Friday Free-for-all!

Hi, how are you?

It’s the end of another week 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:

Small tweak to downpayment
Illicit financial flows
Richmond HPI up 24% in 1 year
Free Rent! (in Calgary)
Tourism set to break records
New rules won’t cool Vancouver

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

(comment voting will be back in the new year)

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Owe Canada
Guest
Owe Canada
The following numbers are from the Statistics Canada website: At the end of September, 2015 the total household, government (all levels) and business debt in Canada (bottom line of the credit market summary data table – total debt outstanding) was $6.70 trillion. At the end of September, 2014 the total debt outstanding was $6.17 trillion. In the one year period from the end of September, 2014 to the end of September, 2015 it increased by $530 billion. This is an increase of 8.5%. The approximate beginning of the global financial crisis was June, 2007. At the end of June, 2007 the total debt outstanding was $3.99 trillion. In the last 8-1/4 years it has increased by $2.71 trillion. This is an increase of 67.9%. Looking at the total debt outstanding in Canada of domestic non-financial sectors (17th line up from… Read more »
patriotz
Member
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

China capital outflows to top $500 billion in 2015: IIF

http://www.reuters.com/article/us-china-flows-iif-idUSKBN0TV0R620151212

Brian Ripley
Guest
Brian Ripley
I have added screen shots and links to Inside Airbnb by Murray Cox who has been scraping data from Airbnb as well as links to Tom Slee’s work on the same subject: http://www.chpc.biz/compare-toronto–vancouver.html#Airbnb It looks like over 60% of Airbnb listings do not get a review (ie: a “guest” rental) in the last 6 months. So +/- 3000 rental units are probably not occupied or if they are, they are probably not reported… I’m guessing the former is the case. Add these units to the rest of the Craigslist and Kijiji online offerings and my back-of-the-napkin number of 5000+ units potentially available for rent in Vancouver may be realistic. Of course rent per month being asked is much too high otherwise that 5k number would be much smaller. Low interest rates and the bank of Mom & Dad is for… Read more »
space889
Guest
space889

Isn’t urinating in public a daily occurrence on the Granville strip?? But I guess Vancouverites are special….

space889
Guest
space889
@Brian Ripley – Why do you think a lack of rating means the unit is not rented out? Is there a requirement to rate the unit when you “check out” from an AirBnB rental? I get those rating emails after stays in hotels & timeshares and I never bother to do it, unless I’m really really really pissed off about something. Also, doesn’t AirBnB rate goes for like $200 or $300/night in Vancouver? So you really only need to rent out during the summer tourist season to make as much money as renting it to an entitled ungrateful local renter for the whole year. Probably more $$ than that. Lastly, I don’t think investment condos are bought with bank of mom & pop, and frankly if lack of rental income is an issue, those condos would have dropped rents or… Read more »
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

condos are going to be the big investment in the coming years. COCs can’t afford anything else and they’ve bought into the ‘sustainable, ecodensity, ride a bike, can raise a family in 600sq/ft, urban lifestyle’ BS.

people want to feel that they are part of a new movement in urban living and they can get that by just shelling out 400k.

the fact that buying a house is not an option will only reinforce this thinking. it’s like the fox and the grapes, aka “adaptive preference formation”.

Best place on meth
Member
Best place on meth

I hope that most of these people attempting to rent out condos on AirBnB end up financially ruined.

Actually, not most of them – ALL of them.

franko
Member
franko

Just wondering what makes the new $4.23 billion Champlain Bridge for Montreal more deserving of Federal assistance than our Massey Tunnel replacement.
http://globalnews.ca/news/2340670/amarjeet-sohi-no-tolls-on-new-champlain-bridge

Wonder if Patriotz can give it his best shot without hanging it all on Chrusty.

Brian Ripley
Guest
Brian Ripley
#6 Space889 According to Inside Airbnb (Murray Cox’s work), at Dec 3/15 average rents collected might be $127 on an estimated 87 nights per year… which is $921 per month if all advertised units are rented. If the data is filtered to looking at only units with reviews in the last 6 months then the estimate becomes $118 on 184 nights per year or $1809 per month. Since it is illegal to rent one’s unit in Vancouver to tourists, data is hidden by everyone concerned. But the data scraped by Murray Cox, Tom Slee and Karen Sawatzky’s work earlier this year demonstrates that there is a lot of housing stock in Vancouver that was built for residential use that is competing with the hotel industry and is not available for residential use. But we have known this for some time… Read more »
Bailing in BC
Member

Hey all, does anyone know off the top of their heads what length of time needs to pass between having your house listing with a realtor expire and selling it FSBO in order for you to not owe the realtor commission? Does it vary?

patriotz
Member

@9: “Just wondering what makes the new $4.23 billion Champlain Bridge for Montreal more deserving of Federal assistance than our Massey Tunnel replacement.”

The Feds built and own the existing bridge. It’s their responsibility.

Won’t stop Christy from asking for assistance for Massey II. Delta elected a Liberal MP, she may well get something.

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

richmond also elected a liberal MP

tedeastside
Member
tedeastside

Vancouver is not a business center or a tourist destination

not much reason to go there.
would that affect demand for short term rentals

franko
Member
franko

@12
” The Feds built and own the bridge. ”

Why does that make it their responsibility to pay for the new one, TOLL FREE, with our tax dollars???
But no surprise there as it’s in Quebec, which has also been kind enough to provide a backdoor to all the Chinese millionaires that would otherwise have been shut out of BC with the end of the IIP.

Hçistory
Guest
Hçistory

I’m staying at a spectacular large Vancouver island home with a music producer, and concert promotor. drop me a line if you know any bands or musicians who would like to play mid island, and enjoy first class treatmeant.

history

ariesmoon@gmx.com

paulb
Member

2 days!

New
129
Sold
215
TI:7660

http://www.paulboenisch.com

Westside Realtor
Guest
Westside Realtor

Markets on FIRE.

Buyers want to beat new mortgage rules and higher interest rates.

Gobble gobble.

Bunch of turkeys. This market is a lead zeplin.

WSR

Westside Realtor
Guest
Westside Realtor

Reminds me of the preferred and high yield market.

Before they went illiquid all of a sudden.

Disaster pending.

WSR

Westside Realtor
Guest
Westside Realtor

Stupid is as Stupid does.

People are as dumb as they get.

Accelerating into a brick wall.

WSR

ostritch
Member
ostritch

Frustrated, Romeo?

ostritch
Member
ostritch

215 sales just before christmas. unbelievable. looks like everyone is anticipating the same thing for spring. and by spring, i mean february.

Best place on meth
Member
Best place on meth

You guys read the part where it said the 215 sales were 2 days worth?

Piklishi
Guest
Piklishi

For December it’s still a lot. I vetoed has gone down too. Not normal for this time of year.

Shut It Down Already
Guest
Shut It Down Already

21, on top of that he’s got no idea what “illiquid” means.

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