BC Cabinet gains $2.3 Mill from real estate surge.

CTV looked at how much rising real estate prices added to the personal wealth of the BC Cabinet – $2.3 million this year alone.

Surging real estate values added $2.3 million to B.C. cabinet ministers’ personal wealth this year alone, as the government says coming measures to ease housing affordability won’t include any that lower prices.

One minister saw her four properties jump $765,000, more than five times a minister’s salary. Another saw gains on a portfolio of eight homes. On average, ministers made $103,000 – more than an MLA’s salary, according to a review of public records by CTV News.

It’s natural for those ministers to welcome their own wealth boost, but they have to realize how their eye-popping gains translate into tremendous hardship for young people trying to get into the notorious Vancouver property market, said UBC professor Paul Kershaw.

Read the full article here.

As YVR points out, maybe it’s not just wealthy foreigners who are to blame for rising prices:

Funny thing is HAM is supposed to be buying all the property. Susan Anton owns 4 houses in Vancouver and DeJong owns 8 properties in Abbotsford.

Could that be the problem? Locals owning multiple properties? That is 12 properties between 2 people. Both are white and locals.

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VanRant
Member
VanRant

Another 6.4% chinese stock drop today and the China’s statistics chief Wang Baoan accused of corruption. We are witnessing China’s collapse as we speak. More Chinese bubbles to pop later this year.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

President Xi wants 7% GDP, Wang Baoan gave a 6.8%. No wonder … …

bestplaceonearth
Guest
bestplaceonearth

of course, we blame everyone for our misfortune!

squeak
Member
squeak

And the question is to those in the government: Who are you serving?
A simple question, but a lot to ponder.

Apparently, BC, is NOT the province to be young and start a family in, unless you are a politician of course.

Too bad so many Canadians are so complacent, not enough English skills to be able to get involved and care, that they have become cheeple that just follows what the RE propaganda machinery (read: media) tells them.
Dummed Down. Divided and conquereD. Deep in Debt. Too much creDit.
Too many D’s, I would give this a FAIL, in both macro and micro economy.
Values: are there any?

It is going backwards, really.

patriotz
Member

Well those who voted for the govt likely think the govt is serving them. Not too hard to believe given just 2/3 of homeowners comprise a majority of voters.

NOM NOM NOM
Guest
NOM NOM NOM

3.68 MM doesn’t even get classified as luxury here. I wonder how long until we see a headline from a ;local paper bemoaning the absence of our friendly PRC buyers?
http://www.bloomberg.com/news/articles/2016-01-26/at-3-68-million-this-california-home-has-everything-but-buyers

bestplaceonearth
Guest
bestplaceonearth

bears should start a petition calling for banning politicians owning housing, and live in mama’s basements rent free like bears do!

ROI
Guest
ROI

You sound like someone who is royally screwed and in the deep shit, Probably overpaid for a crappy place while paying mortgage through your nose. Shitting on bears won’t lower your misery, so just keep it going pathetic dickhead.

bestplaceonearth
Guest
bestplaceonearth

it’s not fun living in a trailer, i tell you. by the way, why so angry? dickhead? and, i thought every male has one. dont you?

vangrl
Member
vangrl

“I see no end to the need to tighten capital controls in China. It will keep slowing and will need to keep easing monetary policy as well if it is to avoid a hard landing. This notion has now become so mainstream that the head of Japanese central bank overnight suggested that China should install capital controls now. Martin Wolf at the FT explains:

Needless to say, this outcome would be a shocker for Australia’s deeply corrupt real estate market. It is a risk that should not be discounted, not least because it most likely to arrive in the midst of global crisis.”

http://www.macrobusiness.com.au/2016/01/oz-property-nightmare-chinese-capital-controls/

VanRant
Member
VanRant

China’s capital flight last year is about 1trillion. That’s roughly about 2X GDP of Taiwan. China can not bleed at this rate or the system will collapse, expect something drastic very soon and what do you think will happen to Vancouver’s high flying real estates.

vangrl
Member
vangrl

lots of listing today I think

vangrl
Member
vangrl

Paul’s stats include all of Greater Vancouver right? Surrey, Tsawwassen, Maple Ridge etc..?

paulb
Member
Active Member

Not Surrey. Just the REBGV not the Fraser Valley.

Yunak
Member
Yunak

A showcase of what’s called a job well done:

“The Families First Agenda is our government’s plan to better support vulnerable families, to make our communities safer and to make life more affordable for families,” said Premier Clark. “We know that affordability is a challenge for many families, and that’s why, among other things, blah, blah…

http://www.huffingtonpost.ca/ashley-redmond/vancouver-housing-market_b_9080184.html

paulb
Member
Active Member

New
300
Sold
210
TI:7431

http://www.paulboenisch.com

fosolo1
Member
fosolo1

Daily Stats
Something I have noticed for awhile is the big discrepancy between daily stats from Paul B and what is posted on Rob Chipman’s site for the same area (REBGV) . Does anyone have any thoughts on why… For example, Paul B’s # usually show much higher sales.
Ever since they changed to the new sales computing system last year I’m not sure how reliable and /or correct these sales stats are.

vangrl
Member
vangrl

I know. I’ve chatted with Rob about it, and he started changing his stats but they still never match up. FYI, Paul’s stats matched perfectly when I cross-referenced a full month of Paul’s stats with the monthly stat report on the REBGV. Rob’s was waaaaay off. He had almost twice the sales. He said it’s possible to have a slight difference but obviously not that much. Since then his count has been down, but still never matches Paul’s. I’d definitely go with Paul’s.

vangrl
Member
vangrl

Just wish I understood the region better, as “Greater Vancouver” does include Surrey, Maple Ridge etc..

fosolo1
Member
fosolo1

vangrl,
Thanks for your thoughts. Yes, for some time Rob C’s stats were nearly double the sales of Paul B’s but now it seems the pendulum has swung the other way in that Paul’s sales stats are much higher than Rob’s . . Call me a skeptic on these #’s . Considering the funky stuff I have seen going on in the housing market in my area lately ( South Surrey) something’s seems rotten in LaLa land.

vangrl
Member
vangrl

Paul’s are good! I think it was last December that I cross referenced and he was spot on!!

vangrl
Member
vangrl

Rob used to show double Paul’s sales, now he shows half 🙂 Shame because he pays someone to do it, obviously they aren’t doing it right

Yunak
Member
Yunak

Now shills took it to the next level, sort of scientific and philosophical approach in explaining natural joint between kartel and money laundering…

http://www.vancouversun.com/business/barbara+yaffe+vancouver+housing+market+needs+grow/11677794/story.html?__lsa=362b-5191

Bestplaceonearth
Guest
Bestplaceonearth

Painful to read…the facts hurts.

Bizznitch
Guest
Bizznitch

Interest rates just need to rise 3-4 percent and we’ll see who really owns the houses here. It’ll be quite evident if it’s ‘rich foreigners’ or wanna-be rich locals. The locals will be bailing all their excess properties in no time. Just watch.

ostritch
Member
ostritch

When’s that gonna happen?

fosolo1
Member
fosolo1

178 new listings in the last 2 weeks for Vancouver West. The deluge is starting and this train is going to be heading over the cliff by Spring.

vangrl
Member
vangrl

I counted 98 just today, that’s why I thought listing would be super high today. But I also included Surrey, which I shouldn’t have. But there are a lot of West Side houses coming on market. Chinese New Year ! We’ll see how it turns out for them

Vanco
Guest
Vanco

Yaaaayyyy, all rejoice! 300 listings today! almost 7500 inventory! Where is calculation for sale/listing, etc? Surely, its a sign of overheating market, boding well for a crash in the spring market!

Don’t the bears go through this every year? Hope surely springs eternal.

Vanco
Guest
Vanco

Some reality. A west side standard lot was 1.6M in May 2015. Recently, an West/East border standard lot (same street) sold for 2.3, asking 2.0.

Oracle
Guest
Oracle

Its chaos in Europe due to migrants creating problems.

All Mainstream media has banned reporting of european migrant situation in Canada. Even the publicly funded CBC.

Can you say state control?

ostritch
Member
ostritch

It’s not state control its just that leftys can no longer compute things that don’t line up with their thrinking. That’s why they need “safe spaces” at university.

Oracle
Guest
Oracle

This house of cards will fall if Chinese Money stops coming into the country.

If it doesn’t, Metro Vancouver will become a Chinese colony.

Take your pick. 🙂

ostritch
Member
ostritch

Ugh!

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

Go to Women’s hospital and you’ll see “visitors” large with child paying cash for ultrasounds. I don’t think they are going to fly back to China for delivery.

Fedup
Guest
Fedup

I think I have to finally agree with x3 bull. The insane high volume of sales as of late almost entirely to foreigners. And they are not moving in. But also not renting the properties out. So a shortage will remain. (This according to my RE and mortgage broking friends who have never been busier.). And making $$$ hand over fist.
We are a money safe haven parking lot. It is what it is. Too bad but not solvable unless the guv intervenes. Which they def will not.
Plan B for those without property is needed. New Brunswick anyone? 🙂
Btw. Interest rates not heading up in any meaningful way for a very long time.

ostritch
Member
ostritch

Did I imagine it or did Christie actually say she’s going to do something for first time buyers in the upcoming budget? Then again, aren’t the Feds planning something to make it harder for first time buyers in their upcoming budget? It’s like the Marx brothers.

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

the more chinese vancouver becomes the more attractive it will become for chinese.

no need to learn the language. no need to eat strange foods. everything is made to your taste (or lack of).

ostritch
Member
ostritch

Bull,
Don’t be a stranger. Your posts make me laugh.

boom
Guest
boom

how does one short real estate in Vancouver in a big way?
what instruments there are?
Will the taxpayer end up footing the bill finally via CHMC ?
Does that mean that CAD will go below 50cents?
Who ends up holding the bag of this gigantic bubble?

bestplaceonearth
Guest
bestplaceonearth

bears have been short in van RE. what happened to them? they are stuck in rental. good luck shorting it.

elvince
Guest
elvince

We’ve discussed that before. There’s no way to efficiently short a particular housing market. NONE. That’s one of the reason why RE bubbles take so long to both inflate and deflate compared to stock bubbles.

I think the best you can do is short the CAD, which pretty much means buying USD assets such as a house in US, or at least US stocks. You’re kind of late to the party though, the stock and currency markets are very much forward looking, so a lot of what had to be made has already been made.

space889
Member
space889

Who will pay aka hold the bag? The ones who have the money, in the minority, and lack the ability to buy , sorry *cough* influence *cough*, politicians. Sounds like the bear renters here who all have at least 6 figures investment accounts.

After all you can squeeze blood out of a stone, and we all know where homeowners finances are like, right?

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

Hey Vancouver homeowners, the good news is you’re all millionaires. The bad news? You’re all millionaires

http://business.financialpost.com/personal-finance/mortgages-real-estate/hey-vancouver-the-good-news-is-youre-all-millionaires-the-bad-news-youre-all-millionaires

Yunak
Member
Yunak

Describes the process of Vancouver becoming Chinese city (or Chinese owned city) which almost looks like very painful coitus and where monster will be born with everyone loosing at the end.

bestplaceonearth
Guest
bestplaceonearth

need to get your head out of the sand and move on with the 21 century.

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

中国世纪

the 21st century is china’s century.

https://en.wikipedia.org/wiki/Chinese_Century

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

finally some good news for the stock portfolio of all you bubble chasing, artificial stimulus loving speculators

Fed Raises Concerns on Growth and Keeps Interest Rates Steady

http://www.nytimes.com/2016/01/28/business/economy/fed-interest-rates.html?ref=business

elvince
Guest
elvince

You just don’t have any idea how the stock market works. Quit talking about it until you know anything about it. Every time you open your mouth about stocks you look bad. Even when you merely state the obvious you look like a lemur on crack.

Just keep focusing on RE and how the chinese will soon own BC and why everyone should learn mandarin. That’s more your strong suit.

bestplaceonearth
Guest
bestplaceonearth

from vci to vraa, you are such an angry person all the time. should apply some government allowance and take anger management course. too much anger is not good for your health and will be a burden to the health care system.
give it up, Brain owns you at vreaa by the way!

elvince
Guest
elvince

LOL, I don’t even know what vraa is. I guess it’s Vancouver Real estate something something (Alcoholic Anonymous?).

No need for anger management class, I’ll just do yoga, like all the good vancouverites should do. After learning mandarin, of course.

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

i was wondering why you are so angry and the i saw how the markets did today. don’t feel bad, even i think we are getting close to a short term bottom. even i’m looking to buy for a quick trade at these levels.

it’ll get better.

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

China Airlines plane veers off Vancouver airport runway, gets stuck in mud

http://www.ctvnews.ca/canada/airliner-veers-off-vancouver-runway-gets-stuck-in-mud-1.2753752

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

Conversation between air china and control tower

https://www.youtube.com/watch?v=OmbdhJqO_lg

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