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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tedeastside
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[…] –The illusion of equity –More cutting by Poloz? –Bubbles and crying wolf –The kids are all right –HSBC stops some china US mortgages –Prices up beyond wages […]

Bull! Bull! Bull!
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Bull! Bull! Bull!
southseacompany
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southseacompany

“Canadian millennials buying houses at younger age than their parents: report” CBC News

http://www.cbc.ca/news/canada/british-columbia/millennials-buying-houses-1.3423018

“Canadian millennials aged 25 to 34 are better off than their American counterparts — and are entering the housing market at a younger age than their parents did, suggests a new report from TD Economics.”

southseacompany
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southseacompany

“Too pricey, too many: CMHC reports ‘moderate’ problems in housing market”, CTV News

http://www.ctvnews.ca/business/too-pricey-too-many-cmhc-reports-moderate-problems-in-housing-market-1.2754321

“Canada’s major housing markets show “moderate” evidence of overvaluation and overbuilding, according to the Canadian Mortgage and Housing Corporation.”

“The most significant trouble signs were detected out West, in Calgary, Saskatoon and Regina, where the CMHC detected “strong overall evidence” of overbuilding and overvaluation.”

vangrl
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vangrl

“After three years of soaring property prices in Sydney, house prices have fallen by the largest quarterly drop on record.”

We’re no more of a bargain for the Yuan than Australia is

http://www.domain.com.au/news/sydney-house-prices-drop-3-per-cent-domain-group-20160127-gmd7pl/

Whistler or Bust?
Guest

Vangrl they are cracking down on Foreign Ownership – WE ARE NOT. That money is likely shifting here. HAM fear the IRS and now the Auzzies have put teeth into their offshore investor laws while we deny its even happening. HAM know we are a soft touch and until we aren’t I don’t see why they would stop dumping their ill-gotten gains here.

patriotz
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Foreign ownership of RE in Australia is legal and welcome. It is subject to regulations which generally restrict it to new properties (either in new developments, conversions of non-residential buildings, or on the site of a demolished residential building). These restrictions exist to create more profit for developers.

Oz has made a show of forcing a few owners who have skirted these regulations to sell.

The last thing Oz wants is for foreign investment in RE to stop, given the trouble that their resource industries are in today – worse than in Canada.

vangrl
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vangrl

Their crack down may be impacting for sure, but I wouldn’t be surprised if the economy debacle in China is also having an impact. Other places are starting to slow, including some U.S States that haven’t changed any rules. Arcadia which was experiencing exactly what our West Van was, is slowing

Freddy
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Freddy

Whistler or bust….that is a disgrace. No honor or honesty. You should have told him you were going to report him to the CRA, i am certain the crook isn’t reporting his income and you should do it.

The Libs are reducing MSP payments for single parents,,,which is good, but the greens says that all MSP payments should be based on income.

Are they stupid?

Don’t they know that all of the owners of the $3M+ homes in west van and the Westside have NO income.

So it can all fall on the shoulder of the honest tax-paying shmucks.

Meanwhile Krusty is trying to dream up another tax-payer incentive to get first time buyers into deep debt in over priced homes.

It’s a real circus

paulb
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New
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TI:7470

http://www.paulboenisch.com

would-be-buyer
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would-be-buyer
FEDup
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FEDup

White flight

Whistler or Bust?
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View from the trenches: Went to go see a large house for rent in Kerrisdale today. It had been on the market for $6500 a month several months back but was pulled and resisted at $5000. Good location, 4000 sq ft, big yard, pretty nice inside but nothing that would blow you away. Owner bought 4 months ago. Owner is Mainland Chinese about 70 and poor English. (HAM?) Once we showed a bit of interest he said that his daughter had made a mistake in the ad and it was $5500. I told him we have a name for that in Canada and it’s called the Bait and Switch. (He didn’t understand) I told him would not consider anything less than a 2 year lease and he said he wanted a 1 yr. then month to month to see if… Read more »
ostritch
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ostritch

Was that the one on 41st? What a scumbag.

Whistler or Bust?
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36th and Yew

Yunak
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Yunak

I admire you for your patience and politeness with the fucking scumbag that tried to trick you so stupidly. Idiot, what he was thinking…

Bull! Bull! Bull!
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Bull! Bull! Bull!
Bull! Bull! Bull!
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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!
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Bull! Bull! Bull!

Conversation between air china and control tower

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

Bull! Bull! Bull!
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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
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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.

Bull! Bull! Bull!
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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.

bestplaceonearth
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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
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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!
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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
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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
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bestplaceonearth

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

Bull! Bull! Bull!
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Bull! Bull! Bull!

中国世纪

the 21st century is china’s century.

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

boom
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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?

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?

elvince
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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.

bestplaceonearth
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bestplaceonearth

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

Bull! Bull! Bull!
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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
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ostritch

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

Fedup
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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!
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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.

Oracle
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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
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ostritch

Ugh!

Oracle
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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
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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.

Vanco
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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.