guest
GreenSalad

Alarm bells ring as ‘dirty cash’ floods UK property market

http://www.ft.com/cms/s/0/48cdbfb6-45c9-11e5-af2f-4d6e0e5eda22.html#axzz3mWKvCJBp

Sound familiar??

Frugal
Guest
Frugal

Paul, any idea why they’ve changed the reporting?

paulb
Member

Hate to say it but I’m going to have to go weekly with these numbers. The hot sheet is very different from what it used to be. Daily sales seem accurate but the listings seem to lag behind by about 24 hours.
I’ll post each Saturday from now on unless I can find a better solution.

http://www.paulboenisch.com

space889
Guest
space889

@patriotz – As a traditional funding currency for the carry trade. Now that pretty much all developed worlds are in ZIRP, that advantage is gone and going forward, it’s hard to say what’s going to happen with them, especially with declining population, static GDP, massive debt and deficit as far as eye can see, and now even current account deficits.

space889
Guest
space889

@BBB – Wouldn’t the Shieke have diplomatic immunity?? And really, when is the last time US actually did anything bad to their oil puppets who don’t give a damn about human rights? They only bomb the more progressive ME oil countries, while praising Saudi Arabia as their model allies, and champion human rights & demoocracy in ME. Sheesh…

History
Guest
History

“A geography professor from the University of Victoria (UVIC) in British Columbia says people living along low-lying sections of the province’s coast should prepare themselves for the arrival of an El Niño event.”

http://www.uvic.ca/socialsciences/home/home/news/current/ianwalker-sept-21.php

space889
Guest
space889
@bullwhip29 – yes, those are very valid points… As for how long ZIRP can last, that’s a tricky thing. Central banks have the power to basically buy up all the debt and keep even long term interest rate 0 bound. That normally would destroy the currency, except in case of Japan where currency actually went up and up, and/or stoke crazy inflation, except in Japan where it is still deflationary. Now with almost every major central bank engaged in ZIRP, the only benchmark against which currency would fall against is gold, and higher inflation rate. Neither of which is taking off in the last few years. So, I personally wouldn’t bet against central banks with unlimited purchase power that ZIRP will end. Yes, this policy is totally messing up the real economy, maybe even permanently. But how to profit or… Read more »
patriotz
Member

@47: “Japan had 2 decades and counting of ZIRP”

Japan has long been an exporter of capital (i.e. the rest of the world borrows from them) and is still very close to being the world’s largest creditor, which means they can set interest rates on their own.

Canada is the opposite.

History
Guest
History

Crusty comes to Xi, silly girl.
My instinct says Xi boards a fast cruise ship, heads north to the border, puts in on a gulf island where he will receive the money laundrymen entourage. This is how the rich do things now. Cars and Hiways are for apes.

vangrl
Member
vangrl

#53

bet Christy is pissed he’s not driving the extra few hours to have dinner with her.

History
Guest
History

http://mnpdebt.ca/en/resources/mnp-debt-blog/pages/details.aspx?post=paying-off-vacation-debt

lucrative New business target for MNP. Debt counciling HELOC enabled Vacation Remorse.

History
Guest
History

Mark, September 23, evening, last item

“Xi will attend a private gathering with members of the Chinese Community on the west coast”

History
Guest
History

http://multimedia.scmp.com/xi-jinping-us-visit/

itinerary, issues and delegation

realist
Member
realist

@51 vangrl

“I’d rather have way less supply and no foreign investment.”

You mean kind of like the 1950’s and 60’s and early 70’s? But Vancouver was SO boring then, not world class at all! And people had to work for a living, not just put 5% down n’ flip, and deal drugs on the side. It was a bloody hell-hole, let me tell you!

“Which would have worked out just fine.”

Funny about that – you know, it did! Now, how was THAT possible? and without an MB or Ferrari dealership? and only a few “fine dining” restaurants, with just the odd little out of the way place for sushi and dim sum?

vangrl
Member
vangrl

I’d rather have way less supply and no foreign investment. Which would have worked out just fine.

30% offshore buying and 18% extra condo supply does nothing to help our issues.

East, West & north Van.

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

Did Qatari sheikh flee to Vancouver after L.A. street race?

http://bc.ctvnews.ca/did-qatari-sheikh-flee-to-vancouver-after-l-a-street-race-1.2572784

bullwhip29
Guest
bullwhip29

@ #47
japan is proof that zirp doesnt work; also factor in that many japanese actually had savings to fall back on post crash (unlike the all-you-can-borrow jerks of today); not a chance this drags on for 20+ yrs; we fall into deflationary vortex way sooner this time around (imho there is considerable evidence the process has already begun); none of this should come as a surprise given that what we are about to witness could very well be the 5th or 6th (lost count) major financial crisis of the last 20 yrs or so. seems the only way we learn is the hard way…

bullwhip29
Guest
bullwhip29

@ #43
the big money made by being in right place at right time either by being in the know or instrumental in changing the rules on the fly (or changing the folks who make the rules if they dont serve your needs); if peons like us get carried along for part of the ride all the better. it funny that when the SHTF the peons get left holding the bag each and every time. as i said, wash, rinse, repeat…

@ #44
gen-x’ers (along with their rotten entitled millenial offspring) are bankrupting the boomers. you are partly correct in that the boomers were more like “everyone-first” and spent, tossed money around like there was no tomorrow. this said, they did earn it, so who are we to judge?

space889
Guest
space889

Japan had 2 decades and counting of ZIRP and we are only what? 7 years into ZIRP? The end game might still be a decade away.

As for stocks, well I wouldn’t worry since every bear/renter here is an investment genius who gets at least 8%/yr with no risk year in year out, and if stock falls, they will just rush in and vultch, just like Garth would recommended, except they hate Garth and don’t follow his advice on investing.

space889
Guest
space889

@realist – I guess the current crop of behind the scene puppet master isn’t Chinese?? That makes all the differences to people on this board. yes, city hall might be rotten to the core but as long as the core is still white, that’s A-Ok.

space889
Guest
space889

@Tiger – That kinda of stuff seems to be par for course in most wedding games I’ve seen here. actually, it seems to be pretty tame. So what’s your point?

space889
Guest
space889

@bullwhip29 – If the boomers die broke, what’s left to be inherited by their kids??

btw, I think boomers are more me-first than their kids.

space889
Guest
space889
@bullwhip29 – So are you saying the supply increasing faster or more than what’s required? If so, how is it bad? I mean prices are going up and up right now, even though supply are supposedly increasing at a faster pace than organic growth. If the supply increaes is less then wouldn’t the price go even higher? As for a potential price blow up & drop, again how is it bad? Isn’t it what the bears want? A big price drop? And if that drags a lot of home owners into financial oblivion, all the better? As for back dealings, etc, that’s the same everywhere throughout history. Especially given how much $$$ are now required for elections, and how apathetic the general public and newspapers are, and lack of any ways to punish. I’m surprised there isn’t even more of… Read more »