Your vote counts, we’re number 1!

So, you probably noticed some issues with the site over the last few days – mainly the comment voting system was broken.

We’ve got a temporary fix in place, so it looks like you can go back to voting on comments for now.

Meanwhile TD says BC is the most susceptible to economic shocks due to housing:

B.C. has topped TD’s list for the most financially vulnerable households in Canada for 16 years in a row. With the most expensive housing market in the country, B.C.’s households spend the largest share of their monthly budgets on paying debt, devoting 9 per cent of their income toward interest payments alone. The typical B.C. household would have to spend more than half its income in order to afford an average-priced home. Stretched affordability has meant the province has an above-average number of homeowners who are delinquent on their mortgages, TD says. Households in B.C. hold a disproportionately large share of their overall wealth in their homes, having fewer non-housing financial assets than other provinces. On the bright side, those housing assets are considerable given the soaring cost of real estate in the province. Homeowners have also adjusted to high home prices by renting out portions of their homes to cover their mortgages, TD said.

Read the full article here.

 

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tedeastside
Member
tedeastside
HAMster
Guest
HAMster

#68 Oracle
I used to live in North Delta and it is a shithole. Most of the houses are old now and the area is ratty and filled with East Indian thugs. It is also difficult to get anywhere from North Delta because you either have to deal with the traffic of the Alex Fraser bridge or drive far into Surrey to any employment or services. Try to get out of ND in the morning and it’s gridlock from Surrey traffic getting onto the Alex. ND property prices have always lagged other areas of YVR and if it’s going up now that means we are likely in the final stages of this bubble. Anybody moving from Vancouver proper to ND will regret it.

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[…] property taxes be higher for non-primary […]

crikey
Guest
crikey

#61 patriotz said:”the Ozzies are being total hypocrites about this, because their whole economy is based on selling commodities to China.”

Huh? Canada’s whole economy is based on exports to the U.S., China, Japan, etc. Does that mean that Canada’s citizens should be treated as second-class, and Canada’s citizens should only be allowed to receive the leftover breadcrumbs from our own Canadian products and resources? Seriously?

Oracle
Guest
Oracle

Stupidity check:

Yes, I did see it and am still seeing it.

Now I am seeing this: Indians selling in South Van to Chinese and then buying in North Surrey/North Delta.

North Delta on fire right now. Starter detached above $650,000 now.

Oracle
Guest
Oracle

w:

Yes, I see negative rates coming as well after the next downturn.

I can forsee 5 year fixed mortgages at about 1.5% (pure profit for banks) as there would be no savers left. $500,000 in the bank will mean $495,000 the following year at only -1% rates.

Those with cashflow businesses will fare the best.

I’m thinking the food production business with supply management. Then you got to run with the Putins and the Canadian dairy cartels of the world.

The financial system is a farce. Its destined to end in negative rates….where people will have no cash left.

Only assets. And land is the ultimate one.

StupidityCheck
Guest
StupidityCheck

SIDA,

I don’t know anyone that predicted things correctly. Did anyone foresee the massive flow of money from China into high-end Vancouver real estate over the last 5 years?

Shut It Down Already
Guest
Shut It Down Already

Dave, would love to hear those thoughts. Drachen can still be found on Garth’s blog from time to time, schooling everybody else there including the moderator. WBWUCRT11 (and later WBWUCRT13) probably ended up in the same asylum as “2.79% 5yr never again”.

Shut It Down Already
Guest
Shut It Down Already

StupidityCheck, are you aware of a more accurate prediction? Condo prices have almost been flat for 5 years now. Remember all the crows here were expecting a 70%-off fire sale the day after the Olympic flame went out, and aggressively bullied anybody who dared disagree with them. They were busy making out like geniuses shorting HCG at that time, too.

StupidityCheck
Guest
StupidityCheck

Dave and SIDA, you guys might want to review Dave’s actual predition.

http://vancouvercondo.info/2010/03/hot-markets-in-bc.html#comment-65677

In March 2010, he predicted flat prices for several years.

Teranet HPI was 150 back then, it’s just over 200 now. That’s over 5% per year. Is that your idea of “flat”?

HAMster
Guest
HAMster

#61 SamanthaB
Are you part of that “urban elite” who can’t spell?

SamanthaB
Guest
SamanthaB

What a beautiful day in the best place on earth. I’m just enjoying a cranteeny and watching the sunset from my luxory condo. It’s fab to be part of the urban elite who are ushering a new age of cosmopolitan sophistication, Vancouver style! Dim sum for dinner and maybe slum it after and grab cocktails in strathcona.

I just wish uber would hurry up and come here.

patriotz
Member

@58: “Really, how different is this problem from the problem of offshore money profits bidding locals out of the housing market?”

The difference is that you can’t rent milk.

Anyway, the Ozzies are being total hypocrites about this, because their whole economy is based on selling commodities to China.

HAMster
Guest
HAMster

#51 Dave
What area are you looking for houses?

crikey
Guest
crikey
Old news: housing goesto foreign highest bidders, local worker taxpaying families can all go to hell! New hotness: babies of locals can go to hell too! “Why Australia is running out of baby formula (Hint: China)” “Australian moms and dads have a problem right now. There’s not enough baby formula in the country to feed their hungry offspring. The shortage is so bad that supermarkets and pharmacies are rationing cans of baby milk powder after a surge in demand left shelves empty and new parents in a panic. The reason for the nationwide deficit is not a sudden baby boom Down Under. Rather, it’s because people are buying the infant food in bulk and selling it to buyers in China” … For the sellers, there’s a hefty profit margin. Cans of baby formula are being sold on e-commerce sites such as eBay and Taobao for several times the Australian retail price.… Read more »
w
Guest
w
Dave
Member

Thanks Shut It Down.

I was definitely correct on pretty much all my predictions and I took a lot of heat for it here. I have under-predicted the market for the past couple years though. While I have always believed Single Family Home prices would outpace condos, I never thought it would happen this quickly.

Remember Drachen? Where’s he gone? Be funny to read some of his posts from 7 years ago.

I made a bet with WBWYCR’13 for a couple hundred and dinner. He hasn’t followed through though.

At this juncture, I’m less of a bull than before, but more neutral. I think I’ll write up a blog to be posted on the front page here to give you guys my thoughts.

Madashell
Guest
Madashell
Shut It Down Already
Guest
Shut It Down Already

Welcome back, Dave. Congrats on calling the market a few years ago. Shame nobody believed you.

Dave
Member

They were loco as they say in Spanish.

Corrupt in Canada
Guest
Corrupt in Canada

@51

Were they locals or locusts?

Dave
Member

As you guys may or may not know, I’ve been out of the market for a couple years, but have been looking on and off at buying another place. I checked out a place yesterday and it had 4 offers already the morning I viewed it. We passed not wanting to get into a bidding war. I spoke to the listing agent afterwards and they had 11 offers in total, all over asking and many without any subjects. That’s crazy for November, or really, anytime.

The market is unbelievable. Trust me on this.

crikey
Guest
crikey

Ah- the MLS numbers are incorrect, but the prices and addresses are correct (that’s what I get for assuming the MLS was embedded in the URLs which were disallowed in my post above)

crikey
Guest
crikey
Reposting what is ‘under moderation’ above — post #1 spaced said “Even a 50% crash now still means expensive house – $3M to $1.5M isn’t going to help the average professional family buying on the West Side like everyone wants to.” A handful of examples that prove you wrong, found in a matter of seconds. At 50% off asking would sell for $834K Mls 16205041 1255-W-64TH-AVENUE-Vancouver-British-Columbia-V6P2M7 At 50% off asking would sell for $999K Mls 16342983/1150-W-41ST-AVENUE-Vancouver-British-Columbia-V6M1W8 At 50% off asking would sell for $825K Mls 16295856/219-W-63RD-AVENUE-Vancouver-British-Columbia-V5X2H9 At 50% off asking would sell for $1050K Mls 15683660/2755-W-12TH-AVENUE-Vancouver-British-Columbia-V6K2P8 spacedOut apparently doesn’t even know how to use MLS. It must be quite embarrassing, actually. It only took me a few seconds to find some examples that show West Side homes at or under a million in the event of a 50% crash off… Read more »
bullwhip29
Guest
bullwhip29

sorry, my bad…

Globe and Mail: Canada losing high-paying jobs for first time since recession: report

http://www.theglobeandmail.com/report-on-business/top-business-stories/canada-losing-high-paying-jobs-for-first-time-since-recession/article27205308