Boo!
Ready for some scaaaary housing news?
It’s time for our regular end of the week Friday free-for-all. Its news round-up and open topic discussion time again!
–Overvalued, but no worries
–Math check on profit
–We’re 94th!
–Mr. Robertson…
–Silicon Valley Bubble redux
–Sweden goes negative on rates
–
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
JT wants to increase immigration…more HAM”s on the way!! Goodbye first time home buyers, you’ll be renting from the HAMsters!
Tell anyone denying HAM to fuck off. They are playing you with the ‘not enough studies done’ mantra.
Things that need to be done.:
1. Canadian Residential and Farm real estate can only be bought by Canadian Citizens.
2. Proxy buyers be charged with money laundering if they engage in such activities.
3. Buyer information sent to Chinese officials to check and match origins and position of person buying Vancouver RealEstate IF they have been in the country less than 5 years.
[…] Vangrl posted a link to an article over at the Globe and Mail this weekend about the growing number of new and empty homes in Vancouver. […]
#87 Realist, At the moment the astro im focused is short term. I will have more to say about the China Accounting changes as things develop over the fall and winter. by Short term astro, i mean the latest news on Kerberos, the small Moon of Pluto. Found to be 20x more dense than the highest density core material in our solar system, osmium. Pluto is transiting Capricorn, the sign of Bankers. In Uranian astrology, Hades is transiting Cancer, the sign of Houses. the Fed (banker) recently issue a statement that, to me, is a direct reference to the anomaly on Kerberos (capricorn). http://zerohedge.com/news/2015-10-31/fed-admits-somethings-going-here-we-maybe-dont-understand “I see this as more of a warning, a red flag that there’s something going on here that isn’t in the models, that we maybe don’t understand as well as we think, and we should dig… Read more »
The government of Canada let in over 300,000 people from China to buy, reno, hold or flip homes here in Canada this year alone. The program is.new and ongoing. It limits nothing as these “owners” spend less than two months a year here anyway. After ten years, they simply apply under a different name and suffer no consequences. I sincerely hope this puts an end to the discussion of HAM on this board. I expect apologies from Rabidoux, Patriotz and the like who continue to obfuscate the truth with their pedantic harangue. I’d like to see Patriotz hang up his hat and stop posting here and get back to workout his government job and Rabidoux to quit his job as a “housing analyst” and go back to teaching math in small town Ontario, if he hasn’t already been priced out.… Read more »
Here you go Patriotz “The dominant influence of Chinese investors in Vancouver has finally been proven with comprehensive data. In a recent six-month period about 70 per cent of all detached homes sold on Vancouver’s west side were purchased by Mainland China buyers, an academic case study shows. Even more stunning, the study shows that of all self-declared occupations among owners — on homes worth an average $3.05 million — 36 per cent were housewives or students with little income. And 18 per cent of the 172 homes purchased were not mortgaged by banks. That means roughly $100 million in questionable cash was poured into Vancouver’s west side from August 2014 to February 2015, much of it from China. Total value of all homes sold in the study period was $525 million. David Eby, the NDP MLA for Vancouver-Point Grey,… Read more »
‘UBS Wealth Management released its Global Real Estate Bubble Index which covers fifteen cities. Most of the cities in its coverage recorded relatively high home prices or even faced great bubble risk. Such risk is most distinct in London and Hong Kong. ‘In the report, Hong Kong has a score of 1.67 while a reading of higher than 1.5 represents bubble risk. Hong Kong’s property prices are now 60% higher than in 2006 and almost 200% higher than in 2003. However, rents have surged only by 35% ‘The home prices are at significant risk of entering a downward cycle. Economic growth slowdown in China, a worsening job market and the risk of rate hikes are overshadowing the outlook. As the flat supply rises to a new high since 2014, it is expected that the home prices will drop by more… Read more »
“The corporate regulator is investigating the failure of the family of Malaysian tycoon Taib Mahmud to comply with Australia’s disclosure laws, but has stopped short of pursuing corruption allegations.
As revealed in Fairfax Media in September, the billionaire politician is under investigation for corruption in Malaysia and faces allegations his family companies have laundered millions of dollars through the Australian real estate market.”
Read more: http://www.smh.com.au/business/comment-and-analysis/corporate-watchdog-investigates-malaysian-tycoons-family-20151101-gknxjg.html#ixzz3qJAHabyQ
Follow us: @smh on Twitter | sydneymorningherald on Facebook
Of course we know that his daughter lives in Canada and owns a huge Real Estate company.
@84 History
Tha Bloomberg article is highly relevant, but I didn’t read it until after my post #86, which I believe it supports…
“A shift in 2018 to accounting standards called IFRS9 will force Chinese banks to provide better numbers, according to partners at Ernst & Young and PricewaterhouseCoopers LLP. It will be a “night and day” change, because of requirements for a forward-looking assessment of loan quality”
So you are the astrologer…2018 looks like a doozie…what say you?
@ 85 doc
“3. There’s lots of money to be made, when you have an underclass of subjects that work for minimum wage and are high skill.”
Right you are on all points. But #3 is the rub. How long do you think this happy (for the elites) situation will endure: hard-working high-skill people working for the minimum wage? Maybe till the first big bust that red capitalism sends their way? OK, so even if there’s no ruinous big bust – forget the 1930’s redux – maybe just sub-par growth? All debt deflation needs is real growth less than debt growth. Then what?
one thing to understand is that housing inflation is up in most of the developed world and china over the last few years.
I just came back from a business trip in China/Shanghai and call tell you
1. A single family house does not exists anywhere near Shanghai
2. Even if you could buy one, you would want to get your family out of there as the pollution is high
3. There’s lots of money to be made, when you have an underclass of subjects that work for minimum wage and are high skill.
4. Vancouver/Lower mainland with it’s (mostly) single family housing stock looks like a ‘sleepy’ village, with fantastic climate and reasonably priced real estate – you get a house and land for the price of a condo.
“A financial crisis is by no means preordained, but if losses don’t manifest in financial sector losses, they will do so via slowing growth and deflation, as they did in Japan,” said Chu. “China is confronting a massive debt problem, the scale of which the world has never seen.”
My N Burnaby neighbourhood is a deadzone for trick or treating, so i took my kids and Korean homestay student to Trinity Street where it was packed. Almost too busy – it was difficult to keep an eye on my young children as they navigated the paths. Two observations: 1) As we drove past the entrance to Playland there was a big line-up to get in – my Korean homestay said, “Oh look, everyone is Chinese.” I know I sound like an awful human being here, but i really do wonder if i even want to live in this region 20 years from now. Are my kids and I just going to be a curiosity from Vancouver’s past? 2) With respect to Tedeastside’s LA photograph, later on Halloween night I drove downtown in the lashing rain to visit friends. I… Read more »
81, go to Granville next year and see for yourself. It’s generally those who wear shorts and a baseball cap year round, likely drive a F150 and watch UFC.
@70
“No comments on the douchebag locals’ traditions of setting off fireworks on the street all night then? Is it because you all think it’s cool, or because they’re not Chinese?”
How do you know they’re NOT chinese?
Can you prove it?
Did you see them?
Today in Los Angeles
https://c1.staticflickr.com/7/6137/5966472158_0b6d4f0605_b.jpg
hows beautiful vancouver today
“Canada’s housing market on shaky ground”, Global News video
http://globalnews.ca/video/2311347/canadas-housing-market-on-shaky-ground
“Canada’s housing market is on shaky ground. That’s the warning from Canada’s national housing agency this week. They found house prices are over-valued in 11 of Canada’s 15 biggest cities. It’s leaving potential buyers with fewer options. Jennifer Tryon reports.”
“It looks like loose Swedish monetary policy has inflated a housing bubble”, Business Insider
“House buyers in Sweden have never had it so good, at least by some measures. But cheap credit and spiraling prices may be creating a bubble – one that could send the country’s economy reeling when it bursts.”
@76 cont’d.
And that star realtor is, of course, Bob Rennie. . .
vangrl @62: Thanks.
realist @74:
And also because I’m not a realtor who supported Premier Clark and Mayor Robertson in their election bids, and got his Order of BC right after Christy Clark’s last election!
@ 67 vangrl “Unless you’ve seen Dunbar yourself in the last 2 years, you can’t comment on the massive changes happening there. It has to be seen to be believed. Mackenzie Heights as well, and Kerrisdale, although a bit less in Kerrisdale than the other 2 places.” Why don’t you like living on an empty street that is a construction zone 6 days a week, until 8pm on Saturday night? (hey, don’t forget to write Gregor a big thank-you note for extending those construction hours!) Why don’t you enjoy your conversations about gardening & the Block Watch committee with that new next door neighbour of yours who’s a numbered company? Kerrisdale has not so much construction now, but it had much more into the 1990’s, as it has superior feng shui. HK people preferred not to live far west of… Read more »
@59 West Coast Woman
@64 Oracle
So, who “gets it”? Good question…
Those who profit by the current state of the property market certainly “get it”…and most of the profits, too. To have a sale, you need a body and financing…so in addition to RE industries proper, count in the immigration and financial services industries, and all their various hangers-on (construction/renovation, property management, building services, home furnishers, the legal profession,___)
To operate efficiently, the above need their stooges at all levels of government, including some of the civil servants.
Has any developer offered to name a building as a tribute to you? Has the Governor General made you a member of the Order of Canada? No? Well, that’s because you’re not long-time City of Vancouver planner Larry Beasley, are you?
71, oh was that last night? I apologize!
@71:
Firecrackers have been illegal in Canada for decades.
